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Investor Presentation

CAPITAL ALLOCATION STRATEGY Maintain solid balance sheet while investing in accretive growth Millions $3 500 $3.000 $2500 $2000 $1500 $1.000 $500 $0 FY18** FY19** Net Debt* Debt $2.0B growth capital deployed, including acquisition of Bombardier BAT Net Debt to Capital % FY20 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% FY21 Net Debt-to-Capital* Track record of maintaining a solid financial position while deploying accretive growth capital * Non-GAAP and other financial measures (see Appendix) ** 32 Figures have not been restated to reflect the adoption of IFRS 16. CAE Inc. Proprietary Information and/or Confidential CAE

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