Capital Allocation Strategy

CAPITAL ALLOCATION STRATEGY Strong free cash flow generation $600 $500 $400 $300 $200 $100 $0 FY18 FY19 FY20 300% 250% 200% 150% 100% 50% 0% FY21 Free Cash Flow* Net cash provided by operating activities -FCF Conversion Rate* The aim is to target average 100% conversion of net income to free cash flow * Non-GAAP and other financial measures (see Appendix) 29 CAE Inc. Proprietary Information and/or Confidential CAE

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