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November 17, 2020 - by CAE

• Expands CAE's addressable market of customers including commercial cargo operators
• Low integration complexity within CAE's existing European footprint

Montreal, Quebec, Canada:

CAE today announced that it has acquired all the issued and outstanding shares of Flight Simulation Company B.V. (FSC) for a cash consideration of approximately €70 million (approximately C$108 million) paid to the sellers, calculated on the basis of an enterprise value of €100 million (approximately C$155 million).

The acquisition expands CAE's ability to address the training market for customers operating in Europe, including airline and cargo operators. It provides CAE with an expanded portfolio of customers and an established recurring training business which is highly complementary to CAE's network.

FSC is based in Amsterdam and includes a modern fleet of mainly CAE-built full-flight simulators (FFSs) and training devices, comprised of nine narrow body B737 and A320 FFSs, two widebody aircraft FFSs and one regional jet. This acquisition is consistent with CAE's internal acquisition criteria and capital allocation priorities, similar to its other recent bolt-on acquisitions, and is expected to be accretive to earnings in its first full year.

"CAE is well positioned in the current environment, with access to bolstered capital resources, to enhance its market presence with selective, value-based acquisitions within its core. The acquisition of FSC will allow CAE to better support its customers and expand its addressable market," said Marc Parent, CAE's President and Chief Executive Officer.

FSC was founded in 2005 and is based in Amsterdam, in proximity to Schiphol Airport. It provides total training solutions as well as instructor provisioning. It operates out of a 12-bay facility equipped with Airbus A320, Boeing B737, Boeing B747, Boeing B787 and Embraer E190 full-flight simulators. www.fsctraining.com

CAE is a high technology company, at the leading edge of digital immersion, providing solutions to make the world a safer place. Backed by a record of more than 70 years of industry firsts, we continue to reimagine the customer experience and revolutionize training and operational support solutions in civil aviation, defence and security, and healthcare. We are the partner of choice to customers worldwide who operate in complex, high-stakes and largely regulated environments, where successful outcomes are critical.

As a testament to our customers' ongoing needs for our solutions, over 60 percent of CAE's revenue is recurring in nature. We have the broadest global presence in our industry, with approximately 10,000 employees, 160 sites and training locations in over 35 countries. www.cae.com

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