Quick Lane

Gulfstream Aerospace Corp. delivered the 400th aircraft from the record-breaking, ultralong-range Gulfstream G650 family to a customer. The extendedrange Gulfstream G650ER will be based in the US. “Business jet travelers the world over have long recognized the G650ER as the leading combination of speed and range in the Business Aviation sector,” said Mark Burns, president, Gulfstream. “Its achievements and accolades have only mounted since its introduction, including an incredible 100-plus city-pair speed records, the prestigious Robert J. Collier Trophy and the title for the farthest, fastest business jet flight in history.”

UNIVERSAL AVIONICS ENHANCED FLIGHT VISION SYSTEM SELECTED FOR AW169

Universal Avionics (UA), an Elbit Systems company, has been selected by Leonardo and a European Helicopter Emergency Medical Services (HEMS) operator to equip a fleet of AW169 helicopters with the ClearVision Enhanced Flight Vision System (EFVS) suite for helicopters. The integration of the ClearVision system in the AW169 is designed and certified by Leonardo with installation completed in its factory. HEMS operators conduct Emergency Medical Services / Search and Rescue (EMS / SAR) missions where the ability to operate in degraded visibility environments is often necessary.

WORLD’S TOP FIREFIGHTING FIREHAWK FLEETS WITH COLLINS’ GOODRICH RESCUE HOIST

Collins Aerospace Systems, a unit of United Technologies Corp, announced that three of the world’s top aerial firefighting agencies are equipping their helicopters with the company’s newest rescue hoist, the Goodrich 44318. The Los Angeles County Fire Department (LACoFD) and the California Department of Forestry and Fire Protection (CAL FIRE) selected the hoist for their S-70i FIREHAWK helicopters, while the Santa Barbara County Fire Department (SBCFD) selected the hoist for an HH-60L BLACK HAWK helicopter it is converting to aerial firefighting configuration. With its advanced technologies, the Goodrich 44318 is Collins Aerospace’s latest, most advanced rescue hoist.

LEONARDO ACQUIRES KOPTER Leonardo has signed a contract with Lynwood (Schweiz) AG to acquire 100% of Kopter Group AG (Kopter). This move allows Leonardo to further strengthen its worldwide leadership and position in the rotorcraft sector; leveraging innovation, new capabilities and engineering skills which have been developed by the young, agile Swiss Company. Kopter’s SH09, a new single engine helicopter, is a perfect fit for Leonardo’s state of the art product range offering opportunities for future technological developments. The Swiss company’s competencies will boost future developments towards more disruptive technologies, mission capabilities and performances, including innovative hybrid/electrical propulsion solutions.

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1. With centers located in some of the world’s most desired locations

2. By offering relevant up-to-date OEM supported interactive training classes

4. By working with OEMs and NAAs to deliver programs specific to your needs 5. By using simulators equipped with advanced capabilities, improving training efficiency

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3. Through a customer service team offering a friendlier, more cultural experience

6. By providing diverse customers training for challenging and unique circumstances

FLIGHTSAFETY EXPANDS ITS HELICOPTER TRAINING PROGRAMS FlightSafety International announces the expansion of its helicopter training programs and services with new Level D qualified simulators for the Airbus Helicopters EC145 and Leonardo AW139. “This significant expansion of the training programs and services we offer to helicopter operators reflects FlightSafety’s commitment to provide a broad range of conveniently located programs that our Customers require,” said Steve Gross, SVP, Sales and Marketing. The Airbus Helicopters EC145 simulator is scheduled to enter service in March 2020 at the FlightSafety Learning Center in Denver, Colorado.

TEXTRON AVIATION MARKS SUCCESSFUL WING, FUSELAGE MATE OF FIRST CESSNA SKYCOURIER Textron Aviation Inc. has successfully mated the wings to the fuselage of the first Cessna SkyCourier twin utility turboprop prototype aircraft, a key milestone in the development of the clean-sheet aircraft. “As expected, the operation was sound as the wings were secured on the fuselage, and the new Cessna SkyCourier took another major step in its development,” said Chris Hearne, SVP, Programs and Engineering. The program is progressing considerably with the assembly of the prototype and additional five flight and ground test articles. Landing gear testing continues as well as avionics ground testing. First flight of the Cessna SkyCourier is anticipated this year.

GARMIN REIMAGINES AIRCRAFT FLIGHT INSTRUMENTATION Garmin International, Inc. announced the GI 275, a powerful electronic flight instrument that directly replaces legacy primary flight instruments in the cockpit. The GI 275 is suitable as a direct replacement for a variety of instruments including, an attitude indicator, attitude directional indicator (ADI), course deviation indicator (CDI), horizontal situation indicator (HSI) and engine indication system (EIS). Also recently, Garmin announced the GTN 650Xi and GTN 750Xi, the next generation of in-flight navigation technology. Designed as a direct slidein upgrade to the previous generation GTN 650/750, pilots can preserve their panel and modernize the cockpit with the new GTN 650Xi and GTN 750Xi. The all-in-one GPS/NAV/COMM boasts a feature-rich multifunction display and can integrate with new or existing remote-mount equipment such as a transponder or audio panel. Dual-core processors and modern hardware also prepare the GTN Xi series for advanced capabilities in the future.

STANDARDAERO ACQUIRES TRS IRELAND StandardAero has acquired TRS Global Services subsidiary, TRS Ireland, a highly specialized provider of component repair and manufacturing processes for a large range of industrial, aeroderivative and aircraft gas turbines. The acquisition will continue to expand StandardAero’s Components, Helicopters & Accessories (CH&A) division and its worldwide portfolio of MRO and component repair services. TRS Ireland is a privately held company operating from Cork, Ireland, with nearly 70,000 square feet of MRO operations and more than 100 employees. The company has a large installed base of current customers that includes Siemans, GE, Rolls-Royce, MTU, Safran, ITC, Doncasters and many others.

New technology. Regulations. Mandates. Acronyms. Lots of acronyms. Business aviation can be confusing and noisy.

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INMARSAT’S GX AVIATION ACHIEVES ANOTHER MILESTONE

Global mobile satellite communication company Inmarsat’s award-winning GX Aviation solution has powered more than one million free inflight broadband sessions for Air New Zealand passengers. The milestone was achieved approximately one year after Air New Zealand switched to a free-of-charge model for its inflight broadband service. GX Aviation is currently available on almost 25 aircraft within the Air New Zealand fleet, operating on TransTasman, Pacific Island, US and London routes. This includes a combination of Boeing 777-200, 777-300 and 787-9 aircraft, in addition to Airbus A320 and A321 neos.

STANDARDAERO CELEBRATES 3,000TH GE CF34 ENGINE MRO WORKSCOPE FARNBOROUGH AIRPORT ANNOUNCES RECORD AIR TRAFFIC MOVEMENTS

Farnborough Airport has announced record air traffic movements for a third consecutive year, surpassing the previous record from 2018 for the highest ever number of total annual movements. For the full year 2019, Farnborough Airport saw a year-on-year increase in air traffic movements of 5.3 per cent. For December 2019, the airport recorded an 11.6 per cent increase in movements for the month, with initial forecasts indicating this positive trend is set to continue in 2020. Specifically, air traffic movements to and from the US experienced significant growth during the year, with an increase of 15 per cent year-on-year. In the same period, traffic to and from Europe saw a 6 per cent increase.

SWISSPORT OPENS NEW EXECUTIVE AVIATION TERMINAL IN MOROCCO

StandardAero recently celebrated the completion of its 3,000th workscope on the GE Aviation CF34 turbofan engine, which is widely used on regional jet airliners around the world. StandardAero was first appointed as a GE Aviation Authorized Service Provider (ASP) for the CF34-3 and CF34-8 in 2001. The milestone 3,000th engine workscope shipped was a CF34-8C5B1 powering a CRJ700 regional jet operated by SkyWest Airlines. SkyWest, headquartered in St. George, Utah, is a longstanding customer of StandardAero, which has been supporting the airline’s CF34-3 and -8 engine fleet since 2004.

Swissport Executive Aviation, a subsidiary of Swissport International AG, is further expanding its business in Morocco. After establishing its first Moroccan FBO for business and executive aviation in Casablanca in 2018, Swissport now moved into a dedicated VIP terminal at Marrakech Menara Airport, which opened on 1 February 2020. The new facility offers state-of-theart infrastructure that make arrivals, stopovers and departures convenient and hassle-free. On more than 500 sqm, the stylish facility offers relaxing lounge space for up to 40 passengers, including a bar and a media corner.

WEST STAR AVIATION WELCOMES FIRST 20-YEAR GLOBAL EXPRESS INSPECTION AT ALN

West Star has completed its first 20-year Global Express inspection at their East Alton (ALN) location. The 240-month inspection incorporated gear overhaul, numerous Service Bulletin updates including the Inboard Flap 700-57-050, upgrades to existing Honeywell DU875s avionics with new Primus Elite enhanced features, and a complete strip and re-paint of the Global Express aircraft. “Considering West Star’s extensive experience with Global Express aircraft, we stand ready for additional inspections coming due in 2020 and look forward to providing these Operators with a full range of inspection and service capabilities,” stated ALN Technical Sales Manager Steve Bates.

KOPTER AND INAEC LAUNCH SH09 IN THE PHILIPPINES FOR ASCENT

Kopter Group AG received additional orders in the Southeast Asian region from the leading operator in the Philippines, INAEC Aviation Corporation (INAEC). The SH09 helicopters are to be dedicated to urban air mobility operations with Ascent Flights Global Pte Ltd (Ascent). Kopter has signed an order for the purchase of one SH09 and one option with INAEC, leading helicopter operator in the Philippines. The SH09 will be dedicated to the expansion of Ascent, an urban air mobility service that was launched with INAEC in the largest metropolis of Southeast Asia, Metro Manila, in 2019.

UNIVERSAL AVIATION EXPANDS TO TURKEY Universal Aviation, the worldwide ground support division of Universal Weather and Aviation, Inc., announced the continued expansion of its global network with the opening of Universal Aviation Turkey, based at Ataturk Airport (LTBA) in Istanbul and providing supervisory ground support for business aircraft at all airports across Turkey. Universal Aviation Turkey is a partnership between Universal Aviation and Ferda Yildiz and Kaan Air locally. The decision to expand into Turkey was based on increasing customer demand for operations into Turkey and better service levels on the ground that what has previously been available.

AVFUEL WELCOMES PROJET AVIATION TO ITS NETWORK

Avfuel Corporation has welcomed ProJet Aviation at Leesburg Executive Airport (KJYO) to its branded network of FBOs. Located at the closest general aviation airport to the nation’s capital city, ProJet Aviation serves as Washington D.C.’s private aviation destination of choice and acts as a gateway to the Dulles Tech Corridor, and Virginia’s esteemed horse and wine country.

UNIVERSAL AVIONICS INSIGHT DISPLAY SYSTEM SELECTED FOR MD HELICOPTERS

Universal Avionics (UA) and MD Helicopters, Inc. (MDHI) announced a strategic partnership to integrate UA’s advanced InSight Display System as the full-digital flight deck solution for MD Helicopters’ MD 900/902 Explorer. MDHI will integrate the InSight Display System into the production and retrofit of the twin-engine helicopters. The InSight Display System for the MD 900/902 Explorer replaces steam guage displays with two portrait format high-resolution LCD displays with LED backlighting. The 10.4- inch InSight Displays are compatible with Night Vision Goggles (NVG) and provide the latest in Synthetic Vision (SVS), 2D Topographical Moving Maps, electronic charts, checklists, systems synoptics, engine instruments, rotor data and more.

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ELBIT SYSTEMS DEMONSTRATES NEW AERIAL FIREFIGHTING SOLUTION

Elbit Systems completed a successful field demonstration of its patented Hydrop system, an innovative solution enabling high-altitude high-precision aerial firefighting. The field demonstration took place recently as part of an exercise led by the Israel Fire and Rescue Authority. During the exercise two Air Tractor aircraft from the Israeli Fire Fighting Squadron were directed to extinguish a burning field, from as high as 500 ft., more than four times higher than the average altitude of a standard aerial firefighting sortie. Using the HyDrop system each aircraft launched 1.6-tons of 140-gram liquid pellets in a computed ballistic trajectory, achieving a precise hit with saturation of 1-2 liter per 1 square meter.

SHELL AVIATION, WORLD ENERGY COLLABORATE TO INCREASE SUPPLY OF SAF

Shell Aviation and World Energy have announced a collaboration to develop a scalable supply of sustainable aviation fuel (SAF). The agreement is intended to be a multi-year collaboration, with both companies acknowledging that the path to lower carbon emissions in aviation requires longterm commitment and collaboration. As part of the collaboration, Shell Aviation and World Energy also announced that they have initiated the supply of SAF to Lufthansa Group at San Francisco International Airport (SFO).

AIR SERVICE BASEL THE FIRST FULLY AUTHORIZED CIRRUS SERVICE CENTER Air Service Basel has obtained approval to support the Cirrus Vision Jet SF50 for Maintenance and CAMO+ services, making it the first Authorized Service Center for EASA and FAA registered Cirrus aircraft in Europe. The company began by achieving the EASA Part-145 Approval for Full Line & Base Maintenance, including the FAA Repair Station Approval at the end of 2019, soon followed by the full CAMO+ Approval.

RUAG FULFILLS 48-MONTH INSPECTION ON LINEAGE

RUAG MRO International completed a MRO inspection on an Embraer Lineage that included full exterior painting and avionics upgrades during the aircraft’s M4 or 48-month inspection. The customer chose to optimize the MRO downtime to ensure ADS-B Out and FANS compliance, implement a new livery, complete with full exterior repainting, and refurbish the cabin interior. RUAG’s Embraer Authorized Service Center at Munich-Oberpfaffenhofen provided the one-stop shop support, enabling the customer to save on both time and costs.

JET AVIATION CONTINUES TO GROW CHARTER FLEET Jet Aviation has added a brand new Gulfstream G550 to its aircraft management and charter fleet in EMEA and Asia. The G550 is based in Switzerland and available for worldwide charter operation. It has already been added to the company’s Aircraft Operator’s Certificate. Accommodating up to 12 passengers and a regular crew of three, it is ideal for flights between Switzerland and destinations such as Singapore, Tokyo, Johannesburg, Los Angeles and Sao Paulo.

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BOMBARDIER DELIVERS FIRST CUSTOMER AIRCRAFT FUELED WITH SAF TO LATITUDE 33

Bombardier announced that Latitude 33 Aviation, a private jet charter, executive jet management, and aircraft sales and acquisitions company based in California, has taken delivery of the first Bombardier customer aircraft to fly away on sustainable aviation fuel (SAF). Latitude 33 Aviation will manage and charter the best-selling Challenger 350 business jet in Seattle, WA, on behalf of the aircraft owner. “We are very pleased that the customer and Latitude 33 Aviation joined us in demonstrating that SAF can become a mainstream, drop-in alternative to traditional jet fuel for general aviation aircraft,” said Peter Likoray, SVP, Worldwide Sales and Marketing, Bombardier Business Aircraft.

COLLINS AEROSPACE SIGN MOU TO ENHANCE FLIGHT SAFETY PLANET NINE ADDS GULFSTREAM GV TO MANAGED CHARTER FLEET

Planet Nine Private Air (“Planet 9”), the Van Nuys, California based private charter operator and aircraft management company, will add its tenth managed aircraft – an ultra-long-range Gulfstream GV – and the ninth on to its Part 135 AOC. The exceptionally outfitted aircraft, offering a 6,200 nm range (up to 13 hours’ flying time), is Planet 9’s third Gulfstream model, joining a G650 and G550. Its cabin is fitted with 14 luxury passenger seats, plus a dedicated rest area for crew. Inflight entertainment is accessible via high speed Air-Cell with passengers having the option to use their own devices or connect with the seven onboard Rosen slimline LCD monitors.

DUNCAN AVIATION EXPERIENCES SUBSTANTIAL GROWTH IN INVENTORY PROGRAM

During 2019, Duncan Aviation’s Managed Rotable Inventory or MRI expanded its customer base by more than a third, adding 45% more available part numbers and increasing its inventory value by $2 million dollars. Cori Hawes was recently appointed as MRI Program Assistant to support the rapid growth. The MRI is a unique parts program that allows clients to sell their aircraft rotable inventory to Duncan Aviation’s large customer base while still maintaining ownership, price control and oversight. Inventories are marketed and sold to operators of helicopter, turboprop, and business, regional, and commercial aircraft.

Collins Aerospace Systems, a unit of United Technologies, is teaming up with its fellow GLOBALink providers – Aviation Data Communication Corporation (ADCC) and Aeronautical Radio of Thailand Limited (AEROTHAI) – to enhance safety and efficiency for flight and tarmac operations in Asia. The three companies have signed a memorandum of understanding to leverage each company’s existing technology to provide communication solutions to stakeholders on the tarmac.

CRITICAL AVIATION SAFETY INFORMATION AT YOUR FINGERTIPS

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PC-24 GAINS ROUGH FIELD CERTIFICATION

Pilatus obtained certification for take-offs and landings on grass, wet earth and snow, making the PC-24 the world’s most flexible business jet ever. Pilatus has now obtained full rough field certification for the PC-24 Super Versatile Jet. Certification for operations on dry sand and gravel was delivered in 2018. A comprehensive post-certification test campaign was conducted throughout 2019 to certify the Super Versatile Jet for operation on unpaved runways and in differing conditions. With immediate effect, all PC-24s may now also be operated on wet and snow-covered unpaved runways.

PRATT & WHITNEY INVESTS $30M IN WEST VIRGINIA FACILITY

Pratt & Whitney, a division of United Technologies Corp, announced a $30 million US investment in its engine services facility in Bridgeport, West Virginia for the MRO of PW800 engines. Specifically, the site will service the market leading PW814GA and PW815GA engines that power the Gulfstream G500 and G600 aircraft, respectively, with the capacity to expand its capabilities to other PW800 engine models in the future.

MTU MAINTENANCE OPENS OFFICE IN LEASING HOMETOWN DUBLIN

MTU Maintenance has opened an office in the heart of aviation leasing community birthplace Dublin. Located in the Victorian quarter, the office is being run by leasing experts Eileen Guerin, Vice President Commercial Ireland, and Des Clarke, Vice President Technical and Strategy Ireland, on behalf of MTU Maintenance Lease Services B.V., the group’s leasing arm headquartered in Amsterdam. They will be responsible for growing and intensifying MTU Maintenance’s leasing and asset management activities in Ireland.

GULFSTREAM LAUNCHES WORLDWIDE TOUR OF G700 CABIN MOCK-UP

Gulfstream Aerospace Corp. announced the full-scale mock-up of the Gulfstream G700 cabin, including the award-winning Symmetry Flight Deck, has departed Savannah for a worldwide tour that will give customers an opportunity to experience the new industry flagship G700 first-hand. “We have been excited to show customers this amazing aircraft,” said Mark Burns, president, Gulfstream. “The compelling combination of technology and cabin innovation raises the bar for the business-jet industry. Whether customers prioritize cabin size and flexibility, speed, range or flight-deck technology, there is no need to compromise because the G700 delivers all that and more.”

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Textron Releases 4Q19 Results; 2020 Outlook

Textron Inc. (NYSE: TXT) reported fourth quarter 2019 net income of $0.87 per share. Adjusted net income, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, was $1.11 per share for the fourth quarter of 2019, compared to $1.15 per share in the fourth quarter of 2018. Adjusted net income for 2019 excludes $72 million of pre-tax special charges ($0.24 per share, after-tax) recorded in the fourth quarter, primarily related to restructuring activities announced in December 2019. Full-year 2019 net income was $3.50 per share. Full-year 2019 adjusted net income, a non-GAAP measure, was $3.74 per share, up from $3.34 in 2018. “Textron Aviation saw double digit revenue growth in the quarter driven largely by initial deliveries of our new Citation Longitude, reflecting our continued investment in new products,” said Textron Chairman and CEO Scott C. Donnelly. “We also saw growth from strong commercial volume at Bell.” Cash Flow Net cash provided by operating activities of continuing operations of the manufacturing group for the full year was $960 million, compared to $1,127 million last year. Manufacturing cash flow before pension contributions, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, was $642 million compared to $784 million last year. For the full year, Textron returned $503 million to shareholders through share repurchases. Outlook Textron is forecasting 2020 revenues of approximately $14 billion, up from $13.6 billion. Textron expects full-year 2020 earnings per share will be in the range of $3.50 to $3.70. The company is estimating net cash provided by operating activities of continuing operations of the manufacturing group will be between $1,010 million and $1,110 million and manufacturing cash flow before pension contributions (a non-GAAP measure) will be between $700 million and $800 million, with planned pension contributions of about $50 million. Fourth Quarter Segment Results Textron Aviation Revenues at Textron Aviation of $1.7 billion were up 11%, primarily due to higher volume and mix, largely reflecting the Longitude’s entry into service. Textron Aviation delivered 71 jets, up from 63 last year, and 59 commercial turboprops, down from 67 last year. Segment profit was $134 million in the fourth quarter, down from $170 million a year ago, primarily due to the mix of products sold and an unfavorable impact from inflation, net of pricing. Textron Aviation backlog at the end of the fourth quarter was $1.7 billion. Bell Bell revenues were $961 million, up 16% from $827 million last year, primarily on higher commercial volume. Bell delivered 76 commercial helicopters in the quarter, up from 46 last year. Segment profit of $118 million was up $10 million, largely on the higher commercial volume. Bell backlog at the end of the fourth quarter was $6.9 billion. Finance Finance segment revenues were up $1 million, and profit was up $2 million from last year’s fourth quarter.

CAE Reports 3Q20 Results

CAE reported revenue of $923.5 million for the third quarter of fiscal 2020, compared with $816.3 million in the third quarter last year. Third quarter net income attributable to equity holders was $97.7 million ($0.37 per share) compared to $77.6 million ($0.29 per share) last year. Net income before specific items in the third quarter of fiscal 2020 was $98.0 million ($0.37 per share before specific items). Third quarter segment operating income was $154.9 million (16.8% of revenue) compared with $113.0 million (13.8% of revenue) in the third quarter of last year. Segment operating income before specific items in the third quarter of fiscal 2020 was $155.3 million (16.8% of revenue). All financial information is in Canadian dollars unless otherwise indicated.

Civil Aviation Training Solutions Third quarter Civil revenue was $558.1 million, up 22% compared to the same quarter last year. Segment operating income was $123.0 million (22.0% of revenue) compared to $87.2 million (19.0% of revenue) in the third quarter last year. Third quarter segment operating income before specific items was $123.4 million (22.1% of revenue), up 42% compared to the third quarter last year. During the quarter, Civil delivered 12 fullflight simulators (FFSs) to customers and third quarter Civil training center utilization was 70%. During the quarter, Civil signed training solutions contracts valued at $706.2 million, including a long-term pilot training agreement with JetSmart Airlines, and 17 FFSs, for 37 sales in the first nine months of the year. Since the beginning of January, Civil received orders for seven FFSs, including six for the Boeing B737MAX aircraft, bringing total current year-to-date FFS sales to 44. To address the growing global demand for new pilots, during the quarter, Civil launched new Multi-Crew Pilot License programs with easyJet and Volotea and a new cadet pilot training program with Jazz Aviation and Seneca School of Aviation called Jazz Approach. In business aviation, Civil signed several business aviation pilot training contracts with business jet opera

SUMMARY OF CONSOLIDATED RESULTS

(amounts in millions, except operating margins and per share amounts) Revenue Segment operating income (SOI) Operating margins SOI before specific items Operating margins before specific items Net income Net income attributable to equity holders of the Company Earnings per share (EPS) Net income before specific items EPS before specific items Order intake Total backlog

Q3-2020 $ 923.5 $ 154.9 % 16.8 $ 155.3 % 16.8 $ 99.8

Q3-2019 Variance % $ 816.3 13% $ 113.0 37% % 13.8 $ 113.0 37% % 13.8 $ 79.5 26%

$ 97.7 $ 0.37 $ 98.0 $ 0.37 $ 1,106.6 $ 9,434.3

$ 77.6 $ 0.29 $ 77.6 $ 0.29 $ 882.1 $ 8,964.6 26% 28% 26% 28% 25% 5%

interest on long-term debt due to the issuance of unsecured senior notes since the fourth quarter of fiscal 2019 and higher interest on lease liabilities because of the adoption of IFRS 16. Growth and maintenance capital expenditures totaled $51.6 million this quarter. Net debt at the end of the quarter was $2,306.6 million for a net debt-to-capital ratio of 48.5%. This compares to net debt of $2,442.8 million and a net debt-to-capital ratio of 51.0% at the end of the preceding quarter. Excluding the impacts of the adoption of IFRS 16, net debt would have been $2,021.2 million this quarter for a net debtto-capital ratio of 44.9%. Return on capital employed (ROCE) was 11.4% this quarter compared to 11.7% in the third quarter last year, before specific items.

tors including JetSuite, Solairus Aviation, and TAG Aviation Holdings. The Civil book-to-sales ratio was 1.27x for the quarter and 1.44x for the last 12 months. The Civil backlog at the end of the quarter was a record $5.3 billion.

Additional Financial Highlights Free cash flow was $275.3 million for the quarter compared to $155.1 million in the third quarter last year. The increase in free cash flow results mainly from a lower investment in non-cash working capital and higher cash provided by operating activities. CAE usually sees a higher level of investment in non-cash working capital accounts during the first half of the fiscal year and it

expects to see a significant portion of these investments reverse in the second half. Income taxes this quarter were $18.4 million, representing an effective tax rate of 16%, compared to 15% for the third quarter last year. The tax rate was higher due to the

SUMMARY OF CIVIL AVIATION TRAINING SOLUTIONS RESULTS

(amounts in millions, except operating margins, SEU, FFSs deployed and FFS deliveries) Q3-2020 Revenue $ 558.1 Segment operating income $ 123.0 Operating margins % 22.0 SOI before specific items $ 123.4 Operating margins before specific items % 22.1 Order intake $ 706.2 Total backlog $ 5,263.0 Simulator equivalent unit (SEU) 252 FFSs deployed 303 FFS deliveries 12

Q3-2019 $ 458.4 $ 87.2 % 19.0 $ 87.2 % 19.0 $ 586.6 $ 4,566.1 219 266 16 Variance % 22% 41%

20% 15% 15% 14% (25%)

impacts of tax audits in Canada last year, partially offset by a change in the mix of income from various jurisdictions. Net finance expense this quarter was $36.7 million, $17.4 million higher than the third quarter of fiscal 2019, mainly from higher Excluding the impacts of the adoption of IFRS 16, ROCE before specific items would have been 11.6% this quarter. CAE will pay a dividend of 11 cents per share effective March 31, 2020 to shareholders of record at the close of business on March 13, 2020. During the three months ended December 31, 2019, CAE repurchased and cancelled a total of 386,700 common shares under the Normal Course Issuer Bid (NCIB), at a weighted average price of $32.69 per common share, for a total consideration of $12.6 million. On February 7, 2020, CAE received approval from its Board of Directors for the renewal of its NCIB to purchase up to 5,321,474 of its issued and outstanding common shares (approximately 2% of its outstanding shares) during the period from February 25, 2020 to no later than February 24, 2021.