Annual and special meetingMay 5, 2009

Certain information in this presentation and statements made during this presentation, including any

question and answer session, may contain forward-looking statements, including but not limited to, those

regarding future expansion plans for WestJet and WVI, the Southwest code-share agreements and the

potential commercial relationship with Air France and KLM, ASM, RASM, CASM and future profits, the

new reservation system, the planned reward program and branded credit card, capital management

strategies, hedging activities and ancillary revenue expansion. These forward-looking statements are

subject to, and may be affected by, numerous risks and uncertainties, some of which are beyond

WestJet’s control. WestJet’s actual results may differ materially from a conclusion, forecast or projection

expressed in or implied by such statements. Certain material factors and assumptions were applied in

formulating these forward-looking statements. Factors that could cause or contribute to these differences

include, but are not limited to: changes in government policy, exchange rates, interest rates, disruption of

supplies, volatility of fuel prices, terrorism, general economic conditions, the competitive environment and

other factors described in WestJet’s public reports and filings which are available under WestJet’s profile

on SEDAR (www.sedar.com). Forward-looking statements are subject to change and WestJet does not

undertake to update or revise any forward-looking information as a result of any new information, future

events or otherwise, except as required by applicable law.

Forward-looking statement

May 5, 2009

Who we are • Canada’s leading high-value, low-cost airline

• 79 modern and fuel-efficient Boeing Next-Generation 737 aircraft

• Average of 400 flights everyday• 55 scheduled destinations in Canada, U.S., Mexico and Caribbean

• Over 14 million guests in 2008

• One of North America’s most respected airlines

• Award-winning culture• Consistently profitable

How we run our business

With a great guest experience and a low-cost base

• People and Culture

• Fundamental drivers of our success

• Guest Experience and Performance

• Uncompromised guest experience and

performance builds loyalty

• Revenue and Growth

• Delivering results

• Cost and Margins

• Continuing our low-cost commitment

Financial highlightsConsistent of double-digit growth

10.5%

$96

$37

8.7%

$579

Three months ended

March 31,2009

(3.3 pts.)

(48.3%)*

(28.7%)

(3.7 pts.)

(3.3%)

Year-over-year

Change

19%(14.9%)$461Cash flow from operations ($ millions)

n/a

24%

n/a

24%

5-year CAGR

(2.6 pts.)11.5%Operating margin

2008Year-

over-year change

Revenue ($ millions) $2,550 19.9%

Earnings before tax margin 10.0% (1.1 pts.)

Net earnings ($ millions) $178 (7.6%)

*Prior-year numbers reclassified for current year presentation

Fiscal responsibility

Financial security • Cash of $836 million • Working capital ratio of 1.24 times• Adjusted debt/equity ratio of 1.72 times• Adjusted net debt to EBITDAR of 2.33 times

0

200

400

600

800

1000

2005 2006 2007 2008 Q1 09

$ m

illio

ns

Cash

0

1

2

3

4

5

6

2005 2006 2007 2008 Q1 2009

times

Adj. Debt/Equity Adj. net Debt/EBITDAR

Note: All figures are full-year figures, except 2009 is as of March 31 Debt ratios include aircraft operating leases

Controlling costs• Highly engaged workforce• Focus on CASM reduction• Hedge a portion of fuel to reduce volatility• Aircraft debt repayments fixed in CAD$ for term of debt

• 2009 aircraft US$ leasing costs 68% hedged into CAD$

• High aircraft utilization rates – 12.2 hours/day

Low-cost philosophy generates history of positive margins

• Consistently produce positive margins

• Ancillary revenue and WestJet Vacations adding to RASM

• Fuel accounts for about 1/3 of costs and is most variable factor

• All other costs being held relatively flat

8.3 8.7 8.7 8.9 8.5 8.6

2.73.3 3.4 3.5 4.7 3.3

0.70.9 1.9

2.2 1.7

1.4

0

2

4

6

8

10

12

14

16

2004

2005

2006

2007

2008

Q1

2009

(cen

ts p

er A

SM)

CASM (ex fuel) Fuel Op. Margin

*2009 results as at March 31, 2009. Excludes reservation system impairment of $31.9 million in 2007 and $47.6 million impairment related to retirement of 200-series aircraft in 2004

-250

-150

-50

50

150

250

Alle

gian

t

Wes

tJet

Air

Tran

JetB

lue

Sout

hwes

t

Con

tinen

tal

Ala

ska

Am

eric

an

Del

ta

US

Airw

ays

Uni

ted

$Mill

ions

-35.00%

-25.00%

-15.00%

-5.00%

5.00%

15.00%

25.00%

35.00%

EBT Margin %

Among top financial performers in North American airline industry

Earnings before tax (EBT) for Q1 2009

EBT and EBT margin adjusted for special items and gains/losses mark-to-market fuel hedges (unrealized portion) WestJet earnings in CAD$, all others in US$

Revenue

Revenue growth

859.31,050.0

1,378.81,751.3

2,127.2

2,549.5

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2003 2004 2005 2006 2007 2008

(mill

ions

)

5-year CAGR of 24%

*Total revenue including schedule, charter and other income

111108 99

133

83

153

8457

159 151

68

132

78

119

3652

86111118 111119

97

151

88

214

92 88

170

50

197

61

215

Nor

m 8

0-12

7

West

Nor

m 8

0-12

7

Nor

m 8

0-12

7

Montreal

Nor

m 8

0-12

7

Atlantic Canada

Ontario

2005 2006 2007 2008

Air Canada Air Canada

Air CanadaAir Canada

Strengthening and expanding our trusted brand

Capacity management& outlook

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Nov

-07

Dec

-07

Jan-

08

Feb-

08

Mar

-08

Apr-

08

May

-08

Jun-

08

Jul-0

8

Aug-

08

Sep-

08

Oct

-08

Nov

-08

Dec

-08

Jan-

09

Feb-

09

Mar

-09

Seasonally deploy our capacity

Transborder and international as a percentage of total ASMs

Current markets • Less than 20% share in addressable markets

• Substantial capacity cuts by competitors in existing markets

• Approvals received for numerous new routes and destinations

MARKET SHARE GROWTH:Domestic

36%

57%

7%Domestic 40% - 50%

WestJet Air Canada / Jazz Other

12 months ending March 31, 2009 2013 target

78Total fleet (March 31, 2009) 121

•Capacity-share calculation based on data from IATA-SRS.

• New destinations• Increased frequencies andnon-stops

• Commercial partnerships• WestJet Vacations

MARKET SHARE GROWTH:Transborder and international

12 months ending March 31, 2009 2013 target

9%

51%

40%

11%

34%55%

Transborder

Mexico / Caribbean

15% - 20+%

15% - 20+%

78Total fleet (March 31, 2009) 121

WestJet Air Canada / Jazz Other

• Capacity-share calculation based on data from IATA-SRS.• Mexico / Caribbean capacity share does not include charters.

• Seasonal-deploymentstrategy

• New destinations andincreased frequencies

• WestJet Vacations• Point of sale U.S.• Commercial partnerships

Measured ASM growth and fleet expansion

0

5,000

10,000

15,000

20,000

25,000

30,000

2005 2006 2007 2008 2009 2010 2011 2012 2013

ASM

s (0

00,0

00)

19%17%

16%

17%3%

10%10%

10%10%

121115101948676706356Total confirmed fleet

767056545252494538Owned

24 34 40 45454518 2118Leased

Projected growth

2009 outlook• Full-year capacity growth of 3% • Revenue environment is going to be tough for foreseeable future

• Lower fuel prices providing cost relief• CASM excluding fuel and profit share expected to be up 3 to 5% over prior year

• Aggregate capacity of seat miles in the domestic market has reduced

Summary • We continue to outperform the industry in North America

• We are a well-positioned, low-cost and efficient carrier with a strong brand in the market place

• Highly attractive combination of planned growth and strong balance sheet

• Attractive valuation relative to peer group

Rob McInnisDirector, Investor Relations

1-403-539-7412Toll free:1-877-493-7853

E-mail: investor_relations@westjet.com

For more information, please contact:

The endThe end.Have a nice day!