ScotiabankTransportation & Aerospace Conference

November 19, 2013

CAUTION REGARDING FORWARD-LOOKING INFORMATION

2

Certain statements set forth in this presentation and statements made during this presentation,including, without limitation, information respecting our ROIC target of a sustainable 12%; theexpected future benefits of the 737 MAX and LEAP-1B engine to WestJet; our 737 and Q400 fleetplans; our goal for inflight entertainment and connectivity and the associated features; and futureopportunities of WestJet Encore are forward-looking statements within the meaning of applicableCanadian securities laws.

By their nature, forward-looking statements are subject to numerous risks and uncertainties, some ofwhich are beyond WestJet’s control. Readers are cautioned that undue reliance should not be placedon forward-looking statements as actual results may vary materially from the forward-lookingstatements due to a number of factors including, without limitation, changes in consumer demand,energy prices, aircraft deliveries, general economic conditions, competitive environment, regulatorydevelopments, environment factors, ability to effectively implement and maintain critical systems andother factors and risks described in WestJet’s public reports and filings which are available underWestJet’s profile at www.sedar.com.

Any forward-looking statements contained in this presentation and statements made during thispresentation represent WestJet’s expectations as of the date of this presentation and are subject tochange after such date. WestJet does not undertake to update, correct or revise any forward-lookingstatements as a result of any new information, future events or otherwise, except as may be requiredby law.

November 2013

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WESTJET’S TRACK RECORD OF PROFITABILITY SINCE INCEP TION

Net Earnings ($ millions)

Reported in Canadian GAAP up to 2009 with 2005 to 2008 restatements. 2010 to 2012 reported under IFRS.

-50

0

50

100

150

200

250

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

4

WESTJET’S GOAL TO GENERATE 12% RETURN ON INVESTED C APITAL

Return on Invested Capital*

Note: 2010 to 2013 presented under IFRS; 2009 and prior presented under previous Canadian GAAP.

* Based on a trailing 12 month basis before tax .

Goal

13.8%

5%

6%

7%

8%

9%

10%

11%

12%

13%

14%

15%

2005 2006 2007 2008 2009 2010 2011 2012 Q12013

Q22013

Q32013

Sustainable goal

5

WESTJET A PROFITABLE GROWTH STORY

Guests (thousands) Available Seat Miles (millions)

Revenues ($ millions)

02,5005,0007,500

10,00012,500

15,00017,50020,000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

0

5,000

10,000

15,000

20,000

25,000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

6

7

8

GROWTH AND STRONG FINANCIAL PERFORMANCE CONTINUES

10

OPERATING HIGHLIGHTS – Q3 2013

Strong net earnings reported in the third quarter 2013

Q3 2013 Q3 2012 Change

Net earnings (millions) $65.1 $70.6 (7.8%)

Diluted earnings per share $0.50 $0.52 (3.8%)

Total revenues (millions) $924.8 $866.5 6.7%

RASM (revenue per available seat mile) (cents)

15.14 15.76 (3.9%)

Fuel costs per litre (dollars) $0.92 $0.90 2.2%

CASM, excl. fuel and employee profit share (cents)

8.96 9.10 (1.5%)

Earnings before tax margin 9.8% 11.6% (1.8 pts)

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YTD 2013 adjusted EBT Margin per reported results as at September 30, 2013 (adjusted for special items and non-op mark-to-market hedge gains/losses).

YTD 2013 – ADJUSTED EBT MARGINWESTJET RANKS 4th AMONG LEADING NORTH AMERICAN PEER S

17.7% 17.5%

15.7%

10.1%

7.4% 7.4%6.7%

5.0%

3.5%2.7%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%S

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Alle

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Wes

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Del

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US

Airw

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ted

12

*IFRS basis Excludes reservation system impairment of $31.9 million in 2007

COSTS REMAIN UNDER CONTROL

8.57 8.29 8.45 8.80 8.85 9.12 8.99

3.50 4.703.20

3.50 4.32 4.50 4.32

2.201.70

1.201.00

1.211.70 1.65

0

2

4

6

8

10

12

14

16

18

2007 2008 2009 2010 2011 2012 YTD 2013

cent

s pe

r AS

M

CASM (ex fuel and profit share) Profit Share Fuel Op. Margin

13

• Original target to reduce costs by $100 million by the end of 2015

• As of Q3 2013, identified and put into action measures that will enable us to reach this goal by the end of 2014, one year ahead of our original goal

• Undertaking a longer term initiative to ensure our unit costs are competitive with low cost North American airlines

Aircraft utilization and channel

efficiencyProductivity

Non-Operational Expenses People

BUSINESS TRANSFORMATION INITIATIVE

Four key focus areas:

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• Selling 10 of our oldest Boeing 737-700s in 2014 & 2015

• Buying 10 new Boeing 737-800s in 2014-15

• Deferring delivery of five 737-700s from 2014-15, to 2016-17

• Transaction creates value:

• Lowers CASM by effectively adding incremental capacity

• Benefits associated with a younger fleet

• Accelerates our move towards more optimal fleet mix

• Allows new planes to be financed in a low interest rate environment

• Assists transition to our long-term in-flight entertainment connectivity strategy once finalized

• Maintains Fleet flexibility

MODERNIZING OUR FLEET - SALE TO SOUTHWEST

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• WestJet announced in August 2013 an order for 65 Boeing 737 MAX aircraft with delivery dates of Sep 2017 through 2027

• Converting 15 Next Generation 737 deliveries to 737 MAX for a net increase of 50 firm commitments for 737 aircraft

• Key benefits of this order:

• Maintains the flexibility we have built into our fleet plan, including future lease renewal options

– Boeing 737 fleet size between 120 and 162 aircraft by 2023

• Improved operational costs: CFM International LEAP-1B engines expected to reduce fuel burn and CO2 emissions by 13% compared with today’s most efficient single-aisle airplanes

• New Boeing Sky Interior will contribute to an enhanced guest experience

737 BOEING MAX PURCHASE AGREEMENT:GROWING OUR FLEET AND IMPROVING COSTS

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MEASURED GROWTH - 737 FLEXIBLE FLEET PLAN INCLUDING FLEET MODERNIZATION

105 104 97 96 91 87 82 79 76 76 76

4 11 23 29 34 39 44113 21 27

3136

39 4242

42

105 105 110

117 122

129 141

147 152 157

162

0

25

50

75

100

125

150

175

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

737 NG Committed Fleet 737 MAX Committed Fleet

Cumulative Lease Extension Options

120

816

20 20 20 20

5

14

23 25

0

10

20

30

40

50

2013 2014 2015 2016 2017 2018

Q400 NextGen Committed Fleet Cumulative Purchase Options

17

Q400 NEXTGEN FLEET PLAN ALSO BUILDS IN FLEXIBILITY

25

34

43 45

BUILDING ON OUR CAPABILITIES

• Strategically selecting carriers in each major world region

• Seamless access to more destinations

• International travel options for the business traveller

• Selective approach keeps costs in line

AIRLINE PARTNERSHIPS EXPANDING OUR NETWORK

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Low Price SegmentEcono

Mid-Value OrientedFlex

High-Value OrientedPlus

Guest MixLow fare bundle

Leisure

Mid fare bundle

Business/Leisure

High fare bundle

Business traveller primarily

Price Lowest fare plus optional services Low fare plus optional services Higher fare with included flexibility, conveniences, comfort

Product Basic service from A to B, extras for a fee

More value, some extras for a fee

Fully inclusive and fully flexible

Guestproposition

Shop for the lowest price for VFR or a low-cost vacation. Pay for what you need.

You need some flexibility but are still looking to save.

You don’t want to sweat the small stuff. You need maximum flexibility and a bit more room to get the work done.

� Unbundled Bundled�

ENRICHING MORE LIVES ACROSS SEGMENTS

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21

PLUS FARE SEATING

Reconfiguration was completed end of Q1 2013

119101

136118

166156

18

18

18

737-600Before

737-600After

737-700Before

737-700After

737-800Before

737-800After

Plus Seats

136

174

119

166

OUR PLUS SEATING WITH EXTENDED LEGROOM

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WESTJET ENCORE

MARKET OPPORTUNITIESREGIONAL (50+ seats) = $2.1B – DOMESTIC + TRANSBORDE R

Source: Internal estimates using public capacity and traffic information24

0

10

20

30

40

50

60

Air Canada Mainline Air Canada Express WestJet

Can

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n D

estin

atio

ns S

erve

d

CalgaryDeer LakeEdmontonFt. McMurrayGanderHalifaxKelownaMontreal

OttawaReginaSaskatoonSt. JohnsTorontoVancouverVictoriaWhitehorse

Winnipeg

Baie ComeauBathurstCalgaryCastlegarCharlottetownCranbrookDeer LakeEdmontonFrederictonFt. McMurrayFt. St. JohnGanderGaspeGoose BayGrande PrairieHalifaxIles De La MadeleineKamloopsKelownaKingstonLethbridgeLondonMedicine HatMonctonMont JoliMontrealNanaimoNorth BayOttawa

PentictonPrince GeorgePrince RupertQuebecRed DeerRegiaRouyn-NorandaSaguenaySandspitSarniaSaskatoonSault Ste. MarieSept-IlesSmithersSt. JohnSt. JohnsSudburySydneyTerraceThunder BayTimminsTorontoToronto-CityVal D'OrVancouverVictoriaWabushWhitehorseWindsorWinnipegYellowknife

AbbotsfordCalgaryCharlottetownComoxDeer LakeEdmontonFt. McMurrayGrande PrairieHalifaxHamiltonKamloopsKelownaKitchenerLondonMoncton

MontrealOttawaPrince GeorgeQuebecReginaSaskatoonSt. JohnsSydneyThunder BayTorontoVancouverVictoriaWhitehorseWindsorWinnipegYellowknife

17 Destinations

60 Destinations

31 Destinations

AIR CANADA AND PARTNERS SERVE DOUBLE THE NUMBER OF CANADIAN DESTINATIONS VERSUS WESTJET

NanaimoFort St. John

BrandonTerrace

WestJet Encore

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WESTJET ENCORE: SIGNIFICANT NETWORK POTENTIAL

YVR

YCD

YEG

YXJ

YYCYYJ YXE

YQR

YQU

Encore launch:30 departs at 9 stations

Potential new

stations

Potential existing

stations

26

YBR

YXT

WESTJET ENCORE AT MATURITY

• Organizational structure: wholly owned subsidiary

• Fleet size: up to 45 x 78-seat Q400 turboprop aircraft

• Network and schedule

• National operation (Eastern and Western)

• Domestic and transborder operations

Type of flying Description

New destinationsFlights to/from new destinations not currently served by the WestJet network

Join the dotsFlights between existing destinations not currently flown by WestJet

Schedule improvements

Flights on some existing short-haul routes that benefit from increased frequency and higher load factors; B737 flying will be redeployed to maximize the network

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CRITICAL SUCCESS FACTORS REMAIN THE SAME FOR WESTJET ENCORE

Low cost

• Obtain meaningful and sustainable cost advantage vs. regional competitors

• Low fares to stimulate demand and steal traffic

• Expand low-fare high-value proposition to new markets

Guest experience and culture

• Consistent WestJet guest experience

• Consistent WestJet values

• Maintain caring culture

• Engaged workforce

Guest experience and low cost

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WE HAVE THE FINANCIAL STRENGTHTO PUT OUR STRATEGY INTO ACTION

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*Note: 2010-13 presented under IFRS; 2009 and prior presented under previous Canadian GAAP.Note: All figures are full-year figures based on trailing twelve months. Debt ratios include aircraft operating leases.

CAPITAL STRUCTURE - EXCESS CASH HAS BEEN USED TOLOWER LONG TERM DEBT & BUY BACK STOCK

0.0

1.0

2.0

3.0

4.0

5.0

0

300

600

900

1,200

1,5002005

2006

2007

2008

2009

2010

2011

2012

Q1 2013

Q2 2013

Q3 2013

Ratio

$ m

illion

Cash Adj. Net Debt/ EBITDAR Adj. Debt/ Equity

At September 30, 2013

Net Cash C$1,233-mln

Cash to TTM Revenues 34%

Adj. Net Debt to EBITDAR 1.16x

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RELATIVE LIQUIDITY & LEVERAGE RATIOS – September 30, 2013Liquidity

Leverage

34%

0%

10%

20%

30%

40%

Sp

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All

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1.16

0

2

4

6

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BIT

DA

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RETURNING VALUE TO SHAREHOLDERS – Dividend & NCIB

$0.00

$0.02

$0.04

$0.06

$0.08

$0.10

120

125

130

135

140

145Q3/10

Q4/10

Q1/11

Q2/11

Q3/11

Q4/11

Q1/12

Q2/12

Q3/12

Q4/12

Q1/13

Q2/13

Q3/13

Dividend per share

# Shares (m

ln)

# Shares Dividend

Initiated a $0.05 quarterly dividend, November 2010; increased to:� $0.06 in February 2012 � $0.08 in August 2012� $0.10 in February 2013

Normal Course Issuer Bid� Completed first NCIB August 2011 for $106

million or $14.59 per share� Completed second NCIB November 2012

for $112 million or $16.20 per share� TSX approved up to 6.6 million share NCIB

or ~5%, announced on February 14, 2013.

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GUIDANCE 1

Q4/13 FY 2013 FY 2014

RASMRoughly flat compared

with Q4 2012

CASM (ex fuel & profit share)

Down approximately 0.5%

Flat to up 1.0%

Fuel cost per litre 90 to 92 cents

Effective Tax Rate 27% to 29% 27% to 29%

Capital ExpendituresApproximately $720

million$580 to $600

million

System capacity Up 7.0 to 7.5% Up 8.0% to 8.5% Up 4.0 to 6.0%

Domestic capacity Up 4.0% to 4.5% Up 4.5% to 5.0%

(1) Provided in conjunction with release of Q3 2013 results on November 5, 2013.

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• Proven track record of profitable growth

• Award-winning culture and highly engaged workforce

• Strong brand in the marketplace and expanding airline partnerships

• Attractive combination of planned growth and a strong balance sheet

• Committed to generating and returning value to shar eholders

SUMMARY – WHY INVEST IN WESTJET