2011 CIBC Institutional Investor ConferenceJanuary 20, 2011

FORWARD-LOOKING STATEMENT

2

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

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

strategy, partnerships, business fare products, our rewards program including our credit card and frequent

guest program, growth drivers and expansion plans for WestJet and WestJet Vacations Inc. (WVI), capacity

growth and fleet expansion, fleet and cost efficiencies, hedging activities and risk management. These

forward-looking statements are subject to, and may be affected by, numerous risks and uncertainties which

may cause WestJet’s actual results may differ materially from a conclusion, forecast or projection expressed

in or implied by such statements. Material risks and the material factors and assumptions applied in

formulating these, and the material factors that could cause actual results to differ from the forward-looking

statements, are discussed in our public reports and filings which are available under WestJet’s profile on

SEDAR (www.sedar.com) and 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. 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.

January 20, 2011

Growth Story Continues

3

-

1.0

2.0

3.0

4.0

5.0

Q4

2008

Q1

2009

Q2

2009

Q3

2009

Q4

2009

Q1

2010

Q2

2010

Q3

2010

Q4

2010

Mil

es (

bil

lio

ns)

0%

10%

20%

30%

40%

50%

60%

70%

80%

Lo

ad F

acto

r %

ASMs RPMs Load Factor %

14 Years of Growth

4

WestJet Destinations Served*

8 8 9 12 1520 21 24 24 23 23 26 28 30 31

7 11 1111

12

17 1724

6 6

5

7

1317

1

0

10

20

30

40

50

60

70

80

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Domestic Transborder Mexico Caribbean

*Destinations Served at Year-End

3134

35

44

51

66

71

Recovering Economy = Pricing Power

5

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

Q1

2008

Q2

2008

Q3

2008

Q4

2008

Q1

2009

Q2

2009

Q3

2009

Q4

2009

Q1

2010

Q2

2010

Q3

2010

Q4

2010

Lo

ad F

acto

r %

10.00

12.00

14.00

16.00

18.00

20.00

Yie

ld (

cen

ts)

Load Factor % Yield (cents)

6

8.7 8.7 8.9 8.5 8.5 8.5

3.3 3.4 3.5 4.73.2 3.5

0.91.9 2.2

1.7

1.2 1.2

0

2

4

6

8

10

12

14

16

2005

2006

2007

2008

2009

9M 2

010

(cen

ts p

er A

SM

)

CASM (ex fuel) Fuel Op. Margin

• Excludes reservation system impairment of $31.9 million in 2007

Costs Remain Under Control

0

5000

10000

15000

20000

25000

30000

35000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

ASMs (m

illions)

106 Aircraft 135 Aircraft

7

18% 3% 10 - 11%

132

88

44

97

54

43

102

58

44

108

64

44

76

52

24

86

53

33

91

53

38

135124114Total confirmed fleet

918070Owned

44 4444Leased

8

8

612-3-----Lease expiries

3106656510-Net change in aircraft

Measured Capacity GrowthFlexible fleet plan expansion until 2017

Compounded average annual growth rate:Min ~4%, Max ~ 7%

Capital Structure

8

0

200

400

600

800

1000

1200

1400

2005 2006 2007 2008 2009 Q3 2010

$ m

illio

ns

0

1

2

3

4

5

6

times

Cash Adj. net Debt/EBITDAR Adj. Debt/Equity

Note: All figures are full-year figures, except for 2010 data.Debt ratios include aircraft operating leases.

At September 30, 2010:- Cash of C$1,218 million- Cash to TTM of revenues ratio of 49%- Current ratio of 1.50x - Adjusted debt to equity ratio of 1.38x- Adjusted net debt to EBITDAR of 1.81x

Initiated a quarterly dividend- $0.05 per share for 1st quarterly payout- Record date Dec 15, 2010, paid out Jan 21, 2011

Normal Course Issuer Bid- TSX approved 7,264,820 shares or ~ 5%- 2,338,730 shares re-purchased to date for total price of ~ $31million- Program to run from Nov 5, 2010 to Nov 4, 2011- Purchase on open market and cancel

Fireside ChatQuestions & Answers

Appendix

WHAT MAKES WESTJET STAND OUT?

11

• Consistently one of the most profitable airlines in North America

-22 consecutive quarters of profitability

-Industry leading operating margins

• Consistently one of the lowest-cost operators in North America

• Planned profitable growth supported by a strong balance sheet

• Flexible fleet expansion plan and seasonal deployment strategy

• Provides a world-class guest experience

• One of Canada’s most admired corporate cultures

12

By 2016, WestJet will be one of the five most successful international airlines in the world

Costsand

Margins

Peopleand

CultureRevenue

and Growth

GuestExperience

andPerformance

WestJetVacations

Businesstraveller

Rewardsprogram

Single fleettype

Cost efficiency

Riskmanagement

STRATEGY - Working since day one

Building on our capabilities

BUSINESS TRAVELLERBuilding strength in this high-yield market

14

Opening the world up to our guests:

• Providing the business traveller with international travel options

• Incremental revenue opportunities• Select strategic carriers in each major world

region• Continue implementing new partnerships throughout 2011

Airline partnerships

Many items that we may choose to bundle together but yet to be determined:

• Refundable tickets• Pre-reserved seating• Waive change and cancel fees• Ability to early show• Buy-on-board• Lounge access• Other new initiatives

Business Fare Products

Appeals to the mass market:

• Fully accretive to WestJet• Strong partnership with RBC for awareness• Simple and transparent• Two types of cards; different earning power• Uptake is in-line with expectations

REWARDS PROGRAMStraight to the bottom line

15

Credit card

Appeals to the high frequency traveller:

• Simple and transparent program• Targeted at the traveller doing four to 40 trips per year

• Aims to capture additional high-yielding guests

• Uptake is in-line with expectations

Frequent Guest Program

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

• Growing brand strength

• Guest experience

• Culture

• WestJet Vacations

• Rewards program

• Airline partnerships

• New destinations

• New non-stops

• Increased frequencies

0

5

10

15

20

25

30

35

40

45

50

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Mar

ket S

har

e (%

)

Domestic Transborder International

MARKET SHARE GROWTH DRIVERSCurrently serving a portion of addressable market

17

•One of the fastest growing vacation operators in Canada

•Large market opportunity available to capture

•Integrated approach with WestJet taps multiple demand streams

•Competitive advantage with flexible product combinations and scheduled service to all destinations allowing more booking options

WESTJET VACATIONSLeveraging our strengths in a new marketplace

Estimated leisure market size in Canada

$5.0

$5.0

$10.9

0

5

10

15

20

25

Outbound Domestic Market Size

$bn

ITC Market FIT Market Leisure Retail Market

WestJet Vacations addressable market segments are ITC and FIT

Outside of current scope; might be able to capture a small percentage of this segment

Source: internal estimatesFIT – Flexible itinerary travelITC – Inclusive

One of the lowest-cost carriers in North America

A single fleet and single class of service: • Simplifies operations • Enhances operational productivity • Offers an operating cost advantage• Provides more consistent guest experience

SINGLE FLEET – BOEING NG 737Keeping efficiency high

19

Cost efficiencies have led to low break-even load factor

• Cost efficiencies are driven by:- High utilization of aircraft- High employee productivity- Single-fleet efficiencies- Ownership culture- Disciplined focus on expenditures

COST EFFICIENCYRemoving costs where possible

20Source: Internal estimates, company reports

60.0%

65.0%

70.0%

75.0%

80.0%

85.0%

90.0%

Sou

t hw

est

We

stJe

t

JetB

lue

Am

eric

an

US

Air

way

s

Air

Tran

Ala

ska

Air

Can

ada

De

lta

Un

ited

Alle

g ia n

t

YTD Q3 2010 Load FactorYTD Q3 2010 Break-even Load Factor

RISK MANAGEMENTProtecting against external volatility

21

• Fuel price volatility- fuel is approximately 20% hedged for next 12 months

- combination of CAD$ WTI and USGC JET swaps, collars and call options

- CAD$ is partially a natural hedge against WTI

• Foreign exchange volatility- Aircraft debt repayments fixed in CAD$ for term of debt

- Next 12 month aircraft US$ leasing costs approximately 90% hedged into CAD$

Interest rate volatility- Long-term aircraft debt has fixed interest rates averaging 5.3%

We have the financial strength to put our strategy into action

23

8.7 8.7 8.9 8.5 8.5 8.5

3.3 3.4 3.5 4.73.2 3.5

0.91.9 2.2

1.7

1.2 1.2

0

2

4

6

8

10

12

14

16

2005

2006

2007

2008

2009

9M 2

010

(cen

ts p

er A

SM

)

CASM (ex fuel) Fuel Op. Margin

• Excludes reservation system impairment of $31.9 million in 2007

8.1%

6.8%

8.8%

12.04

13.20

YTD Q3

2010

11.0%11.6%7.8%

Return on Invested Capital (TTM)

7.9%9.0%6.0%Earnings Before Tax Margin

11.0%11.6%9.2%Operating Margin

12.2912.4311.77CASM (cents)

13.8714.1612.97RASM (cents)

5 yrAvg.2005-2009

FY 2009

3 yr Avg.2007-2009

PROFITABLE 54 OF 56 QUARTERSSome of the best margins in the industry

Financially SoundAmong top performer in North American airline industry

24

* 2010 revenue estimates per CIBC Nov 3, 2010 Institutional Equity Research Earnings Update report.

2005 to 2008 numbers restated.

Q3 YTD 2010Operating Margin

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

Alle

gian

t

Ala

ska

JetB

lue

Wes

tJet

Sou

thw

est

Del

ta

US

Airw

ays

Uni

ted

Con

tinen

tal

Air

Tra

n

Air

Can

ada

Am

eric

an

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

'01 '02 '03 '04 '05 '06 '07 '08 '09 '10*

Rev

enue

(m

illio

ns)

Other Items

25

• IFRS conversion Jan 1, 2011

• Guidance:– Q4 2010:

• ASM growth of 13 - 14%• CASM (ex-fuel and profit share) flat

– FY 2011:• ASM growth of 6 - 8%• Capex of $110 – 130 million

WE HAVE TAKEN OFF“Wheels Up”

26

• We continue to be among top tier in earnings margins in the industry

• We are a well-positioned, low-cost and efficient carrier

• We have a very strong culture and highly engaged workforce

• We have a strong brand in the market place

• We have a highly attractive combination of planned growth and strong

balance sheet

• We have an attractive valuation relative to peer group

For further information:Hugh HarleyDirector, Investor RelationsP: (403) 539-7594E: hharley@westjet.comW: www.westjet.com