J.P. Morgan Aviation, Transportation & Industrials Conference

March 10, 2014

2

Certain statements set forth in this presentation and statements made during this presentation,including, without limitation, information respecting WestJet’s ROIC target of a sustainable 12%; ourBusiness Transformation Initiative; our 737 and Q400 fleet plans; the expected future benefits of the737 MAX and LEAP-1B engine to WestJet; WestJet Encore’s future opportunities and network growthplans; and the installation of our new in-flight entertainment system are forward-looking statementswithin the meaning of applicable Canadian 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 placed onforward-looking statements as actual results may vary materially from the forward-looking statementsdue to a number of factors including, without limitation, changes in consumer demand, energy prices,aircraft deliveries, general economic conditions, competitive environment, regulatory developments,environment factors, ability to effectively implement and maintain critical systems and other factors andrisks described in WestJet’s public reports and filings which are available under WestJet’s profile atwww.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.

March 2014

Caution regarding forward-looking information

3

This presentation contains disclosure respecting non-GAAP financial measures including, withoutlimitation, return on invested capital; CASM, excluding fuel and employee profit share; adjustedearnings before tax margin; adjusted net debt to earnings before interest, taxes, depreciation andaircraft rent (EBITDAR); adjusted net debt to equity; and net cash. These measures are included toenhance the overall understanding of WestJet’s financial performance and to provide an alternativemethod for assessing WestJet’s operating results in a manner that is focused on the performance ofWestJet’s ongoing operations, and to provide a more consistent basis for comparison betweenreporting periods. These measures are not calculated in accordance with, or an alternative to, GAAPand do not have standardized meanings. Therefore, they may not be comparable to similar measuresprovided by other entities. Readers are urged to review the section entitled “Reconciliation of non-GAAP and additional GAAP measures” in WestJet’s management’s discussion and analysis of financialresults for the year ended December 31, 2013, which is available under WestJet’s profile atwww.sedar.com, for a further discussion of such non-GAAP measures.

Non-GAAP measures

4

Reported in Canadian GAAP up to 2009 with 2005 to 2008 restatements. 2010 to 2013 reported under IFRS.

-50

0

50

100

150

200

250

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

Net Earnings ($ millions)

WestJet’s track record of profitability since inception

5

Reported in Canadian GAAP up to 2009 with 2005 to 2008 restatements. 2010 to 2013 reported under IFRS.

* Based on a trailing 12 month basis before tax .

13.9%

5%

6%

7%

8%

9%

10%

11%

12%

13%

14%

15%

2005 2006 2007 2008 2009 2010 2011 2012 Q1

2013

Q2

2013

Q3

2013

Q4

2013

Return on Invested Capital *

Sustainable goal

WestJet’s goal to generate 12% return on invested capital

6

0

2,500

5,000

7,500

10,000

12,500

15,000

17,500

20,000

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

Guests (thousands)

WestJet a profitable growth story

0

5,000

10,000

15,000

20,000

25,000

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

Available Seat Miles (millions)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

Revenues ($ millions)

77

88

99

Growth and strong financial performance continues

11

Operating highlights – Q4 2013

Q4 2013 Q4 2012 Change

Net earnings (millions) $67.8 $60.9 11.3%

Diluted earnings per share $0.52 $0.46 13.0%

Total revenues (millions) $926.4 $860.6 7.6%

RASM (revenue per available seat mile) (cents)

15.59 15.68 (0.6%)

Yield (revenue per revenue passenger mile) (cents)

19.43 19.16 1.4%

Load Factor 80.3% 81.9% (1.6 pts)

Fuel costs per litre (dollars) $0.92 $0.91 1.1%

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

9.29 9.32 (0.3%)

Earnings before tax margin 10.2% 9.9% 0.3 pts

Strong yield and earnings growth with higher margins

12

Operating highlights – Full-year 2013

Full-year 2013 Full-year 2012 Change

Net earnings (millions) $268.7 $242.4 10.9%

Diluted earnings per share $2.03 $1.78 14.0%

Total revenues (millions) $3,662.2 $3,427.4 6.9%

RASM (revenue per available seat mile) (cents)

15.28 15.53 (1.6%)

Yield (revenue per revenue passenger mile) (cents)

18.69 18.77 (0.4%)

Load Factor 81.7% 82.8% (1.1 pts)

Fuel costs per litre (dollars) $0.91 $0.92 (1.1%)

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

9.06 9.12 (0.7%)

Earnings before tax margin 10.2% 9.9% 0.3 pts

Record net earnings and EPS reported in the full-year 2013

13

2013 adjusted EBT Margin per reported results as at December 31, 2013 (adjusted for special items and non-op

mark-to-market hedge gains/losses).

17.1%

14.7%

11.9%

10.2%

7.0% 6.8%

5.1% 5.0%

2.8%

0.5%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%S

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it

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2013 – adjusted EBT marginWestJet ranks 4th among leading North American peers

14

Costs remain under control

8.57 8.29 8.45 8.80 8.85 9.12 9.06

3.50 4.70 3.20

3.50 4.32 4.50 4.34

2.20 1.70

1.20 1.00

1.21 1.70 1.67

0

2

4

6

8

10

12

14

16

18

2007 2008 2009 2010 2011 2012 2013

cen

ts p

er

ASM

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

*IFRS basis

Excludes reservation system impairment of $31.9 million in 2007

15

Business Transformation Initiative

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

• As of the end of 2013, identified and put into action measures that we believe will

enable us to achieve this 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

efficiency

Productivity

Non-Operational

ExpensesPeople

Four key focus areas:

16

Modernizing our fleet – sale to Southwest

• Selling 10 of our oldest Boeing 737-700s in 2014-15

• 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

17

737 Boeing MAX purchase agreement

• 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

Growing our fleet and improving costs

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105 98 97 92 88 83 80 76 76 76

11 23 29 34 39 4414 22 28

32 37

40 44 44

44

107 112 119

124 131

143 149 154

159 164

0

25

50

75

100

125

150

175

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

737 NG Committed Fleet 737 MAX Committed Fleet

Cumulative Lease Extension Options

Measured growth - 737 flexible fleet planincluding fleet modernization

120

19

8

1620 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

25

34

43 45

Q400 NextGen fleet plan also builds in flexibility

Building on our capabilities

21

Airline partnerships: Expanding our network

• 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

22

Enriching more lives across segments

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 VFRor 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�

23

119101

136118

166 156

18

18

18

737-600

Before

737-600

After

737-700

Before

737-700

After

737-800

Before

737-800

After

Plus Seats

119136

166174

Plus Fare seating

Reconfiguration was completed at the end of Q1 2013

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Our Plus seating with extended legroom

25

The evolution of inflight entertainment

• February 2014: WestJet signed multi-year agreement with Panasonic for

new inflight entertainment & connectivity (IFEC) system

• New IFEC will feature wireless internet connectivity, live streaming

television, on-demand movies and more

• Installation to begin by the end of 2014 and installed on WestJet’s fleet

over next several years

• Key benefits include:

• Increased value proposition for business travellers – addition of Wi-Fi enables

guests to make their time in the air as productive as possible

• Increased efficiency – removing seatback monitors reduces aircraft weight and

increases fuel efficiency

• Guests can use their personal devices to access live and stored content, and

purchase packages

WestJet Encore

27

Market opportunitiesDomestic + Transborder Regional (50+ seats) = $2.1b

Source: Internal estimates using public capacity and traffic information

28

Air Canada and partners serve double the number of Canadian destinations versus WestJet

0

10

20

30

40

50

60

Air Canada Mainline (17

destinations)

Air Canada Express (60

destinations)

WestJet (31 destinations)

Ca

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ina

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ns

Se

rve

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

NanaimoFort St. John

BrandonTerrace

WestJet Encore

29

WestJet Encore: significant network growth

YXT

YCD

YYJ

YLW

YKA

YXS

YXJ

YQU

YEG

YMM

YXE

YQRYBR

YWG

YQT

YYZAugust 2014:

100 departs at 18 stations

YYCYVR

30

WestJet Encore at maturity

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

• 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

31

Critical success factors remain the same for WestJet Encore

Guest experience and culture

• Consistent WestJet guest

experience

• Consistent WestJet values

• Maintain caring culture

• Engaged workforce

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 low cost

We have the financial strengthto put our strategy into action

33

Capital structureExcess cash has been used to lower long term debt & buy back stock

0.0

1.0

2.0

3.0

4.0

5.0

6.0

0

300

600

900

1,200

1,500

2005 2006 2007 2008 2009 2010 2011 2012 2013

Ra

tio

$ m

illio

n

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

At December 31, 2013

Net Cash $1,256-mln

Cash to TTM Revenues 34%

Adj. Net Debt to EBITDAR 1.22x

*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.

34

Relative liquidity & leverage ratios – December 31, 2013

34.3%

0%

10%

20%

30%

40%

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1.53

0.0

1.0

2.0

3.0

4.0

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bt

/ E

BIT

DA

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Liquidity

Leverage

35

Returning value to shareholders – Dividend & NCIB

$0.00

$0.02

$0.04

$0.06

$0.08

$0.10

$0.12

120

125

130

135

140

145

150Q

3/1

0

Q4

/10

Q1

/11

Q2

/11

Q3

/11

Q4

/11

Q1

/12

Q2

/12

Q3

/12

Q4

/12

Q1

/13

Q2

/13

Q3

/13

Q4

/13

Q1

/14

Div

ide

nd

pe

r sh

are

# S

ha

res

(mln

)

# 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� $0.12 in February 2014

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� Third bid expired February 18, 2014 – as of Dec.

31, 2013, repurchased over 70% of the 6.6 million shares under the bid.

36

Summary – why invest in WestJet

• 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 shareholders