STAYING TRUE

WESTJET 2011 ANNUAL GENERAL MEETING

May 3, 2011

FORWARD-LOOKING STATEMENT

2

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 projected

economic indicators, future expansion plans for WestJet and WestJet Vacations Inc. (WVI), capacity growth, fleet

expansion, potential interline and code-share agreements, ASM, RASM, CASM and future revenue and profits,

implementation of the new reservation system, the reward program and co-branded credit card, cost-saving initiatives,

addition of new destinations, market-share and business travel expansion, hedging activities and ancillary revenue

expansion. Certain material factors and assumptions were applied in formulating these forward-looking statements.

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

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

by such 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.

May 2011

“15 TH BIRTHDAY” VIDEO

GROWTH AND STRONG FINANCIAL PERFORMANCE CONTINUES

5

• 4 more consecutive quarters of profitability

• Launched WestJet Frequent Guest Program & Credit Card Program

• Launched 4 additional interline agreements

• Launched 1st code-share agreement with Cathay Pacific

• Increased self-service capabilities

• Declared our first ever quarterly dividend

• Initiated a normal course issuer bid to buy back shares

• Announced some fleet deferrals to improve flexibility

• Highest ranked airline based on brand equity surveys

• Inducted into the corporate culture hall of fame

RECAP OF 2010STAYING TRUE

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- Self service- Ownership culture- Disciplined focus on expenditures

6* WJ & AC restated to IFRS. Under CGAAP WJ 72.3% and AC 78.6%Source: Internal estimates, company reports

60.00%

65.00%

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75.00%

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2010 Load Factor 2010 Break-even Load Factor

COST EFFICIENCYREMOVING COSTS WHERE POSSIBLE

7

8.7 8.9 8.5 8.5 8.6 8.9

3.4 3.5 4.73.2 3.5 3.5

1.9 2.21.7

1.2 1.3 1.0

0

2

4

6

8

10

12

14

16

2006

2007

2008

2009

2010

2010

*

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)

CASM (ex fuel) Fuel Op. Margin*IFRS basis

•Excludes reservation system impairment of $31.9 million in 2007

COSTS REMAIN UNDER CONTROL

8

Full Year 2010 2009 Change

Revenue (millions) $2,609 $2,281 14.4%

RASM (cents) 13.36 12.97 3.0%

CASM (cents) 12.09 11.77 2.7%

CASM, ex-fuel and profit share (cents) 8.52 8.45 0.8%

Operating Margin 9.5% 9.2% 0.3 pts.

EPS $0.94 $0.74 27.0%

Canadian Generally Accepted Accounting Principles

FINANCIAL PERFORMANCE - 2010

Improved earnings - EPS up 27%

9

Note on YTD comparatives: all FY 2010 (Dec. 2010) e xcept:

BA – 6 months ended Sept. 2010 EasyJet – 12 months ended Sept. 2010

Qantas – 6 months ended Dec. 2010 GOL – 9 mounts ended Dec. 2010

Singapore – 9 months ended Dec. 2010

16.0%

12.9%

7.8%

5.9%5.2% 4.8% 4.6% 4.3%

3.6% 3.3%2.3%

-2.3%

0.2%

10.9%

-4.0%

0.0%

4.0%

8.0%

12.0%

16.0%

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FINANCIALLY SOUND – FY 2010WESTJET RANKS AMONG THE TOP IN THE INDUSTRY

VIDEO: DID YOU KNOW?

11

0

1

2

3

4

5

Q1

2009

Q2

2009

Q3

2009

Q4

2009

Q1

2010

Q2

2010

Q3

2010

Q4

2010

Q1

2011

Mile

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0%

10%

20%

30%

40%

50%

60%

70%

80%

Load

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ASMs RPMs Load Factor %

OUR GROWTH CONTINUES

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*Yield for 2008 & 2009 based on CGAAP, while 2010 & 2011 yield is based on IFRS. Difference between CGAAP and IFRS is not material, for example 2010 difference is only 0.01 – 0.02 cents.

50%

60%

70%

80%

90%

100%

Q1

2008

Q2

2008

Q3

2008

Q4

2008

Q1

2009

Q2

2009

Q3

2009

Q4

2009

Q1

2010

Q2

2010

Q3

2010

Q4

2010

Q1

2011

Load

Fac

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10.00

12.00

14.00

16.00

18.00

20.00

Yie

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cent

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Load Factor % Yield (cents)

RECOVERING ECONOMY = PRICING POWER

13

First Quarter 2011 2010 Change

Revenue (millions) $772 $619 24.7%

RASM (cents) 14.77 13.18 12.1%

CASM (cents) 13.24 12.67 4.5%

CASM, ex-fuel and profit share (cents) 8.91 9.21 (3.3%)

Operating Margin 10.3% 3.9% 6.4 pts.

EPS $0.34 $0.02 1,600.0%

International Financial Reporting Standards

FINANCIAL PERFORMANCE – Q1 2011

Revenues up almost 25% - Operating Margin more than doubles

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Q1 2011 adjusted EBT Margin per reported results (a djusted for special items and non-op mark-to-market hedge gains/losses)

FINANCIALLY SOUND – Q1 2011WESTJET RANKS 2 nd AMONG NORTH AMERICAN AIRLINES

Earnings Before Tax Margin

(3.7)%(5.0)%

(7.3)%

8.7 %

14.1 %

0.6 %

(1.6)%

5.1 %

1.4 %

-10%

-5%

0%

5%

10%

15%

20%

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15

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

GROWING DESTINATIONS

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2010 2011 2012 2013 2014 2015 2016 2017 2018

Leased 38 43 44 44 44 44 44 44 44

Owned 53 54 56 61 65 74 82 88 91

Total confirmed fleet 91 97 100 105 109 118 126 132 135

Net change Leased 5 5 1 0 0 0 0 0 0

Net change Owned 0 1 2 5 4 9 8 6 3

Total Net Change 5 6 3 5 4 9 8 6 3 44

Lease expiries 0 0 0 3 0 12 8 6 433

Lease expiries have options to renew

• By 2018 – Opportunity to have between 102 to 135 aircraft

• Recent deferrals have improved alignment of deliveries and lease returns.

MEASURED CAPACITY GROWTHFLEXIBLE FLEET PLAN EXPANSION UNTIL 2018

BUILDING ON OUR CAPABILITIES

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•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

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

WESTJET VACATIONSLEVERAGING OUR STRENGTHS IN A NEW MARKETPLACE

• Strategically selecting carriers in each major world region

• Seamless access to more destinations

• International travel options for the business traveller

• Innovative approach to code share

• Selective approach keeps costs in line

AIRLINE PARTNERSHIPS

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

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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

REWARDS PROGRAM CREATING FURTHER LOYALTY

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Expanded schedule

Toronto to Montreal

Montreal to Toronto

Summer 2011 Summer 2011

Depart Arrive Depart Arrive

0700 0810 0700 0815

0800 0910 0800 0915

0900 1010 0900 1015

1200 1310 1200 1315

1400 1510 1400 1515

1600 1710 1600 1715

1700 1810 1700 1815

1800 1910 1800 1915

1930 2040 1900 2015

2230 2340 2030 2145

Toronto to Ottawa

Ottawa to Toronto

Summer 2011 Summer 2011

Depart Arrive Depart Arrive

0700 0800 0700 0759

0800 0900 0800 0859

0900 1000 0930 1029

1200 1300 1200 1259

1400 1500 1400 1459

1600 1700 1600 1659

1730 1830 1700 1759

1830 1930 1800 1859

2230 2330 1930 2029

ENHANCED EASTERN TRIANGLE SCHEDULEIMPROVED VALUE FOR BUSINESS TRAVELERS

WE HAVE THE FINANCIAL STRENGTHTO PUT OUR STRATEGY INTO ACTION

23

0

200

400

600

800

1000

1200

1400

2005 2006 2007 2008 2009 2010* Q12011*

$ m

illio

ns

0

1

2

3

4

5

6

times

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

*2010 and 2011 presented under IFRS.Note: All figures are full-year figures based on trailing twelve months.Debt ratios include aircraft operating leases.

At March 31, 2011:- Cash of C$1,252 million- Cash to TTM of revenues ratio of 45%- Working Capital ratio of 1.47x - Adjusted debt to equity ratio of 1.58x- Adjusted net debt to EBITDAR of 1.51x

Initiated a quarterly dividend- $0.05 per share- Record date Dec 15, 2010, paid out Jan 21, 2011- Record date Mar 16, 2011, paid out Mar 31, 2011

Normal Course Issuer Bid- TSX approved 7,264,820 shares or ~ 5%- 4,179,092 shares re-purchased as of May 3, 2011 for total price of ~ $60 million- Program to run from Nov 5, 2010 to Nov 4, 2011- Purchase on open market and cancel

CAPITAL STRUCTURE

GIVING BACK TO THE COMMUNITY

25

COMMUNITY INVESTMENT PROGRAMS STAYING TRUE

Cares for Kids

• WestJet launched Cares for Kids in 2007 providing charitable partners with “the gift of flight” to use for direct program service delivery and business administration as well as to raise funds through raffles and auctions.

– Big Brothers Big Sisters of Canada– Boys & Girls Clubs of Canada– CNIB– Children’s hospitals and pediatric wards of Canada– Hope Air– Kids Help Phone– KidSport Canada– Missing Children Society of Canada– Make-A-Wish Foundation of Canada– Ronald McDonald House Charities of Canada

• WestJet donated 4,255 single flights to assist our WestJet Cares for Kids partners in 2010.

WestJetters Caring for Our Community

• WestJetters donate their passion, time and talents to community initiatives including registered charities, non-profit organizations, Registered Canadian Amateur Athletic Associations and local sports teams.

• In 2010, WestJetters gave in excess of 27,150 volunteer hours to 245 different charities, community-based organizations and local sports teams located across Canada.

Do The Right Thing

• Donated $100,000 to the Canadian Red Cross to assist with immediate needs, and WestJetters personally donated more than $90,000 to help Haiti.

• In 2010, WestJet donated 550 one-way flights to volunteers from 50 organizations and 58 round-trip flights to support fundraising efforts for Haiti.

• WestJet also gave $25,000 to the Canadian Red Cross to assist earthquake and tsunami relief efforts in Japan with WestJetters and WestJet guests donating an additional $14,500

COMMUNITY INVESTMENT - CONTINUED STAYING TRUE

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• We have a very strong culture and highly engaged workforce

• We have a strong brand in the market place

• 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 highly attractive combination of planned growth and strong

balance sheet

WE HAVE TAKEN OFF “WHEELS UP”

THANK YOU