STAYING TRUE

November 15, 2011

Scotia Capital Transportation & Aerospace Conference

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.

November 2011

3

Costsand

Margins

Peopleand

Culture

Revenueand

Growth

GuestExperience

andPerformance

WestJetVacations

Businesstraveller

Rewardsprogram

Single fleettype

Cost efficiency

Riskmanagement

WESTJET’S STRATEGYWORKING SINCE DAY ONE

GROWTH AND STRONG FINANCIAL PERFORMANCE CONTINUES

5

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

6

7

WESTJET A GROWTH STORY

Revenue (millions of dollars) Available Seat Miles (millions)

* 2011 analyst consensus based on reports as of November 10, 2011

0

500

1,000

1,500

2,000

2,500

3,000

3,500

'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11*

0

5,000

10,000

15,000

20,000

25,000

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

8

TRACK RECORD OF PROFITABILITY SINCE INCEPTION

Net Earnings (millions of dollars)

Note: figures reported in Canadian GAAP with 2005-2008 restatements

-30

0

30

60

90

120

150

180

'96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10

9

OUR GROWTH CONTINUES……

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

1

2

3

4

5

6Q

3 20

09

Q4

2009

Q1

2010

Q2

2010

Q3

2010

Q4

2010

Q1

2011

Q2

2011

Q3

2011

Load

Fac

tor

%

Mile

s (b

illio

ns)

ASMs RPMs Load Factor %

10

Yield for 2008 & 2009 based on CGAAP, while 2010 & 2011 based on IFRS. Difference between CGAAP and IFRS not expected to be material as difference in 2010 is only 0.01 – 0.02 cents.

PRICING POWER

10

12

14

16

18

20

50%

60%

70%

80%

90%

100%

Q3

2008

Q4

2008

Q1

2009

Q2

2009

Q3

2009

Q4

2009

Q1

2010

Q2

2010

Q3

2010

Q4

2010

Q1

2011

Q2

2011

Q3

2011

Yiel

d (c

ents

)

Load

Fac

tor %

Load Factor % Yield (cents)

11

MEASURED GROWTH WITH FLEXIBLE FLEET PLAN

100 102 106 103 103 103 102

1523 29 33

91 97

50

60

70

80

90

100

110

120

130

140

2010 2011 2012 2013 2014 2015 2016 2017 2018

Cumulative Lease Extension Options

105109

118

126132 135

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

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

COST EFFICIENCYREMOVING COSTS WHERE POSSIBLE

60.00%

65.00%

70.00%

75.00%

80.00%

85.00%

Sou

thw

est

We

stJe

t*

US

Ai r

way

s

Am

e ric

an

JetB

lue

Air

Can

ada

*

Al a

ska

De

lt a

Un

ited

2010 Load Factor 2010 Break-even Load Factor

13

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

COSTS REMAIN UNDER CONTROL

8.7 8.9 8.5 8.5 8.6 8.9 8.9

3.4 3.5 4.7 3.2 3.5 3.5 4.3

1.9 2.2 1.7

1.2 1.3 1.0 1.3

0

2

4

6

8

10

12

14

16

2006 2007 2008 2009 2010 2010* YTD Q32011*

cent

s pe

r A

SM

CASM (ex fuel) Fuel Op. Margin

14

OPERATING HIGHLIGHTS – 9 MONTHS ENDED SEPT 30

Year-to-date 2011

Year-to-date 2010*

Change

Net earnings (millions) $113.1 $53.0 113.3%

Diluted earnings per share $0.80 $0.36 122.2%

Total revenues (millions) $2,290.0 $1,915.1 19.6%

RASM (revenue per available seat mile) (cents)

14.44 13.19 9.5%

CASM (cost per available seat mile)(cents)

13.20 12.32 7.1%

Fuel costs per litre (dollars) $0.88 $0.70 25.7%

CASM, excluding fuel and employee profit share (cents)

8.79 8.80 (0.1%)

Operating Cash Flow (millions) $447.5 $368.7 21.4%

*Financial information has been restated in accordance with IFRS.

15 YTD Q3 2011 adjusted EBT Margin per reported results (adjusted for special items and non-op mark-to-market hedge gains/losses)

YTD Q3 2011 – ADJUSTED EBT MARGINWESTJET RANKS 3rd BEHIND LEADING NORTH AMERICAN PEE RS

7.1 %

-10%

-5%

0%

5%

10%

15%

Alaska

Allegiant

WestJet

United

Southwest

JetBlue

Delta

US Airways

Air Canada

American

Adj

uste

d E

BT

Mar

gin

16

YTD Q3 2011 - RASM YOY CHANGE WESTJET ACHIEVING STRONG RASM GROWTH

9.5%

0%

5%

10%

15%

20%Allegiant

JetBlue

WestJet

United

Delta

US Airways

American

Southwest

Alaska

Air Canada

RASM change YoY

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

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:

• Simple and transparent• Fully accretive to WestJet• Strong partnership with RBC for awareness• Two types of cards; different earning power

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Credit card

Appeals to high frequency traveller and also mass market:

• Simple and transparent• Aims to capture additional high-yielding guests• Start earning “WestJet dollars” with first flight flown or vacation package taken

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

*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 September 30, 2011:- Cash of C$1,320 million- Cash to TTM of revenues ratio of 44%- Working Capital ratio of 1.49x - Adjusted debt to equity ratio of 1.56x- Adjusted net debt to EBITDAR of 1.31x

Initiated a quarterly dividend ($0.05 per share)

Normal Course Issuer Bid- Purchase on open market and cancel - TSX approved 7,264,820 share bid or ~ 5%- Completed on August 9, 2011 for total price of $106 million or $14.57 per share

CAPITAL STRUCTURE

0

200

400

600

800

1000

1200

1400

2005 2006 2007 2008 2009 2010* Q32011*

$ m

illio

ns

0

1

2

3

4

5

6

times

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

24

RELATIVE LIQUIDITY & LEVERAGE RATIOS - SEPTEMBER 30, 2011Liquidity

Leverage

44%

0%

10%

20%

30%

40%

50%

WestJet Allegiant Alaska JetBlue Southwest United American Air Canada US Airways Delta

Cas

h / L

TM R

even

ue

1.31

0

2

4

6

8

Allegiant Alaska WestJet Southwest United Air Canada Delta JetBlue US Airways American

Adj.

Net D

ebt /

EBI

TDAR

25

WJA – TRADING IN LINE WITH THE S&P/TSX

WJA

S&P

XAL

-40%

-30%

-20%

-10%

0%

10%

20%

4-Ja

n-11

4-F

eb-1

1

4-M

ar-1

1

4-A

pr-1

1

4-M

ay-1

1

4-Ju

n-11

4-Ju

l-11

4-A

ug-1

1

4-S

ep-1

1

4-O

ct-1

1

4-N

ov-1

1

WJA S&P/TSX XAL

26

GUIDANCE

Q4/11 FY 2011 FY 2012

RASMComparable growth to

Q3/11

Maintenance CASM Up 3 -5%

CASM (ex fuel & profit share)

Up ~ 1% Flat to up 1%

Fuel cost per litre$0.90 - $0.93

(based on $124USD jet/barrel and 1.02 FX)

Tax Rate 29% - 30% 28% - 30%

Capital Expenditures $95 -$105M $165-$175M

System capacity Up 5 - 6% Up ~ 8% Up 4 - 5%

Domestic capacity Up 2 - 3% Up ~2% Up 0.5 – 1%

27

• Earnings margins are consistently among the top tier in the industry

• Proven track record of profitable growth

• Well-positioned, low-cost and efficient carrier

• Award winning culture and highly engaged workforce

• Strong brand in the market place and expanding airline partnerships

• Attractive combination of planned growth and a strong balance sheet

WHY INVEST IN WESTJET

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