Bank of America Merrill Lynch

2014 Global Transportation Conference

May 7, 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%; our737 and Q400 fleet plans; the installation of our new in-flight entertainment system; and WestJet andWestJet Encore’s network growth plans are forward-looking statements within the meaning ofapplicable 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.

May 2014

Caution regarding forward-looking information

3

This presentation contains disclosure respecting non-GAAP financial measures including, withoutlimitation, CASM, excluding fuel and employee profit share and return on invested capital. Thesemeasures are included to enhance the overall understanding of WestJet’s financial performance and toprovide an alternative method for assessing WestJet’s operating results in a manner that is focused onthe performance of WestJet’s ongoing operations, and to provide a more consistent basis forcomparison between reporting periods. These measures are not calculated in accordance with, or analternative to, GAAP and do not have standardized meanings. Therefore, they may not be comparableto similar measures provided by other entities. Readers are urged to review the section entitled“Reconciliation of non-GAAP and additional GAAP measures” in WestJet’s management’s discussionand analysis of financial results for the three months ended March 31, 2014, which is available underWestJet’s profile at www.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

Operating highlights – Q1 2014

Q1 2014 Q1 2013 Change

Total revenues (millions) 1,042.1 $967.2 7.7%

Net earnings (millions) $89.3 $91.1 (2.0%)

Diluted earnings per share $0.69 $0.68 1.5%

RASM (revenue per available seat mile) (cents)

16.00 16.03 (0.2%)

Yield (revenue per revenue passenger mile) (cents)

19.24 19.01 1.2%

Load Factor 83.1% 84.3% (1.2 pts)

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

9.28 8.94 3.8%

36th consecutive quarter of profitability and record earnings per share

6

5%

6%

7%

8%

9%

10%

11%

12%

13%

14%

15%

2005 2006 2007 2008 2009 2010 2011 2012 2013 Q1

2014

Return on Invested Capital *

Sustainable goal

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

*Note: 2010-14 presented under IFRS; 2009 and prior presented under previous Canadian GAAP.

Based on a trailing 12 month basis before tax .

7

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)

88

99

1010

WestJet’s fleet flexibility

12

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

13

107 100 99 94 90 85 81 76 76 76

11 23 29 34 39 4412 20 26

30 35 39 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

14

8

16

25 25 25 25

9

18 20

0

10

20

30

40

50

2013 2014 2015 2016 2017 2018

Q400 NextGen Committed Fleet Cumulative Purchase Options

34

43 45

Q400 NextGen fleet plan also builds in flexibility

Building on our capabilities

16

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

17

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�

18

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

19

Our Plus seating with extended legroom

20

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 two 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 vacation packages or other merchandise online

21

WestJet market evolution

WestJet Today

Unbundling our product

protects our share of the

low price segment

Through fare bundles WestJet

can attract a greater share of

the business oriented

segments

Low Price Segment

Co

st/P

rod

uct

Re

leva

nce

(CA

SM

ex

.F u

el)

20 40 60 80

85

%

% of Flying Public

• AncillaryUnbundled Product Offering• Basic schedule (no partners)• Product focus is low price

Value Oriented Business Cabin

• Increased schedule quality• Airline Partnerships• Rewards;, bundled & a la carte value-added • Enhanced distribution content capabilities

• Traditional Business Class•

Tiered service•

Mature codeshare capabilities

Business/Leisure Leisure Business

WestJet Encore

23

TerracePrince

George

Nanaimo

Victoria VancouverPenticton

Fort St. John

Grande Prairie

Fort

McMurray

Calgary

Edmonton

Kamloops

Kelowna

Saskatoon

ReginaBrandon

Winnipeg

Thunder Bay

Toronto

August 2014:

100 departs at 18 stations

WestJet Encore: significant network growth

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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

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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

Building shareholder value

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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 � Completed second NCIB November 2012 for

$112 million� Third bid expired February 18, 2014 –

repurchased 86% of the 6.6 million shares under the bid for $137 million

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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