EXPANDING OUR REACH

September 5, 2012

DAHLMAN ROSE & CO, GLOBAL TRANSPORTATION CONFERENCE

FORWARD-LOOKING STATEMENT

2

Certain information in this presentation and statements made during this presentation, including anyquestion and answer session, may contain “forward-looking information”, as defined under applicableCanadian securities legislation. Our actual results, performance or achievements could differmaterially from those expressed in, or implied by, this forward-looking information. We can give noassurance that any of the events anticipated will transpire or occur or, if any of them do, what benefitsor costs we will derive from them. By its nature, forward-looking information is subject to numerousrisks and uncertainties including, but not limited to, the impact of general economic conditions,changing domestic and international airline industry conditions, volatility of fuel prices, terrorism,pandemics, currency fluctuations, interest rates, competition from other airline industry participants(including new entrants, capacity fluctuations and the pricing environment), labour matters,government regulations, stock market volatility, the ability to access sufficient capital from internal andexternal sources, and additional risk factors discussed in other documents we file from time to timewith securities regulatory authorities, which are available on SEDAR at sedar.com or, upon request,without charge from us.

Our assumptions and estimates relating to the forward-looking information referred to above areupdated quarterly and, except as required by law, we do not undertake to update any other forward-looking information.

September 2012

3

WESTJET’S TRACK RECORD OF PROFITABILITY SINCE INCEPTION

Net Earnings (millions of dollars)

Note: figures reported in Canadian GAAP up to 2009 with 2005-2008 restatements. 2010 is restated under IFRS

4

GOAL TO GENERATE SUSTAINABLE 12% ROIC

Return on Invested Capital*

Note: 2010-2011 calculated under IFRS; 2009 & prior are calculated under Canadian GAAP

* Based on trailing 12 month basis

Goal

5

6

GROWTH AND STRONG FINANCIAL PERFORMANCE CONTINUES

8

WESTJET A GROWTH STORY

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

0

5,000

10,000

15,000

20,000

25,000

'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '110

500

1,000

1,500

2,000

2,500

3,000

3,500

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

9

PRICING POWER MOMENTUM

10

12

14

16

18

20

50%

60%

70%

80%

90%

100%

Q1

2010

Q2

2010

Q3

2010

Q4

2010

Q1

2011

Q2

2011

Q3

2011

Q4

2011

Q1

2012

Q2

2012

Yie

ld (c

ents

)

Load

Fac

tor %

Load Factor % Yield (cents)

10

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

COSTS REMAIN UNDER CONTROL

8.6 8.3 8.5 8.8 8.9 9.0

3.5 4.7 3.2 3.5 4.3 4.6

2.2 1.7 1.2 1.0

1.2 1.6

0

2

4

6

8

10

12

14

16

18

2007 2008 2009 2010 2011 YTDQ2 2012

cents

per

AS

M

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

11

MEASURED GROWTH - 737 FLEXIBLE FLEET PLAN

97 100 105 106 103 103 103 102

15 23 29 33

50

60

70

80

90

100

110

120

130

140

2011 2012 2013 2014 2015 2016 2017 2018

737 Committed Fleet Cumulative Lease Extension Options

109

118126

132135

12

Q400 NEXTGEN FLEET PLAN ALSO BUILDS IN FLEXIBILITY

714

18 20 20 20

7

14 23 25

0

10

20

30

40

50

2013 2014 2015 2016 2017 2018

Q400 NextGen Committed Fleet Cumulative Purchase Options

16

25

34

4345

13

OPERATING HIGHLIGHTS – YTD Q2 2012

YTD Q2 2012

YTD Q2 2011

Change

Net earnings (millions) $110.8 $73.9 50.0%

Diluted earnings per share $0.81 $0.52 55.8%

Total revenues (millions) $1,700.2 $1,514.7 12.2%

RASM (revenue per available seat mile) (cents)

15.35 14.47 6.1%

CASM, excluding fuel and employee profit share (cents)

9.03 8.81 2.5%

Fuel costs per litre (dollars) $0.94 $0.88 6.8%

Operating Margin 10.4% 8.7% 1.7 pts.

Record First Half Net Earnings - up 50%

14

ANCILLARY REVENUE GROWTH

Ancillary revenue per guest

$8.10

4

5

6

7

8

9

2006 2007 2008 2009 2010 2011 YTD Q22012

15

PREMIUM ECONOMY SEATING

Reconfiguration expected to be complete by end of 2012

Gue

st s

eats

119 95136 112

166 15024

24

24

50

70

90

110

130

150

170

190

737-600Before

737-600 After

737-700Before

737-700 After

737-800Before

737-800After

Economy Premium Economy

119

136

174

16

YTD Q2 2012 adjusted EBT Margin per reported results (adjusted for special items and non-op mark-to-market hedge gains/losses)

YTD Q2 2012 – ADJUSTED EBT MARGINWESTJET RANKS 4th BEHIND LEADING NORTH AMERICAN PEE RS

9.4%

-5%

0%

5%

10%

15%

20%A

llegi

ant

Spi

rit

Ala

ska

Wes

tJet

JetB

lue

Sou

thw

est

US

Airw

ays

Del

ta

Uni

ted

Air

Can

ada

Adj

uste

d E

BT

Mar

gin

BUILDING ON OUR CAPABILITIES

• 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

AIRLINE PARTNERSHIPS EXPANDING OUR NETWORK

18

19

Expanded schedule

Toronto to Montreal

Montreal to Toronto

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

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

20

INTRODUCTION OF SERVICE TO LAGUARDIABUILDS ON THE EASTERN TRIANGLE STRATEGY

Weekday Toronto to LaGuardia

Weekday LaGuardia to Toronto

7:00 6:30

9:30 7:55

12:30 9:30

14:30 12:00

16:00 14:55

17:30 16:45

19:30 18:30

20:30 19:50

Through our partnership with Delta, WestJet is able to operate with optimal slot times.

THE REGIONAL OPPORTUNITY

MARKET OPPORTUNITIESREGIONAL (50+ seats) = $2.1B – DOMESTIC + TRANSBORDE R

Source: Internal estimates using public capacity and traffic information22

SIGNIFICANT DOMESTIC OPPORTUNITYAC AND PARTNERS SERVE DOUBLE THE CANADIAN DESTINATI ONS vs WESTJET

CalgaryDeer LakeEdmontonFt. McMurrayGanderHalifaxKelownaMontreal

OttawaReginaSaskatoonSt. JohnsTorontoVancouverVictoriaWhitehorse

Winnipeg

Baie ComeauBathurstCalgaryCastlegarCharlottetownCranbrookDeer LakeEdmontonFrederictonFt. McMurrayFt. St. JohnGanderGaspeGoose BayGrande PrairieHalifaxIles De La MadeleineKamloopsKelownaKingstonLethbridgeLondonMedicine HatMonctonMont JoliMontrealNanaimoNorth BayOttawa

PentictonPrince GeorgePrince RupertQuebecReginaRouyn-NorandaSaguenaySandspitSarniaSaskatoonSault Ste. MarieSept-IlesSmithersSt. JohnSt. JohnsSudburySydneyTerraceThunder BayTimminsTorontoToronto-CityVal D'OrVancouverVictoriaWabushWhitehorseWindsorWinnipegYellowknife

AbbotsfordCalgaryCharlottetownComoxDeer LakeEdmontonFt. McMurrayGrande PrairieHalifaxHamiltonKamloopsKelownaKitchenerLondonMoncton

MontrealOttawaPrince GeorgeQuebecReginaSaskatoonSt. JohnsSydneyThunder BayTorontoVancouverVictoriaWindsorWinnipegYellowknife

23

WESTJET’S REGIONAL AIRLINE AT MATURITY

• 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

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

24

CRITICAL SUCCESS FACTORS REMAIN THE SAME FOR A REGIONAL AIRLINE

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 culture

• Consistent WestJet guest experience

• Consistent WestJet values

• Maintain caring culture

• Engaged workforce

Guest experience and low cost

25

WE HAVE THE FINANCIAL STRENGTHTO PUT OUR STRATEGY INTO ACTION

27

*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 June 30, 2012:- Cash of C$1,264 million- Cash to TTM of revenues ratio of 39%- Adjusted net debt to EBITDAR of 1.30x

Initiated a quarterly dividend in November 2010- Increased to $0.06 from $0.05 in February 2012 - Increased to $0.08 from $0.06 in August 2012

Normal Course Issuer Bid- Completed prior NCIB on August 9, 2011 for $106 million or $14.59 per share- TSX approved 6.9 million share bid or ~ 5%, announced on February 8, 2012. - Repurchased 4.6 million shares YTD Q2 2012 for $68.7 million or $15.06 per share

CAPITAL STRUCTURE -EXCESS CASH HAS BEEN USED TOLOWER LONG TERM DEBT & BUY BACK STOCK

0

200

400

600

800

1000

1200

1400

2005 2006 2007 2008 2009 2010 2011 Q22012

$ m

illio

ns

0

1

2

3

4

5

6

times

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

28

RELATIVE LIQUIDITY & LEVERAGE RATIOS – June 30, 2012Liquidity

Leverage

39%

0%

10%

20%

30%

40%

50%

Allegiant WestJet Alaska United Air Canada US Airways Southwest JetBlue Delta

Cash

/ L

TM R

even

ue

N/A

1.30

0

2

4

6

Allegiant Alaska WestJet Southwest Delta United US Airways Air Canada JetBlue

Adj.

Net

Deb

t / E

BITD

AR

29

GUIDANCE

Q3/12 FY 2012

RASMModerately stronger than

growth in the first half of 2012

CASM (ex fuel & profit share)In line with increase in the

second quarter of 2012Up 3.0 – 3.5%

Fuel cost per litre$0.90 – $0.92

(based on $123USD jet/barrel and 1.02 FX)

Tax Rate 28% – 30%

Capital Expenditures $25 – $30M $270 – $280M

System capacity Up 2.0 – 3.0% Up 3.5 – 4.0%

Domestic capacity Down 1.0 – 2.0% Flat to down 1.0%

30

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

• Proven track record of profitable growth

• 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

• Committed to generating value and returning value t o shareholders

SUMMARY - WHY INVEST IN WESTJET

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