May 2015 Caution regarding forward-looking information

Certain statements set forth in this presentation and statements made during this presentation, including, without limitation, information respecting WestJet’s return on invested capital (ROIC) goal of a sustainable 12%; the anticipated timing of the 737 MAX deliveries and the associated benefits of this type of aircraft and the LEAP-1B engine; our 737 and Q400 fleet commitments and future delivery dates; our Plus product enhancements; our plans to introduce wide-body service with initial flights planned between Alberta and Hawaii in late 2015; our expectations of further expansion through WestJet Vacations, additional flights and new airline partnerships; WestJet Encore’s network growth plans; our expectations to retain a strong cash balance; our expectation that RASM will decline moderately year over year in Q2 2015; our expectation that our Q2 2015 CASM, excluding fuel and employee profit share, to be up 2.0% to 2.5% and up 2.5% to 3.5% for full-year 2015; our expectation that our fuel costs will range between 67 and 69 cents per litre for Q2 2015; our expectation that our full-year 2015 effective tax rate will range between 27.0% and 28.0%; our expectation that our Q2 2015 capital expenditures will range between $210 million and $220 million and between $920 million and $940 million for full-year 2015; our expectation that our system-wide capacity growth will increase between 6.5% and 7.0% for Q2 2015 and between 4.0% and 5.0% for full-year 2015; and our expectation that our domestic capacity will increase between 6.5% and 7.0% for Q2 2015 and between 4.0% to 5.0% for full-year 2015 are forward-looking statements within the meaning of applicable Canadian securities laws.

By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond WestJet’s control. Readers are cautioned that undue reliance should not be placed on forward-looking statements as actual results may vary materially from the forward-looking statements due to a number of factors including, without limitation, changes in consumer demand, fuel prices, foreign exchange rates, aircraft deliveries, general economic conditions, competitive environment, regulatory developments, environment factors, ability to effectively implement and maintain critical systems and other factors and risks described in WestJet’s public reports and filings which are available under WestJet’s profile at www.sedar.com.

Any forward-looking statements contained in this presentation and statements made during this presentation represent WestJet’s expectations as of the date of this presentation and are subject to change after such date. WestJet does not undertake to update, correct or revise any forward-looking statements as a result of any new information, future events or otherwise, except as may be required by law.

May 2015

2 Non-GAAP measures

This presentation contains disclosure respecting non-GAAP financial measures including, without limitation, return on invested capital (ROIC); CASM, excluding fuel and employee profit share; adjusted net debt to adjusted earnings before interest, taxes, depreciation, amortization and rent (EBITDAR); and cash to last twelve months revenue. These measures are included to enhance the overall understanding of WestJet’s financial performance and to provide an alternative method for assessing WestJet’s operating results in a manner that is focused on the performance of WestJet’s ongoing operations, and to provide a more consistent basis for comparison between reporting periods. These measures are not calculated in accordance with, or an alternative to, GAAP and do not have standardized meanings. Therefore, they may not be comparable to 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 discussion and analysis of financial results for the three months ended March 31, 2015, which is available under WestJet’s profile at www.sedar.com, for a further discussion of such non-GAAP measures.

3 WestJet’s track record of profitability since inception

Net Earnings ($ millions) 1 350 300 250 200 150 100 50 0 -50 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Notes: (1) 2010-14 presented under IFRS; 2009 and prior presented under previous Canadian GAAP. 4 WestJet’s goal to generate 12% return on invested capital

Return on Invested Capital * 16% 15% 14% 13% Sustainable 12% goal 11% 10% 9% 8% 7% 6% 5% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q1 2015

Notes: (1) 2010-15 presented under IFRS; 2009 and prior presented under previous Canadian GAAP; on a trailing 12 month basis before tax. 5 The WestJetter culture

• Our corporate culture is one of our foundational elements and we strongly believe it to be a tremendous capability and competitive advantage • We strive to maintain a culture where WestJetters act as leaders and owners and are committed to, and passionately pursue, our mission and vision, while living by our values

EMPLOYEE DEVELOPMENT SAFETY PRIORITY WestJet’s Altitude Leadership As WestJetters, our mission is to Development Program was provide safe travel to everyone launched in 2007, focused on in WestJet's world and safely developing a community of deliver our guests to their final leaders destination We take care of our CULTURE OF COMPENSATION EMPOWERMENT people PROGRAMS WestJetters are encouraged to Profit sharing, the Employee find solutions and make Share Purchase Plan and the decisions to ensure each guest Owner's Performance Award has an outstanding experience reward WestJetters for taking when flying with us care of our guests

6 Consistently recognized by the industry and our guests

• Aon Hewitt Best Employers in Canada (2015)

• Interbrand Canada’s Best Canadian Brands, rank #20 (2014)

• Canada’s Most Preferred Airline (2014)

• Value Airline of the Year (2014)

• Canada’s Most Attractive Employer (2014/2013/2012)

• Highest equity score: airline, vacation package supplier brands (2014/2013/2012/2011)

• Gold Stevie Award Best Transportation Company (2013)

• Chairman’s Circle Award: WestJet Vacations (2013)

• WestJet RBC MasterCard ranked #1 in Canada (2014/2013)

• WestJet RBC MasterCard Named Canada’s Top Travel Rewards Credit Card (2013)

• Gregg Saretsky Named Top New CEO (2013)

7 8 Laying the groundwork for long-term growth

FLEXIBLE INVESTMENT IN FLEET FARE BUNDLES & “PLUS” SEATING • Order for 65 Boeing 737 MAX aircraft with delivery dates • Fare bundles – Econo, Flex and Plus – focus on of September 2017 through 2027 incremental revenue • Converting 15 Next Generation 737 deliveries to 737 MAX • Upgrades to Plus seating are expected to generate for a net increase of 50 firm commitments for significant incremental revenue 737 MAX aircraft • Fleet plan offers significant growth potential and flexibility in the form of lease extension options and 10 737 MAX purchase options in 2020 / 2021

INVESTMENT IN WESTJET ENCORE CALCULATED INTERNATIONAL EXPANSION • Taken delivery of 19 Bombardier Q400 NextGen • In November 2013, WestJet announced Dublin, Ireland aircraft as of the end of Q1 2015 its first transatlantic destination, followed by Glasgow, UK in October 2014 • Firm commitments to purchase 12 additional aircraft through 2016 • In July 2014, WestJet announced its entry into wide-body • Options to take on an additional 14 aircraft between service, with initial flights planned between Alberta and 2016 and 2018 Hawaii in late 2015

• Further expansion expected to occur through WestJet Vacations, additional flights and new airline partnerships

9 Growth and strong financial performance continues Operating highlights – Q1 2015 40 th consecutive quarter of profitability and record earnings per share

Q1 2015 Q1 2014 Change Total revenue (millions) $1,083.5 $1,042.1 4.0% Net earnings (millions) $140.7 $89.3 57.6% Diluted earnings per share $1.09 $0.69 58.0% Operating margin 18.2% 12.6% 5.6 pts RASM (revenue per available 15.89 16.00 (0.7%) seat mile) (cents) Yield (revenue per revenue 19.47 19.24 1.2% passenger mile) (cents) Load Factor 81.6% 83.1% (1.5 pts) CASM, excl. fuel and 9.18 9.28 (1.1%) employee profit share (cents)

11 Costs remain under control

18 16 1.70 1.86 1.70 1.67 14 2.20 1.21 1.00 1.20 12 4.50 4.34 4.26 3.50 4.70 3.50 4.32 10 3.20 8

cents per per ASM cents 6 4 8.57 8.29 8.45 8.80 8.85 9.12 9.06 9.15 2 0 20071 2008 2009 2010 2011 2012 2013 2014

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

Notes: (1) Excludes reservation system impairment of $31.9 million. 12 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 • In Q3 2014 we recognized a pre-tax non-cash loss of $45.5 million, calculated using a foreign exchange rate of 1.12 associated with the 10 aircraft • 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 13 737 Boeing MAX purchase agreement Growing our fleet and improving costs

• WestJet announced in August 2013 an order for 65 Boeing 737 MAX aircraft with delivery dates of Sep 2017 through 2027 • 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 164 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

14 Measured growth - 737 flexible fleet plan including fleet modernization

175 159 164 149 154 150 143 131 44 124 31 41 44 125 119 26 114 12 20 107 2 6 11 23 29 100 34 39 44 75 112 113 120 50 107 108 100 94 89 79 76 76 25

0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 737 NG Committed Fleet 737 MAX Committed Fleet Cumulative Lease Extension Options

15 Q400 NextGen fleet plan also builds in flexibility

50 45 43 40 34 12 14 3 30

20 31 31 31 25 10 15 8 0 2013 2014 2015 2016 2017 2018 Q400 NextGen Committed Fleet Cumulative Purchase Options

16 Building on our capabilities Market opportunities Significant market opportunities exist For WestJet both domestically and abroad

Domestic Transborder Int’l Long-Haul $7Bn $6Bn $2Bn $10Bn

Air Canada Air Canada Air Canada & & Other AC & Other Airlines Other Airlines Airlines

Other International Airlines WestJet WestJet WestJet

Source: Internal estimates using public capacity and traffic information

18 Airline partnerships: Expanding our network reach

• Access to destinations & demand beyond WestJet’s network • Strategically selecting partners from all major world regions • Creating international travel options for the business traveler

Codeshares - 13 Interlines – 33 Air France Aeromexico S.A First Air American Airlines Air China Limited Hainan Airlines Co. Limited British Airways Air New Zealand Hong Kong Dragon Airlines Cathay Pacific Airways Air Pacific Limited Icelandair Delta Air Lines Alaska Airlines Jet Airways China Airlines Alitalia Compagnia Aerea Italiana LATAM Airlines Group 1 China Eastern Airlines Asiana Airlines Inc. Pakistan International Airlines China Southern Airlines Canadian North Inc Qatar Airways Japan Air Lines Central Mountain Air Royal Air Maroc KLM Condor Flugdienst GmbH SATA Korean Air EL AL Israel Airlines Transaero Airlines Philippine Airlines, Inc. Emirates US Airways Qantas Airways Etihad Airways Virgin Australia Finnair Oyj

Notes: (1) LATAM Airlines Group includes seven individual partner airlines 19 Enriching more lives across segments

„ Unbundled Bundled ‰

Low Price Segment Mid-Value Oriented High-Value Oriented Econo Flex Plus Low fare bundle Mid fare bundle High fare bundle Guest Mix Leisure Business/Leisure 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 More value, some extras for a fee Fully inclusive and fully flexible for a fee Guest Shop for the lowest price for VFR You need some flexibility but are You don’t want to sweat the small proposition or a low-cost vacation. Pay for still looking to save. stuff. You need maximum what you need. flexibility and a bit more room to get the work done.

20 WestJet market evolution

Leisure Business /Leisure Business 85%

Through fare bundles WestJet can attract a Unbundling our product greater share of the protects our share of business oriented the low price segment segments (CASM ex. Fuel) ex. (CASM WestJet Today Cost/Product Relevance Cost/Product

% of Flying Public 20 40 60 80 Low Price Segment Value Oriented Business Cabin • AncillaryUnbundled Product Offering • Increased schedule quality • Traditional Business Class • Basic schedule (no partners) • Airline Partnerships • Mature codeshare • • capabilities Product focus is low price Rewards;, bundled& a la carte value-added • • Enhanced distribution content capabilities Tiered service 21 Soon even more value for Plus

737 767

22 WestJet Rewards Tiers provides greater benefits for our loyal guests

Teal Silver Gold 12 month Up to $1,499 $1,500 to $4,000 to $6,000 qualifying spend $3,999 $5,999 and beyond WestJet dollar earn rates WestJet flights 1% 3% 5% 5% WestJet Vacation 0.5% 1% 1% 1% packages WestJet dollar earn rates Up to 1.5% on everyday purchases and up to 2% on WestJet flight and Vacations purchases with the WestJet RBC Mastercard 1% on car rentals and hotels booked at westjet.com All tiers earn WestJet dollars on partner-marketed flights

• Companion flights, lounge vouchers, seat selection vouchers and free checked bags are just some of the benefits of silver and gold tiers

23 Growing ancillary revenue per guest

$18.00 $16.92 $16.00

$14.00

$12.00 $11.05 $10.00 $8.94 $7.89 $8.00 $7.74 $6.03 $6.00

$4.00 2010 2011 2012 2013 2014 Q1 2015 Ancillary revenue per guest

24 WestJet Connect The evolution of inflight entertainment

25 WestJet Encore WestJet Encore: significant network growth Coast to coast

October 2015: 146 departs at 31 stations

Note: 146 departures is based on a typical Wednesday in March

27 WestJet Encore has lowered fares and stimulated demand

Impact of WestJet Encore on traffic volumes on new routes 60% 20% 50% 10% 40% 0% 40-55% year-over-year 30% Fares drop and demand is stimulated growth in traffic volumes -10% 20% as soon as WestJet Encore begins service -20% 10% -30%

0% 20-40% year-over-year -40% Change in average fare in average Change Change in traffic volume in traffic Change -10% reduction in average fares -50% -12 -9 -6 -3 Start +3 +6 +9 +12 Month Traffic volume Average fare Source: IATA PaxIS database, December 23, 2014 • Total traffic at new Encore airports increased between 40%-55% after WestJet Encore entered and lowered fares

28 WestJet Encore 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 Flights to/from new destinations not currently served New destinations by the WestJet network Flights between existing destinations not currently Join the dots flown by WestJet Flights on some existing short-haul routes that benefit from increased frequency and higher load factors; Schedule improvements B737 flying will be redeployed to maximize the network

29 Critical success factors remain the same for WestJet Encore

Guest experience and low cost

Guest experience and culture Low cost • Consistent WestJet guest • Obtain meaningful and experience sustainable cost advantage • Consistent WestJet values vs. regional competitors • Maintain caring culture • Low fares to stimulate • Engaged workforce demand and steal traffic • Expand low-fare high-value proposition to new markets

30 We have the financial strength to put our strategy into action Financial strength supports growth WestJet assigned an investment grade credit rating by S&P in February 2014

Capital Structure Liquidity Capital Allocation

• Committed to maintaining a • Expect to retain strong cash • Committed to our goal of a strong and flexible balance balance position sustainable 12% ROIC target sheet • Strong free cash flow • Disciplined return of capital • Guidelines of: supplements balance to shareholders via both our sheet liquidity dividend and share • <= 2.5x Adjusted Net buyback programs Debt / EBITDAR • Incremental liquidity • Approximately 30% Cash / provided by new unsecured • Dividend reviewed on a LTM Revenue Revolving Credit Facility quarterly basis

• Preserve financial flexibility • WestJet’s focus on to support future growth maintaining access to diverse sources of capital supports liquidity

32 Relative liquidity & leverage ratios – December 31, 2014

50% 40% 34% 30% 20% 10% Cash / LTM Revenue / LTM Cash Liquidity 0% Spirit Delta Alaska United JetBlue WestJet American Southwest Air Canada Air

1 4.0 3.0 2.0 1.36 1.0 Adjusted EBITDAR Adjusted Adjusted Net Debt / / Debt Net Adjusted 0.0 Leverage Spirit Delta Alaska United JetBlue WestJet American Southwest Notes: Canada Air (1) Trailing 12 month basis; adjusted EBITDAR exclude a pre-tax non-cash loss of $45.5 million associated with the sale of 10 of WestJet’s oldest Boeing 737 aircraft. 33 Returning value to shareholders – Dividend & NCIB As at March 31, 2015

$0.14 150 $0.12 145 $0.10 140 $0.08 135 $0.06 130 $0.04 125 $0.02 Dividend per share # Shares (mln) # Shares 120 $0.00 Q3/10 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 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 # Shares Dividend

Returned to shareholders since November 2010 Dividend $204 million Normal course issuer bids $414 Million Total $618 million

34 Summary – why invest in WestJet

• Proven track record of profitably, low cost structure and ROIC focus • Award-winning culture and highly engaged workforce • Pursuing profitable growth opportunities • Strong brand in the marketplace and expanding airline partnerships • Investment grade credit rating, strong balance sheet and liquidity • Committed to generating and returning value to shareholders

35 Outlook*

Q2 2015 FY 2015 Moderate year-over-year RASM decline CASM (ex fuel & profit share) Up 2.0% to 2.5% Up 2.5% to 3.5%

Fuel cost per litre 67 to 69 cents

Effective tax rate 27.0% to 28.0%

Capital expenditures $210 to $220 million $920 to $940 million

System capacity Up 6.5% to 7.0% Up 4.0% to 5.0%

Domestic capacity Up 6.5% to 7.0% Up 4.0% to 5.0% *Provided with the release of Q1 2015 results on May 5, 2015.

Notes: (1) The Q2 2015 expected fuel costs are based on current forecasted jet fuel prices of US $72 per barrel and an average foreign exchange rate of approximately 1.26 Canadian dollars to one US dollar. (2) The Q2 2015 and full-year 2015 expected CASM, excluding fuel and employee profit share and capital expenditures are based on an average forecasted foreign exchange rate of approximately 1.26 Canadian dollars to one US dollar. 36