EXPANDING OUR REACH. BAML Global Transportation Conference. May 18, 2012

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1 EXPANDING OUR REACH BAML Global Transportation Conference May 18, 2012

2 FORWARD-LOOKING STATEMENT Certain information in this presentation and statements made during this presentation, including any question and answer session, may contain forward-looking information, as defined under applicable Canadian securities legislation. Our actual results, performance or achievements could differ materially from those expressed in, or implied by, this forward-looking information. We can give no assurance that any of the events anticipated will transpire or occur or, if any of them do, what benefits or costs we will derive from them. By its nature, forward-looking information is subject to numerous risks 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 and external sources, and additional risk factors discussed in other documents we file from time to time with 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 are updated quarterly and, except as required by law, we do not undertake to update any other forwardlooking information. May

3 WESTJET S TRACK RECORD OF PROFITABILITY SINCE INCEPTION Net Earnings (millions of dollars) '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 Note: figures reported in Canadian GAAP up to 2009 with restatements is restated under IFRS 3

4 WESTJET S GOAL TO GENERATE 12% ROIC Return on Invested Capital* 14% 13% 12% 11% Goal 10% 9% 8% 7% 6% 5% Q Note: calculated under IFRS; 2009 & prior are calculated under Canadian GAAP * Based on trailing 12 month basis 4

5 5

6 6

7 GROWTH AND STRONG FINANCIAL PERFORMANCE CONTINUES

8 WESTJET A GROWTH STORY Revenue (millions of dollars) Available Seat Miles (millions) 3,500 25,000 3,000 20,000 2,500 2,000 15,000 1,500 10,000 1, ,000 0 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 0 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 8

9 PRICING POWER RETURNS 100% 20 Load Factor % 90% 80% 70% 60% Yield (cents) 50% Q Q Q Q Q Q Q Q Q Q Q Q Q Q Load Factor % Yield (cents) 9 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 cents.

10 COSTS REMAIN UNDER CONTROL cents per ASM Q CASM (ex fuel and profit share) Profit Share Fuel Op. Margin reported on IFRS basis; reported under Canadian GAAP excludes reservation system impairment of $31.9 million.

11 MEASURED GROWTH WITH FLEXIBLE FLEET PLAN Cumulative Lease Extension Options 11

12 OPERATING HIGHLIGHTS Q Record First Quarter Net Earnings - up 42% Q Q Change Net earnings (millions) $68.3 $ % Diluted earnings per share $0.49 $ % Total revenues (millions) $891.0 $ % RASM (revenue per available seat mile) (cents) % Fuel costs per litre (dollars) $0.95 $ % CASM, excluding fuel and employee profit share (cents) % 12

13 ANCILLARY REVENUE GROWTH 9 8 Ancillary revenue per guest $ Q Q Q Q Q Q Q Q Q

14 Q ADJUSTED EBT MARGIN WESTJET RANKS 3rd BEHIND LEADING NORTH AMERICAN PEERS 20% 15% 14.5 % 12.7 % 10.9 % 10% 5% 4.5 % 4.0 % 0% (0.4)% (0.7)% (0.7)% -5% -10% (3.3)% (5.7)% Allegiant Spirit WestJet Alaska JetBlue Delta US Airways Southwest United Air Canada 14 Q adjusted EBT Margin per reported results (adjusted for special items and non-op mark-to-market hedge gains/losses)

15 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 Innovative approach to code-share Selective approach keeps costs in line 16

17 ENHANCED EASTERN TRIANGLE SCHEDULE IMPROVED VALUE FOR BUSINESS TRAVELERS Expanded schedule Toronto to Montreal Montreal to Toronto Toronto to Ottawa Ottawa to Toronto Depart Arrive Depart Arrive Depart Arrive Depart Arrive

18 INTRODUCTION OF SERVICE TO LAGUARDIA BUILDS ON THE EASTERN TRIANGLE STRATEGY Weekday Toronto to LaGuardia Weekday LaGuardia to Toronto 7:00 6:55 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 18

19 THE REGIONAL OPPORTUNITY

20 MARKET OPPORTUNITIES REGIONAL (50+ seats) = $2.1B DOMESTIC + TRANSBORDER 20 Source: Internal estimates using public capacity and traffic information

21 SIGNIFICANT DOMESTIC OPPORTUNITY AC AND PARTNERS SERVE DOUBLE THE CANADIAN DESTINATIONS vs WESTJET Calgary Deer Lake Edmonton Ft. McMurray Gander Halifax Kelowna Montreal Ottawa Winnipeg Regina Saskatoon St. Johns Toronto Vancouver Victoria Whitehorse Baie Comeau Bathurst Calgary Castlegar Charlottetown Cranbrook Deer Lake Edmonton Fredericton Ft. McMurray Ft. St. John Gander Gaspe Goose Bay Grande Prairie Halifax Iles De La Madeleine Kamloops Kelowna Kingston Lethbridge London Medicine Hat Moncton Mont Joli Montreal Nanaimo North Bay Ottawa Penticton Prince George Prince Rupert Quebec Regina Rouyn-Noranda Saguenay Sandspit Sarnia Saskatoon Sault Ste. Marie Sept-Iles Smithers St. John St. Johns Sudbury Sydney Terrace Thunder Bay Timmins Toronto Toronto-City Val D'Or Vancouver Victoria Wabush Whitehorse Windsor Winnipeg Yellowknife Abbotsford Calgary Charlottetown Comox Deer Lake Edmonton Ft. McMurray Grande Prairie Halifax Hamilton Kamloops Kelowna Kitchener London Moncton Montreal Ottawa Prince George Quebec Regina Saskatoon St. Johns Sydney Thunder Bay Toronto Vancouver Victoria Windsor Winnipeg Yellowknife 21

22 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 New destinations Join the dots Schedule improvements Description Flights to/from new destinations not currently served by the WestJet network Flights between existing destinations not currently flown by WestJet 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 22

23 CRITICAL SUCCESS FACTORS REMAIN THE SAME FOR A REGIONAL AIRLINE Guest experience and low cost 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 23

24 WE HAVE THE FINANCIAL STRENGTH TO PUT OUR STRATEGY INTO ACTION

25 CAPITAL STRUCTURE - EXCESS CASH HAS BEEN USED TO LOWER LONG TERM DEBT & BUY BACK STOCK $ millions Q Cash Adj. net Debt/EBITDAR Adj. Debt/Equity times At March 31, 2012: - Cash of C$1,401 million - Cash to TTM of revenues ratio of 44% - Adjusted net debt to EBITDAR of 1.13x Initiated a quarterly dividend in November Increased to $0.06 from $0.05 in February 2012 Normal Course Issuer Bid - Completed prior NCIB on August 9, 2011 for $106 million or $14.59 per share - TSX approved 6,914,330 share bid or ~ 5%, announced on February 8, Repurchased 1,351,930 shares in Q for $18.8 million or $13.92 per share *2010 and 2011 presented under IFRS. Note: All figures are full-year figures based on trailing twelve months. Debt ratios include aircraft operating leases. 25

26 RELATIVE LIQUIDITY & LEVERAGE RATIOS March 31, % 44% Liquidity Cash / LTM Revenue 40% 30% 20% 10% 0% WestJet Allegiant JetBlue Alaska Southwest United Air Canada US Airways Delta 6 Leverage Adj. Net Debt / EBITDAR N/A Allegiant WestJet Southwest Alaska Delta United Air Canada JetBlue US Airways

27 GUIDANCE * Q2/12 FY 2012 RASM Slightly moderated pace as compared to Q growth CASM (ex fuel & profit share) Up % Up % Fuel cost per litre $ $0.97 (based on $135USD jet/barrel and 1.00 FX) Tax Rate 28% - 30% Capital Expenditures $75 - $80M $165 - $175M System capacity Up % Up ~ 4.0% Domestic capacity Down % Up % * Guidance excludes any possible impacts from the launch of a low cost regional airline 27

28 SUMMARY - WHY INVEST IN WESTJET 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 28

29 For further information: Hugh Harley Director, Investor Relations P: (403) E: W:

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