Corporate presentationCIBC Whistler Institutional Investor ConferenceJanuary 21, 2010

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 planned reward program and

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 may

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.

Forward-looking statement

January 2009

Who we are • Canada’s low-cost, high-value airline

• 86 Next-Generation 737 aircraft

• Serving 67 destinations in 12 countries

• One of the most profitable airlines in North America

• One of Canada’s most admired corporate cultures

• Provide a world-class guest experience

• Schedule flexibility and seasonal deployment

External environment

The Canadian economy

3.41.54.2Real Disposable Income

(% Change YoY)

3.0

6.1

2008

8.58.3Unemployment Rate (%)

2.70.1Consumer Spending

(% Change YoY)

2009 (f) 2010 (f)

Economic indicators

Source: BMO Capital Markets – November 2009

WJA

OIL

TSX

Stock market

60%

65%

70%

75%

80%

85%

90%

95%

100%

105%

110%

Nov-07

Dec-0

7Ja

n-08

Feb-

08Mar

-08

Apr-08

May-08

Jun-

08Ju

l-08

Aug-08

Sep-0

8Oct

-08Nov

-08Dec

-08

Jan-

09Fe

b-09

Mar-0

9Apr

-09May

-09Ju

n-09

Jul-0

9Aug

-09Sep

-09

Oct-09

Nov-09

Con

sum

er C

onfid

ence

Inde

x (2

002

= 10

0%)

Source: Conference Board of Canada

Source: Thomson Financial

Canadian consumer confidenceCanada GDP growth rate

Reducing risk

Areas of uncertainty:• Economy• Oil prices• Competitive landscape• Canadian dollar

What have we done recently:• Reducing risk where it makes sense

- Equity offering (~$172 million gross proceeds)- Adjustments to fleet delivery plan- Internal cost focus

• Continuing to drive our strategy for the future

Financial highlights

19%(35.4%)$254Cash flow from operations ($ millions)

n/a

24%

n/a

24%

Five-year

CAGR*

(1.9 pts.)10.2%Operating margin

Nine months ended

Sept 30,2009

Year-over-year

Change

Revenue ($ millions) $1,711 (11.5%)

Earnings before tax margin 6.6% (3.5 pts.)

Net earnings($ millions)

$78 (42.8%)

2008 numbers reclassified for current year presentation and policies. *Five-year CAGR as at 12 months ended December 31, 2008.

$0.10

$0.11

$0.12

$0.13

$0.14

$0.15

$0.16

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

Year-over-year RASM

2008 RASM 2009 RASM

(9.8%) (15.4%)

(15.5%)Q4 2009

based on guidance estimates

Financial security • At September 30, 2009: Cash of C$962 millionCurrent ratio of 1.44x Adjusted debt to equity ratio of 1.44xAdjusted net debt to EBITDAR of 2.17x

0

200

400

600

800

1000

2005 2006 2007 2008 Q3 09

$ m

illio

ns

Cash

0

1

2

3

4

5

6

2005 2006 2007 2008 Q3 2009

times

Adj. Debt/Equity Adj. net Debt/EBITDAR

Note: All figures are full-year figures, except 2009 is as of Sept 30.2008 numbers reclassified for current year presentation and policies. Debt ratios include aircraft operating leases

Measured capacity growth and fleet expansion

11110598918676706356Total confirmed fleet

676155535352494538Owned

24 33 38 44444318 2118Leased

0

5,000

10,000

15,000

20,000

25,000

30,000

2005 2006 2007 2008 2009 2010 2011 2012 2013

ASMs

(000

,000)

19%17%

16%

18%3%

Projected growth (approximately 10% per annum)

8-10%

3--------Lease expiries

677510----Net change in aircraft

6147810--Net change in aircraft prior to revised schedule

Controlling costs• Highly engaged workforce• Focus on CASM reduction• Hedge a portion of fuel to reduce volatility• Aircraft debt repayments fixed in CAD$ for term of debt

• Next 12 month aircraft US$ leasing costs 60% hedged into CAD$ at September 30, 2009

• High aircraft utilization rates

Low-cost philosophy generates history of positive margins

• Consistently produce positive margins

• Ancillary revenue and WestJet Vacations adding to RASM

• Fuel accounts for about 1/3 of costs and is most variable factor

• All other costs being held relatively flat

8.3 8.7 8.7 8.9 8.5 8.5

2.73.3 3.4 3.5 4.7

3.20.7

0.9 1.9 2.2 1.7

1.3

0

2

4

6

8

10

12

14

16

2004

2005

2006

2007

2008

9M 2

009

(cen

ts p

er A

SM)

CASM (ex fuel) Fuel Op. Margin

*2009 results as at Sept. 30, 2009. Excludes reservation system impairment of $31.9 million in 2007 and $47.6 million impairment related to retirement of 200-series aircraft in 20042008 numbers reclassified for current year presentation and policies.

6% 7% 13% 16% 11% 10%

Operating margins

Among top financial performers in North American airline industry

-250

-150

-50

50

150

250

Alle

gian

t

Wes

tJet

Ala

ska

Air

Tran

JetB

lue

Sout

hwes

t

Con

tinen

tal

Del

ta

US

Airw

ays

Air

Can

ada

Am

eric

an

Uni

ted

$Mill

ions

-35.00%

-25.00%

-15.00%

-5.00%

5.00%

15.00%

25.00%

35.00%

EBT Margin %

Earnings before tax (EBT) for YTD Q3 2009

EBT and EBT margin adjusted for special items and gains/losses on mark-to-market fuel hedges (non-operating portion). WestJet and Air Canada earnings in CAD$, all others in US$.

The flight plan

Our vision

Our business: A great guest experience and a low-cost base

Our strategy is based on four pillars:

People and culture• Fundamental drivers of our success

Guest experience and performance• Uncompromised guest experience and performance builds loyalty

Revenue and growth• Delivering results

Cost and margins• Continuing our low-cost commitment

Strengthening the foundation for the future

• Build world-class guest experience • Enhance reservation systems• Enter airline partnerships• Expand non-domestic flying• Continue people development

• Implement rewards program • Focus on business traveller• Grow WestJet Vacations• Improve cost advantage • Cultivate culture

111108 99

133

83

153

8457

159 151

68

132

78

119

3652

86111118 111119

97

151

88

214

92 88

170

50

197

61

215

Nor

m 8

0-12

7

West

Nor

m 8

0-12

7

Nor

m 8

0-12

7

Montreal

Nor

m 8

0-12

7

Atlantic Canada

Ontario

2005 2006 2007 2008

Air Canada Air Canada

Air CanadaAir Canada

Strengthening and expanding our trusted brand

Domestic

Market share growth:Domestic

36%

56%

8% 40% - 50%

WestJet Air Canada / Jazz Other

12 months ending December 31, 2009 2013 target

86Total fleet

• Capacity-share calculation based on data from IATA-SRS.

• Increased frequencies andnon-stops

• Commercial partnerships• WestJet Vacations • New destinations

Market share growth:Transborder and international

12 months ending December 31, 2009 2013 target

15%39%

46%

13%

34%53%

Transborder

Mexico / Caribbean

20+%

20+%

86Total fleet

WestJet Air Canada / Jazz Other

• Capacity-share calculation based on data from IATA-SRS. Mexico / Caribbean capacity share does not include charters.

• Seasonal-deploymentstrategy

• New destinations andincreased frequencies

• WestJet Vacations• Point of sale U.S.• Commercial partnerships

Summary • We continue to outperform the industry in North America

• We are a well-positioned, low-cost and efficient carrier

• We have a strong brand in the market place• Highly attractive combination of planned growth and strong balance sheet

• Attractive valuation relative to peer group

For further information:

Rob McInnisDirector, Investor RelationsP: (403) 539-7412E: rmcinnis@westjet.comW: www.westjet.com