2010 ANNUAL GENERAL MEETINGMay 4, 2010

FORWARD-LOOKING STATEMENT

2

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 reward program and co-

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.

May 2010

3

RECAP OF 2009Building the foundation for future growth

• Maintained profitability through a severe recession and H1N1 pandemic• Fleet grew by 10 aircraft and smoothed fleet delivery through 2016• Ended the year with over $1 billion in cash• Launched 15 new destinations• Significant growth of WestJet Vacations • Implemented two new reservation systems• Began airline partnership with Air France and KLM• Inducted into corporate culture hall of fame• Named one of Canada’s best employers by Hewitt Associates• Moved into the new Calgary Campus, bringing all WestJetters together • Launched the WestJet care-antee

WHAT MAKES WESTJET DIFFERENT?

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• One of the most profitable airlines in North America

• One of Canada’s most admiredcorporate cultures

• Provide a world-class guest experience

• Have fleet flexibility and a seasonal deployment

• Scheduled service and vacation packages

• One of the lowest-cost operators in North America

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By 2016, WestJet will be one of the five most successful international airlines in the world

(success = top margins, guest loyalty and referrals, operationalperformance and WestJetter engagement)

Costsand

Margins

Peopleand

CultureRevenue

and Growth

GuestExperience

andPerformance

WestJetVacations

Businesstraveller

Rewardsprogram

Single fleettype

Cost efficiency

Riskmanagement

WESTJET’S STRATEGYWorking since day one

Building on our capabilities

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• One of the fastest growing vacation operators in Canada

• Scheduled service to all destinations allowing more booking options

• Use our entire network to fill aircraft

• Don’t pre-purchase hotel rooms

• Flights combine package guests and other scheduled guests

• Integration with mainline business to create efficiencies

•Leverage all our distribution channels

WESTJET VACATIONSLeveraging our strengths in a new marketplace

Estimated leisure market size in Canada

$5.0

$5.0

$10.9

0

5

10

15

20

25

Outbound Domestic Market Size

$bn

ITC Market FIT Market Leisure Retail Market

WestJet Vacations addressable market segments are ITC and FIT

Outside of current scope; might be able to capture a small percentage of this segment

Source: internal estimatesFIT – Flexible itinerary travelITC – Inclusive

Appeals to the mass market:

• Fully accretive to WestJet• Strong partnership with RBC for awareness• Simple and transparent• Two types of cards; different earning power• Uptake meeting early expectations

REWARDS PROGRAMStraight to the bottom line

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Credit card

Appeals to the high frequency traveller:

• Simple and transparent program• Targeted at the traveller doing four to 20

trips per year• Aims to capture additional high-yielding

guests• Uptake meeting early expectations

Frequent Guest Program

BUSINESS TRAVELLERBuilding strength in this high-yield market

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Opening the world up to our guests:

• Providing the business traveller with international travel options

• Incremental revenue opportunities• Select strategic carriers in each major world

region• Begin implementing new partnerships by

year end

Airline partnerships

Opportunity to bundle together:

• Refundable tickets• Pre-reserved seating• Buy-on-board• Lounges• Other new initiatives

Fare bundling

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

• Growing brand strength• Guest experience• Culture • WestJet Vacations • Rewards program• Airline partnerships • New destinations• New non-stops • Increased frequencies

0

5

10

15

20

25

30

35

40

45

50

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Mar

ket S

hare

(%)

Domestic Transborder International

MARKET SHARE GROWTH DRIVERSCurrently serving only 20% of addressable market

0

5000

10000

15000

20000

25000

30000

35000

2008 2009 2010 2011 2012 2013 2014 2015 2016

ASM

s (m

illions

)

112 Aircraft 135 Aircraft

11

18% 3%

Projected growth (approximately 5 - 10% per annum)

9-10%

98

55

43

105

61

44

111

67

44

76

52

24

86

53

33

91

53

38

135127117Total confirmed fleet

918373Owned

44 4444Leased

812-3-----Lease expiries

8106677510-Net change in aircraft

MEASURED CAPACITY GROWTHFlexible fleet expansion until 2016

To become one of the three lowest-cost carriers in North America

A single fleet and single class of service: • Simplifies operations • Enhances operational productivity • Offers an operating cost advantage• Provides more consistent guest experience

SINGLE FLEET – BOEING NG 737Keeping efficiency high

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Cost efficiencies have led to low break-even load factor

• These cost efficiencies are driven by:- High utilization of aircraft- High employee productivity- Single-fleet efficiencies- Ownership culture- Disciplined focus on expenditures- Over 30% cost advantage compared to main competitor

COST EFFICIENCYRemoving costs where possible

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2009 Load Factors vs. Break-even Load Factors

64%

66%

68%

70%

72%

74%

76%

78%

80%

82%

84%

WestJet Alaska JetBlue Southwest United Air Canada

2009 Load Factor 2009 Break-even Load Factor

Source: Internal estimates, company reports

RISK MANAGEMENTProtecting against external volatility

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• Fuel price volatility- fuel is 22% hedged for remainder of 2010- combination of swaps, collars and call options- CAD$ is partially a natural hedge against WTI

• Foreign exchange volatility- Aircraft debt repayments fixed in CAD$ for term of debt- Next 12 month aircraft US$ leasing costs 90% hedged into

CAD$ at March 31, 2010- Fuel hedges are fixed in CAD$

• Interest rate volatility- Long-term aircraft debt has fixed interest rates averaging 5.3%

We have the financial strength to put our strategy into action

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8.7 8.7 8.9 8.5 8.5 9.0

3.3 3.4 3.5 4.73.2

3.4

0.91.9 2.2 1.7

1.3 0.8

0

2

4

6

8

10

12

14

16

2005

2006

2007

2008

2009

Q1

2010

(cen

ts p

er A

SM)

CASM (ex fuel) Fuel Op. Margin

• Excludes reservation system impairment of $31.9 million in 2007

13.3%15.8%8.0%Return on Equity

7.9%9.0%6.0%Earnings Before Tax Margin

11.0%11.6%9.2%Operating Margin

12.2912.4311.77CASM (cents)

13.8714.1612.97RASM (cents)

Five-year

average

One year

Three-year

average

HISTORY OF POSITIVE MARGINSSome of the best in the industry

FINANCIAL HIGHLIGHTSAmong top performer in North American airline industry

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$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

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

(mill

ions

Guest revenue Other revenue

-100

-80

-60

-40

-20

0

20

40

60

80

100

Alle

gian

t

Wes

tJet

Ala

ska

JetB

lue

Sout

hwes

t

Uni

ted

Del

ta

Air

Tran

US

Airw

ays

Con

tinen

tal

Am

eric

an

$Mill

ions

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

EBT Margin

Earnings before tax (EBT) Q1 2010

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

FINANCIAL SECURITYCash grows while debt shrinks

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0

200

400

600

800

1000

1200

2005 2006 2007 2008 2009 Q1 2010

$ m

illio

ns

0

1

2

3

4

5

6

times

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

Note: All figures are full-year figures, except for 2010 data.Debt ratios include aircraft operating leases.

At March 31, 2010, we had our strongest balance sheet yet:

- Cash of C$1,076.6 million- Cash to trailing 12 months of revenues

ratio of 46%- Current ratio of 1.46x - Adjusted debt to equity ratio of 1.42x- Adjusted net debt to EBITDAR of 2.16x

SUMMARY

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• We continue to outperform the industry in North America • We are a well-positioned, low-cost and efficient carrier • We have a very strong culture and highly engaged workforce• We have a strong brand in the market place• We have a highly attractive combination of planned growth and strong balance sheet

• We have an attractive valuation relative to peer group

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