#1TSE: WJA WESTJET INVESTOR DAY 2017 December 6th 2017 WESTJET#2Agenda 2 TSE: WJA WESTIET 1 Introduction 8:30 8:40am Hugh Harley Director, Investor Relations 2 Evolving our airline into a global player 8:40 9:00am Gregg Saretsky, President & CEO 3 Diversified, sustainable revenue growth 9:00-9:45am Ed Sims EVP, Commercial 4 Swoop business strategy 9:45 10:15am Bob Cummings EVP, Strategy Break 10:15-10:45am 5969 Creating shareholder value 10:45 11:15am Harry Taylor EVP, Finance & CFO Closing remarks 11:15 11:20am Gregg Saretsky, President & CEO 7 Q&A 11:20 - 12:00pm 8 Tours Lunch & Networking - 12:00 - 1:00pm 1:00-2:30pm#33 Caution regarding forward-looking information This presentation contains forward-looking information, as defined under applicable securities legislation, including without limitation, relating to the following: our expectations regarding the timing and impact of introducing new, and building upon existing, aircraft, destinations, technologies and initiatives; our expectations regarding expansion into new markets and our ability to create demand in those markets; our expectations regarding the success of our competitive strategy; our expectations regarding the launch and impact of our ultra-low-cost carrier; our expectations regarding the operation and impact of our capacity purchase agreement; our expectations regarding the consummation and impact of the joint venture; our expectations regarding our airline and strategic partnerships; our expectations regarding our fleet and ownership mix; our expectations regarding aircraft deliveries; our expectations regarding our ability to address the needs of employees; our expectations regarding future acquisitions, dispositions and option exercises; our expectations regarding the future need for and opening of new facilities and infrastructure; our expectations regarding long term financial and performance targets; our dividend policies; our ability to repurchase outstanding shares; or ability to continue to our expectations regarding our internal control over financial reporting and ability to maintain compliance with accounting standards, and the adoption of new accounting standards; our expectations regarding financial and operating performance; our expectations regarding our credit ratings and our ability to access financing; our expectations regarding fuel prices and our hedging strategy; our expectations regarding the strengthening economy in Alberta and the value of the Canadian dollar; our expectations regarding the receipt of governmental certifications and the absence of material adverse regulatory changes; and our expectations regarding the outcome and impact of ongoing legal proceedings. You are cautioned that our expectations, estimates, projections and assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. With respect to forward-looking information contained in this presentation, we have made certain key assumptions based on: the terms of agreements we have entered into including agreements with respect to future aircraft acquisitions and dispositions, leasing and with our airline and strategic partners; our ability to execute on our strategic plans and initiatives; existing delivery, maintenance and configuration plans and schedules; our assessment of labour and infrastructure requirements; our forecasts and budgets concerning financial performance and capital expenditures; our assessment of the markets in which we operate or plan to operate; our expectation that we will maintain investment grade corporate debt credit ratings; our ability to repay existing debt as scheduled; our assessment of the economic environment in Canada, foreign exchange rates and fuel prices; our discussions with governmental agencies and contractual counterparties; current legislation and expectations regarding legislative changes; and our assessment of legal proceedings. Any forward-looking information included in this presentation is subject to and should be read in conjunction with the cautionary statements in our Annual Information Form dated March 15, 2017, and filed on SEDAR on March 22, 2017, Management Information Circular dated March 20, 2017 in connection with the annual meeting of shareholders held on May 2, 2017, and filed on SEDAR on March 31, 2017, Management's Discussion and Analysis of Financial Condition and Operating Results for the years ended December 31, 2016 and 2015, and filed on SEDAR on February 7, 2017 ("Annual MD&A") and Management's Discussion and Analysis of Financial Condition and Operating Results for the three and nine months ended September 30, 2017 and 2016, and filed on SEDAR on October 31, 2017 ("Interim MD&A"), as applicable. 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 industry conditions, volatility of fuel prices, maintenance and operating costs, dependence on key markets, airports, partnerships and suppliers, loss of contracts or adverse changes to existing agreements, failure of critical systems, privacy and security of guest information, terrorism, safety incidents, currency fluctuations, interest rates, competition from other industry participants (including new entrants and more generally in regards to capacity fluctuations and the pricing environment), adverse changes to our corporate culture, internal and third-party labor matters, government regulation, stock-market volatility, weather conditions, pandemics, political or economic instability in emerging international markets, the ability to access sufficient capital from internal and external sources, the ability to service financial obligations, the risks set out under the heading "Risks and Uncertainties" in our Annual MD&A and other documents we file from time to time with securities regulatory authorities, which are available on SEDAR or, upon request, without charge from us. The forward-looking information contained in this presentation is expressly qualified by this cautionary statement. Our assumptions relating to the forward-looking information referred to above are updated annually and, except as required by law, we do not undertake to update any other forward-looking information. Note: All references to dollars contained in the presentation refer to Canadian Dollars (CAD), unless otherwise noted TSE: WJA#4Non-GAAP and additional GAAP measures This presentation contains disclosure respecting non-GAAP financial measures including, without limitation, return on invested capital (ROIC); cash to twelve month revenue; and adjusted net debt to earnings before interest, taxes, depreciation, aircraft rent and other items (EBITDAR). 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 and nine months ended September 30, 2017, which is available under WestJet's profile at www.sedar.com, for a further discussion of such non-GAAP measures. KEY OPERATING INDICATORS Key operating indicators used herein have the meanings ascribed thereto in WestJet's management's discussion and analysis of financial results for the three and nine months ended September 30, 2017 under the heading "Definition of key operating indicators". PRESENTATION OF FINANCIAL INFORMATION All financial data contained in this presentation in respect of WestJet for periods subsequent to December 31, 2009 has been prepared in accordance with International Financial Reporting Standards ("IFRS"). For periods prior to January 1, 2010, WestJet prepared its financial statements in accordance with Canadian generally accepted accounting principles as defined in Part V of the Canadian Institute of Chartered Accountant's Handbook ("Previous GAAP"). For additional information concerning the impact upon WestJet's financial statements for periods prior to January 1, 2011 of significant differences between IFRS as utilized in preparing its financial statements and Previous GAAP, please see note 22 to WestJet's financial statements for the years ended December 31, 2011 and 2010. Financial information with respect to WestJet's competitors included in this presentation has been derived from the financial information made publicly available by those companies, which, in most cases, was prepared using financial reporting standards different from those used by WestJet, which may not be comparable to those used by WestJet. Note: All references to dollars contained in the presentation refer to Canadian Dollars (CAD), unless otherwise noted 4 TSE: WJA#55 TSE: WJA VIDEO WESTJET#6| Evolving our airline into a global player | BOEING 787 DREAM LINER WESTJET 000000 1 0000000000000 Gregg Saretsky President & CEO WESTJET#77 Our mission To enrich the lives of everyone in WestJet's world. TSE: WJA WESTJET#88 Four key pillars for achieving our vision 1 TSE: WJA 2 Diversified, sustainable revenue growth Financial strength 3 4 People & culture Operational excellence See it 2022 WESTJET#9A history of successful growth 1996: 5 destinations Today: over 100 destinations Edmonton Calgary Kelowna Winnipeg Vancouver Fleet Size: 3 aircraft Source: IATA SRS, WestJet internal systems 9 TSE: WJA Terrace Yellowknife .Ft. St. John Grande Prairie Prince George Fort McMurray Edmonton Lloydminster Saskatoon Calgary ReginBrandon Winnipeg Kamloops Comox Vancouver Kelowna entictory Medicip Nanaimo Abbotsbrook Lethbridge San Francisco Las Vegas Deer Lake Gander Thunder Bay St Johns Quebec Sudbury Montreal-PET Fredericton Ottawa charlottetown Moncton Sydney Halifax Toronto London Hamilton Boston New York-JFK New york-La c Chicago-O'Hare Windsor Denver Nashville Dallas/Fort Worth Phoenix Myrtle Beach Los Angeles Palm Springs Orange County San Diego Lihue Honolulu/Oahu.. Kahului/Maui Kona/Hawaii Glasgow Dublin Bermud Loreto Houston-Intercontinental ose del Cabo Mazatlan Puerto Vallarta Manzanillo Ixtapa/Zihuatanejo Mexico City Tampa Fort Myers Wafadero Orlando Merida Santa Clara Fort Lauderdale Miami Nassau Cayo Coco ProvidencialesPuerto Plata Cozumel Cancun Holguin Grand Cayman Belize City Huatulco Montego Bay" Kingston Aruba Samaha Punta Cana London-Gatwick San Juan St. Maarten Antigua St. Lucia-Vieux Fort Bridgetown Fleet Size: 167 aircraft Liberia San Jose Curacao Port of Spain#1010 TSE: WJA Net income¹ ($ millions) $400 $350 $300 $250 $200 $150 $100 $50 $0 ($50) Profitability and value creation are hallmarks of our story Over $1 billion returned to shareholders since 2010 50 consecutive quarters of profit WESTJET 1996 1997 1998 1999 2000 2001 2002 2003 2004 1 Current as of the nine months ended September 30th 2017 as presented in WestJet's external financial statements 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 WESTJET 2016 2017YTD#11Current positioning: competing at both ends of the spectrum Low Thrift Value Premium/Luxury Network / Schedule / Product High New Entrants FLAIR Airlines J jetlines Flying your way FlyToo.... 11 TSE: WJA WESTJET porter sunwing AIR CANADA transat rouge#12Future positioning: a focused approach to market segmentation Low Thrift ULCC¹ SWOOP RY 737 + Value Network / Schedule / Product High-Value, Global Network Carrier WESTJET Q400 737NG/MAX WESTJET Premium/Luxury High 767 / 787 WESTJET Strategy: WestJet will evolve from a low-cost, point-to-point airline into a high-value, global network carrier; Swoop will win in the price-sensitive segment 1 "ULCC" refers to ultra low-cost carrier 12 TSE: WJA#13ASIA AUSTRALIA 13 TSE: WJA EUROPE Globally, airlines have developed similar segmentation strategies Thrift Value Jeon Eurowings tigerair Jetstar ІПНІГ scoot SILKAIR Premium/Luxury AIRFRANCE Lufthansa QANTAS Virgin australia SINGAPORE AIRLINES KOREAN AIR#1414 TSE: WJA Sources of competitive advantage $ SA $ SA $ SWOOP Segmented Brand Strategy JET People & Culture Competitive Cost Structure Com Grange Pres Orange County Parta Vallarta Ixtapataja Kingst tataks Arabe Network Guarda Plus Guest Experience WESTJET rewards WESTJET world alte 5524 1234 5b 18 1234 WESTJET RBC Teal Silver 1234 181234 Gold Rewards WESTJET#15Our executive team: committed to enhancing shareholder value Gregg Saretsky President & CEO Barb Bob Cam Charles Craig Ed Munroe Cummings EVP, Corporate Services & General Counsel EVP, Kenyon EVP, Duncan Maccubbin Sims EVP, EVP, EVP, EVP, Strategy Operations President- CIO Commercial Harry Taylor Finance & CFO WestJet Encore 15 TSE: WJA Rossen Dimitrov Chief Guest Experience Officer Mark Porter EVP, People & Culture#16WESDCT WestJet Rewards & co-brand WESTJET rewards 2010 Source: WestJet internal systems 16 TSE: WJA 2011 First codeshare 2012 Proven track record of successful execution Fare bundles WestJet Encore transatlantic 737 flights Econo Flex Plus 2013 WESTJET encore 2014 2015 WestJet First Connect 2016 2017 WESTJET Wide-body service to Europe First 737 MAX operator in Canada#17806LTA The next chapter of our partnership journey A Delta AFEITA Note: Joint venture is subject to regulatory approval TSE: WJA 125 A DELTA Delta G 805 654 Galegour WESTJET#1818 TSE: WJA The next phase of growth 787 Dreamliner WESTJET Swoop SWO Joint venture CONTRACT Capacity Purchase Agreement Rewards growth Teal Silver Gold Ground & inflight product WESTJET#19Five things to take away from today WESTIET WESTJET WESTJET SWOOP People, culture, and guests remain Competitive cost structure Segmented brand strategy Premium segment Outlook is growth strong at our core 19 TSE: WJA#20Diversified, Sustainable Revenue Growth WESTJET Ed Sims Executive Vice President, Commercial I WESTJET#21Aligning our products & services with what guests value most 21 TSE: WJA Price- sensitive Network & Schedule Point-to-point Rewards & co- brand card Less "earn" & "burn" WESTJE ENLLEN Cabin Economy Inflight Regular product product / service offering Ground Self-serve, product pay-per-use Value Premium Network depth & hubs 5524 1234 13 More "earn" & "burn" Business Premium food & beverage Priority check-in, boarding, new concept lounges O Fare segmentation Unbundled Plus Econo Lowest Plus Flexible Bundled#22Multiple levels of insight generate a deep understanding of our guests 22 22 TSE: WJA E SYL- BODE Segmentation Proactively anticipating Data Analytics Voice of the Guest guest needs & influencing behaviour#2323 TSE: WJA Network & Schedule: Building Network Depth & Schedule Utility Price- sensitive Value Network & Schedule Point-to-point Rewards & co- brand card Less "earn" & "burn" Cabin Economy Inflight Regular product product / service offering Ground product Self-serve, pay-per-use AO Premium Network depth & hubs More "earn" & "burn" Business Premium food & beverage Priority check-in, boarding, new concept lounges Fare Plus segmentation Unbundled Econo Lowest Plus Flexible Bundled WESTJET#24Network strategy based on four core tenets Build our hubs (e.g. coverage & frequency) Improve schedule utility (e.g. reliable hourly schedules in key markets) Enhance connectivity & feed 24 TSE: WJA Partnerships#25We have built long-term resilience into our network A balanced mix of local & connecting traffic YYC Traffic Mix (Summer 2012) Connection Local YYC Forecast Traffic Mix (Summer 2018F) Connection Local Build our hubs Investing in Toronto & Vancouver hubs 80 80 60 60 40 YYZ Markets Served >35% 56% 50% 50% 44% Source: WestJet internal systems, IATA SRS 25 TSE: WJA 20 20 0 2012 2013 2014 2015 2016 2017 YVR Markets Served >40% 40 30 30 20 10 0 2012 2013 2014 2015 2016 2017#2626 TSE: WJA Real GDP (YOY %) 5.0 4.0 3.0 2.0 1.0 0.0 (1.0) (2.0) Alberta headwinds are dissipating 1.5 2.2 1.8 3.1 (3.0) (4.0) (5.0) Canada B.C. Source: BMO Provincial Economic Outlook (November 2017) GDP Growth Forecast 2016 2017F 2018F 2019F 2.5 3.5 3.8 (3.7) 2.2 4.1 2.3 2.4 Alberta growth set to outpace national average 2.6 3.0 2.3 2.0 Thousands 1,940 1,920 1,900 1,880 1,860 1,840 1,820 1,800 1,780 Alberta Ontario 1,760 1/1/2014 3/1/2014 5/1/2014 7/1/2014 9/1/2014 Source: Statistics Canada Alberta Full Time Employment Full-time employment trending upwards 11/1/2014 1/1/2015 3/1/2015 5/1/2015 7/1/2015 9/1/2015 11/1/2015 1/1/2016 3/1/2016 5/1/2016 7/1/2016 9/1/2016 11/1/2016 1/1/2017 3/1/2017 5/1/2017 7/1/2017 9/1/2017 Build our hubs#27WestJet Encore supports our network strategy Yellowknife WestJet Encore Fleet Build our hubs Fort McMurray Ft. St. John Grande Prairie Terrace Prince George Edmonton Saskatoon 230 50 40 45 43 34 24 15 8 10 Kamloops 0 Calgary Comox Vancouver Kelowna Regina 2013 2014 2015 Brandon Winnipeg 2016 Lake 2017 2018F Nanaimo Penticton Victoria Abbotsford Gander Thunder Bay Quebec Sudbury St. Johns Moncton Montreal-PET Sydney Ottawa Toronto Fredericton Hallfax London WestJet Encore was successfully launched in 2013 Nashville Source: IATA SRS; WestJet internal systems 27 TSE: WJA Myrtle Beach Boston WESTJET encore#28WestJet Encore is accretive Build our hubs ✓ Service to new destinations ✓ Network feed Increased 737 availability ✓ Efficient & cost-effective ✓ Adds schedule depth WESTJET 88 28 Source: WestJet internal systems TSE: WJA#29CPA increases network feed CPA Benefits: Expand network reach ✓ Strengthen Calgary (YYC) hub ✓ Network flow & connections ✓ Service and operations consistent with WestJet ✓ Opportunity to expand & replicate CPA model across Canada Initial Network Prince George Build our hubs Calgary Lloydminster Proudly C-GPCJ Note: "CPA" refers to Capacity Purchase Agreement 29 29 TSE: WJA WESTJET Link Cranbrook Lethbridge Medicine Hat#30Winter 2017: our network strategy in action Improved schedule utility¹ PILS Plus Improve schedule utility Enhance connectivity & feed Enhanced connectivity Flights to Calgary every hour on the hour. Predictably convenient. e.g. Phoenix-Calgary Grande Prairie Fort McMurray Edmonton/ Saskatoon. Kamloops Calgary Vancouver Kelowna Comox Nanaimo Victoria Abbotsford WESTJET 1 Advertisement mock-up refers to WestJet Winter 2017 schedule (Vancouver (YVR) to Calgary (YYC)) 09:00 through 20:00 timeframe Source: IATA SRS, WestJet internal systems 30 TSE: WJA Phoenix Regina Existing connecting markets (W16) New connecting markets (W17) Number of Connecting Markets Winnipeg Toronto >3x more connections on Winter 2016 Winter 2017 (Nov-Apr) (Nov-Apr)#31Airline partnerships already contribute over $250M in annual revenue Codeshare Partners: Partnerships ▲ DELTA American Airlines AEROMEXICO. Americas +245% LATAM AIRFRANCE/ 0000 KLM HONGKONG AIRLINES 香港航空 CATHAY PACIFIC Emirates 中華航空 CHINA AIRLINES 中國東方航空 CHINA EASTERN JAL JAPAN AIRLINES CHINA SOUTHERN KOREAN AIR 海南航空 Philippine Airlines Hainan Airlines QANTAS EMEA +334% Asia & Australia +324% Note: Figures represent partnerships' total revenue receivable percentage growth over past 5 years Source: WestJet internal systems 31 TSE: WJA#32ADELTA The next chapter of our partnership journey Scope: + Transborder Joint Venture A Delta ASELTA 1 Planned application to regulatory authority Note: Joint venture is subject to regulatory approval 32 TSE: WJA 2 125 Proudly Delta Agreement: B Memorandum of Understanding Timing¹: 654 2018 Partnerships 800 Sategour Gale#3333 TSE: WJA Rewards: Attracting & Retaining Premium Guests Price- sensitive Network & Schedule Point-to-point Rewards & co- brand card Less "earn" & "burn" Cabin Economy Inflight product Regular product / service offering Ground product Self-serve, pay-per-use Value Premium AO 55241238 Ja Network depth & hubs More "earn" & "burn" Business Premium food & beverage Priority check-in, boarding, new concept lounges Fare segmentation Plus Unbundled Econo Lowest Plus Elexible Bundled WESTJET#34WestJet Rewards: simple and transparent WESTJET Teal Silver rewards Gold Once in a lifetime opportunity to catalyze Rewards program Rewards tiers introduced growth Plus WestJet Rewards: Program exceeds 4M members Largest growth coming from top- tier segment 2015 2016 2017F • Partial redemption Transparent . 2010 2011 2012 2013 2014 Dollar-based No black-outs or seat restrictions program $ Source: WestJet internal systems 34 TSE: WJA 0 W$#3535 WestJet RBCⓇ Mastercard*: #1 travel rewards card in Canada four years in a row¹ WestJet RBCⓇ Mastercard* WESTJET Co-brand card growing at >40% CAGR since 2010 • 2010 2011 2012 2013 2014 2015 2016 2017F Up to 2% Annual companion earn pass Free 1st checked bag Welcome bonus • W$ =+ TICKET # Registered trademark of Mastercard International Incorporated. Used under license. 1 Moneysense 2013-2016 TSE: WJA $ RBC world elite 5524 1234 5678 1234 BC 34 mastercard. THAN 00700 VALID 00/00 THRU G RAYMOND 123456789 GRAYFORD 123456789 mastercard. Partnered with Canada's largest bank New product features & card art launched in November#36Deepening our loyalty partnership + RBC TM RBC Royal Bank ● Deepening our reach amongst high value customers & premium travellers through our strategic partnership Building out a series of guest- related enhancements starting in 2018 36 TSE: WJA Plus#3737 TSE: WJA Product & Digital: Investing for the Future Network & Schedule Price- sensitive Value Point-to-point Rewards & Co- brand card Less "earn" & "burn" Cabin Economy Inflight Regular product product / service offering Ground product Self-serve, pay-per-use Premium *AO Network depth & hubs More "earn" & "burn" Business Premium food & beverage Priority check-in, boarding, new concept lounges Fare segmentation Plus Plus Unbundled Econo Lowest Flexible Bundled WESTJET#38Inflight product will enhance premium traveller appeal New WestJet 737 MAX interior Plus 38 TSE: WJA Plus Dynamic LED lighting Plus Plus Slimline seats lus Larger, guest friendly bins Increased headroom Building on Plus momentum New premium food & beverage offering ZALZB SIMONSIG#39Nine new lounges create a high-tech, low-touch environment WESTJET WESTJET 39 TSE: WJA WESTJET#4040 TSE: WJA Enhancing the digital experience throughout the guest journey Flight Status/ Change Airport Mapping, Lounge Flight Delayed WestJet Access, Rewards Baggage Tracking W57654 Aved Cease Reaccommodation & Personalization Smart Messaging & Upsell 3rd Party Integration YYC-TVR 00000 WESTJET#41Building brand strength and product awareness in key markets First checked bags are free on WestJet flights! $25 per bag x4 people round-trip $200 Free IF I OWNED AN AIRLINE we could save $200 1Only available to residents of Canada. Eligible member's 9-digit WestJet Rewards ID must be on the reservation at the time of check in Valid for primary cardholders of the WestJet RBC World Elite Mastercard and up to eight (8) additional guests travelling on the same reservation. Terms and conditions apply. See westjet.com/creditcard for full details Savings calculated based on pricing available through WestJet on September 12, 2017 for a round-trip flight, Econo fate, from Toronto to Montego Bay, February 17-24, 2018, operated by WestJet when using the free first bag vs. paying for the first bag, as booked online. Save money on travel with the WestJet RBCⓇ World Elite Mastercard* WestJet Plus: stretch your legs without stretching your budget # Registered trademark of Mastercard International Incorporated. Used under license. 41 TSE: WJA#4242 TSE: WJA Fare Bundles: Enhancing Guest Choice & Value Price- sensitive Network & Schedule Point-to-point Rewards & co- brand card Less "earn" & "burn" Cabin Economy Inflight Regular product product / service offering Ground product Self-serve, pay-per-use Value Premium *AO Network depth & hubs More "earn" & "burn" Business Premium food & beverage Priority check-in, boarding, new concept lounges Fare segmentation Plus Plus Unbundled Econo Lowest Flexible Bundled WESTJET#43Fare bundles support our segmentation strategy Current Fare Bundles Econo Flex Plus Lowest Plus Flexible 1st checked bag 1st checked bag 1st checked bag More flexible 2nd checked bag 2nd checked bag Less flexible Most flexible Enhanced ability to address different segments; priced according to what guests value most Advance seat selection Advance seat selection Baggage Change/cancel flexibility Guest experience Source: WestJet internal systems 43 TSE: WJA Priority screening Priority screening Plus product Plus product Advance boarding Advance boarding westjet.com#44New initiatives will grow ancillary revenue WestJet Plus Revenue Plus Lowest Flexible Plus Plus revenue has grown at >25% CAGR since 2014 2014 2015 2016 More leg Enhanced room inflight product Advance boarding L 11 =+ TICKET Source: WestJet internal systems 44 TSE: WJA 2017F Priority screening us Plus Plus Plus Plus Plus Plus Opportunities for ancillary growth: Dynamic ancillary pricing (e.g. pre-reserved seating) Enhanced buy-on-board product Swoop#4545 TSE: WJA 787 Dreamliner: The Next Chapter of Growth WESTJET#4646 Successfully competed in a mature, highly saturated market Utilization 767 London Gatwick Load Factor 767 London Gatwick ~16 hours¹ Point of Sale Summer 2017 58% 32% 93% 42% foreign 5% point of sale Summer 2017 (May-Oct) Oct. 2017 Other 5% Trailing Twelve Months 1 Actual utilization; excludes operational spare Note: "London" refers to London-Heathrow and London-Gatwick Source: WestJet internal systems TSE: WJA WESTJET#4747 Delhi 787 Dreamliner opens up a world of possibilities TSE: WJA Beijing Seoul Fukuoka Shanghai Sapporo-Metro Tokyo-Narita Hàng Kong Sydney Nadi Auckland Glasgow Edmonton Dubin Birmingham Anisterdam Manchester Berlin-Tegel Vancouver Calgary Winnipeg London Gatwick *Duesseldorf Prague Montreal-PET Marseille Nice Venice Toronto Istanbul Madrid Barcelona Lisbon Athens Paris-De Gaulle Honolulu/Oah Varadero Cancun Kahului Maui Punta Cana Montego Bay Liberia Rarotonga Lima Santiago Buenos Aires Rio De Janeiro "Sao Paulo-Guarulhos Rome-Da Vinci Illustrative Network Dubai#48787 Dreamliner product offering 48 TSE: WJA BOEING 787 DREAM LINER Business class product offering Flat-bed, direct-aisle access seat ✓ IFEC with large monitor WESTJET 0000000 12 00000000000000 In-seat power Dedicated flight attendant ✓ ✓ Hot meals ✓ Lounge access Dedicated lavatory & closets Premium economy product offering ✓ Wider seat with more leg room ✓ IFEC with seatback monitor ✓ In-seat power ✓ Dedicated flight attendant ✓ Hot meals Dedicated lavatory#4949 TSE: WJA VIDEO WESTJET#50Summary: significant opportunity for top-line growth Enhanced RM1/Network tools 1 "RM" refers to Revenue Management Note: Based on internal estimates 50 50 TSE: WJA Fare products & Transborder Going global joint venture Domestic premium Total ancillary traveller share Attracting & retaining premium travellers $300 - 500M Annual revenue opportunity through 2022 WESTJET#51Why we will win: key elements of WestJet's commercial strategy Teal Silver Gold ☐ Deeper Building network depth strategic partnerships Rewards & co- brand growth Ground & inflight product enhancements Digital / self-serve WESTJET SWOOP High-value, global network carrier + Win in the price-sensitive segment 51 TSE: WJA#52I Swoop Business Strategy 803 + C-GWRG E BOEING 737-800 SWOOP Bob Cummings EVP, Strategy SWOOP#53Swoop leadership team David Moore Jamie MacDonald Jennifer Bue Senior Leader, Flight Senior Leader, People Senior Leader, Finance Operations Kellie Farrer Leader, Inflight 53 TSE: WJA Bob Cummings EVP, Strategy Karen Kersch Senior Leader, Maintenance Karen Romanchuk Senior Leader, Digital & Marketing Stephen Todd Andaya Senior Leader, Platt Senior Leader, Airports, IT Contact Centre & Central Support SWOOP SHOSP SWOOP SHOOP SHOP#54WestJet's parallel brand strategy WESTJET SWOO Description Guest Focus Network Branding Fares Cost Structure SWOOP Stand-alone; ultra-low cost Price-sensitive guests Stand-alone; point-to-point (no connections onto WestJet) Stand-alone; separate from WestJet Fully unbundled, focus on ancillary revenue 30-40% lower than mainline WESTJET High-value, global network carrier Core leisure & premium guests Connected global network WestJet; WestJet Encore; WestJet Link Bundled, price according to what guests value most Focus on cost competitiveness while investing in network, product, service 54 TSE: WJA#55Swoop will be targeting millennials, young families and cost-conscious flyers MARKET SIZE¹ SWOOP TARGET DEMOGRAPHICS 50% 25% 25% Millennials 40% Young families Value boomers 20% 40% MARKET STIMULATION BORDER LEAKAGE EXISTING PRICE SENSITIVE TRAVEL PURPOSE Leisure 60% Visiting friends & relatives (VFR) Business / Groups 30% 10% 1 WestJet internal estimates 55 TSE: WJA#56ULCCs around the world are focused on low fares with high ancillary fees ULCC Average Fare and Ancillary Per Passenger¹ Average ancillary - - - Average ULCC fare 180 160 140 120 100 80 60 $96 40 $85 $74 $78 20 20 I allegiant FRONTIER RYANAIR LOW FARES DONE RIGHT spirit 1 All revenue figures are from FY 2016 publically disclosed financial information, converted to CAD$ 56 TSE: WJA#57Global ULCC's have set a ~40% benchmark of cost advantage vs. LCCS in their operating region SWOOP jetBlue ULCC Relative Cost Advantage vs. LCC Stage length adjusted CASM ex-fuel 1, 2 jetBlue AEROMEXICO jetBlue 57% 53% 51% 39% 38% 39% 26% spirit FRONTIER LOW FARES DONE RIGHT allegiant 1 All CASM excluding fuel figures are LTM September 2017 from publicly disclosed (as of November 15, 2017) financial information except Frontier which is full year 2016 2 All CASM excluding fuel figures have been stage length adjusted based on (carrier stage length / 1,250)^0.5 57 TSE: WJA volaris +#58Swoop will have industry leading CASM 10¢ 8.7¢ CAD Stage Length Adjusted CASM, CASM ex-fuel 1, 2, 3 8.7¢ CAD SWOOP 8¢ 6¢ +0.8¢ +0.4¢ Canada 7.8¢ USD 7.3¢ 7.1¢ USD 7.1¢ USD USD premium 4¢ + 0.4¢ 2¢ FX on 25% of non-fuel costs 6.0¢ 5.9¢ 5.1¢ 5.0¢ CAD CAD USD USD 5.0¢ USD 5.5¢ USD 0¢ U.S. U.S. SWOOP Peer Avg. ($CAD) Peer Avg. ($USD) spirit FRONTIER allegiant 58 1 All CASM figures are LTM ended September 2017 except Frontier as FY 2016 and include adjustments as noted by each carrier. 2 All CASM figures been normalized to fuel @ CAD$0.67 and 1,250 stage length based on standard adjustment of (carrier stage length / 1,250)^0.5 3 Swoop forecasted CASM represents a cost structure when operational with a fleet of 10 TSE: WJA#59Swoop success factors SWOOP High ancillary Cost Labour efficiency Simplicity revenue All decisions must pass cost benefit analysis Avoid replicating WestJet model Outsource where it makes sense Highly productive employees Unapologetic unbundling Sales commissions for inflight purchases 59 TSE: WJA Complexity adds cost Forego some revenue opportunities to minimize complexity#60Business model for our separate ULCC airline 60 60 TSE: WJA SWOOP Separate from WestJet AOC, Brand, Employees, HQ, Airport Operations, Website Direct-Only Distribution No GDS, flyswoop.com direct web sales Single Fleet Type Young 737-800 aircraft with 189 seats, high utilization Labour Efficiency High productivity, efficient work rules High Ancillary Fully unbundled model Swoop business model 1 4+ $#61Swoop will be a fully unbundled model generating ULCC benchmarked ancillary fees SWOOP L BOOKING Carry-on & checked bags Priority boarding Seats "Oi INFLIGHT All food and beverage Movies & TV Internet ஆ OTHER Cancellations Call Centre 61 TSE: WJA#62Swoop is WestJet's parallel brand: intentionally separate with distinct personality DIGITAL INNOVATIVE SCAL UN AUTHENTIC CANADIAN IRREVERENT Unapologetic YOUNG SWOOP Separate from WestJet 62 62 TSE: WJA Brand Personality Digital Focus Enabling Experiences Spend the savings on yourself#6363 Eliminating the need to cross the border to access cheap fares SWO Roundtrip All-in Price for 1 traveller + 1 Checked Bag ($CAD) Bellingham/Abbotsford - Las Vegas Buffalo/Hamilton - Ft Lauderdale $330 $320 $280 $330 allegiant SWOOP Drive & wait time 3 hours 20 mins 1 hour 40 mins spirit SWOOD 4 hours 10 mins 1 hour 50 mins Note: All in fares including checked bag fees are based on carriers average fares stage length adjusted to route mileage plus actual checked bag fee by route converted to CAD$. Drive & wait times from Vancouver & Toronto, respectively TSE: WJA#64Swoop implementation timelines navitaire an aмADEUS company Announcement of ULCC Signed Navitaire Obtain CTA License 2017 Apr Sep Oct 2018 Jan Feb Brand Announcement SWOOP Note: Subject to regulatory approval 64 TSE: WJA C-GWRG Obtain AOC HQ OH BOEING 737-800 I 1st Sale Apr May Jun SWOO 1st Aircraft Configuration First Flight ום SWO#6565 99 TSE: WJA Swoop: Canada's first and strongest ULCC Committed to doing it right Key resources have direct ULCC competencies and experience EA $ ☑ Low cost is key Targeting 6.0¢ CASM ex-fuel (CAD) High ancillary model Fit for purpose reservation system Canadian market is ready for Swoop Model fully-developed and tested in other countries SWOOP#6666 TSE: WJA BREAK WESTJET#6767 TSE: WJA VIDEO WESTJET#68I 278 5899 56 240 24836 458 6598 36% 99633 354 Creating shareholder value 8 +80.25 6.35 8.35% 89633 7 1321 120W 28280 2 +74.36 4523 96.36 EVP, Finance & CFO 82.5 6.35% 37568x Harry Taylor 4.25% 248 245.3 9.33% 256.362- WESTJET#6969 TSE: WJA Track record of profitable growth Net income (millions)¹ $400 $350 $300 $250 $200 $150 $100 $50 $0 ($50) 1996 1997 1998 1999 2000 2001 2002 2003 2004 1 Current as of the nine months ended September 30th 2017 as presented in WestJet's external financial statements 50 consecutive quarters of profitability سلار i WESTJET 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017YTD#70$1 billion returned to shareholders Returned to shareholders since November 2010 Dividend $371 million Normal course issuer bids (NCIB) $678 million Total >$1 billion¹ 70 TSE: WJA 0 1 Current as of the nine months ended September 30th 2017 Shares outstanding (millions) # Shares outstanding Quarterly Dividend per share 2010 2011 2012 2013 2014 2015 2016 2017 YTD Quarterly Dividend per share#7171 Strong balance sheet Adjusted Net Debt/EBITDAR1,2 1.36 1.29 1.22 2013 2014 1 Non-GAAP measure 2 Trailing 12 months earnings before interest, taxes, depreciation, and aircraft rent and other items (EBITDAR) TSE: WJA 1.93 1.84 2015 2016 2017 YTD#72Significant liquidity Cash to TTM Revenue¹,2 34% 34% 29% 37% 33% Cash, cash equivalents and marketable securities balance at Sept 2017 $1.5 billion Undrawn revolving credit facility of $300 million 2013 2014 2015 72 1 Non-GAAP measure 2 Trailing 12 months revenue TSE: WJA 2016 2017 YTD#7373 Growing unencumbered aircraft¹ BOEING 737-800 C-FMWJ 9 2 28 58 51 46 96 92 77 2013 2014 2015 2016 2017 2017F 2018F 2019F 2020F YTD 1 The number of growing unencumbered aircraft assumes (i) WestJet's existing fleet, (ii) the terms of agreements WestJet has entered into with respect to future confirmed aircraft acquisitions as at the date of this presentation, (iii) repayment of existing secured long-term debt facilities as scheduled, and (iv) WestJet's continued ability to access unsecured financing alternatives TSE: WJA#74The only Canadian airline with investment grade credit ratings Investment Grade A3 MOODY'S Investment Grade BBB+ S&P Global Baa2 Baa3 Ba1 Ba2 Ba3 Ba3 Ba3 B1 jetBlue allegiant Source: Bloomberg, as of October 30, 2017 74 TSE: WJA BBB- BBB- I BB+ BB- BB- BB- BB- BB- BB- BB- jetBlue spirit allegiant#75Flexible fleet plan¹ 767 153 WESTJET Ý 737 MAX 167 737 787 WESTJET Fleet can grow between 23-98 aircraft > 265 2016 2017F 2018F 2019F 2020F 2021-22F 2023-27F ■Committed fleet ■Cumulative lease extensions and purchase options 75 1 The flexible fleet plan as at the date of this presentation is based on (i) WestJet's existing fleet, (ii) the terms of agreements WestJet has entered into with respect to future confirmed aircraft acquisitions and purchase options, (iii) the terms of agreements WestJet has entered into with lessors with respect to leased aircraft, and (iv) WestJet's future decisions with respect to the renewal of leases and the exercise of purchase options and its ability to do so. TSE: WJA#76Significant cost and EBT Margin advantage C-FNAX TTM CASM (ex-fuel, PS) 1,2,3 TTM EBT Margin²,3 Proudly 9.3% ~11.3 cents 608 1 Non-GAAP Measure As reported in Q4 2016 and YTD Q3 2017 external financial statements, unadjusted 3 TTM = Trailing 12 months 76 TSE: WJA ~9.8 cents 6.8%#77Key cost reduction initiatives Plus Plus Plus $194 IV Fleet Airport reconfiguration operations Optimized maintenance plan 737 MAX Digital & self-serve Sales & distribution Continuous improvement (LEAN) Note: Based on internal estimates 77 TSE: WJA $140 - $200M Annual cost savings opportunity through 2022#78Swoop creates a new cost frontier TTM CASM (ex-fuel, PS) 1,2,3 ~11.3 cents AIR CANADA 1 Non-GAAP Measure 2 As reported in Q4 2016 and YTD Q3 2017 external financial statements, unadjusted 3 TTM = Trailing 12 months 4 CASM (ex-fuel, PS) at full fleet of 10 aircraft and adjusted to stage length of 1,250 miles 78 TSE: WJA Swoop CASM will be >30% below our already low CASM (ex-fuel, PS) ~9.8 cents >30% 6.0 cents4 WESTJET SWOOP#79Capital Expenditures peak in 20191,2 ~$ 1 billion ~$135M ~$40M ~$780 million ~$230M ~$1 billion N$160M ~$65M ~$870 million ~$125M ~$90M ~$35M ~$815M ~$820M ~$655M ~$515M 2017F 2018F 2019F 2020F ■ Other Aircraft & Aircraft related ■Maintenance 79 1 2018: FX 1.29, 2019: FX 1.30, 2020: FX 1.32 2 Forward-looking information is based on current forecast and strategy and assumptions related to demand, fuel price, foreign exchange, maintenance, agreements, aircraft commitments and bookings TSE: WJA#80Strong Operating Margin and significant Free Cash Flow Operating Margin 1,2 2013-2017 YTD 2018-2022F 10% 14% - Cumulative Free Cash Flow1,2,3 $775-$875 million 10% 14% - ($104 million) 2015-2017 YTD 80 1 Assumes moderate annual 2% GDP growth, 2018: FX 1.29, CPL 0.67, 2019: FX 1.30, CPL 0.68 cents, 2020: FX 1.32, CPL 0.68 cents 2 Forward-looking information is based on current forecast and strategy and assumptions related to demand, fuel price, foreign exchange, maintenance, agreements, aircraft commitments and bookings 3 Free cash flow calculated as operating cash flow less capital expenditures TSE: WJA 2018-2020F#81ROIC returns to target range ROIC target range 13%-16%1,2 2013 2014 2015 2016 2017 YTD 2018F 2019F 2020F 1 Non-GAAP Measure 2 Forward-looking information is based on current forecast and strategy and assumptions related to demand, fuel price, foreign exchange, maintenance, agreements, aircraft commitments and bookings 81 TSE: WJA#82Key credit metric declines to 1.2 in 2020 Adjusted Net Debt/EBITDAR 1,2 2013 2014 2015 2016 2017 YTD 2018F 2019F 2020F 1 Trailing 12 months earnings before interest, taxes, depreciation, and aircraft rent and other items (EBITDAR) 2 Forward-looking information is based on current forecast and strategy and assumptions related to demand, fuel price, foreign exchange, maintenance, agreements, aircraft commitments and bookings 82 TSE: WJA 1.2#8383 TSE: WJA Committed to enhancing shareholder value Annual Operating Margin Cumulative Free Cash Flow ROIC Adjusted Net Debt/EBITDAR 2018-2020 Target 10% to 12% $775M - $875M 13% -16% in 2020 1.2 by end of 2020 WESTJET#84Closing Remarks Proudly M 737-8 Gregg Saretsky President & CEO WESTJET .0.0' WESTJET#8585 TSE: WJA Focused on sustainable, profitable growth $ $ $ EA Successful execution WE Competitive cost structure & Premium segment growth மேம் ROIC growth; sustainable capex SWOOP 787 preparation Swoop success WESTJET#8698 86 TSE: WJA Q&A WESTJET#8787 TSE: WJA Appendix WESTJET#88Accounting standards change IFRS 15 - Revenue from Contracts with Customers The impact of this change is not incorporated into WestJet's 2017 Investor Day projections The revised IFRS standard will replace existing revenue recognition guidance and is effective January 1, 2018 for annual and interim reporting periods. We will adopt this standard using the full retrospective approach on the required effective date. We anticipate a change in the timing of the recognition of breakage on certain ticket sales which we believe will shorten our period of revenue deferral. We anticipate that the majority of our ancillary services will no longer be considered distinct from our guest's associated flight, and therefore, will be presented within Guest revenue whereas today it is presented within Other revenue. Additionally, the timing of recognition of certain ancillary fees will be deferred until the flight occurs. We anticipate this will predominantly impact change and cancel fees which are currently recognized at the date of the ticket change. We will continue to defer the revenue related to WestJet rewards issued to guests. The allocation methodology of how we apportion the airfare between the flight segments and WestJet rewards will change. Upon implementation, we anticipate that tier status will be considered a marketing expense therefore no revenue will be deferred related to the guest benefits associated with tier status. We are finalizing our work on the impact on our co-brand credit card program, the quantitative impact of all the anticipated changes and drafting illustrative disclosures to our quarterly and annual 2018 financial statements. 88 TSE: WJA#89Accounting standards change . • ● IFRS 16 - Leases The impact of this change is not incorporated into WestJet's 2017 Investor Day projections The revised IFRS standard will replace the existing lease standard and is effective for annual and interim reporting periods beginning on or after January 1, 2019. We will adopt this standard on the effective date. This standard eliminates the classification of leases as either operating leases or finance leases for a lessee, and instead, all leases are capitalized by recognizing the present value of lease payments and presenting them as either lease assets or together with property and equipment. It also allows for the service component of a lease agreement to be separated from the value of the asset and thus not reported on the statement of financial position. We have initiated a scoping exercise to identify the potential number and types of contracts. that may contain leases. 89 TSE: WJA#9090 TSE: WJA Annual assumptions GDP Canada Foreign exchange ($CAD/$USD) Average jet fuel price ($CAD cents per litre) 2018 2019 2020 Approximately 2% 1.29 1.30 1.32 67 68 68 WESTJET#9191 Financial information Financial information contained in this section of the presentation has been derived from the historical consolidated financial statements of WestJet for the applicable period's noted WestJet's consolidated financial statements are prepared in accordance with generally accepted accounting principles in Canada ("GAAP") as set out in the CPA Canada Handbook - Accounting ("CPA Handbook"), which incorporates Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The forward looking financial information in this presentation is based upon the accounting policies and assumptions in effect as of September 30th 2017 and does not reflect the impact of any accounting standards changes that may be applicable to WestJet's financial statements in the future Note: All references to dollars contained in the presentation refer to Canadian Dollars (CAD), unless otherwise noted TSE: WJA#92Non-GAAP Financial Measures The following non-GAAP and additional GAAP measures are used to monitor our financial performance: Adjusted debt: The sum of long-term debt and off-balance-sheet aircraft operating leases. Our practice, consistent with common airline industry practice, is to multiply the trailing 12 months of aircraft leasing expense by 7.5 to derive a present value debt equivalent. This measure is used in the calculation of adjusted debt-to-equity and adjusted net debt to EBITDAR, as defined below. Adjusted net debt: Adjusted debt less cash and cash equivalents. This measure is used in the calculation of adjusted net debt to EBITDAR, as defined below. EBITDAR: Earnings before net finance costs, taxes, depreciation, amortization, aircraft rent and other items, such as asset impairments, gains and losses on derivatives, and foreign exchange gains or losses. Trailing 12 months EBITDAR is a measure commonly used in the airline industry to evaluate results by excluding differences in the method by which an airline finances its aircraft. Cash to trailing 12 months revenue: Cash as a percentage of the trailing twelve months' revenue is a measure commonly used in the airline industry to compare liquidity positions, adjusting for seasonality that may occur within a financial year. 92 92 TSE: WJA#93Non-GAAP Financial Measures (continued) Return on invested capital: ROIC is a measure commonly used in the airline industry to assess the efficiency with which a company allocates its capital to generate returns. Return is calculated based on our earnings before tax, excluding special items, finance costs and implied interest on our off-balance-sheet aircraft leases. Invested capital includes average long-term debt, average finance lease obligations, average shareholders' equity and off-balance-sheet aircraft operating leases. Free cash flow: Operating cash flow less capital expenditures. This measure is used to calculate the amount of cash available that can be used to pursue other opportunities after maintaining and expanding the asset base Cash to trailing 12 months revenue: Cash as a percentage of the trailing twelve months' revenue is a measure commonly used in the airline industry to compare liquidity positions, adjusting for seasonality that may occur within a financial year. CASM, excluding fuel and employee profit share: CASM is a common measure used in the airline industry to measure an airline's cost structure and efficiency. We exclude the effects of aircraft fuel expense and employee profit share expense to assess the operating performance of our business. Fuel expense is excluded from our operating results because fuel prices are affected by a host of factors outside our control. Additionally, employee profit share expense is excluded as it varies based on the outcome of our net earnings. Excluding these expenses allows us to analyze our operating results to those of other airlines. 93 TSE: WJA