WESTJET Strategy Overview

Swoop 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

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