WESTJET Strategy Overview

Strong 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

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