WestJet announces prospectus offering of common and variable voting shares

Is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by CIBC, and including RBC Capital Markets, TD Securities Inc., National Bank Financial Inc., Raymond James Ltd., Scotia Capital Inc., UBS Securities Canada Inc. and HSBC Securities (Canada) Inc., pursuant to which the underwriters have agreed to purchase from WestJet and sell to the public an aggregate of 13,390,000 Common and Variable Voting Shares (the "Shares") of the Company from treasury, with an over-allotment option to purchase up to an additional 2,008,500 Shares, exercisable in whole or in part for a period of 30 days from closing of the offering to cover over-allotments and for market stabilization purposes, if necessary.

The purchase price of $11.20 per Share will result in gross proceeds of approximately $150 million assuming that the over-allotment option is not exercised, and approximately $172.5 million if the over-allotment option is fully exercised. Closing is expected to occur on or about September 30, 2009 and is subject to customary conditions and regulatory approvals, including the approval of the Toronto Stock Exchange. The Shares will be offered pursuant to a short form prospectus to be filed by WestJet in each of the provinces of Canada.

WestJet intends to use the net proceeds of the offering to finance WestJet's capital expenditures, including future aircraft financing activities, and for general corporate purposes. The Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold in the United States of America (the "United States") or to or for the benefit of U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction. All sales will be made through registered securities dealers in jurisdiction where the offering has been qualified for distribution.

Common Voting Shares may only be owned and controlled by Canadians. Any Common Voting Share owned or controlled by a person who is not a Canadian is, or must be, converted to a Variable Voting Share. Variable Voting Shares may only be owned or controlled by persons who are not Canadians. Therefore, any Variable Voting Share owned or controlled by a person who is a Canadian is, or must be, converted to a Common Voting Share. Purchasers of Offered Shares who are Canadians will receive Common Voting Shares and purchasers of Offered Shares who are not Canadians will receive Variable Voting Shares.

"Canadian" is defined under subsection 55(1) of the Canada Transportation Act (Canada), as amended, as "a Canadian citizen or a permanent resident within the meaning of subsection 2(1) of the Immigration and Refugee Protection Act (Canada), a government in Canada or an agent of such a government or a corporation or other entity that is incorporated or formed under the laws of Canada or a province, that is controlled in fact by Canadians and of which at least seventy-five per cent, or such lesser percentage as the Governor in Council
may by regulation specify, of the voting interests are owned and controlled by Canadians".