Market Capitalization $2.8 Billion. Sector: Industrials Sub-Industry: Airlines Source: S&P Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years

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1 BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F August 28, 2016 SDAQ: BUY BUY RATING SINCE 03/02/2016 TARGET PRICE $45.96 BUSINESS DESCRIPTION Spirit Airlines, Inc. provides low-fare airline services. STOCK PERFORMANCE (%) 3 Mo. 1 Yr. 3 Yr (Ann) Price Change GROWTH (%) Last Qtr 12 Mo. 3 Yr CAGR Revenues Net Income EPS RETURN ON EQUITY (%) Ind Avg S&P 500 Q Q Q Sector: Industrials Sub-Industry: Airlines Source: S&P Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years Rating History BUY HOLD BUY Volume in Millions TARGET PRICE $ P/E COMPARISON COMPUSTAT for Price and Volume, TheStreet Ratings, Inc. for Rating History Ind Avg S&P 500 RECOMMENDATION We rate () a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any nesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself. EPS ALYSIS¹ ($) HIGHLIGHTS The revenue growth came in higher than the industry average of 7.0%. Since the same quarter one year prior, revenues slightly increased by 5.5%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share. Q Q Q Q Q Q Q = not available NM = not meaningful Q Q Q Compustat fiscal year convention is used for all fundamental data items. The debt-to-equity ratio is somewhat low, currently at 0.72, and is less than that of the industry average, implying that there has been a relatively successful effort in the management of debt levels. To add to this, has a quick ratio of 1.74, which demonstrates the ability of the company to cover short-term liquidity needs % is the gross profit margin for which we consider to be. It has increased from the same quarter the previous year. Along with this, the net profit margin of 12.51% is above that of the industry average. ' earnings per share from the most recent quarter came in slightly below the year earlier quarter. This company has reported somewhat volatile earnings recently. We feel it is likely to report a decline in earnings in the coming year. During the past fiscal year, increased its bottom line by earning $4.38 versus $3.06 in the prior year. For the next year, the market is expecting a contraction of 10.2% in earnings ($3.94 versus $4.38). The change in net income from the same quarter one year ago has exceeded that of the Airlines industry average, but is less than that of the S&P 500. The net income has decreased by 4.7% when compared to the same quarter one year ago, dropping from $76.70 million to $73.08 million. PAGE 1

2 SDAQ: PEER GROUP ALYSIS REVENUE GROWTH AND EBITDA MARGIN* Revenue Growth (TTM) -20% 30% VLRS UNFAVORABLE VA CPA 5% LFL EBITDA Margin (TTM) RYAAY FAVORABLE ALGT JBLU ALK HA UAL 40% Companies with higher EBITDA margins and revenue growth rates are outperforming companies with lower EBITDA margins and revenue growth rates. Companies for this scatter plot have a market capitalization between $1.5 Billion and $18.3 Billion. Companies with or NM values do not appear. *EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization. REVENUE GROWTH AND EARNINGS YIELD Revenue Growth (TTM) -20% 30% UNFAVORABLE CPA -10% LFL Earnings Yield (TTM) RYAAY VLRS ALGT JBLU ALK VA HA FAVORABLE UAL 40% Companies that exhibit both a high earnings yield and high revenue growth are generally more attractive than companies with low revenue growth and low earnings yield. Companies for this scatter plot have revenue growth rates between -18.3% and 27.1%. Companies with or NM values do not appear. INDUSTRY ALYSIS The airline industry is comprised of companies engaged in air transportation of passengers and cargo. The major players can be classified in three broad categories: international, domestic, and regional carriers. Major airlines also provide aircraft maintenance, training, and repair services to other airlines. Customers can purchase individual seats or charter an entire aircraft for one way or round-trip travel. Some of the largest publically traded companies in this industry include Ryanair Holdings (RYAAY), Delta Air Lines (DAL), Southwest Airlines (LUV), United Continental Holdings (UAL), Alaska Air Group (ALK), JetBlue Airways (JBLU), and SkyWest (SKYW). National security risks and global terrorism are factors that affect industry operations. Rapid globalization, declining trade barriers and a growing mobile workforce are the primary drivers of industry growth. Mature markets such as Europe and North America offer little pricing power to companies. By increasing fees on services that used to be included in a ticket price, companies are supplementing revenue while competing on underlying ticket prices with the discount air carriers. One of the fees bringing in the largest revenue boost is from checked baggage. Other fees include charges for changing tickets, selecting specific seats, buying in-flight meals, bringing on a carry-on bag, pre-boarding with children, selecting seats with extra leg room, in-flight entertainment, Wi-Fi, and even a fee on some international flights to allow your baby to sit on your lap. International growth through acquisitions, joint ventures and alliances is the norm and is often crucial to the survival of airline companies as they link their flight booking systems to coordinate one-stop flight shopping. While more moderate of late, past fluctuations in fuel prices have added uncertainty to costs and profitability. Moreover, elevated fuel prices accelerate airplane retirements and accentuate the value of operating efficiencies that newer airplanes, like the Boeing Dreamliner. Growing realization of cargo s revenue potential is spurring passenger carriers to increase their focus on the cargo segment. In fact, some major Asian carriers already generate a majority of their revenues from cargo. Looking ahead, an improving US economy is tempered by unpredictable fuel prices and resultant surcharges that continue to inhibit profitability. Travelers may look at more economical transportation alternatives, like high gas mileage automobiles, which could lead to constriction of passenger revenue per available seat mile, a benchmark statistic for passenger airlines. PEER GROUP: Airlines Recent Market Price/ Net Sales Net Income Ticker Company Name Price ($) Cap ($M) Earnings TTM ($M) TTM ($M) , , ALK ALASKA AIR GROUP INC , , JBLU JETBLUE AIRWAYS CORP , , LFL LATAM AIRLINES GROUP SA ,490 NM 9, CPA COPA HOLDINGS SA ,520 NM 2, VA VIRGIN AMERICA INC , , HA HAWAIIAN HOLDINGS INC , , ALGT ALLEGIANT TRAVEL CO , , RYAAY RYAIR HOLDINGS PLC , , , VLRS CONTROLADORA VUELA COMPANI , , UAL UNITED CONTINENTAL HLDGS INC , , , The peer group comparison is based on Major Airlines companies of comparable size. PAGE 2

3 SDAQ: COMPANY DESCRIPTION Spirit Airlines, Inc. provides low-fare airline services. As of December 31, 2015, the company operated approximately 385 daily flights to 56 destinations in the United States, the Caribbean, and Latin America, as well as had a fleet of 79 Airbus single-aisle aircraft comprising 29 A319s, 42 A320s, and 8 A321s. It offers tickets through its call center and airport ticket counters, as well as online through and through various third parties, including online and traditional travel agents and electronic global distribution systems. The company was formerly known as Clippert Trucking Company and changed its name to Spirit Airlines, Inc. in Spirit Airlines, Inc. was founded in 1964 and is headquartered in Miramar, Florida Executive Way Miramar, FL USA Phone: Employees: 5000 STOCK-AT-A-GLANCE Below is a summary of the major fundamental and technical factors we consider when determining our overall recommendation of shares. It is provided in order to give you a deeper understanding of our rating methodology as well as to paint a more complete picture of a stock's strengths and nesses. It is important to note, however, that these factors only tell part of the story. To gain an even more comprehensive understanding of our stance on the stock, these factors must be assessed in combination with the stock s valuation. Please refer to our Valuation section on page 5 for further information. FACTOR SCORE Growth 5.0 out of 5 stars Measures the growth of both the company's income statement and cash flow. On this factor, has a growth score better than 90% of the stocks we rate. Total Return 1.5 out of 5 stars Measures the historical price movement of the stock. The stock performance of this company has beaten 20% of the companies we cover. Efficiency 5.0 out of 5 stars Measures the strength and historic growth of a company's return on invested capital. The company has generated more income per dollar of capital than 90% of the companies we review. Price volatility 2.0 out of 5 stars Measures the volatility of the company's stock price historically. The stock is less volatile than 30% of the stocks we monitor. Solvency 4.5 out of 5 stars Measures the solvency of the company based on several ratios. The company is more solvent than 80% of the companies we analyze. Income 0.5 out of 5 stars Measures dividend yield and payouts to shareholders. This company pays no dividends. THESTREET RATINGS RESEARCH METHODOLOGY TheStreet Ratings' stock model projects a stock's total return potential over a 12-month period including both price appreciation and dividends. Our Buy, Hold or Sell ratings designate how we expect these stocks to perform against a general benchmark of the equities market and interest rates. While our model is quantitative, it utilizes both subjective and objective elements. For instance, subjective elements include expected equities market returns, future interest rates, implied industry outlook and forecasted company earnings. Objective elements include volatility of past operating revenues, financial strength, and company cash flows. Our model gauges the relationship between risk and reward in several ways, including: the pricing drawdown as compared to potential profit volatility, i.e.how much one is willing to risk in order to earn profits; the level of acceptable volatility for highly performing stocks; the current valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's performance. These and many more derived observations are then combined, ranked, weighted, and scenario-tested to create a more complete analysis. The result is a systematic and disciplined method of selecting stocks. PAGE 3

4 SDAQ: Consensus EPS Estimates² ($) IBES consensus estimates are provided by Thomson Financial FINCIAL ALYSIS 's gross profit margin for the second quarter of its fiscal year 2016 has increased when compared to the same period a year ago. Even though sales increased, the net income has decreased. has liquidity. Currently, the Quick Ratio is 1.74 which shows the ability to cover short-term cash needs. The company's liquidity has increased from the same period last year Q3 FY E 2016(E) 4.00 E 2017(E) During the same period, stockholders' equity ("net worth") has increased by 20.05% from the same quarter last year. The key liquidity measurements indicate that the company is unlikely to face financial difficulties in the near future. STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. To learn more visit INCOME STATEMENT Net Sales ($mil) EBITDA ($mil) EBIT ($mil) Net Income ($mil) BALANCE SHEET Cash & Equiv. ($mil) 1, Total Assets ($mil) 3, , Total Debt ($mil) Equity ($mil) 1, , PROFITABILITY Gross Profit Margin 38.16% 35.84% EBITDA Margin 26.59% 25.33% Operating Margin 22.33% 22.24% Sales Turnover Return on Assets 10.11% 12.75% Return on Equity 23.59% 24.81% DEBT Current Ratio Debt/Capital Interest Expense Interest Coverage SHARE DATA Shares outstanding (mil) Div / share EPS Book value / share Institutional Own % Avg Daily Volume 1,143,327 1,114,069 2 Sum of quarterly figures may not match annual estimates due to use of median consensus estimates. PAGE 4

5 SDAQ: RATINGS HISTORY Our rating for has not changed since 3/2/2016. As of 8/25/2016, the stock was trading at a price of which is 29.8% below its 52-week high of $56.65 and 21.6% above its 52-week low of $ Year Chart BUY: $ HOLD: $35.22 BUY: $49.92 $100 $75 $50 MOST RECENT RATINGS CHANGES Date Price Action From To 3/2/16 $49.92 Upgrade Hold Buy 11/10/15 $35.22 Downgrade Buy Hold 8/25/14 $73.31 No Change Buy Buy Price reflects the closing price as of the date listed, if available RATINGS DEFINITIONS & DISTRIBUTION OF THESTREET RATINGS (as of 8/25/2016) 40.67% Buy - We believe that this stock has the opportunity to appreciate and produce a total return of more than 10% over the next 12 months % Hold - We do not believe this stock offers conclusive evidence to warrant the purchase or sale of shares at this time and that its likelihood of positive total return is roughly in balance with the risk of loss % Sell - We believe that this stock is likely to decline by more than 10% over the next 12 months, with the risk involved too great to compensate for any possible returns. TheStreet Ratings 14 Wall Street, 15th Floor New York, NY Research Contact: Sales Contact: VALUATION BUY. The current P/E ratio indicates a premium compared to an average of 7.28 for the Airlines industry and a significant discount compared to the S&P 500 average of For additional comparison, its price-to-book ratio of 2.14 indicates a discount versus the S&P 500 average of 2.82 and a discount versus the industry average of The current price-to-sales ratio is well below the S&P 500 average, but above the industry average. The valuation analysis reveals that, seems to be trading at a premium to investment alternatives within the industry. Price/Earnings 9.30 Peers 7.28 Premium. A higher P/E ratio than its peers can signify a more expensive stock or higher growth expectations. is trading at a significant premium to its peers. Price/Projected Earnings 9.95 Peers Average. An average price-to-projected earnings ratio can signify an industry neutral stock price and average future growth expectations. is trading at a valuation on par with its peers. Price/Book 2.14 Peers 2.99 Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet. is trading at a significant discount to its peers. Price/Sales 1.26 Peers 1.03 Premium. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales. is trading at a premium to its industry on this measurement. DISCLAIMER: Price/CashFlow 5.17 Peers 4.85 Average. The P/CF ratio, a stock s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures. is trading at a valuation on par to its peers. Price to Earnings/Growth NM Peers 5.56 Neutral. The PEG ratio is the stock s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples. 's negative PEG ratio makes this valuation measure meaningless. Earnings Growth lower higher Peers Lower. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios. However, is expected to significantly trail its peers on the basis of its earnings growth rate. Sales Growth lower higher 8.61 Peers 3.54 Higher. A sales growth rate that exceeds the industry implies that a company is gaining market share. has a sales growth rate that significantly exceeds its peers. The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but TheStreet Ratings cannot guarantee its accuracy and completeness, and that of the opinions based thereon. Data is provided via the COMPUSTAT Xpressfeed product from Standard &Poor's, a division of The McGraw-Hill Companies, Inc., as well as other third-party data providers. TheStreet Ratings is a division of TheStreet, Inc., which is a publisher. This research report contains opinions and is provided for informational purposes only. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional, before you make any investment. None of the information contained in this report constitutes, or is intended to constitute a recommendation by TheStreet Ratings of any particular security or trading strategy or a determination by TheStreet Ratings that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. Your use of this report is governed by TheStreet, Inc.'s Terms of Use found at PAGE 5