Exit 1/3 of Spirit Airlines Position

We plan to exit approximately 1/3 of our Spirit Airlines position as a result of strong upside over the past 6 months, and minimal upside remaining. We believe that now is a good time to start winding down our position. The stock is up approximately 70% since we initiated our position, and cut our initial position of 175 shares to 150 shares in October, and following the recent move from $47 to $60 we are cutting our position again to around 100 shares. We believe that Spirit continues to have strong growth potential, however the recent stock price move has far outpaced growth, and that is the primary driver for exiting a portion of the position. We have a price target of $67 on the remaining shares, representing an additional 11% upside from today's levels.