New Delhi October 31, 2008 For the fiscal quarter ending in September 2008, SpiceJet experienced

• 53% growth in Operating Revenue from Rs. 223 crore to Rs. 340 crore
• 77% increase in Average fare realization from Rs. 2256 to Rs. 3987
• 43% increase in Revenue per flight from Rs. 292 K to Rs. 418 K
• 32% increase in Revenue per Available Seat Kilometre from Rs. 1.59 to Rs. 2.10
• 3% growth in number of flights from 7288 to 7527
• 86% On Time Performance
• Net loss of Rs. 150 crores SpiceJet witnessed a 53% growth in Operating Revenue on back of a 3% increase in number of flights in comparison to same quarter last year. The company reported a 43% growth in revenue per flight on account of increased passenger yield. While announcing the results, Sanjay Aggarwal, the newly appointed Chief Executive Officer, said that “Given our volatile times, managing cost effectively is intrinsic to the success of any business. This is all the more true for the aviation industry and at SpiceJet all our efforts remain focused on controlling our costs and to pass on the benefit to our passengers. For an airline operating in India, our cost on fuel still remains high and it has impacted our performance this quarter.” While speaking on the revenue generated during the quarter, he said that, “We have been able to achieve a 43% growth in revenue per flight driven by a 77% enhancement in Average Fare realization this quarter when compared to last year. Our Revenue per Available Seat Kilometre (RASK) has also grown by 32% over the same quarter FY08.” SpiceJet continued to maintain an excellent On Time Performance (OTP) and recorded 86 % on time performance during the quarter. For the quarter, SpiceJet reported a net loss of Rs. 150 crores due to increase in Fuel cost during the quarter. This excludes a loss of Rs. 48 crores on account of restatement of FOREX debt. Like last year, there has been no significant change in accounting policy during this quarter. Commenting on the future, Sanjay said, “We have all seen correction in ticket pricing this quarter as in the first quarter of this fiscal. The revised prices are holding in the market place and we envisage that it will be the case moving ahead at least till the end of this fiscal year.” He also added, “Spicejet has a group of very talented employees and we will continue to build upon our strengths to deliver the highest quality customer experience.” About SpiceJet Ltd.: SpiceJet is India’s ‘best low cost airline’ *, delivering the lowest air fares with the highest consumer value. We operate 98 flights daily to 17 cities viz. Ahmedabad, Bangalore, Bagdogra, Chennai, Coimbatore, Delhi, Guwahati, Goa, Hyderabad, Jammu, Jaipur, Kolkata, Mumbai, Pune, Srinagar, Varanasi and Visakhapatnam. Our on-time performance is amongst the best in India, at 88%, coupled with a Technical Dispatch Reliability of 99.6%, making us an airline with least cancellations. SpiceJet’s new generation fleet of 15 Boeing 737-800 / 737-900ER aircraft are backed by cutting edge technology and infrastructure to ensure the highest standards in safety and operating efficiency.
• *SpiceJet is the Eighth Best Budget Airlines in Asia as recognized by Smart Travel Asia magazine (Sept 2008) Hong Kong
• *SpiceJet was voted the Best Low Cost Airline by a national reader’s survey by India’s leading travel magazine Outlook Traveler. (Feb 2008) India
• *SpiceJet was awarded the Best Low Cost Airline by TAFI (Travel Agents Federation of India)-Abacus, Kota Kinabalu, and (2007) Malaysia.