Delta: Building a Better Airline

1. Delta: Building a Better Airline Greg Mays Managing Director - Global Cargo Operations

2. Safe Harbor This presentation contains various projections and other forward-looking statements which represent Delta’s estimates or expectations regarding future events. All forward-looking statements involve a number of assumptions, risks and uncertainties, many of which are beyond Delta’s control, that could cause the actual results to differ materially from the projected results. Factors which could cause such differences include, without limitation, business, economic, competitive, industry, regulatory, market and financial uncertainties and contingencies, as well as the “Risk Factors” discussed in Delta’s Form 10-K for the year ended December 31, 2010. Caution should be taken not to place undue reliance on Delta’s forward-looking statements, which represent Delta’s views only as of the date of this presentation, and which Delta has no current intention to update. In this presentation, we will discuss certain non-GAAP financial measures. You can find the reconciliations of those measures to comparable GAAP measures on our website at delta.com.

3. Delta: Building a Better Airline Higher revenues plus solid cost performance drove $2.5 billion year-over-year improvement in profitability for 2010 Asuccessful 2010 Despite recent run-up in fuel prices, strong operating cash flows with limited capital requirements allow for sustainable free cash flow generation Strong free cash flow generation Solid financial foundation and low cost structure, coupled with improved risk profile, positions Delta to effectively address impact of high fuel prices and events in Japan Positioned to succeed in the long-term

4. 2010 Results Show Delta’s Solid Foundation…. Delta’s industry-leading results are among the best in its history 2010 Operating Income ($M) • In 2010, Delta: • Improved pre-tax income by more than $2.5 billion over 2009 • Generated a 10% return on invested capital • Increased unit revenues by 13% • Maintained consolidated ex-fuel unit costs at 2009 levels • Reduced adjusted net debt by $2 billion to $15 billion • Successfully completed merger integration EBIT Margin 8.4% 7.3% 9.6% 6.7% 1.8% 8.8% 5.6% Note: All results exclude special items.

5. …But Industry Faces Dramatic Rise in Fuel Prices Today’s market prices reflect 2011 fuel price range of $3.05 - $3.10 per gallon Market Fuel Price per Gallon June – December $3.13 - $3.18 May – September $2.02 - $2.11 May 2010 Dec 2011 Prices to drive Delta’s fuel expense up by $3 billion, or 35%, over 2010

6. High Fuel Dampened Industry Financial Results March Quarter 2011 Operating Income ($M) • Delta’s March Quarter highlights: • Increased revenues by 13% on 5% higher capacity • Fuel expense increased $688 million as prices rose 30% to $2.86 per gallon • Experienced non-fuel unit cost growth of 3% • Reduced adjusted net debt by $500 million to $14.5 billion • Of the $200 million pre-tax earnings erosion, $150 million attributable to trans-Atlantic underperformance Change in Fuel ($M) $591 $217 $99 $272 $688 $366

7. High Fuel Prices are the Norm for the Industry Actively managing through revenue, capacity and cost adjustments • 17 successful pricing actions in 2011, coupled with international fuel surcharges, resulting in double digit yield improvements across all entities Higher Revenues • Reducing post-Labor Day capacity 4%, with a focus on markets where revenue has not kept pace with higher fuel costs Reduce Capacity • Resizing the airline to achieve flat ex-fuel unit costs by the end of the year, including reduction of 140 aircraft over next 18 months Flat Non-Fuel Cost • Reshaping hedge portfolio into Brent and heating oil cashless collars, while also retiring least fuel-efficient aircraft Fuel Management

8. Need To Cover Fuel Costs Every Flight, Every Day Revenue increases must keep pace with rising cost of operating flights March Quarter 2011 YOY Change

9. Best In Class Cost Structure Is Key Strength Critical that Delta maintain its cost advantage to network peers March 2011 Quarter YOY Consolidated Non-Fuel Unit Cost (¢) % Change vs. 2010 2010 Full Year–over-Year Consolidated Non-Fuel CASM (¢) 7.02 6% 2% 7.87 8% Advantage 3% 8.96 9.01 2% 9.49 (2%) 2010 Network Average ex-Delta 2009 2010 9.84 0% Delta

10. Targeted Capacity Reductions Are Necessary Focused on markets where revenue not keeping pace with rising costs 2H11 YOY Capacity Change Capacity Actions • Pulldown of 15-20% Japan capacity through May • Reducing Memphis hub departures by 25% • Trans-Atlantic down 8-10% post-Labor Day, in conjunction with our JV partners

11. Debt Reduction Remains A Priority High fuel will shift timing of achieving $10 billion adjusted net debt target Adjusted Net Debt $17 billion 6/30/11 $13.8 billion $10 billion 12/31/09 Mid-2013 Expect to generate $700 million in free cash flow in June quarter

12. Plan to Maintain Annual CapEx at $1.2 to $1.4 Billion Prudent capital management enables sustainable annual free cash flows Annual Capital Spending Levels (billions) 2008200920102011201220132014+ $2.2 $1.3 $1.3 $1.2 $1.2 $1.4 $1.3 Domestic Narrowbody Replacement International Product & Facilities Merger Integration

13. Targeting Incremental Revenue of $1 Billion by 2013 Technology, product investments underway to unlock untapped revenue streams • Offer New Products and Services Customers Value • Seat-related products (e.g. Economy Comfort) • SkyPriority recognizes our highest-value customers • Ancillary products to improve the travel experience (e.g., hotels, SkyClub passes, Wi-Fi) • Deliver a Consistent, Quality Experience for Customers • Improved seat experience with flat-beds, Economy Comfort and more domestic first class seats • State of the art facilities in JFK and Atlanta • Customer service is a key differentiator • Invest in Technology To Sustain Innovation • Revamped eCommerce platforms enable revenue innovation • Improved revenue management from stronger pricing tools

14. Ancillary Businesses Showing Strong Performance Diversified revenue base reduces economic volatility Commercial Aviation Services $1.5 billion Cargo $1 billion Ancillary Businesses expected to generate 5-10% revenue growth for 2011 SkyMiles $1.6 billion Unbundled Ticketing $2.1 billion

15. Cargo Vital to Delta’s Profitability Revenue Region Passenger Cargo *Six months, ending April 2011 15

16. $5 billion EBITDAR 10 – 12% operating margin Minimize capital reinvestment requirements Use cash to delever the balance sheet Path To Improving Shareholder Returns Generate sustainable 10%+ return on invested capital

17. Delta Cargo: Building A Better Cargo Division • Led industry in performance in 2010 • 2011 is off to a strong start • Early economic indicators show continued growth • Delta positioned well to respond to risk factors (Japan, Middle East, Oil) Delta Cargo had a very successful 2010, and is competitively well positioned. • In 2010, we drove improvements in operational reliability despite record freight loads • We’ve backslid in 1Q11, but have plans to address it Delta Cargo continues to focus on operational improvements • Data and information accuracy continues to be a focus • Making investments in tactical customer communication In 2011, our focus is on disciplined execution

18. 2010 Was A Year of Solid Recovery That Has Continued Into 1Q11 12% Delta’s growth continued to outpace the industry as a whole. 18 18

19. IATA Surveys Show Confidence In Passenger And Cargo Growth Remains Strong Industry expansion seen to be in line with historic trend rates rather than the more rapid increase seen after the recession Freight volumes have stabilized at levels seen immediately prior to the recession Passenger Demand Growth Model Cargo Demand Growth Model Source: IATA Economics Briefing, April 2011 Survey 19

20. Air Freight Demand Indicators Have Been Trending Positive Economic Indicators show renewed strength in early 2011. Global economic growth should continue at moderate levels. 20

21. 2010: Delta Cargo Significantly Outperformed Our US-Based Competition… 1 1 Industry data is from monthly ATA cargo industry report. Participating airlines include Alaska, American, United, Delta, Southwest, US Airways 21

22. …And The Gap Has Widened In 2011 1 1 Industry data is from monthly ATA cargo industry report. Participating airlines include Alaska, American, United, Delta, Southwest, US Airways 22

23. 2011 Plans Called For Growth, But Actual Rate Is Greater-Than-Expected 23

24. Next: 100% Inbound ScreeningIndustry Successfully Met The 100% Screening Mandate On US Export But Significant Challenges Lie Ahead • TSA focus has now shifted to inbound international origin cargo: goal of 100% screening of cargo inbound to the U.S. by the end of 2011. • Partnership between carriers, regulatory authorities, forwarders and shippers continues to be essential • Certified Cargo Screening Program (CCSP) • Customs - Trade Partnership Against Terrorism (C-TPAT) • Critical Success Factor: Cooperation within the air cargo industry and between the TSA and foreign authorities is essential to making this successful. • Threats are always evolving, we must be flexible to counter them • The devices from Yemen last fall were sophisticated and well thought out  • Delta continually evaluates whether the technologies in place are sufficient to counter threats across its network • Critical Success Factor : We must avoid “knee-jerk” reactions • Traditional screening (X-ray, explosive trace detection, etc) is not the complete solution • Critical Success Factor: We believe that a continued, multi-layered approach is the best option

25. Key Challenges Facing 100% Inbound Screening • Threats continue to evolve. • Supply Chain security is the key to screening all inbound freight. • 100% screening is critical, but not the only solution. Focus needs to be on finding threats upstream from the aircraft. • Cooperation between the US and foreign regulatory bodies is essential to streamline processes. • A priority has to be the approval of other countries’ successful screening programs

26. The Impact Of Inbound Screening To The Forwarder/Shipper Community • Forwarders to play a greater role in screening. • Outbound screening only works because of forwarder participation in CCSP • In places like Europe, where many forwarders have already invested in screening equipment per local requirements, we would expect more recognition of the screening they are already doing themselves. • Bigger forwarders will be less impacted by this because they have already made investments; the smaller and midsize forwarders face the greatest risk/reward based on their involvement. • Forwarders will need to play a greater role in data submission to help the CBP target risks farther upstream in the supply chain.

27. EU Customs Regulations • Launched January 1, 2011 • Descartes is our vendor in most stations • Manage with the GHA in NL, CH • Rollout based on country readiness • BE, FR, NL, ES, UK, DK, DE, IE, IT online • CH, SW, GR, CZ, HU pending • Monitoring country grace periods with IATA and local GHA’s

28. Delta Cargo: Strategic Focus Areas for 2011 • Complete roll-out of planeside and warehouse scanning • Continue to focus on eCommerce channel shift • Establish a clear path toward achieving top belly carrier status in eFreight adoption. We will improve data integrity and information flow • Continued investment in continuous improvement • Drive towards “top-tier” industry system performance by achieving cores of 90% for DEP and 95% for NFD We will emphasize disciplined execution • Enhance “preferred partner” benefits for Elite customers • Continue to invest in improved selling models and personnel, including the in-sourcing of Cargo Call Center business • Expand brand through targeted customer engagement activities We will continue to invest in our customer relationships

29. In Conclusion: We Are Leveraging Our Core Strengths • The Delta network. • A go-to-market strategy based on our solution-based sales philosophy. • Unwavering executive-level support. • A desire to be the best.

30. Questions?