#1DELTA EST. 1903 Delta Apparel, Inc. Investor Presentation October 2019 DELTA Silt life EST. 1903 DTG 2 GO#2Sift life. 03 DELTA EST. 1903 Forward Looking Statements This presentation contains "Forward Looking" statements which reflect the Company's current expectations regarding future events and which involve risks and uncertainties. Although we believe that our expectations are based on reasonable assumptions, actual results could differ materially from those projected in this presentation. Please refer to the written materials made available to you in connection with this presentation as well as the Company's most recent Form 10-K and other SEC filings for a more detailed discussion of some of the risks facing the Company that could affect the forward looking statements in this presentation. Finally, please note that any "Forward Looking" statements are made only as of the date of this presentation and the Company does not commit to update or revise these statements even if it becomes apparent that any projected results will not be realized. Delta Apparel, Inc. Investor Presentation | 2#3⑭Delta Apparel, Inc. EST. 1903 DELTA EST. 1903 Public Company June 2000 SOFFE M. J. Soffe Acquired October 2003 Offshore Textiles Ceiba Textile August 2006 CEIBA TEXTILES Fun Tees Acquired October 2006 FunTees DIVINON DOLJA AFFARE The Cotton Exchange Acquired July 2010 The Cotton Exchange Salt Life Exclusive License December 2010 Sutlife 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 The Game Divestiture March 2015 EG The Game COAST Coast Apparel Acquired August 2016 DTG2GO Acquired March 2018 DTG2GO DIGITAL PERFECTION SSI Acquired October 2018 Services | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 JUNK FOOD CLOTHING со Junkfood Clothing Co. Acquired August 2005 Intensity Intensity Athletics Acquired October 2005 The Game The Game Acquired March 2009 POWERED BY ART GUN Silt life Salt Life Acquired STRATEGIC INITIATIVES MANUFACTURING REALIGNMENT August 2013 JUNK FOOD Art Gun, LLC CLOTHING со Acquired Junkfood Clothing Co. December 2009 Stlife LAGER Launch of Salt Life Divestiture March 2017 Beer June 2018 Delta Apparel, Inc. Investor Presentation | 3#4DTG 2GO DIGITAL PERFECTION * Approximate for FY19 DELTA ☐ Delta Apparel, Inc. EST. 1903 DELTA GROUP ~$385M * SOFFE DELTA EST. 1903 ACTIVEWEAR SALT LIFE GROUP ~$45M * MANUFACTURING PLATFORM COAST Delta Apparel, Inc. Investor Presentation | 4#5$76 $90 Qtr 1 (in millions) DELTA ④ Delta Apparel, Inc. - Sales Growth EST. 1903 $119 $112 $102 $103 $104 $100 $98 Qtr 2 $104 - $106 $93 $91 Qtr 3 Qtr 4 FY17* FY18 FY19 * Excludes $9.4 million of sales from the since-divested Junkfood Clothing Company business $396 $370 ~$428 - $430 Annual Delta Apparel, Inc. Investor Presentation | 5#6Growth Initiatives EST. 1903 ▲ Strong core business, Delta Activewear, continues to gain market share and expand customer base ▲ DTG2Go's cutting edge technology is revolutionizing the changing retail platform with digital print and fulfillment capabilities ▲ Significant growth potential with lifestyle brand, Salt Life ▲ Double-digit growth across our eCommerce sites; remains our most profitable sales channel Delta Apparel, Inc. Investor Presentation | 6#7DELIA EST. 1903 Delta Activewear CATALOG CORE BASICS CATALOG FASHION BASICS UNDER FIGHT FOR EVERY FUNTEES PRIVATE LABEL#8* Strong Core Business, Delta Activewear EST. 1903 ▲ Consistent 5% Sales CAGR over eighteen years ▲ Generating ~10% EBITDA margins (in millions) ~ $180 $284 $115 FYOO FY08 FY18 Sales Delta Apparel, Inc. Investor Presentation | 8#9DELTA * Strong Core Business, Delta Activewear EST. 1903 Strategically Expanding Margins Lowest margins Highest margins (4%) CAGR +6% CAGR (2yr) +1% CAGR (3yr) +52% CAGR $150 $137 $134 $109 $98 $102 $49 $37 $14 FY16 FY18 FY19 CORE BASICS FY16 FY18 FY19 FY16 FY18 FY19 PRIVATE LABEL FASHION BASICS Sales (in millions) Delta Apparel, Inc. Investor Presentation | 9#10DELTA EST. 1903 Strong Core Business, Delta Activewear Los Angeles, CA Lewisville, TX 1 day 2 day 3-4 day La Paz, ES DISTRIBUTION Clinton, TN Columbus, OH Cranbury, NJ Cranbury, NJ Columbus, OH ☐ Fayetteville, NC Lewisville, TX Fayetteville, NC Clinton, TN Rowland, NC Opelika, AL ■ Miami, FL Opelika, AL ■ Los Angeles, CA ☐ Miami, FL " Rowland, NC Campeche, MX San Pedro Sula, HN Ceiba, HN MANUFACTURING " " Fayetteville, NC Ceiba Textiles, Honduras Campeche, Mexico La Paz, El Salvador San Pedro Sula, Honduras Delta Apparel, Inc. Investor Presentation | 10#11SEPERTIONED DTG 2 GO DTG GO... Achieving 20%+ Sales CAGR Only vertical digital print supplier in the world Seamless fulfillment integrated with Delta garments o Fashion and core basics, fleece, shorts and athletic uniforms Industry leader in digital print and fulfillment capabilities - - Innovative technology Polyester printing Ability to produce over 90,000 unique prints per day State-of-the-art equipment World class quality assurance Speed-to-market - Orders shipped in 24-48 hours. Worldwide shipping to over 100 countries. Delta Apparel, Inc. Investor Presentation | 11#121 day 2 day 3-4 day DTG2Go...Achieving 20%+ Sales CAGR Reaching 99% of US population in 1-2 day ship with 50% in 1 day • Storm Lake, IA Reno, NV * DTG facility integrated with Delta Activewear distribution • Lewisville, TX * Cranbury, NJ * • Fayetteville, NC • Clearwater, FL ⚫ Miami, FL * Delta Apparel, Inc. Investor Presentation | 12#13100% 90% DTG2Go...Achieving 20%+ Sales CAGR Transition Customers to Delta Products DELIA EST. 1903 LLL 80% 70% 60% 50% 40% 30% 20% 10% 0% Non-Delta Delta Non-Delta Delta Non-Delta FY18 FY19 Projected FY20 Delta Delta Apparel, Inc. Investor Presentation | 13#14it DELTA EST. 1903 DELTA DIGITAL DECORATION DIGITAL SOLUTION FOR SCREEN PRINTERS SHORT RUNS NO LONGER HAVE TO BE A BURDEN ON YOUR BUSINESS DON'T TURN AWAY LOW QUANTITY, FULL COLOR JOBS ANYMORE! 4 EASY STEPS: PICK DELTA GARMENT / UPLOAD ART WORK/PROOF & APPROVE/ RECEIVE YOUR DECORATED GARMENTS! (or drop ship direct to YOUR customer) all in under 10 DAYS! MAKE DTG EASY & PROFITABLE powered by: DTG 2 GO www.DeltaApparel.com/Digital Decoration#15DTG2Go...Achieving 20%+ Sales CAGR How large is the potential digital print market? Digital Impressions < 5% of total Graphic Impressions Delta Apparel, Inc. Investor Presentation | 15#16DTG 2Go...Achieving 20%+ Sales CAGR eCommerce Promotional Traditional Retail Screen Printers FY17 100% FY18 99% 1% FY19 98% 1% 1% FY20 86% 2% 10% 2% Delta Apparel, Inc. Investor Presentation | 16#17DTG GO... Achieving 20%+ Sales CAGR ART GUN Acquired Art Gun December 2009 Built proprietary technology and grew business Acquired DTG2Go March 2018 DTG 2GO Acquired SSI Digital Print ~ $100m October 2018 DIGITAL PRINT Services - ~ $60m ~ $27m ~ $15m $10m $0m FY10 FY14 FY17 FY18 FY19E 3 Year Outlook DTG2Go achieving double-digit operating profits with 20%+ EBITDA margins Delta Apparel, Inc. Investor Presentation | 17#18LIFE Sutlife... Positioned for Double-Digit Growth FISH SURF DE SINCE 2013 丹 ten toes Delta Apparel, Inc. Investor Presentation | 18 SALT LIFES#19f 1.1 MILLION PAGE LIKES Salt Life realsaltlife Following Sun Life Suting Owing 4,024 following alfare 1ng in common the ocean yoftheeman MASSIVE SALE SICSUPOveaway SURFING BEACH SALE Macek Fall SIID VOT 142 DREAM HIGHER THAN THE SKY AND DEEPER THAN THE OCEAN INSTAGRAM: 251K FOLLOWERS Home Posts About Events Photos Liked Following Share TWITTER: 69.4K FOLLOWERS Tweets Salt Life Want to take advantage of all the new Twitter features? You may also ike Beach Ly Minder Soother Get Ar Paret Delta Apparel, Inc. Investor Presentation 19#20Life Over 2 Million Decals Sold life Site LIVE SALTY Stife Ste Delta Apparel, Inc. Investor Presentation 20#211 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,00 9,000 10,000 Salt Life Decals Cumulative Decals Sold Delta Apparel, Inc. Investor Presentation 21#22SLX LIVAPOR™ PERFORMANCE FABRIC SALT LIFES SALT LIFE SLX – THUNDER JACKET AND PANTS 220 Delta Apparel, Inc. Investor Presentation | -22#23UTED Stlife SUNGLASSES SEA CLEARLY st Delta Apparel, Inc. Investor Presentation | 23#24Stlife SUNGLASSES SEA CLEARLY#25Salt Life VACATION Salt Lif STATE EST 09 OF MIND Siftlife Swim Delta Apparel, Inc. Investor Presentation 25#26Sittlife Salt Life Beverage FUTURE June 2019 SC May 2019 AL & TN March 2019 GA June 2018 FL LAGER Delta Apparel, Inc. Investor Presentation 26#27歐 Salt Life Restaurants Operated through Licensee Fernandina Beach, FL - NEW St. Augustine Beach, FL Jacksonville Beach, FL FOOD SHACK HOOD QUACK Silt life FOOD SHACK Delta Apparel, Inc. Investor Presentation | 27#28SCUBA DIVER ZONE PIME PADI SALT LE FULL Salt Life Retail SALT LIF EXISTING Orlando, Florida - NEW Tampa, Florida Daytona Beach, Florida Jacksonville Beach, Florida Huntington Beach, California San Clemente, California Columbus, Georgia COMING SOON Key West, Florida Destin, Florida North Palm Beach, Florida sfte Situife Delta Apparel, Inc. Investor Presentation 28#29DATEE Sutlife Orlando, Florida SALF LIFE Delta Apparel, Inc. Investor Presentation 29#30SALT SALT LIFE SALT E eCommerce - Sales Growth B to C B to B Salt Life and Soffe Delta Activewear and Soffe +8% CAGR +21% CAGR $5.4 $5.1 $4.6 $25.1 $20.8 $17.1 FY17 FY18 FY19 (in millions) FY17 FY18 FY19 Delta Apparel, Inc. Investor Presentation | 30#31Uniquely Positioned....Tariffs ▲ Western hemisphere vertical manufacturing platform servicing both Delta Group and Salt Life Group ▲ Less than 5% of total sales are sourced from China Opportunity to internally produce certain of these garments ▲ Expanding manufacturing capacities to support anticipated private label growth Delta Apparel, Inc. Investor Presentation | 31#32Growth Initiatives EST. 1903 ▲ Strong core business, Delta Activewear, continues to gain market share and expand customer base ▲ DTG2Go's cutting edge technology is revolutionizing the changing retail platform with digital print and fulfillment capabilities ▲ Significant growth potential with lifestyle brand, Salt Life ▲ Double-digit growth across our eCommerce sites; remains our most profitable sales channel Delta Apparel, Inc. Investor Presentation | 32#33DELTA EST. 1903 DELTA EST. 1903 Q & A