#1DELTA INVESTOR DAY 2019 DELTA KEEP CLIMBING ADELTA S TEAM#2Agenda Ed Bastian Chief Executive Officer Delta: The Industry Leader Glen Hauenstein President Extending our Competitive Advantages Gil West Sr. EVP and Chief Operating Officer The World's Best Run Airline Tim Mapes Chief Marketing and Communications Officer Reinforcing Brand Loyalty Eric Phillips Sr. Vice President Revenue Management Industry-Leading Revenue Generation Joanne Smith Chief People Officer People Fuel our Success Paul Jacobson Chief Financial Officer Delivering Consistent Value for Shareholders#3Safe Harbor Statements in this presentation that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the estimates, expectations, beliefs, intentions, projections and strategies reflected in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the cost of aircraft fuel; the availability of aircraft fuel; the impact of fuel hedging activity including rebalancing our hedge portfolio, recording mark-to-market adjustments or posting collateral in connection with our fuel hedge contracts; the performance of our significant investments in airlines in other parts of the world; the possible effects of accidents involving our aircraft; breaches or security lapses in our information technology systems; disruptions in our information technology infrastructure; our dependence on technology in our operations; the restrictions that financial covenants in our financing agreements could have on our financial and business operations; labor issues; the effects of weather, natural disasters and seasonality on our business; the effects of an extended disruption in services provided by third parties; failure or inability of insurance to cover a significant liability at Monroe's Trainer refinery; the impact of environmental regulation on the Trainer refinery, including costs related to renewable fuel standard regulations; our ability to retain senior management and key employees; damage to our reputation and brand if we are exposed to significant adverse publicity through social media; the effects of terrorist attacks or geopolitical conflict; competitive conditions in the airline industry; interruptions or disruptions in service at major airports at which we operate; the effects of extensive government regulation on our business; the sensitivity of the airline industry to prolonged periods of stagnant or weak economic conditions; uncertainty in economic conditions and regulatory environment in the United Kingdom related to the exit of the United Kingdom from the European Union; and the effects of the rapid spread of contagious illnesses. Additional information concerning risks and uncertainties that could cause differences between actual results and forward-looking statements is contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2018. Caution should be taken not to place undue reliance on our forward-looking statements, which represent our views only as of December 12, 2019, and which we have no current intention to update. ADELTA 3#4Delta: The Industry Leader Ed Bastian Chief Executive Officer s ADELT 0000000000 300000000000000#5Delivering Strong 2019 Performance Our People ✓ Strong culture and employee engagement ✓ On track for highest profit sharing in history 6,800 new hires to support growth and improve service ✓ Raised base pay for twelfth time in the last thirteen years Our Partners & Communities ✓ Proposed strategic partnership with LATAM ✓ Equity investment in Korean partner Returned over $55 million to communities where we live, work and serve ✓ Improved fuel efficiency by 2% and delivered carbon-neutral growth LATAM A Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix Delivering Results for all Stakeholders Our Customers ✓ Industry-leading reliability and record customer satisfaction ✓ Enhancing the customer experience through product and service improvements ✓ Renewed American Express partnership ✓ Growing loyalty with record acquisitions of SkyMiles members and co-brand cards. Our Owners ✓ Expect pre-tax income of $6 billion, 5th year at or above $5 billion ✓ Delivering top-line growth of ~7% ✓ Expanding profit margins ✓ Free cash flow of approximately $4 billion with $3 billion returned to owners ADELTA 5#6Continued Momentum in 2020 Revenue Earnings Per Share Free Cash Flow ~$49B ~$47B $6.75-$7.75 ~$4B ~$4B $6.75-$7.25 4% -6% ~7% 2019 Guidance 2020 Outlook 2019 Guidance 2020 Outlook 2019 Guidance 2020 Outlook Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix A DELTA 6#7Feedback We Hear From the Investment Community - "Delta's biggest weakness is that it's an airline company – there are a lot of fears around margins, cyclicality and exposure to macroeconomic or geopolitical shocks. " Top owner Note: Rivel perception study conducted in July 2019 . 111 ADELTA 7#8Attractive Industry Dynamics. Delta is Leading a Growth Sector... Average 2017 - 2019 ...in a Stronger Airline Industry ✓ Consolidated structure ✓ Returns-oriented with shareholder focus ✓ Differentiated and improved product ✓ Consistent profitability ✓ Addressing environmental impact GDP Growth Travel Growth Delta Revenue Growth Source: Travel growth based on February 2019 World Travel & Tourism Council report ▲ DELTA 8#9Feedback We Hear From the Investment Community "One way Delta could improve their valuation and change the way that the market sees them would be to improve the level of disclosures on profitability of the various business lines. " Sell Side Analyst "Delta's premium to the industry and their outperformance to the upside raises questions about how long that can continue." Sell Side Analyst Note: Rivel perception study conducted in July 2019 111 ADELTA#10Delta's Strategic Priorities. Run the Premier Global Airline Grow our Brand Premium Accelerate Globalization Invest for the Long Term TECHOP Safe, reliable and customer-focused Enhance customer trust and loyalty Grow our presence New York John F Kerredy Extend our competitive advantages Delivered by the best people and culture in the industry Long-term value creation for Delta stakeholders ADELTA 10#11Five Things to Take Away From Today 1 2 3 - Building on a record 2019 – with expectations for 4% to 6% revenue growth, $6.75 to $7.75 earnings per share and $4 billion free cash flow in 2020 Benefitting from favorable travel trends as the best performer within a structurally improved airline industry Extending our unmatched competitive advantages - our culture, operational reliability, global network, customer loyalty and investment grade balance sheet – to retain our leadership position and drive long term value creation for all stakeholders 4 Enhancing our global scale with investments in fleet, partners, facilities and technology to deliver best-in-class customer experiences and drive strong returns for owners 5 Creating long-term growth opportunity through growing brand preference, innovative global partnership structure and continued revenue diversification from loyalty and MRO Note: Forward-looking non-GAAP financial measures. See additional information in Appendix ▲ DELTA 11#12Extending our Competitive Advantages Glen Hauenstein President SKY Welcome Welcome EXIT Welcome Thank you for hong Deta Ing pag Pyccl SKY 8737-400(EM) WETY NED 14 Salaro Deutsch Nederlands 中文 한국어 www.iles#13Agenda Leveraging scale Investing for the future Extending our competitive advantages ADELTA SKY CLUB ADELTA 13#14Post-Merger Network Provided Limited Global Reach Note: Route map as of 2008 DTW JFK NRT MSP SLC MEM CVG ATL Destinations: Countries: 549 113 Joint Venture in transatlantic KLM AMS CDG AIR FRANCE ADELTA 14#15Unprecedented Network Transformation Creates Global Scale 中國東方航空 CHINA EASTERN ICN KOREAN AIR PVG SYD Virgin australia Destinations: Countries: KLM WESTJET LHR AMS YVR YYC YYZ SEA MSP BOS virgin atlantic CDG Alitalia FCO DTW SLC NYC AIRFRANCE LAX ATL MEX AEROMEXICO. LIM BOG GRU EZE SCL LATAM 549 113 982 143 Existing or planned Joint Ventures in all geographic entities Note: Route map as of December 2019; WestJet JV subject to government approvals; LATAM equity stake subject to tender offer completion and JV subject to government approvals ADELTA 15#16Agenda Leveraging scale Investing for the future Extending our competitive advantages ADELTA SKY CLUB ADELTA 16#17Global Scale Creates Opportunities to Invest for the Future JV / Equity Partnerships Airports Technology Fleet Transformation A DELTA Deepening customer, commercial and operational integration with partners Investing in key airports to improve efficiency and customer experience Building digital tools, driving personalization, leveraging data to optimize operations Simplifying and upgauging fleet to drive substantial efficiency benefits ADELTA 17#18Agenda Leveraging scale Investing for the future Extending our competitive advantages ADELTA SKY CLUB ADELTA 18#19Extending our Competitive Advantages Global Network Unmatched Competitive Advantages Culture Global Network Customer Loyalty ગઈ રા Operational Relability S&P Global MOODY'S Fitch Ratings Balance Sheet Customer Loyalty ADELTA 19#20GLOBAL NETWORK Scale Advantage Enables Attractive Growth Opportunities Domestic International Product & Service Fleet Strengths High-margin core hubs, coastal hub positions, strong local share JV and equity partnerships in every entity Brand preference, segmented product with growing premium mix Flexible fleet with low ownership costs 2020 Core hub growth, mature coastal hubs, capitalize on local positions Expand service in key markets, launch strategic partnership with LATAM Continue improvements, expand five-cabin strategy Retire MD88 fleet by year end, grow A220 and A321 fleet Vision Most efficient core hubs, higher-margin coastal hubs, expanded focus city presence Best-in-class customer experience through deeper partner integration Enjoyable travel with better technology and personalization Simpler, more efficient, higher gauge fleet Note: LATAM equity stake subject to tender offer completion and JV subject to government approvals ADELTA ADELTA 20#21GLOBAL NETWORK Delta's Fleet Transformation is Multi-Faceted Creating Value from Existing Fleet Cabin Segmentation . Provide choice and optimize revenue Aircraft Deployment . • Drive efficiency through better asset deployment Interior Investments · Improve customer experience Sizable Fleet Replacement Opportunity Fleet Simplification . Reduce complexity with fewer aircraft types Next-Generation Technology • Best-in-class economics and leading product Gauge Growth . Network enables continued upgauging opportunity Evolution from legacy to optimal fleet provides substantial efficiency benefits ADELTA ADELTA 21#22GLOBAL NETWORK Continuing to Renew Our Fleet Evolution of Delta's Fleet Gauge (average seats per aircraft) 97 114 COMFORT 127 150+ 2009 2014 2020E Future State Fleet Families 15 13 8 Premium 9% 28% >30% Mix • • • Average gauge has grown 30% since 2009 Gauge growth temporarily pauses in 2020/2021, returning in 2022 and continuing for foreseeable future Next phase of fleet transformation driven by reduction of fleet families Benefits from product upgrades and higher premium seat mix continue in 2020 and beyond ADELTA 22#23CUSTOMER LOYALTY Growing Loyalty and Trust in the Delta Brand Strengths 2020 SkyMiles Program Top-ranked loyalty program with expanding Increase engagement and enhance targeted offerings membership base Vision Deeper customer relationships with greater lifetime value Miles as Currency Loyalty currency in high demand Expand mileage redemption options More valuable currency with ubiquity of miles Co-Brand Card Unique partnership with Amex and premium customer base Relaunch card portfolio with improved benefits DIAMOND A DELTA Industry-leading, global co-brand program SKYMILL #149-3 400AL ADELTA 23#24CUSTOMER LOYALTY The Strategic Importance of American Express • Two strong consumer brands with long-term • ● partnership Integrated model with attractive economics Higher contribution driven by improved economics, accelerating acquisitions and strong spend growth Source of diversification and high-margin revenue Delta represented 8% of American Express global billings and 21% of card member loans in 2018 Delta-American Express Contribution $1.4B 2010 Contract renewal through 2029 provides platform for significant value creation for both partners ~$7B 2023E AMERICAN EXPRESS A DI UTA SKYMILES 3758 876543 21001 0123456789 SURROUN ADELTA 24 BUSINESS#25IN SUMMARY The Delta Difference A Powerful Brand Unmatched Competitive Advantages ADELTA Mart SEATTLE Culture Global Network Customer Loyalty Long-Term Value Creation Top-Line Growth Operational Reliability S&P Global MOODY'S Fitch Ratings Balance Sheet Margin Expansion Balanced Capital Allocation ADELTA 25#26The World's Best Run Airline Gil West Sr. EVP and Chief Operating Officer AUST HOIST POINT▷ MC ELTA#27Agenda Improving operational reliability Growing portfolio businesses ADELTA A DELT ADELTA 27#28Building Trust with Customers Through Operational Reliability Best Completion Factor More Customers Arrive On Time Record Bag Performance Lowest Level of Maintenance Cancellations in History 12 DELTA 99.8% 85.5% 1.2x 99% DOT Completion Factor On-Time Arrivals Fewer lost bags versus industry Reduction in maintenance cancellations Note: DOT completion factor, on-time arrivals (DOT A14) and maintenance cancellations are preliminary YTD-Nov 2019; DOT missed bag ratio (MBR) is YTD-Sep 2019; Domestic NPS is YTD-Oct 2019 Record Customer Satisfaction Scores 51% +5 pts YOY Domestic NPS ADELTA 28#29Managing Irregular Operations to Further Differentiate Customer Service Irregular Operations (IROP) Cancellations IROP Net Promoter Scores 5,719 (Mainline) 3,696 1,812 Average 2010-2017 2018 2019 YTD 3% . 8% (15%) Average 2010-2017 2018 2019 YTD Note: IROP cancellations are preliminary YTD-Oct 2019; 100% completion factor days is FY 2010-2018 . Best-in-class operational performance on blue-sky days • IROPS provide an opportunity to differentiate versus competition • Delivering operational tools to deliver excellent customer service: - Probabilistic weather forecasting Crew resource management - Artificial intelligence / machine - learning driven decision making De-icing and thunderstorm constraint management DELTA ADELTA 29#302020 Operational Priorities Continue to Improve IROP Recovery & Process Improvement Leverage Technology & Infrastructure Grow Portfolio Businesses 1111 • Facilitate quicker recovery • • through predictive tools Reduce passenger stress through the travel ribbon. Security and processing wait time reductions Improve gate throughput and asset utilization • Enable personalized service through "Single View of the Customer" • Unlock productivity using mobility platforms • Optimize decision making processes with technology Replace ground service. equipment • Continue to grow MRO revenue • Expand interior product sales • • through Delta Flight Products Leverage portfolio businesses to reduce cost Partner to drive value from non-core assets ADELTA 30#31Agenda Improving operational reliability Growing portfolio businesses ADELTA A DELT ▲ DELTA 31#32Unlocking Value from Portfolio Businesses Through Partnerships ▲ DELTA PRIVATE JETS Ⓡ WHEELS UP ● DPJ combining with Wheels Up to create one of the world's largest owned and managed fleets of private aircraft - - Brings together complementary businesses representing best consumer brands in private and commercial aviation Delta entering into a long-term partnership agreement with Wheels Up Delta will hold a minority equity position in the combined company Demonstrates ability to leverage Delta brand into adjacent industry ADELTA 32#33Pursuing Growth Opportunities in Core Competencies ▲ DELTA Flight Products . • Manufacturing subsidiary established to create value for Delta in the cabin interior - - Focus on supplier risk mitigation, Delta brand attributes and cost leverage Currently producing wireless IFE systems, monuments and integration kits Capabilities to participate in approximately 50% of the cabin interiors markets Strong platform for growth even beyond cabin interiors 18 A DELTA Expanding product lines and pivoting to external sales growth 101 ADELTA 33#34MRO Positioned to Meet Growing Global Maintenance Demand Demand Growing for New Engine Offerings Global Installed Engine Forecast 2019-2029 +20% CAGR 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 PW GTF ■Trent 1000 Trent 7000 ■Trent XWB Source: AeroDynamic Advisory & Alton Aviation • . Largest airline MRO in America with long-term OEM relationships Guarantees for 7,000+ engine shop visits over the next 30 years Contracts with Rolls Royce and Pratt & Whitney cover next-gen engine technology Expect to more than double MRO revenue by 2024 from 2019 base of $880 million as next-gen engine volume grows ▲ DELTA 34#35IN SUMMARY Delta: The World's Best Run Airline Operational Excellence - Building trust with customers through industry-leading operational reliability Continuous Improvement - Improving performance during irregular operations to minimize disruption and improve customer experience Unique Value Drivers - Unlocking value through partnerships and multi-year growth opportunities in portfolio businesses ADELTA 0000000 00000000 A DELTA ADELTA ADELTA 35 55#36Reinforcing Brand Loyalty Tim Mapes Chief Marketing and Communications Officer DELTA SKY CLUB#37Delta Has a Leading Consumer Brand that Transcends Travel WORLD TRAVEL AWARDS TRAVEL WEEKLY TOP SHOP 145 MAGELLAN AWARDS AIR CARG EXCELLENCE Air Cargo World 2019 WINNER 2019 #1 BUSINESS TRAVEL AWARDS 9 Month DELTA AIR LINES BTN BUSINESS TRAVEL NEWS 2019 ANNUAL AIRLINE SURVEY Companies That Care HONOR ROLL 2019 FAST OMPANY 2019 MOST XX COMPANIES INNOVATIVE 100 BEST CORPORATE CITIZENS 20TH ANNIVERSARY CR FORTUNE 100 BEST COMPANIES TO WORK FOR® 2019 UNCF A mind is a terrible thing to waste' Corporate Partner Award CIVIC POINTS OF LIGHT IS PROUD TO HONOR DELTA No. 1 AIRLINE 8 OUT OF 9 YEARS FORTUNE'S MOST ADMIRED COMPANIES® 2019 TOP 50 RANKING 2019 WORLDWIDE MEMBER OF Dow Jones 28 Sustainability Indices In Collaboration with RobecoSAM < One of 2018's most community-minded companies in America indeed TOP-RATED WORKPLACE The Top 50 Best Workplaces™ for Millennials Great Place 50 ADELTA 2019 To Work USA 2019 A DELTA 37#38A Culture of Service at the Center of Everything We Do The Rules of The Road Apply our basic business principles Know our business and improve it constantly Demonstrate honesty, integrity and respect Drive for results Build great teams ADELTA 38#39Committed to Industry-Leading Safety and Reliability TRAVEL+ EXPLORE LEISURE USA TODAY T+LNEWS Delta Was Just Named the Most On-time Airline in the World (Video) BY ANDREA ROMANO JANUARY 03, 2019 Delta Air Lines takes top spot in Airline Quality Rating This airline soars above the competition in airline quality rating When it comes to the top airlines in the U.S., Delta takes the cake. Buzz60's Sean Dowling has more. Buzz60 P Pin f FB More Delta Air Lines has topped yet another airline ranking, this time the 29th annual Airline Quality Rating, which was released Monday. obal has name I mainline airli Nov. 18, 2019 AWARDS Delta wins historic 9th consecutive Business Travel News award (ARTICLE) The leading source of business travel information, BTN reaches more than 44,000 corporate executives who set travel policy and manage and buy business travel for their companies. TRAVEL+ LEISURE Forbes The best airlines to fly this summer ADELTA (Photo by Mario Tama/Getty Images) 5 Reasons Why Delta Is The Best Airline HappiestVlogsOnEarth 31K views 10 months ago In this video, Jen and Scott tell you why they think Delta is the best domestic airline. This is part of our "5 Things" series... Steven Spina Delta Air Lines ✔ Apr 23, 2018 airlines for facilitating my commute and ensuring a comfortable, safe and reliable trip every week! Couldn't do it without you. Cherril Threte @CherrilThrete Apr 28, 2016 Replying to @TonyTodd54 @TonyTodd54 @Delta I love Delta airlines. I am 100% loyal to the brand! 17 1 4 TRAVEL THE MIDDLE SEAT The Best and Worst U.S. Airlines of 2018 Delta shines in a ranking of measures including delays, mishandled baggage and complaints, while American lags behind its largest competitors WSJ 2018 AWARDS The Best and Worst U.S. Airlines of 2018 KEEP CLIMBING ADELTAC FLIGHTS TO ORLANDO From 9,000 Miles The Wall Street Journal's annual ranking of eight major U.S. airlines tracks flight delays, mishandled baggage and formal complaints, so you don't have to. WSJ's Scott McCartney hands out the awards. Photo: Drew Evans/The Wall Street Journal. BOOK NOW ADELTA 39#40Never Satisfied With the Status Quo Modernizing the airport experience Terminal investments, biometrics, RFID expansion Enhancing service • Single View of the Customer enables more personalized experiences Extending global relevance • Building portfolio of industry-leading brands Deeper partner integration to improve travel experience between brands. Investing in Customer & Operations Recovery Enabling proactive recovery during irregular operations Leveraging mobile technology Launching of Fly Delta 5.0 app 1ST AVEN TO TAV PARIS A DELTA 40#41Values-Led and a Force for Positive Change Worldwide Better connecting global communities starts with thousands of Delta people who connect millions of passengers to hundreds of global destinations — every day - Succeed DELTA THE COUNTY A DELTA 272ND HOME BUILT BY DELTA VOLUNTEERS. A DELTA Habitat for Humanity But that's just the start, the heart of our business is about... Connecting people with each other - Increasing cultural understanding Fostering economic growth Strengthening communities - - A DELTA 41#42Delta is Addressing Climate Change Fleet Renewal ADELTA Fuel Savings Initiatives Carbon Offsets の More than 300 new aircraft in last 5 years New aircraft are 25% more fuel efficient APU usage reductions Turbulence app reduces flight corrections Purchasing from 20+ projects Investing in carbon reductions outside airline industry 11% emissions reduction since 2005 -2% annual fuel efficiency improvement 12 million carbon offsets purchased ADELTA 42#43Trust Drives Key Behaviors Including Buying and Staying Loyal Percent Who Will Engage in Each Behavior on Behalf of a Brand Brands you currently use and... Do not fully trust Have trusted for a long time Buy First Stay Loyal Advocate Defend 62 +28 points 25 53 Do not trust Trust Source: Edelman Trust Barometer Special Report +33 points 29 51 +27 points 24 +21 points 22 43 Do not Trust trust Do not trust Trust Do not trust Trust ADELTA 43#44Better Business Results Driven by Best-in-Class Customer Experience Domestic NPS & Revenue Premium 106% 15% 119% Strong relationship 117% 51% 38% observed between NPS and Revenue Premium 2010 2015 Domestic Revenue Premium 2019 YTD 3Q19 Domestic NPS Note: NPS sourced from Domestic ISM Surveys; 2019 PRASM data is TTM 3Q19; 2019 NPS Data is YTD-Oct 2019 ADELTA 44#45Delta's Brand is Built on Trust and Delivering What Customers Value 1 Thoughtful 2 Reliable 3 Innovative 4 Values-Led Always have our customers, employees, communities and shareholders in mind Understanding expectations is the standard – exceeding them is where we make the difference Never satisfied with the status quo, we continually invest, innovate, refresh and renew Determined to make the world better and more connected by acting on our values ADELTA 45#46Industry-Leading Revenue Generation Eric Phillips Sr. Vice President Revenue Management CAFF BESAFF#47Delta is the Airline of Choice Leading Global Network Best-in-class Experience Growing customer preference and sustainable revenue premium More customers than ever are choosing to fly Delta, recommending the airline and becoming loyal to our brand... ADELTA 47#48Evolution to Customer-Focused Revenue Generation Then Brand loyalty Transactional Products Seats Purchase driver Lowest fares Domestic NPS 15% Now Relationship-based Experiences Vision Deep knowledge of customer preferences Personalized offers Reliability, service and products Best-in-class travel experience 50%+ customers Peserved for Confett Most trusted travel brand ▲ DELTA 48#49Positioned to Continue Revenue Momentum in 2020 ~$49B $39B • • • 4% Reliable operation Branded Fares Globalization 8% • More choice in experience • ⚫ Fuel recapture Premium revenue growth ~7% • More choice in payment 110%+ revenue premium • Amex renewal 2016 2017 2018 4-6% 2019E 2020E Revenue growth ~2-3x U.S. GDP Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix ADELTA ADELTA 49#50Executing on 2020 Revenue Drivers Will Further Brand Affinity Building Better Selling Preferred 1 2 3 4 Customer Trust and Servicing Corporate Carrier Loyalty Revenue SKYMILES 3154 810593 21001 GRAPHIESS Delivering sustainable growth by earning and keeping customer trust Offering right product at the right time, across channels and currencies Maintaining our lead by investing in the things Corporate travelers value Driving acquisitions and enhancing card spend ▲ DELTA 50#51INITIATIVE #1: BUILDING CUSTOMER TRUST Building Customer Trust Throughout the Travel Ribbon Shopping Consistency in pricing, product, and schedule Booking Post-Purchase Airport In-Flight 43 Clarity of choices and associated attributes Fairness in policy for customers and employees Transparency in all customer touchpoints Safe, reliable, on-time with bags Opportunity Foundational ADELTA 51#52INITIATIVE #2: BETTER SELLING AND SERVICE Brand Affinity + Product Affinity is a Powerful Combination Customers Want Choice 70% Growing Premium Revenue repeat $5.5B Once a customer purchases a premium product, 70% of those customers will purchase an equal or better product on a future trip 2010 $12B +25% -$15B 2017 2019E 2017-2019E Premium revenue has grown ~2x faster than total revenue ▲ DELTA 52#53INITIATIVE #2: BETTER SELLING AND SERVICE Better Selling and Servicing Fortify Delta's Leading Position Strong Direct Channels 52% direct distribution 42% of direct revenue is premium Opportunity to Expand in Corporate Direct Booking Tools Third Party Opportunity (e.g. Expedia, Concur) 10% accounts with Comfort+ in policy 81% accounts with a premium product in policy $400-500M per point of mix improvement in external channels RIP DETAILS BOARDING PASS DL1219 on time Boards in 2 hours 39 minutes Where's My Plane ATL Atlanta, GA IL Los Angeles ©th 47m Unti INFLIGHT Your plane departed LAX at 6:35am Aircraft Details DL1219 LAX ON TIME O 1:42pm rdan Parker er Medallion To Try "New York" From $550 C DMF+ Domestic Term-South อ 5 BOOK FLIGHTS PROFILE TSA wait times Currently 15-20 minutes TSA Pre- 1 of 2 BOARDING 10:25am ADELTA 53#54INITIATIVE #3: PREFERRED CORPORATE CARRIER Delta is the Preferred Carrier for Business Travel Global Focus Domestic: Growing Corporate Markets #1 9 IN A ROW DELTA AIR LINES BTN BUSINESS TRAVEL NEWS 2019 ANNUAL AIRLINE SURVEY 80%+ Travel Programs with Delta as Preferred Carrier 2019 Yo2Y Industry Corporate Revenue 9% in Delta Markets 10% 14% +17% YoY Premium Volume +8% YoY Domestic Volume (+4 pts versus industry) International: Leveraging Strengths Abroad Core Hubs Coastal Hubs Focus Cities 2019 Yo2Y Industry Corporate Revenue 13% 11% 14% 15% 18% China France UK Korea Netherlands 43% Premium Passenger Mix Virgin ADELTA 54#55INITIATIVE #4: LOYALTY REVENUE Amex Partnership Creates Value for Delta and Our Customers New and improved co-brand card benefits and refreshed marketing will accelerate acquisitions and drive portfolio spend 1M+ New card acquisitions for past three years 12%+ Portfolio spend CAGR since 2012 Delta-Amex Contribution $3.4B -15% CAGR ~$4.4B ~$4B 2018 2019E 2020E ADELTA 55#56Strong Foundation with Durable Platform for Growth Scale Strong global presence, geographically balanced network Local Share Local share is growing, ~20% yield premium over connecting traffic Corporate Continued strength in corporate volumes with higher premium mix #1 carrier in revenue generation ADELTA SKY PRIORITY ~60% domestic local mix Preferred airline of the business traveler Built to Win ADELTA 56#57IN SUMMARY Best-in-Class Customer Experience = Sustained Revenue Growth Trusted Brand We have the right... ✓ Culture ✓ Employees ✓ Network & Fleet ✓ Technology Loyalty program Global partners 2020 Top-line Growth 4% to 6% Operational reliability ✓ Products & Services ...for future success ADELTA 57#58People Fuel our Success Joanne Smith Chief People Officer#59Our Culture in Action Our Brand: Strengthening brand, customer loyalty, higher NPS Our People: Caring for our people, sustaining their passion Empowered Employees Our Customers: Caring for our customers, who become passionate about Delta ADELTA 59#60Creating Moments That Matter Every Day E WORLD OF SPORTS My Bear'y awesome Delta adventure! Stopped to get Information Applied for my first credit card 4 Bought new Shirt a Ran into my long lost d Cousins U Stopped in the Sky Club Stopped for a "beary good dinne ▲ DELTA 60#61Care When It's Needed Most OPERATED ADEL 0 "The decision to help was, without a doubt, who we are as a company that cares about connecting the world. In this case, we were able to connect hundreds of people to safety and humanity. Our team's commitment to helping others continues to inspire me every day." Dave Holtz, Senior Vice President - Operations and Customer Center ADELTA 61#62A Culture of Giving Back 273 Habitat for Humanity Habitat Homes Delta employees build homes annually spanning 13 countries since 1995 with Habitat for Humanity 30 KaBOOM! Playgrounds Delta employees have built KaBOOM! playgrounds across 14 markets to give kids a safe place to play Junior 30 Achievement® JA Chapters Delta supports Junior Achievement chapters across 4 continents to teach students financial literacy, work readiness and entrepreneurship TOYS FOR TOTS ठे ✈ 1,000 Bikes Delta contributes to Toys for Tots annually and Delta employees build 1,000 bikes for kids every holiday season + + American Red Cross 13,064 Pints of Blood Delta employees donated blood at 254 drives making Delta #1 among American Red Cross corporate donors in FY19 FEEDING® AMERICA 8 20 Food Banks Delta employees help repack more than 2 million pounds of food annually across the globe, including support of 18 Feeding America food banks ADELTA 62#63IN SUMMARY A Thriving Culture Strengthens Customer Loyalty More likely to have highly 13X 7X 6X engaged employees More likely to have employees innovating More likely to have higher Net Promoter Scores Source: O.C. Tanner Global Culture Report 2020 ▲ DELTA 63#64Delivering Consistent Value for Shareholders Paul Jacobson Chief Financial Officer TA 1#65Agenda Financial highlights and outlook Capital allocation ADELTA 65#66Strong 2019 Financial Performance Caps Decade of Transformation Pre-Tax Profit -$6B Operating Cash Flow ~$8.5B Returns to Shareholders $1.5B $5.3B $2.8B $6.8B ~$3B $2.4B 2010 2017 2019E 2010 2017 2019E $OB 2010 2017 2019E Fifth consecutive year >$5 billion Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix Consistent reinvestment and shareholder returns Targeting ~70% of FCF to owners with steady dividend growth ADELTA 66#67Robust Free Cash Flow Generation in 2019 Operating Cash Flow -$8.5B Core Capital Spending ~$4.5B Free Cash Flow ~$4B $2B $1B Buybacks Dividends Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix • Expect free cash flow to net income conversion of 80% to 90% • Additional $500 million elective pension contribution in the December quarter ADELTA 67#68Continued Momentum in 2020 Revenue Earnings Per Share Free Cash Flow -$49B ~$47B $6.75-$7.75 ~$4B ~$4B $6.75-$7.25 4% -6% ~7% 2019 Guidance 2020 Outlook 2019 Guidance 2020 Outlook 2019 Guidance 2020 Outlook Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix A DELTA 68#69Total Expense Growth in 2020 Expected to be Slightly Lower than 2019 Non-Fuel Expense Fuel Price per gallon ~ - Flat • · Key Assumptions Approximately 2% fuel efficiency improvement Higher volume • • • Next-gen aircraft Industry Wide • Wage increases • Airport construction . Non- Operating • Pension favorability . due to strong asset returns and cash contributions in 2019 Higher volume Key Drivers for Delta Catering transformation Depreciation One Delta • Lower gauge benefit • • Product and service Technology Profit Sharing . • Increase in employee profit sharing on expectation of higher pre-tax income A DELTA 69#70Consistently Delivering Solid Financial Results 1 Industry-leading performance Transformational decade has resulted in consistent financial performance that leads the industry Exceeding 2 2019 objectives Exceeding initial 2019 financial targets including top-line growth, margin expansion and strong cash generation 3 Momentum continuing Earnings growth, sustained margins, strong free cash flow and reinvestment in the business drive continued momentum ADELTA 70#71Agenda Financial highlights and outlook Capital allocation ▲ DELTA 71#72Balanced Cash Deployment Over the Last Decade 2010 to 2019 Cumulative Operating Cash Flow Business Investment $64 billion Shareholder Returns Balance Sheet Core capex, airport, strategic Share repurchases, dividends Debt reduction, pension funding ~50% -20% -30% Note: All metrics calculated over 2010 to 2019E period. 2010 to 2019 cumulative operating cash flow excludes cash funding to pension; adjusted for special items; non-GAAP financial measures reconciled in Appendix ADELTA 72#73Balanced Capital Allocation Priorities 1 Reinvest in the Business 2 Maintain Investment Grade Balance Sheet Renewing Delta's fleet with more efficient next-generation aircraft, while investing in facilities and technology for future growth Targeting adjusted debt to EBITDAR range of 1.5x - 2.5x, supporting investment grade rating through the economic cycle 3 Return Cash to Owners Consistently returning cash to shareholders, targeting 70% of free cash flow returned to owners annually U9 CER SHARES of the itale 10000 10000 JANET 000 EF5 ADELTA 73#741. REINVEST IN THE BUSINESS Our Investments are Driving Strong Returns ROIC and Invested Capital -15% ~11% ~$34B $17B 2010 Invested Capital 2019E ROIC, after-tax Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix • Approximately 400 basis points of ROIC improvement on a $17 billion increase in invested capital base since 2010 Compounding benefits of reinvestment support long-term growth ▲ DELTA 74#751. REINVEST IN THE BUSINESS Reinvestment Consistent but Flexible Core Capital Spending $4.6B ~$4.5B ~$4.5B $3.7B $3.2B 2016 2017 2018 2019E 2020E Aircraft Technology Ground/Other CapEx / Sales 8% 9% 11% -10% -9% Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix • Core capex spend in 2020 similar to 2019 - Expecting ~80 aircraft deliveries - Cabin refurbishment and product upgrades Ground and facility investments Technology investments ADELTA 75#762. MAINTAIN INVESTMENT GRADE BALANCE SHEET Investment Grade Balance Sheet Provides Powerful Advantage S&P Global MOODY'S MOODY'S Fitch Ratings Adjusted Debt / EBITDAR BBB- Baa3 BBB- • Robust cash generation and strong balance sheet position Delta to: Consistently reinvest in the business Seize strategic opportunities - Return cash to shareholders Manage through a business cycle Note: Excludes underfunded pension obligations and includes debt for existing lease obligations 2010 2017 2019E Long-Term Target 1.5x - 2.5x ADELTA 76#773. RETURN CASH TO OWNERS Sustained Free Cash Flow Enables Consistent Shareholder Returns Free Cash Flow ~$4B ~$4B $2.4B الس $3.2B 2017 2018 2019E 2020E Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix Free Cash Flow Allocation Targets Dividends 20%-25% ~$4B of annual FCF Balance Sheet 30% Target 70% of FCF to owners Share Buybacks 45% - 50% ADELTA 77#783. RETURN CASH TO OWNERS Dividend Demonstrates Our Confidence Dividend per Share $0.81 $0.54 $1.61 $1.40 $1.22 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Dividend $425M $600M $875M $950M $1B Run Rate • Dividend targeted at 20% to 25% of Free Cash Flow • Track record of annual increases with current yield of 2.9% ADELTA 78#79Delta is a Compelling Long-Term Investment Opportunity Powerful Brand With Industry- Leading Returns Unmatched Competitive Advantages Strong Partner Portfolio and Global Scale ADELTA Proven Track Record of Execution & Reinvestment 79#80INVESTMENT THESIS Delta is a Compelling Long-Term Investment Opportunity Powerful Brand With Industry- leading Returns Record customer satisfaction ➤ Durable revenue and margin premium Consistent returns to owners since 2013 Unmatched Competitive Advantages Engaged and empowered people ► Unique loyalty and co- brand program Extending our lead by investing for the future Strong Partner Portfolio and Global Scale Global relevance with partner network covering 98% of GDP ▸ Expanding footprint and deepening integration with JV partners Proven Track Record of Execution & Reinvestment Consistent operational excellence ► Best-in-class products and service Improving ROIC on a growing capital base ADELTA C DELTA 80#81Non-GAAP Reconciliations Non-GAAP Financial Measures The following tables show reconciliations of non-GAAP financial measures. The reasons Delta uses these measures are described below. Reconciliations may not calculate due to rounding. Delta sometimes uses information ("non-GAAP financial measures") that is derived from the Consolidated Financial Statements, but that is not presented in accordance with accounting principles generally accepted in the U.S. ("GAAP"). Under the U.S. Securities and Exchange Commission rules, non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. The tables below show reconciliations of non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measures. Forward Looking Projections. While we are able to reconcile forward looking non-GAAP financial measures related to 2019, we do not reconcile future period measures (i.e., beyond 2019) because the adjusting items such as those used in the reconciliations below will not be known until the end of the period and could be significant. ▲ DELTA 81#82Non-GAAP Reconciliations Pre-Tax Income and Net Income, Adjusted We adjust pre-tax income and net income for the following items to determine pre-tax income and net income, adjusted for the reasons described below. We include the income tax effect of adjustments when presenting net income, adjusted. MTM adjustments and settlements. Mark-to-market ("MTM") adjustments are defined as fair value changes recorded in periods other than the settlement period. Such fair value changes are not necessarily indicative of the actual settlement value of the underlying hedge in the contract settlement period. Settlements represent cash received or paid on hedge contracts settled during the period. Equity investment MTM adjustments. We record our proportionate share of earnings/loss from our equity investments in Virgin Atlantic and Aeroméxico in non-operating expense. We adjust for our equity method investees' hedge portfolio MTM adjustments to allow investors to better understand and analyze our core operational performance in the periods shown. Unrealized gain/loss on investments. We record the unrealized gains/losses on our equity investments in GOL, China Eastern, Air France-KLM and Korean Air, which are accounted for at fair value in non-operating expense. Adjusting for these gains/losses allows investors to better understand and analyze our core operational performance in the periods shown. Restructuring and other and Loss on extinguishment of debt. Because of the variability from period to period, the adjustments for these items are helpful to investors to analyze the company's core operational performance in the periods shown. (Projected) Year Ended (Projected) Year Ended December 31, 2019 December 31, 2019 (in billions) GAAP Adjusted for: Pre-Tax Income Income Tax Net Income Net Income Per Diluted Share $ 6.1 $ 1.4 $ 4.7 $ ~ $6.90 $7.40 Unrealized gain/loss on investments Non-GAAP $ (0.1) 6.0 (0.1) ~ (0.15) $ 1.4 $ 4.6 $ ~ $6.75 - $7.25 Free cash flow to net income conversion - 80% - 90% (in billions) GAAP Adjusted for: MTM adjustments and settlements Equity investment MTM adjustments Restructuring and other Loss on extinguishment of debt Total adjustments Non-GAAP Year Ended December 31, 2017 Year Ended December 31, 2010 Pre-Tax Income Pre-Tax Income $ 5.5 $ 0.6 (0.3) 0.1 0.5 0.4 15 (0.2) 0.9 5.3 $ 5415 ▲ DELTA 82#83Non-GAAP Reconciliations Operating Revenue, Adjusted We adjust operating revenue for refinery sales to third parties to determine operating revenue, adjusted because refinery sales to third parties are not related to our airline segment. Operating revenue, adjusted therefore provide a more meaningful comparison of revenue from our airline operations to the rest of the airline industry. Because we sold DAL Global Services, LLC ("DGS") in December 2018, we have excluded the impact of DGS from 2018 results for comparability. We do not present reconciliations for the years ended December 31, 2017 and December 31, 2016 as the adjusted operating revenue in these years is the same as the GAAP operating revenue. (in millions) Operating revenue Third-party refinery sales DGS sale adjustment Operating revenue, adjusted $ (Projected) Year Ended December 31, 2019 Year Ended December 31, 2018 Change ~46,850 $ ~(150) 44,438 (548) (244) -46,700 $ 43,645 ~7% ADELTA 83#84Non-GAAP Reconciliations Free Cash Flow We present free cash flow because management believes this metric is helpful to investors to evaluate the company's ability to generate cash that is available for use for debt service or general corporate initiatives. Adjustments include: Net purchases (redemptions) of short-term investments. Net redemptions of short-term investments represent the net purchase and sale activity of investments and marketable securities in the period, including gains and losses. We adjust for this activity to provide investors a better understanding of the company's free cash flow generated by our operations. Net cash flows related to certain airport construction projects and other. Cash flows related to certain airport construction projects are included in our GAAP operating activities and capital expenditures. We have adjusted for these items, which were primarily funded by cash restricted for airport construction, to provide investors a better understanding of the company's free cash flow and capital expenditures that are core to our operational performance in the periods shown. Hedge deferrals. During the March 2016 quarter, we deferred settlement of a portion of our hedge portfolio until 2017 by entering into transactions that, excluding market movements from the date of inception, would provide approximately $300 million in cash receipts during the second half of 2016 and require approximately $300 million in cash payments in 2017. Free cash flow is adjusted to include the impact of these deferral transactions in order to allow investors to understand the net impact of hedging activities in the period shown. 2017 pension plan contribution. In 2017, we contributed $2 billion to our pension plans using net proceeds from our debt issuance. We adjusted free cash flow to exclude this contribution to allow investors to understand the cash flows related to our core operations in the periods shown. Strategic Investments. Cash flows related to our investment in Grupo Aeroméxico and Air France-KLM, are included in our GAAP investing activities. We adjust free cash flow for this activity because it provides a more meaningful comparison to the airline industry. (in billions) Net cash provided by operating activities Net cash used in investing activities Adjustments: Net purchases (redemptions) of short-term investments Net cash flows related to certain airport construction projects and other Hedge deferrals 2017 pension plan contribution Strategic investments Total free cash flow (Projected) Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 $ -9 ~(5) $ 7.0 $ 5.0 (4.4) (5.3) (0.6) 0.4 0.4 0.1 (0.2) 2.0 1.2 4 2.4 3.2 ADELTA 84#85Non-GAAP Reconciliations Capital Expenditures, Net We present core capital spending which includes proceeds for sales of E190 aircraft because management believes investors should be informed that these proceeds effectively offset the cash paid for these aircraft earlier in the year. Management believes investors should be informed that reimbursements for build-to-suit leased facilities effectively reduce net cash provided by operating activities. (in billions) (Projected) Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Flight equipment, including advance payments $ ~3.4 3.7 $ 2.7 2.6 Ground property and equipment, including technology ~1.7 1.5 1.2 0.8 Net cash flows related to certain airport construction projects Proceeds from sale of E190 aircraft ~(0.6) (0.5) (0.2) (0.2) Capital expenditures, net Operating revenue Capital expenditures, net to operating revenue SS ~4.5 $ 4.6 $ 3.7 ~47 $ 44 41 SASA $ 3.2 $ -10% 11% 9% 39 8% ADELTA 85#86Non-GAAP Reconciliations Operating Cash Flow, Adjusted We present operating cash flow, adjusted because management believes adjusting for the following items provides a more meaningful measure for investors. We do not present reconciliations for the years ended December 31, 2019 (Projected) and December 31, 2010 as the adjusted net cash provided by operating activities in these years is the same as the GAAP net cash provided by operating activities. Adjustments include: Reimbursements from third parties related to build-to-suit facilities and other. Management believes investors should be informed that these reimbursements for build-to-suit leased facilities effectively reduce net cash provided by operating activities and related capital expenditures. 2017 pension plan contribution. In 2017, we contributed $2 billion to our pension plans using net proceeds from our debt issuance. We adjusted operating cash flow to exclude this contribution to allow investors to understand the cash flows related to our core operations in the periods shown. Pension plan cash contributions. Operating cash flow is adjusted for our cash contributions to the pension plan as we believe this adjustment allows investors to better understand the cash flows related to our core operations in the periods shown. This adjustment includes the 2017 pension plan contribution of $2 billion. (in billions) Net cash provided by operating activities Adjustments: Reimbursements from third parties related to build-to-suit facilities and other 2017 pension plan contribution Net cash provided by operating activities, adjusted $ (in billions) Net cash provided by operating activities Adjustments: Pension plan cash contributions Net cash provided by operating activities, adjusted, excluding pension plan cash contributions Year Ended December 31, 2017 5.0 (0.2) 2.0 6.8 (Projected) Years Ended December 31, 2010 to December 31, 2019 $ 54 10 64 ADELTA 86#87Non-GAAP Reconciliations After-Tax Return on Invested Capital We present after-tax return on invested capital as management believes this metric is helpful to investors in assessing the company's ability to generate returns using its invested capital as a measure against the industry. Return on invested capital is tax-effected adjusted total pre-tax income divided by average adjusted invested capital. Average adjusted invested capital represents the sum of the adjusted book value of equity at the end of the last five quarters, adjusted for pension and fuel hedge impacts within other comprehensive income. Average adjusted gross debt is calculated using amounts as of the end of the last five quarters. All adjustments to calculate ROIC are intended to provide a more meaningful comparison of our results to the airline industry. (in billions) Pre-tax income Adjusted for: Restructuring and other Interest expense, net and interest expense included in aircraft rent Pre-tax adjusted income Tax effect Tax-effected adjusted total pre-tax income Adjusted book value of equity Average adjusted gross debt Averaged adjusted invested capital After-tax return (Tax-effected adjusted total pre-tax income) Change year-over-year Change year-over-year in invested capital (Projected) Last Twelve Months Ended December 31, 2019 Last Twelve Months Ended December 31, 2010 -6 $ 1 1 ~1 1 EA ~7 $ 3 ~(2) SA ~5 (1) 2 $ ~22 $ 9 ~12 16 $ ~34 $ 17 SA $ -15% -400 bps ~17 -11% ADELTA 87