#1DELTA AIR LINES Investor Overview Q3 2022#2Safe Harbor Statements made in this presentation that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections, goals, aspirations, commitments or strategies for the future, should be considered "forward-looking statements" under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees or promised outcomes and should not be construed as such. 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, goals, aspirations, commitments and strategies reflected in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the material adverse effect that the COVID-19 pandemic has had on our business; the impact of incurring significant debt in response to the pandemic; failure to comply with the financial and other covenants in our financing agreements; the possible effects of accidents involving our aircraft or aircraft of our airline partners; breaches or lapses in the security of technology systems on which we rely and of the data stored within them, as well as compliance with ever-evolving global privacy and security regulatory obligations; disruptions in our information technology infrastructure; our dependence on technology in our operations; our commercial relationships with airlines in other parts of the world and the investments we have in certain of those airlines; the effects of a significant disruption in the operations or performance of third parties on which we rely; failure to realize the full value of intangible or long-lived assets; labor issues; the effects of weather, natural disasters and seasonality on our business; changes in the cost of aircraft fuel; extended disruptions in the supply of aircraft fuel, including from Monroe Energy, LLC ("Monroe"), a wholly-owned subsidiary of Delta; failure or inability of insurance to cover a significant liability at Monroe's Trainer refinery; failure to comply with existing and future environmental regulations to which Monroe's refinery operations are subject, including costs related to compliance with renewable fuel standard regulations; our ability to retain senior management and other key employees, and to maintain our company culture; significant damage to our reputation and brand, including from exposure to significant adverse publicity or inability to achieve certain sustainability goals; the effects of terrorist attacks, geopolitical conflict or security events; competitive conditions in the airline industry; extended interruptions or disruptions in service at major airports at which we operate or significant problems associated with types of aircraft or engines we operate; the effects of extensive government regulation we are subject to; the impact of environmental regulation, including but not limited to increased regulation to reduce emissions and other risks associated with climate change, and the cost of compliance with more stringent environmental regulations; and unfavorable economic or political conditions in the markets in which we operate or volatility in currency exchange rates. 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, 2021 and our quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022. Caution should be taken not to place undue reliance on our forward-looking statements, which represent our views only as of July 13, 2022, and which we undertake no obligation to update except to the extent required by law. 2#3Strong Competitive Advantages And Brand Preference People and Culture The core of Delta - passionate and determined professionals caring for our customers 8839 Operational Reliability America's best-run airline, consistently delivering industry-leading operational results and reliability Global Network Best connecting hub complex - including the world's most efficient hub in Atlanta - enhanced by investments in NYC, LA, and Seattle Widely Recognized As The Airline Of Choice Customer Loyalty Delta's trusted consumer brand and American Express partnership combine to produce high-value loyalty program S&P Global MOODY'S Fitch Ratings Financial Foundation Solid foundation with more cash flow flexibility and access to higher quality credit markets CUSTOMER ATISFACTION J.D.POWER AND ASSOCIATES SINCE 1968 # "1 DELTA AIR LINES BTN BUSINESS TRAVEL NEWS 2021 ANNUAL AIRLINE SURVEY BEST TRAVEL REWARDS US.News AIRLINES 201 22 3#4Strategic Priorities Support Long-Term Value Creation Strengthening Our Trusted Consumer Brand Restoring Our Financial Performance Building A Better Future For Our People And Planet Continue to prioritize the health and safety of our customers Invest in the customer experience across the travel ribbon Deliver best-in-class operational reliability and service Rebuild scale and drive efficiency Deliver mid-teens adjusted operating margins and over $7 of adjusted earnings per share by 2024 Generate strong cash flow, reduce debt and return to investment grade metrics Invest in our workforce, including in their health and wellness and continue to support diversity and inclusion Harness new technologies and data to innovate and deliver for the customer Continue Delta's Flight to Net ZeroSM sustainability commitment Our Ambition Is To Transcend The Industry And Deliver Financial Outcomes That Create Significant Long-Term Value 4#5Delta Platform Supports Revenue Diversification >$50B ~$47B Adjusted Total Revenue ~$40B 39% 47% 56% Growth Opportunities Loyalty: Investing in product, marketing and capabilities accelerates loyalty revenue growth Cargo: Leverage growing widebody capacity while increasing share of premium product MRO: Increasing engine volume with expansion of component line of business under long-term contracts TT 36% 32% 24% 25% 20% 21% 2014 2019 2024E Main Cabin Premium Products Other1 1 Includes loyalty program, MRO, cargo, travel-related services, and other ancillary revenues Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix Other Travel Revenue: Growing other revenue through expanded Delta Vacations packages, gift cards, car rentals, hotels and trip insurance 50#6The Power Of The Delta And American Express Partnership Delta-American Express Contribution ($B) Growth Opportunity Less than 1/3 of our SkyMiles members have a Co-Brand credit card AMERICAN EXPRESS Profile Of Co-Brand Cardholders Trips / Year ~6 Avg. Spend vs. Non-Member 2 4-5x A DELTA SKYMILES >))) 7997 CFFROST Member Since 96 ~$3 ~$7 >$5 ~$4 ~$4 2017 2019 2021 2022E 2024E Higher Contribution Primarily Driven By Accelerating Acquisitions And Strong Spend Growth 16#7Fleet Transformation Driving Efficiency And Elevating The Product 97 Evolution of Fleet Gauge 2009 15 Fleet families 131 150+ Growth in Premium Seats 1 Premium Seats -Main Cabin Seats 2021 Future State 2009 11 8 9% 1 Count of premium and main cabin seats, indexed to 100 in 2009 2021 Future State 30%+ 27% Premium mix 7#824% 2014 2015 Demand For Premium Product Underpins Our Strategy Premium Revenue Mix Premium vs. Main Cabin Margin Domestic First Class Paid Load Factor 2016 2017 2018 2019 32% 2024E 36% 10+ pt. differential in margin 55% High 60% 63% Main Cabin Margin Premium Cabin Margin 2014 2019 2024E 8#9Leveraging Strengths Of Our Industry-Leading Domestic Network SEA #2 LAX #1 ☐ Core Hubs Strong local passenger share High penetration of Delta loyalists Competitive cost position Extending gauge lead, driving efficiency BOS ■ #1 MSP #1 DTW LGA/JFK #1 SLC #1 #1 ATL #1 QUARTERS ONLY a ATL Coastal Hubs NYC Presence in large revenue markets Growing relevance in international gateways ☐ ☐ Elevating the customer experience by accelerating airport projects Deploying newest aircraft and products Core Hubs Are Our Economic Engine Driving Industry-Leading Profitability And Coastal Hubs Are Enablers Of Premium And International Growth Note: Airport ranks based on estimated 2Q22 domestic revenue share 9#10Best International Platform For Long-Term Profitable Growth Transatlantic #1 North America To Europe JV1 AIRFRANCE KLM virgin atlantic GROUP The #1 Global Network Americas #1 Mexico and South American JVS¹ AEROMEXICO. WESTJET LATAM AIRLINES 1 Based on 2019 ASMs to/from U.S.; LATAM JV pending regulatory approval 2 Based on connectivity to Southeast Asia (2019) Pacific #1 Transpacific JV Hub In Seoul² KOREAN AIR 中國東方航空 CHINA EASTERN 10 10#11Strong Positioning And Multi-Year Strategy 1 Competitive Delta's actions during the pandemic further strengthened its competitive advantages and Advantages enhanced its position as a trusted consumer brand Industry 2 Leadership Delta is leading the industry operationally and financially by demonstrating agility, operational excellence and discipline 3 Brand Preference Delta continues to elevate the customer experience through its best-in-class service and by investing across the travel ribbon, enhancing brand preference and loyalty 4 Earnings Power Delta expects to deliver meaningful profitability in 2022 on its path to improved earnings power, with a target of >$7 of earnings per share by 2024 Financial 5 Foundation Delta's top financial priority is restoring its financial foundation, with a goal to achieve investment grade metrics and 2.0 - 3.0x Adjusted Debt/EBITDAR by 2024 11#12Financial Evolution & Long-Term Targets#13Track Record Of Profitable Growth Target GDP+ Revenue Growth Adj. Total Revenue - $ Billions $42 $36 $28 >$50 2009 2010 - 2014 Average 2015-2019 Average 2024 Goal '09 '19 CAGR - Delta Total Adj. Revenue: 5.2%, US Nominal GDP: 4.0% Prioritize Margin Performance Adj. Operating Margin - % 9.0% 14.5% Mid- Teens 0.3% 2009 2010 - 2014 Average 2015-2019 Average 2024 Goal Amex $1.4B $1.7B $3.2B $7B Remuneration: Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix 13#14Demonstrated Ability To Pass Through Fuel Expense $125 $35B TTM Passenger Revenue Less Fuel¹ Weekly Brent Crude Passenger Revenue Less Fuel ¹ ~8% CAGR Pax-Rev Less Fuel $25B $85 Capacity 2 ~2% CAGR $29 $15B 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 3 Fuel as % of Passenger Revenue 2008: 47% 1H22: 30% 1 Passenger Revenue Less Fuel is Total Passenger Revenue less Total Adj. Fuel Expense ($15.5B as of 4Q09; $33.8B as of 4Q19). Adj. Fuel Expense is a non-GAAP financial measure. In 2009 and 2019, there were no material adjustments to fuel expense, the corresponding GAAP measure 2 Capacity is measured in system wide Available Seat Miles (ASMS) 3 Adj. Fuel price per gallon was $3.29 in 2008 and $3.34 in 1H22 Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix 14#15Cash Generation Supports Reinvestment And Debt Reduction Generate Strong Cash Flows Reduce Debt Levels Free Cash Flow - $ Billions Adj. Net Debt $ Billions $2.1 > $4.0 $3.6 $0.1 2009 2010 - 2014 Average 2015 - 2019 Average 2024 Goal Cash returned $0.3B $2.7B to shareholders: $17 $11 $8 $15 2009 2010 - 2014 Average 2015-2019 Average 2024 Goal Net pension liability: $9B $11B $8B 90 $0 Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix 15#16Durable Competitive Advantages Support Leading Profitability Industry Leading Unit Profitability Adj. Operating Income per Available Seat Mile (¢) Delta 2.45 2.37 Airline Industry Index¹ 1.90 1.39 0.95 1.76 0.04 0.02 2009 2010 - 2014 Average - 2015 2019// Average 2Q 2022 60 Strong Execution Track Record Demand Rising for Premium Brands Brand Preference Supports Growing Loyalty Program 1 Consists of United, American, Southwest, Alaska, and JetBlue, inclusive of previous mergers Note: All carriers, including Delta, are adjusted for special items; Delta non-GAAP financial measures reconciled in Appendix 16#17Significant Structural Improvement From 2009 to 2022 Strong Brand Preference Revenue Premium to Industry Discount 110%+ AMEX Remuneration +$3.5B Younger, More Efficient Fleet 認 Mainline Fleet Age 3 Years Younger Fully Funded Pension & Better Access to Capital Adj. Net Debt + Pension Liability $6B Lower² Fuel Efficiency 13% Better¹ Unencumbered Assets +$14B Delta Has Undergone Tremendous Change Over The Last Decade 1 Fuel efficiency defined as gallons per 1,000 ASMS 2 Adj. Net Debt + Pension Liability as of 2Q 2022 Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix 17#182024 Financial Targets And Value Creation Framework Adjusted Total Revenue 2024 Financial Targets >$50B Delta People and Brand Adj. Earnings per Share1 >$7.00 Return on Invested Capital Free >$4B Thoughtful Industry- Cash Flow Capital Allocation Leading Margins Balance Sheet Adj. Debt/ EBITDAR 2.0 to 3.0x Adj. Net Debt $15B Confident In Ability To Improve Financial Results Beyond Record 2019 Levels 1 Assuming tax rate of 24% with 645 million shares outstanding. Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix 18#19Non-GAAP Financial Measures 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 update to the most directly comparable GAAP financial measures. Reconciliations may not calculate due to rounding. Delta is not able to reconcile certain forward looking non-GAAP financial measures without unreasonable effort because the adjusting items such as those used in the reconciliations below will not be known until the end of the indicated future periods and could be significant. 19#20Non-GAAP Reconciliations Adjustments. These reconciliations include certain adjustments to GAAP measures, which are directly related to the impact of COVID-19 and our response. These adjustments are made to provide comparability between the reported periods, if applicable, as indicated below: Restructuring charges. During 2020, we recorded restructuring charges for items such as fleet impairments and voluntary early retirement and separation programs following strategic business decision in response to the COVID-19 pandemic. During 2021, we recognized adjustments to certain of those restructuring charges, representing changes in our estimates. Restructuring charges in earlier periods include fleet and other charges, severance and related costs and other various items. Because of the variability in restructuring charges, adjusting for this item is helpful to investors to analyze our core operational performance. We also regularly adjust certain GAAP measures for the following items, if applicable, for the reasons indicated below: MTM adjustments and settlements on hedges. 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 applicable period. Third-party refinery sales. Refinery sales to third parties, and related expenses, are not related to our airline segment. Excluding these sales therefore provides a more meaningful comparison of our airline operations to the rest of the airline industry. 20 20#21Non-GAAP Reconciliations Adjusted Total Revenue (in billions) Total revenue Adjusted for: Third-party refinery sales Total revenue, adjusted Number of years Average adjusted total revenue Adjusted Operating Margin 2010 - 2014 Total 2015-2019 Year Ended December 31, Total 2009 2014 2019 182 $ 213 $ 28 $ 40 $ 47 (0) (2) (0) (0) $ 182 $ 211 $ 28 $ 40 $ 47 5 5 $ 36 $ 42 Year Ended December 31, 2009 2010 - 2014 Average 2015 - 2019 Average Operating margin (1.2)% 6.6% 15.4% Adjusted for: Restructuring charges 1.5 1.3 0.0 MTM adjustments and settlements on hedges Third-party refinery sales 1.0 (1.0) 0.0 0.1 Adjusted Operating margin 0.3% 9.0% 14.5% Average adjusted fuel price per gallon Average fuel price per gallon $ Year Ended¹ December 31, 2008 3.29 Six Months Ended June 30, 2022 $ 3.29 Adjusted for: MTM adjustments and settlements on hedges Average adjusted fuel price per gallon 0.05 $ 3.29 $ 3.34 1 Reflects operations for both Delta and Northwest for the year ended December 31, 2008 21 24#22Non-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. Free cash flow is defined as net cash from operating activities and net cash from investing activities, adjusted for (i) net purchases/(redemptions) of short-term investments, (ii) strategic investments and related, (iii) net cash flows related to certain airport construction projects and other, (iv) hedge margin and (v) pension plan contribution. These adjustments are made for the following reasons: 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. Strategic investments and related. Cash flows related to our investments in and related transactions with other airlines are included in our GAAP investing activities. We adjust for this activity because it provides a more meaningful comparison to our airline industry peers. 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 operations in the periods shown. Hedge margin. Free cash flow is adjusted for hedge margin as we believe this adjustment removes the impact of market volatility on our unsettled hedges and allows investors to better understand and analyze the company's core operational performance in the periods shown. Pension plan contribution. In 2017, we contributed $2 billion to our pension plans using net proceeds from our debt issuance. We adjust to exclude this contribution to allow investors to understand the cash flows related to our core operations in the periods shown. (in billions) Net cash provided by operating activties: Net cash provided by investing activties: Adjusted for: Net purchases/(redemptions) of short-term investments Strategic investments and related Net cash flows related to certain airport construction projects and other Hedge margin Pension plan contribution Free cash flow Number of years Average free cash flow Year Ended December 31, 2009 2010 - 2014 Total 2015-2019 Total $ 1.4 $ 17.6 $ 35.7 (1.0) (10.7) (20.4) (0.3) 1.3 (1.2) 0.4 2.2 0.7 0.7 0.9 (0.9) 2.0 0.1 $ 10.2 $ 18.0 5 5 $ 2.1 $ 3.6 22 22#23Non-GAAP Reconciliations Adjusted Net Debt and Adjusted Net Debt and Pension Liability. Delta uses adjusted total debt and adjusted net debt and pension liability, including aircraft rent, in addition to adjusted debt and finance leases, to present estimated financial obligations, including pension liability. Delta reduces adjusted total debt by cash, cash equivalents, short- term investments and hedge margin receivable, resulting in adjusted net debt, to present the amount of assets needed to satisfy the debt. Management believes these metrics are helpful to investors in assessing the company's overall debt profile and financial obligations. (in billions) December 31, 2009 2010 - 2014 Total¹ 2015-2019 Total June 30, 2022 2Q22 vs 2009 Change Debt and finance lease obligations 17 63 45 25 Plus: sale-leaseback financing liabilities 2.2 Plus: unamortized discount/(premium) and debt issue cost, net and other Adjusted debt and finance lease obligations 1 2 0 0 18 $ 65 $ 46 27 Plus: 7x last twelve months' aircraft rent Adjusted total debt Less: cash, cash equivalents and short-term investments Less: hedge margin receivable Adjusted net debt Number of years Average adjusted net debt 3 10 12 3 22 75 58 31 (5) (18) (16) (11) (1) (0) 17 $ 56 $ 41 20 5 5 $ 11 $ 8 Pension Liability Adjusted Net Debt and Pension Liability 9 26 1 $ 21 $ (6) 1 Represents the total of amounts as of December 31 for each year included within the range Adjusted Operating Income per Available Seat Mile ("ASM"). We present this metric because management believes it is helpful to investors to show the company's operating results on unit basis adjusted for certain non-recurring items to provide comparability between reporting periods. (in cents) Year Ended December 31, 2009 2010 - 2014 2015-2019 Three Months Ended Total Total June 30, 2022 Operating income per ASM Adjusted for: (0.14) 5.12 12.69 2.58 Restructuring charges 0.18 0.96 0.01 (0.00) MTM adjustments and settlements on hedges Operating Income per ASM, adjusted 0.86 (0.82) (0.12) 0.04 6.94 11.87 2.45 Number of years 5 5 Average adjusted operating income per ASM 1.39 2.37 23