#1Delta Air Lines June 19, 2020 ▲ DELTA EAM#2Safe 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 material adverse effect that the COVID-19 pandemic is having on our business; the impact of incurring significant debt in response to the pandemic; 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 performance of our significant investments in airlines in other parts of the world; the restrictions that financial and other 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; the cost of aircraft fuel; the availability of aircraft fuel; 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; 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 impact of environmental regulation on our business; the sensitivity of the airline industry to prolonged periods of stagnant or weak economic conditions; and uncertainty in economic conditions and regulatory environment in the United Kingdom related to the exit of the United Kingdom from the European Union. 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 Dec. 31, 2019, our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 and our Current Report on Form 8-K/A as filed on June 10, 2020. Caution should be taken not to place undue reliance on our forward-looking statements, which represent our views only as of June 19, 2020, and which we have no current intention to update except to the extent required by law. ▲ DELTA 1#3Current Environment . COVID-19 has had an unprecedented impact on our business • Delta's response to this crisis has been focused on three key priorities: · • 1. Protecting the health and safety of our employees and our customers 2. Preserving financial liquidity to work through this crisis 3. Defining our recovery path through and beyond the crisis Demand trends have improved modestly off the mid-April low point driving modest capacity rebuild in June and July to provide more schedule utility - - Domestic leisure traffic returning as states lift shelter-in-place orders International improvement expected to lag Domestic by 1 to 2 quarters Our principal financial goal is to reduce average daily cash burn to zero by year end Expect daily average cash burn of approximately $30 million in June, a significant improvement from peak burn rate in late March and initial expectations Capital markets remain receptive allowing us to reduce risk by raising cash Liquidity actions to date, combined with CARES Act relief, position Delta to end June quarter with over $15 billion of cash on hand Note: Cash burn is defined as free cash flow per day, which includes the impact of net sales (cash sales less refunds). Cash burn excludes proceeds from financing arrangements that are reported within investing activities in GAAP results and the CARES Act Payroll Support Program grant proceeds that are reported within operating activities in GAAP results. The company is unable to provide a reconciliation to the most directly comparable GAAP measure for these periods without unreasonable efforts. 2#4• Reducing Cash Burn and Boosting Liquidity Minimizing cash burn is the most valuable action to preserve liquidity Daily cash burn in June quarter to date better than original expectations in April Driven by strong cost performance and an improvement in net sales Average Daily Cash Burn $100M With improved cash burn, $5 billion slots/gates/routes secured financing, $1.25 billion unsecured financing and other liquidity actions, we expect to have over $15 billion of liquidity by the end of June Includes $4.9 billion from CARES Act Payroll Support Program through end of June, with additional $0.5 billion to come in July Maintain access to additional capital through our own efforts or the CARES Act secured loan program under which Delta is eligible for up to $4.6 billion Additional unencumbered collateral - primarily aircraft with some engines and spare parts Flexibility to de-lever by paying cash for 2021 maturities Last two weeks of March Liquidity $6B $6B Targeting $10 Billion Of Liquidity And Breakeven Cash Burn By Year End $30M June > $15B YE19 1Q20 2Q20E ▲ DELTA 3#5Aggressive Self-Help Measures to Preserve Cash - Capacity and Fleet Planned capacity reduced by more than 85% year-over-year in the June quarter Parking and retiring aircraft to save costs with more than 650 aircraft parked currently and the accelerated retirement of MD88/90 and 777 fleets Considering additional fleet retirements to advance simplification strategy Reducing non-essential maintenance while adhering to the highest level of flight safety Paused new aircraft deliveries - - Cost Reductions Expect June quarter total expenses to decline by ~55% over prior year Labor savings of $700 million in the June quarter driven by reduced work schedules and more than 40% of workforce taking voluntary leaves Consolidated airport facilities, including the temporary closure of concourses and SkyClubs Reduced contractor and discretionary spend Offering voluntary retirement/separation packages ADELTA 4#6Strengthening Delta's Liquidity Position - - - Cash Preservation Expense reduction has driven significant improvement in daily rate of cash burn Reduced planned capex by ~$3.5 billion in 2020 - Deferred new aircraft deliveries, aircraft mods, IT initiatives and ground equipment refresh Extending payment terms with airports, vendors and lessors Implementing working capital initiatives, lowering working capital to preserve liquidity Suspended share repurchases and dividend payments - Deferred voluntary pension funding - - - Financing and Liquidity Ended March quarter with $6 billion, expect to end June quarter with over $15 billion in liquidity Raised over $14 billion since early March, in addition to receiving $3.8 billion in CARES Act PSP funds to date - $3 billion term loan secured by aircraft; $1.2 billion aircraft sale leasebacks; $1.1 billion EETC; $1.25 billion unsecured notes $3.5 billion senior secured notes and $1.5 billion first lien term loan secured by slots, gates and routes Drew down $3 billion under existing revolving credit facilities Additional unencumbered collateral - primarily aircraft with some engines and spare parts ADELTA 5#7More Certain Near-Term Position Enables Recovery Planning Preparing for slow and choppy recovery due to dual effect of pandemic and recession - - Revenue recovery could take up to 2 to 3 years to return to a new level of normal Multi-year recovery requires Delta to be a smaller carrier and make structural cost changes Accelerating our fleet simplification efforts so that we can emerge with a simpler, more efficient streamlined fleet Proactively managing headcount with voluntary leaves and voluntary separation/early retirement programs Recovery will be dictated by our customers feeling safe, physically and financially, to travel at scale Developing a plan to align to evolving global customer expectations Rebuilding confidence in travel by expanding our safety promise to encompass personal safety Network recovery prioritizes domestic as international will take longer to recover Our recovery plan builds on the strengths that have defined Delta over the last decade ▲ DELTA 6#8Current Environment Overshadows Decade of Transformation • Established strong financial foundation over the last decade . Unique service culture Industry-leading operational • • Pre-Tax Income $6.2B $5.3B Operating Cash Flow $8.5B $6.8B performance and network Strong customer loyalty and increased. revenue diversity Deep partnerships and global scale advantages Reduced debt and improved funded status of pension $1.5B $2.8B 2010 2017 2019 2010 2017 2019 Fifth consecutive year in 2019 >$5 billion Consistent reinvestment Note: Adjusted for special items; non-GAAP financial measures reconciled in Appendix A DELTA 7#9Strong Foundation Positions Delta Well For Recovery 2009 2014 2019 Domestic Net Brand strength and record customer satisfaction 15% 34% 51% Promoter Score Amex Cash More resilient, higher margin revenue streams $1.2B $2.0B $4.1B Contribution Interest and Focus on reducing financing costs $1.7B $0.9B $0.4B Pension Expense Hedge Fuel hedge Losses ($1.3B) ($0.1B) Pre-Tax Substantially stronger financial foundation Income ($1.1B) $4.5B $6.2B Note: Pre-tax income adjusted for special items; non-GAAP financial measures reconciled in Appendix A DELTA 8#10Long-term Opportunity Unchanged by Near-term Challenges Powerful Brand With Industry- Unmatched Strong Partner Proven Track Record Competitive Portfolio and Advantages Leading Returns Commitment to Carbon Neutrality and Environmental Sustainability Global Scale of Execution & Reinvestment ADELTA#11Question & Answer ▲ DELTA EAM#12Non-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. The Company is not able to reconcile forward looking non-GAAP financial measures 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. A DELTA 11#13Non-GAAP Reconciliations Pre-Tax Income, Adjusted – Annual - We adjust pre-tax income for the following items to determine pre-tax income, adjusted for the reasons described 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 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' MTM adjustments to allow investors to understand and analyze our core financial 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. (in billions) GAAP Adjusted for: Year Ended December 31, 2017 Year Ended December 31, 2014 $ 5.5 1.1 Year Ended December 31, 2010 $ Year Ended December 31, 2009 0.6 $ (1.6) MTM adjustments and settlements on hedges Equity investment MTM adjustments Restructuring and other Loss on extinguishment of debt Total adjustments Non-GAAP (0.3) 0.1 2.3 0.1 0.7 0.5 0.4 0.3 0.4 0.1 (0.2) 3.5 0.9 0.5 $ 5.3 $ 4.5 $ 1.5 $ (1.1) A DELTA 12#14Non-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. Adjustments include: Hedge deferrals, including early settlements. During the March 2015 quarter, we effectively deferred settlement of a portion of our fuel hedge portfolio 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 2015 and require approximately $300 million in cash payments in 2016. During the March 2016 quarter, we further 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. Operating cash flow is adjusted to include the impact of these deferral transactions in order to allow investors to better understand the net impact of hedging activities in the periods shown. 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. 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. (in billions) Net cash provided by operating activities (GAAP) Adjustments: Hedge deferrals, including early settlements Reimbursements from third parties related to build-to-suit leased facilities and other Pension plan contribution Net cash provided by operating activities, adjusted Year Ended December 31, 2019 Year Ended December 31, 2017 $ 8.4 $ 5.0 0.1 8.5 SA (0.2) 2.0 6.8 A DELTA 13