Investor Presentaiton

▲ DELTA Airlines Have More Runway Ahead Multiples do not reflect combination of similar profitability and lower forward capital commitments The industry is approaching similar levels of profitability... ...with a much different forward outlook on capacity and capital Airline Industry Net Income $4,850 M $3,790 M Avg. P/E = Avg. P/E = 11.4 7.9 Mainline Aircraft Deliveries for Major U.S. 1,212 Carriers 422 $30+ billion capital 1998-1999 2012 Deliveries 1999-2002 Scheduled Deliveries 2013-2016 UT 5

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