Investor Presentaiton

Aircraft Collateral Summary KEEP CLIMBING ▲ DELTA The initial aggregate Appraised Value is $1,473,880,000(1), indicating an initial collateral cushion of approximately 46.0% (2) and 32.2% (2) on the Class AA Certificates and the Class A Certificates, respectively, and such aggregate Appraised Value decreases over time based on the assumed depreciation of the appraised value of the collateral(3) Aircraft No. Aircraft Type Registration Number Serial Number Delivery Month AIST Appraised Value (Smm) BK Equipment Note mba LMM Maturity Date 1 Arbus A321-211 N301DV 6923 March 2016 $41.12 $42.71 $40.83 2 Airbus A321-211 N305DN 7149 June 2016 41.44 43.78 41.52 $41.12 41.52 June 10, 2028 June 10, 2028 3 Airbus A321-211 N306DN 7165 July 2016 41.38 44.00 41.75 41.75 June 10, 2028 4 Airbus A321-211 N307DX 7214 July 2016 41.42 44.03 41.75 41.75 June 10, 2028 5 Airbus A321-211 N319DN 7479 April 2017 43.32 47.69 43.87 43.87 June 10, 2028 6 Boeing 737-932ER N826DN 31937 August 2014 32.52 31.68 33.31 32.50 June 10, 2027 T Boeing 737-932ER N827DN 31938 September 2014 32.90 32.02 33.93 32.90 June 10, 2027 B Boeing 737-932ER N828DN 31939 October 2014 33.16 32.45 34.34 33.16 June 10, 2027 9 Boeing 737-932ER N829DN 31941 November 2014 33.45 32.99 34.89 33.45 June 10, 2027 10 Boeing 737-932ER N830DN 31940 November 2014 33.97 33.48 35 33 33.97 June 10, 2027 11 Boeing 737-932ER N831DN 31942 December 2014 33.83 33.59 35.25 33.83 June 10, 2027 12 Boeing 737-932ER N832DN 31943 January 2015 34.95 33.49 35.35 34.60 June 10, 2027 13 Boeing 737-932ER N834DN 31946 February 2015 35.25 34.02 35.84 35.04 June 10, 2027 14 Boeing 737-932ER N835DN 31945 February 2015 35.79 34.59 36.40 35.59 June 10, 2027 15 Boeing 737-932ER N836DN 31947 March 2015 35.31 34.34 36.07 35.24 December 10, 2027 16 Boeing 737-932ER N837DN 31948 March 2015 34.95 33.96 35.70 34.87 December 10, 2027 17 Boeing 737-932ER N838DN 31949 April 2015 35.93 35.29 36.96 35.93 December 10, 2027 18 Boeing 737-932ER N839DN 31950 April 2015 35.56 34.84 36.54 35.56 December 10, 2027 19 Boeing 737-932ER N840DN 31951 May 2015 35.22 34.76 36.37 35.22 December 10, 2027 20 Boeing 737-932ER N841DN 31952 June 2015 36.46 36.32 37.84 36.46 December 10, 2027 21 Boeing 737-932ER N851DN 31962 January 2016 38.36 38.37 38.17 38.30 December 10, 2027 22 Boeing 737-932ER N852DN 31963 January 2016 37.73 38.14 37.53 37.73 December 10, 2027 23 Boeing 737-932ER N853DN 31964 February 2016 38.52 39.19 38.39 38.52 December 10, 2027 24 Boeing 737-932ER N854DN 31965 February 2016 37.47 38.04 37.25 37.47 June 10, 2028 25 Boeing 737-932ER N855DN 31900 March 2016 37.52 38.47 37.46 37.52 June 10, 2028 26 Boeing 737-932ER N856DN 31967 March 2016 38.09 39.09 37.96 38.09 June 10, 2028 27 Boeing 737-932ER N857DZ 31968 April 2016 38.19 39.54 38.18 38.19 June 10, 2028 28 Airbus A330-302 N822NW 1627 May 2015 80.03 71.44 77.28 76.25 June 10, 2027 29 Airbus A330-302 N824NW 1637 June 2015 80.07 72.05 77.60 76.57 June 10, 2027 30 Airbus A330-302 N823NW 1628 August 2015 80.42 73.57 78.69 77.56 December 10.2027 31 Airbus A330-302 N825NW 1679 November 2015 84.93 77.50 82.05 81.49 December 10, 2027 32 Airbus A330-302 N826NW 33 Airbus A330-302 N831NW 1701 1783 January 2016 April 2017 83.25 75.64 82.26 80.38 June 10, 2028 87.47 95.99 87.47 June 10, 2028 TOTAL $1,489.98 $1,467.06 82.49 $1,489.15 $1,473.88 (1) Appraised value is calculated using the lesser of the median and mean (LMM) values of each aircraft as appraised by Aircraft Information Services, Inc. ("AISI), BK Associates, Inc. (BK), and Morten Beyer & Agnew, Inc. ("mba") as of February 1, 2020. An appraisal is only an estimate of value and should not be relied upon as a measure of realzable value. See Appendix II of the Preliminary Prospectus Supplement for information regarding each appraiser's appraisal methodology. (2) The inital collateral cushion is calculated as of the Closing Date, using the Initial LTV set forth under "Loan to Aircraft Value Ratios" in the Summary of the Preliminary Prospectus Supplement. (3) Assumes that the appraised value of the aircraft depreciates by 3% per year. 5

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