Investor Presentaiton

Non-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

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