Investor Presentaiton

Total Expense Growth in 2020 Expected to be Slightly Lower than 2019 Non-Fuel Expense Fuel Price per gallon ~ - Flat • · Key Assumptions Approximately 2% fuel efficiency improvement Higher volume • • • Next-gen aircraft Industry Wide • Wage increases • Airport construction . Non- Operating • Pension favorability . due to strong asset returns and cash contributions in 2019 Higher volume Key Drivers for Delta Catering transformation Depreciation One Delta • Lower gauge benefit • • Product and service Technology Profit Sharing . • Increase in employee profit sharing on expectation of higher pre-tax income A DELTA 69

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