Investor Presentaiton

▲ DELTA International Equity Investments Acquiring 49% of Virgin Atlantic provides unique opportunity to increase Heathrow presence • Delta to invest $360 million to acquire the 49% stake in Virgin Atlantic currently held by Singapore - Virgin Group to retain its 51% stake and Virgin Atlantic will remain private Combined network North America - London YVR MSP BOS LON SFO ORD DTW EWR & JFK İAD LAX LAS ATL MCO London Heathrow London Gatwick ΜΙΑ CUN • - - Delta to have three board seats Will create $3 billion revenue joint venture for flying between North America and U.K. - Will seek to add Virgin to existing antitrust immunity order with other Delta partners across the Atlantic - Expect to launch joint venture by end of 2013, assuming timely receipt of ATI ⚫ Joint venture with Virgin Atlantic is the answer for acquiring the scale needed to compete effectively in Heathrow Combined network has 23 daily round trips from LHR and 31 daily roundtrips between U.K. and North America Nine daily flights from New York area airports to Heathrow Joint venture expected to generate $120M in annual synergies for Delta Network benefits from more comprehensive schedule, improved connectivity, and aircraft reallocation - Sales benefit from corporate contract gains © Cost synergies from operational cooperation 21 24

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