Investor Presentaiton

Striking the Right Financial Balance ▲ DELTA Investing in the Business • Focus on Long-Term Margin Expansion Sound Employment of Free Cash Flow Investments in business driving revenue growth as well as cost increases Strategic investments have boosted pre-tax margin performance . • Structural cost initiatives will preserve Delta's cost advantage and pave the way for margin expansion Taking a different approach to addressing rising jet crack spreads through refinery acquisition • Delevering the balance sheet to reduce risk and improve income • Focus on generating free cash flow and deploying it wisely • Balancing capital spending, debt reduction, pension obligations and shareholder returns 49 49

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