Aircraft Fleet Investment Overview

Transaction Overview KEEP CLIMBING ▲ DELTA Delta Air Lines, Inc. ("DAL" or "Delta") intends to raise $500,000,000 through the offering of two classes of Pass Through Certificates, Series 2019-1 (the "Certificates" or "DAL 2019-1") Class AA face amount of $425,000,000 Class A face amount of $75,000,000 The Equipment Notes underlying the Certificates will have the benefit of a security interest in 10 Airbus and 4 Boeing aircraft that were delivered new to Delta in 2018 -- 2 Airbus A220-100 aircraft delivered in December 2018 6 Airbus A321-200 aircraft delivered between August and November 2018 4 Boeing 737-900ER aircraft delivered between November and December 2018 2 Airbus A350-900 aircraft delivered between May and June 2018 The Certificates offered in the transaction will include two classes, each with bullet maturities Class AA senior tranche with a 5.1 year maturity and a 49.0% Initial / 56.8% Max Loan-to-value ratio ("LTV")) Class A junior tranche with a 5.1 year maturity and a 57.6% Initial / 66.9% Max LTV(1) No additional aircraft will be financed to increase the offering size of the Class AA or Class A Certificates Delta will retain the option to offer one or more subordinate classes at any time on or after the issuance date of the Certificates The transaction's legal structure will include: Liquidity facilities covering three successive semi-annual interest payments on the Class AA and Class A Certificates Interest on Eligible Pool Balance of the Class A Certificates is paid ahead of principal on the Class AA Certificates Sole Structuring Agent: Credit Suisse Joint Lead Bookrunners: Credit Suisse, Citi, Deutsche Bank, and Wells Fargo Securities Liquidity Facility Provider: Commonwealth Bank of Australia, acting through its New York Branch (1) Initial LTV for each of Class AA and Class A calculated as of March 13, 2019, which is assumed to be the closing date of the offering (the "Closing Date"). Max LTV is calculated as of October 25, 2023, which is assumed to be the last regular distribution date preceding the Final Expected Distribution Date 2

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