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Investor Presentaiton

Investments Pressuring Costs, but Improving Margin Performance ▲ DELTA Delta's tactical investments in its operations, product and people have contributed to higher earnings While non-fuel unit costs have increased 8% from 2009, Delta has maintained its cost advantage and improved its earnings performance Rolling 12 Months Non-Fuel CASM 9.40 8.90 8.40 7.90 DAL -Legacy Carriers Excl DAL 7.40 4Q08 3Q09 2Q10 1Q11 4Q11 3Q12 Note: Legacy carriers include AMR, LCC and UAL; all results exclude special items 41 21

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