Investor Presentaiton

Current Environment . COVID-19 has had an unprecedented impact on our business • Delta's response to this crisis has been focused on three key priorities: · • 1. Protecting the health and safety of our employees and our customers 2. Preserving financial liquidity to work through this crisis 3. Defining our recovery path through and beyond the crisis Demand trends have improved modestly off the mid-April low point driving modest capacity rebuild in June and July to provide more schedule utility - - Domestic leisure traffic returning as states lift shelter-in-place orders International improvement expected to lag Domestic by 1 to 2 quarters Our principal financial goal is to reduce average daily cash burn to zero by year end Expect daily average cash burn of approximately $30 million in June, a significant improvement from peak burn rate in late March and initial expectations Capital markets remain receptive allowing us to reduce risk by raising cash Liquidity actions to date, combined with CARES Act relief, position Delta to end June quarter with over $15 billion of cash on hand Note: Cash burn is defined as free cash flow per day, which includes the impact of net sales (cash sales less refunds). Cash burn excludes proceeds from financing arrangements that are reported within investing activities in GAAP results and the CARES Act Payroll Support Program grant proceeds that are reported within operating activities in GAAP results. The company is unable to provide a reconciliation to the most directly comparable GAAP measure for these periods without unreasonable efforts. 2

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