0. ““Merger Mania” Will it affect your Airport? SEC/AAAE - 2010
David Hamm
Director – Corporate Real Estate
Delta Air Lines
April 20,2010

1. Delta and Northwest
Created an effective global U.S. carrier with over 390 worldwide destinations
#1 U.S. carrier to Europe and strong Latin American presence
Domestic focus in East and Mountain West
Member of SkyTeam alliance
3rd largest carrier in the U.S. with 13.2% of domestic ASMs
4th largest carrier in the world with 4.1% of worldwide ASMs
Hubs in Atlanta, Cincinnati, New York City and Salt Lake City
Focus cities in Boston, Los Angeles and Orlando
Service to 212 domestic and 115 international destinations
International focus on Asia and #1 U.S. carrier in U.S.-Japan market
Domestic focus in Midwest
Member of SkyTeam alliance
7th largest carrier in the U.S. with 7.3% of domestic ASMs
9th largest carrier in the world with 2.6% of worldwide ASMs
Hubs in Detroit, Memphis, Minneapolis/St. Paul and Tokyo
Focus cities in Indianapolis and Seattle
Service to 200 domestic and 50 international destinations
Source: Market share based on March 2008 OAG (week sample). Destinations served data based upon OAG Jan 2008 – Dec 2008 (excluding cancellations and including additions as of March 28, 2008)

2. Regional strengths, but globally weak
Delta and Northwest
Flying independently…..
Transatlantic
DL #1
Domestic
DL #3
Japan
NW #1
Transatlantic
NW #5
Japan
DL #5
Domestic
NW #7
Asia
NW #2
Africa
DL #1
Asia
DL #5
Latin America
DL #2
Latin America
NW #10
Regional strengths, but globally weak 2

3. Leading presence across the globe
Delta and Northwest
Flying together….. America’s Premier Global Airline
Transatlantic #1
Domestic #1
Japan #1
Asia #1
Africa #1
Latin America #2
REVIEW SLIDE
Australia #2
Leading presence across the globe 3

4. Delta and Northwest International Networks are Highly Complementary
International ASM Breakdown by Region (% of airline’s total)
Source: March 2008 OAG (week sample) 4 4

5. U.S. airline industry will remain highly competitive post merger
Delta and Northwest
Domestic Market is Highly Fragmented
Domestic Passenger Share
No airline currently has greater than 20% domestic passenger share
Post merger, Southwest continues to have the highest domestic passenger share
U.S. airline industry will remain highly competitive post merger
Source: APGDat DB1A 3Q07 Domestic passenger share

6. Delta and Northwest Domestic Strength and International Success
Northeast #1
Midwest #1
Rocky
Mountain #2
West #3
Southeast #1
Southwest #5
Source: US DOT revenue 4Q ended 1Q08 6

7. Customers benefit from increased choice and more efficient connections
Delta and Northwest
Unique Regional Presence allowed for End-To-End Merger
Northwest airports not served by Delta
Delta airports not served by Northwest
Customers benefit from increased choice and more efficient connections
Source: OAG, Jan 2008 – Dec 2008 (excluding cancellations and including additions as of March 28, 2008)

8. Delta and Northwest Domestic Networks are Highly Complementary
Domestic Passenger Breakdown by Region (% of airline’s total)
Source: DOT O&D Survey, Twelve months ended 3Q07

9. Delta and Northwest
Diversity Among the Delta/Northwest Fleets Provides Flexibility
/LR
MD-88
A333
A332
/300
A320/319
DC-9

10. Number of Aircraft by Average Seat Count (As of 12/31/2007)
Delta and Northwest
Complementary Fleets allows Matching Capacity to Demand
Number of Aircraft by Average Seat Count (As of 12/31/2007)
<50
51-76
77-125
>325
Delta has no aircraft with more than 285 seats while Northwest has 37
Delta has no aircraft in the seat range while Northwest has 151
Source: SEC Filings and Ascend Aircraft Database

11. Delta and Northwest Positioning Delta for Continued Success
Delta operating in over 390 airports worldwide
Roughly 245 domestic and 145 international locations
Delta rebranding completed in 76 stations where only Northwest operated
Primarily located in the Midwest and Asia
Airport consolidations in 170 locations where both Delta and Northwest operated were completed in January 2010
First airports were consolidated in March 2009
PHL was the last airport consolidated in January 2010
Critical to consolidate prior to February 1, 2010, date of last Northwest flights
Over 160 airport gates and associated space were released during the process
Rebranding in 150 Delta only airports with Air France and KLM signage was also completed
Providing system wide signage consistency for SkyTeam 11

12. Industry Perspective – the last few years.
Volatile fuel costs – although lower this year, still at historically high levels
Industry seeing passenger declines in major airports for first time
Shifting dynamics of airline model – repositioning to build on core strengths
Worldwide recession and economic challenges unparalleled during our lifetime
Airline Ratings continue to be below investment grade
Consolidation – more to come?

13. Average* U.S. Jet Fuel Price (¢/Gallon)
From 2002 to 2008, Price of Jet Fuel Rose Relentlessly Average U.S. Spot Price Surged 320% During That Six-Year Period
2000 to 2008: Up 230.7%
2002 to 2008: Up 320.3%
Average* U.S. Jet Fuel Price (¢/Gallon)
* Simple average of spot prices in New York Harbor, U.S. Gulf Coast and Los Angeles
Source: U.S. Energy Information Administration 13 13

14. Demand for Domestic Air Travel Has Not Recovered Domestic Passenger Revenue as Share of U.S. GDP Continues to Stagnate
“The events of 9/11 marked…a permanent decline in domestic airline demand. We estimate that the gap between pre-9/11 demand and the post-9/11 period demand resulted in $26bn in lost revenue in 2008 and $150bn in cumulative lost revenue over the last 7 years. For perspective, the cumulative loss in revenue is the equivalent of the industry having no domestic revenue in 2007 and 2008.”
“9/11 Revenue Impact in Context,” Gary Chase, Barclays Capital (Feb. 10, 2009)
Impact = $22B
Sources: Bureau of Economic Analysis and Bureau of Transportation Statistics 14 14

15. Domestic ASMs per 000 Dollars ($2000) of U.S. GDP
With Declining Portion of Economy Being Spent on Domestic Air Travel, Airlines Have Contracted Accordingly
Domestic ASMs per 000 Dollars ($2000) of U.S. GDP
Sources: ATA analysis of data from the Bureau of Economic Analysis and Bureau of Transportation Statistics 15 15

16. Demand for Air Travel and Air Cargo Down Sharply in 2009
Year-Over-Year Change (%) Through March
* Alaska, American, Continental, Delta, JetBlue, United and US Airways, as well as selected regional affiliates
** Alaska, American, Continental, Delta, FedEx, Hawaiian, JetBlue, Midwest, Southwest, United, UPS and US Airways 16 16

17. U.S. Passenger Airline FTEs (000)
Economy Continues Heavy Toll on U.S. Airline Jobs FTEs Down 28% from May 2001 Peak (542K) to February 2009 (392K)
~151,000 FTEs
U.S. Passenger Airline FTEs (000)
Source: U.S. Bureau of Transportation Statistics 17 17

18. S&P Corporate Credit Ratings
One U.S. Passenger Airline Has Investment Grade Credit No Passenger Airline in the World Enjoys an A-Minus or Better Rating
U.S. airline
Non-U.S. airline
Investment Grade A-
BBB-
S&P Corporate Credit Ratings
Speculative
Source: Standard and Poor’s as of Apr. 16, 2009 18 18

19. Immediate Challenges Loom Large
A healthy commercial aviation sector enables/fosters a thriving economy
In large part, airlines’ post-2000 survival has come via contraction, with 152K fewer jobs and 8% less domestic seating capacity (through 2Q09)
U.S. airlines incurred multibillion-dollar pretax losses in 2008
For 2009, lower fuel prices were offset by plummeting demand
Demand for air travel and air cargo, especially time-sensitive shipments, is down sharply in all regions in which U.S. carriers operate
Spending on air transport also down – permanently – as share of U.S. GDP
To invest in people, planes and product, airlines require sustained profitability (pretax margin) – they need to earn their cost of capital
Mergers may help facilitate continue contractions and allow carriers to cover their cost of capital 19