Delta Air Lines Investor Presentation — March 2017

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Delta – A Durable Business Model

J.P. Morgan Aviation, Transportation and Industrials

March 15, 2017 2 Safe Harbor

Statements in this presentation that are not historical facts, including statements regarding our estimates, expectations, beliefs,

intentions, projections or strategies for the future, may be "forward -looking statements" as defined in the Private Securities L itigation

Reform Act of 1995. All forward -looking statements involve a number of risks and uncertainties that could cause actual results t o differ

materially from the estimates, expectations, beliefs, intentions, projections and strategies reflected in or suggested by the forward -

looking statements. These risks and uncertainties include, but are not limited to, the effects of terrorist attacks or geopo litical conflict;

the cost of aircraft fuel; the impact of fuel hedging activity including rebalancing our hedge portfolio, recording mark -to-mark et

adjustments or posting collateral in connection with our fuel hedge contracts; the availability of aircraft fuel; the perform ance of our

significant investments in airlines in other parts of the world; the possible effects of accidents involving our aircraft; th e restrictions that

financial covenants in our financing agreements could have on our financial and business operations; labor issues; interrupti ons or

disruptions in service at one of our hub or gateway airports; breaches or security lapses in our information technology syste ms;

disruptions in our information technology infrastructure; our dependence on technology in our operations; the effects of weat her,

natural disasters and seasonality on our business; the effects of an extended disruption in services provided by third party regional