Jul 16, 2008 (PrimeNewswire via COMTEX) ----

 Company reports $137 million profit excluding special charges Unprecedented fuel prices increase costs by more than
   $1 billion 

ATLANTA, July 16, 2008 (PRIME NEWSWIRE) -- Delta Air Lines (NYSE:DAL) today reported results for the quarter ended June 30, 2008. Key points include:

 * Delta's net income for the June 2008 quarter excluding special charges
   was $137 million, or $0.35 per diluted share, despite a more than $1 billion year-over-year increase in fuel input costs related
   to higher prices.(1,2,3) * Including special charges of $1.2 billion, Delta's reported net loss for the June 2008 quarter
   was $1.0 billion, or $2.64 per diluted share. * Delta's merger with Northwest Airlines is targeted to close during the fourth
   quarter of 2008. The company expects approximately $2 billion in annual merger-related synergies by 2012 with cash integration
   costs of approximately $600 million over three years. * As of June 30, 2008, Delta had $4.3 billion in unrestricted liquidity,
   including $1 billion available under its revolving credit facility. 

"When faced with the challenge of unprecedented fuel prices, Delta distinguished itself by reacting quickly and decisively with strong topline growth, domestic capacity rationalization, cost initiatives, fuel hedging, and a focus on preserving liquidity -- while continuing to run a great airline and deliver exceptional customer service," said Richard Anderson, Delta's chief executive officer. "With our talented employees, revenue momentum, a solid balance sheet, and our game-changing merger with Northwest, we are well positioned to seize opportunities in the current environment and strengthen our leadership position as the global airline of choice."

June Quarter Financial Results

Including special charges of $1.2 billion, net of tax, primarily related to the impairment of goodwill and other intangibles, Delta reported a net loss for the June 2008 quarter of $1.0 billion. Excluding special and reorganization items in both periods, Delta had net income of $137 million in the second quarter of 2008 compared to net income of $274 million in the second quarter of 2007(4). The year-over-year decrease in net income was driven primarily by unprecedented fuel prices, partially offset by an increase in operating revenue from international expansion.

In March, Delta announced it had recalibrated its 2008 business plan with a focus on preserving liquidity in light of the significant increase in crude oil prices. During the June quarter, as fuel prices continued to rise, the airline reevaluated its flight schedule, targeting additional reductions in capacity. Delta now expects system capacity for the second half of 2008 to be down 4% compared to 2007, with domestic capacity down 13% and international capacity up 14%. The company is now targeting to remove the equivalent of 100 regional aircraft from the system by the end of the year. Through aggressive revenue and cost initiatives, including expansion of its international network, and utilization of its fuel hedge strategy, the company expects to cover approximately $3 billion of the estimated $4 billion raw impact of higher fuel input costs in 2008. Delta expects to end the year with a liquidity position of $3.2 billion, including $1 billion available under its revolving credit facility.

"The fact that we mitigated nearly 80% of the impact of higher fuel input cost this quarter while improving our liquidity is a testament to both the strength of our action plan and the can-do spirit of the Delta people," said Edward Bastian, Delta's president and chief financial officer. "Unprecedented fuel prices have created a real crisis in the airline industry, and Delta has been a leader in responding with quick, decisive action."

Merger with Northwest

In April, Delta announced an agreement to merge with Northwest Airlines -- creating a formidable, long-term competitor with the revenue-generating power of a diverse global network combined with a best-in-class cost structure and solid balance sheet. The companies are targeting to close the merger by the end of 2008.

Initial synergy estimates for the merger were based on a high-level approach. Since that time, the companies have formed teams to plan the integration of the two airlines and to review the full benefits of the merger taking a very detailed, bottom-up approach. Delta forecasts $500 million in synergies in 2009, increasing up to the full run-rate of approximately $2.0 billion in annual synergies by 2012. In addition, estimated cash integration costs have been refined and are expected to be approximately $600 million over three years.

The companies have achieved several significant milestones on the path toward closing the merger and completing a seamless integration of the airlines, including:

 * Reaching an unprecedented pre-merger joint collective bargaining agreement between the Delta and Northwest units
   of the Air Line Pilots Association. This four-year agreement through 2012, which includes a process to establish an integrated
   pilot seniority list upon the closing of the merger, will give Delta the full ability to realize network and fleeting synergies.
   Pilots at both companies will receive pay raises and an equity stake in the combined company. The tentative agreement is subject
   to ratification by both airlines' pilot groups, which is expected by mid-August. * Announcing a post-merger organizational
   structure and the executives who will hold key leadership positions in the combined airline. * Forming 25 joint Delta-Northwest
   teams to plan integration activities and drive synergy achievement. These teams, which cover areas from operations to corporate
   support, are prioritizing integration activities with a focus on optimizing synergies and planning for a seamless operational
   and customer transition to the new Delta. * Scheduling special meetings of Delta and Northwest stockholders to obtain the
   necessary stockholder approvals to close the merger. The meetings will be held on Sept. 25, 2008 in Atlanta (Delta) and New
   York (Northwest). 

Revenue Momentum

Delta continued to deliver strong revenue growth as a result of its international network investment, cargo and ancillary business revenue growth, and aggressive yield management. June 2008 quarter revenue improved 10%, or almost $500 million, year over year. Based on the most recently available ATA data, Delta achieved a revenue premium to the industry -- its consolidated length of haul adjusted passenger unit revenue (PRASM) was 102% of industry average PRASM (excluding Delta) for the first five months of the year. Delta reached its goal of closing the PRASM gap to the industry a year ahead of schedule.

Comparisons of revenue-related statistics are as follows:

 June 2008 Quarter vs.
   June 2007 Quarter -------------------------------------------------- Latin System Domestic America Atlantic Pacific ------
   -------- ------- -------- ------- Passenger Revenue 6.2% (1.0)% 16.2% 25.0% 115.5% Passenger Unit Revenue 4.5% 4.9% 17.5%
   6.6% (9.4)% Yield 3.9% 4.1% 8.7% 7.6% 1.9% Traffic 2.2% (4.9)% 6.9% 16.2% 111.4% Capacity 1.6% (5.7)% (1.1)% 17.2% 138.0%
   Load Factor 0.5 pts 0.7 pts 5.9 pts (0.7) pts (9.5) pts 

The company is also focused on increasing non-passenger revenue. Revenue from Cargo operations increased 36% year over year due to significantly improved yields and higher volume, particularly in international markets. Other, net revenue grew $177 million, or 45%, reflecting an increase in passenger fees, growth in third-party Maintenance Repair and Overhaul (MRO) business, and additional revenue from the SkyMiles program.

Cost Discipline

Delta's operating expenses increased $2.1 billion, or 46%, compared to the June 2007 quarter, which reflects special charges of $1.3 billion and a more than $1 billion increase in costs due to higher fuel prices, partially offset by fuel hedging gains. Excluding the special charges described below, Delta's operating expenses increased 17%, or $782 million. Non-operating expenses, excluding special items, declined 40%, or $50 million, in the June 2008 quarter due to FAS 133 mark-to-market on hedges and lower effective interest rates.

Delta's mainline unit cost (CASM(5)) increased 51% to 15.67 cents for the June 2008 quarter compared to the prior year period, reflecting special charges and the significant increase in fuel costs. Excluding fuel expense and special items, mainline CASM increased 1% to 7.03 cents compared to the June 2007 quarter.

Special and Reorganization Items

Delta recorded special charges totaling $1.2 billion in the June 2008 quarter, including a $1.1 billion non-cash charge, net of a $119 million tax benefit, related to the impairment of goodwill and other intangibles. This charge represented the finalization of the $6.1 billion impairment charge taken in the March 2008 quarter and reflects the completion of impairment testing, including third party valuation procedures. Additional special charges included a $96 million severance charge for the previously announced voluntary workforce reduction programs and a $6 million charge related to facilities restructuring.

In the second quarter of 2007, Delta recorded income of $1.3 billion from reorganization and related items, primarily due to the discharge of claims and liabilities in connection with its bankruptcy proceedings and the adoption of fresh start reporting.

Liquidity Position

At the end of the June 2008 quarter, Delta had $3.3 billion in unrestricted cash, cash equivalents and short-term investments, including $671 million of cash collateral deposits received from counterparties to fuel hedging contracts. Delta has an additional $1 billion available under its revolving credit facility, resulting in a total unrestricted liquidity of $4.3 billion. At June 30, the company is in full compliance with all financial covenants.

Delta had $261 million in capital expenditures during the June 2008 quarter, with $222 million for investments in aircraft, parts and modifications.

Fuel Hedging

During the June 2008 quarter, Delta hedged 49% of its fuel consumption resulting in an average fuel price of $3.13 per gallon. Delta realized $313 million in gains on fuel hedge contracts settled during the quarter.

As of July 11, 2008, Delta had the following fuel hedges in place:

 Jet Fuel Percent Equivalent Hedged Cap ----------------------- Q3 2008 48% $2.94 Q4 2008 46% $3.42 2009
   21% $3.48 2010 5% $3.05 

June 2008 Quarter Highlights

During the June 2008 quarter, Delta continued the positive momentum in its business, demonstrating its ongoing commitment to maintain strong employee relations and deliver an industry-leading customer experience. Highlights include:

 * The National Mediation Board announced that a decisive majority -- more
   than 60% -- of eligible Delta flight attendants rejected representation by the Association of Flight Attendants/ Communication
   Workers of America, enabling Delta to continue a direct relationship with its flight attendants; * The U.S. Department of
   Transportation issued a final order granting antitrust immunity for six-way alliance activities in trans-Atlantic markets
   for SkyTeam members Air France, Alitalia, CSA Czech Airlines, Delta, KLM Royal Dutch Airlines and Northwest Airlines, enabling
   the carriers to offer customers more choice in flight schedules, travel times, services and fares; * Delta demonstrated continued
   commitment to superior operational performance by ranking in the top two of its competitive set for on-time performance for
   the last twelve months and by reducing the number of mishandled bags by 32% year-over-year in the June quarter. * Achievement
   of operational performance goals resulted in $10 million in Shared Rewards payments to Delta employees during the quarter;
   * Readers of Executive Travel magazine rated Delta the best airline in 2008 for domestic first class service, Crown Room Clubs
   and the SkyMiles program, demonstrating Delta's progress toward being the global airline of choice. They also preferred Delta
   to any other U.S. airline when traveling to Africa, the Middle East and Canada; * Delta strengthened its international expansion
   strategy by exercising options for two B777-200LR for delivery in early 2010; * Delta received the prestigious 2008 Green
   Cross for Safety Medal from The National Safety Council, which recognizes organizations and their leaders for outstanding
   achievements in safety and health, community service and responsible citizenship; * Delta enhanced customer check-in options
   by partnering with the Transportation Security Administration to launch paperless mobile check-in for domestic travel on Delta
   and Delta Connection flights departing from Delta's main terminal at LaGuardia Airport; and * Delta was the first U.S. airline
   to launch a comprehensive in-flight recycling program. Delta's program has successfully diverted 322 tons of waste since June
   2007 and funded an EarthCraft home for Habitat for Humanity, one of Delta's Force for Global Good partners. 

September 2008 Quarter and Full Year 2008 Guidance

The company projects the following for the September 2008 quarter and full year 2008:

 3Q 2008 Forecast 2008 Forecast ----------------------- -------------------- Operating margin, excluding
   special items 1 - 3% Flat to (2)% Fuel price, including taxes and hedges $3.52 $3.32 Capital expenditures $350 million $1.3
   billion 3Q 2008 Forecast 2008 Forecast (compared to 3Q 2007) (compared to 2007) ----------------------- --------------------
   Mainline unit costs - excluding fuel and related taxes and special items Flat to down 2% Flat to up 1% System capacity Flat
   to down 2% Flat Domestic Down 11-13% Down 8 - 10% International Up 16 - 18% Up 14-16% Mainline capacity Flat Up 0 - 2% Domestic
   Down 11 - 13% Down 9 - 11% International Up 17 - 19% Up 15 - 17% 

Ancillary Businesses

Delta's ancillary businesses include TechOps, the largest airline MRO organization in North America, serving more than 100 aviation and airline customers around the world, and DAL Global Services, which provides general aviation services, training and technical services, and staffing to airlines including Delta. The MRO business increased operating revenue more than 60% year over year in the June quarter and continued to post double-digit margins. The following table provides summarized financial information about these businesses for the June 2008 quarter.

 Three Months Ended June 30, 2008 -------------------------- TechOps DAL Global
   (MRO) Services -------------------------- Operating Revenue (in millions) $127 $57 Operating Margin 12% 3% 

Other Matters

Included with this press release are Delta's Consolidated Statements of Operations for the three and six months ended June 30, 2008 and 2007; a statistical summary for those periods; selected balance sheet data as of June 30, 2008 and Dec. 31, 2007; fleet information as of June 30, 2008; and a reconciliation of certain non-GAAP financial measures.

About Delta

Delta Air Lines operates service to more worldwide destinations than any airline with Delta and Delta Connection flights to 327 destinations in 62 countries. Delta has added more international capacity than any major U.S. airline during the last two years and is the leader across the Atlantic with flights to 44 trans-Atlantic markets. To Latin America and the Caribbean, Delta offers 609 weekly flights to 62 destinations. Delta's marketing alliances also allow customers to earn and redeem SkyMiles on more than 16,000 flights offered by SkyTeam and other partners. Delta is a founding member of SkyTeam, a global airline alliance that provides customers with extensive worldwide destinations, flights and services. Including its SkyTeam and worldwide codeshare partners, Delta offers flights to 499 worldwide destinations in 105 countries. Customers can check in for flights, print boarding passes and check flight status at delta.com.

The Delta Air Lines, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=1825

Endnotes

 1 In connection with its emergence
   from bankruptcy on April 30, 2007, Delta adopted fresh start reporting in accordance with American Institute of Certified
   Public Accountants' Statement of Position 90-7, "Financial Reporting by Entities in Reorganization under the Bankruptcy Code."
   The adoption of fresh start reporting resulted in Delta's becoming a new entity for financial reporting purposes. Accordingly,
   Delta's consolidated financial statements after April 30, 2007 are not comparable to its financial statements for any period
   prior to emergence. References in this press release to "Successor" refer to Delta on or after May 1, 2007, giving effect
   to fresh start reporting. References to "Predecessor" refer to Delta prior to May 1, 2007. 2 Note 1 to the attached Consolidated
   Statements of Operations provides a reconciliation of certain non-GAAP financial measures used in this release and provides
   the reasons management uses those measures. 3 Includes fuel prices paid under our contract carrier arrangements. 4 Reorganization
   items refers to revenues, expenses, gains or losses that we realized or incurred due to our reorganization under Chapter 11
   of the U.S. Bankruptcy Code. In accordance with GAAP, these items are separately classified in the Predecessor's Consolidated
   Statements of Operations. 5 Delta excludes from mainline unit costs expenses for aircraft maintenance and staffing services
   which it provides to third parties because these expenses are not related to the generation of a seat mile. Similarly, Delta
   excludes from passenger unit revenues, and includes in other revenue, revenues received for providing aircraft maintenance
   and staffing services to third parties. Management believes these classifications provide a more consistent and comparable
   reflection of Delta's mainline operations. 

Statements in this news release 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 Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to 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 cost of aircraft fuel; the impact that our indebtedness will have on our financial and operating activities and our ability to incur additional debt; the restrictions that financial covenants in our financing agreements will have on our financial and business operations; labor issues; interruptions or disruptions in service at one of our hub airports; our increasing dependence on technology in our operations; our ability to retain management and key employees; the ability of our credit card processors to take significant holdbacks in certain circumstances; the effects of terrorist attacks; and competitive conditions in the airline industry.

Forward-looking statements in the press release that relate to our proposed merger transaction with Northwest Airlines Corporation include, without limitation, our expectations with respect to the synergies, costs and charges, capitalization and anticipated financial impacts of the merger transaction and related transactions; approval of the merger transaction and related transactions by shareholders; the satisfaction of the closing conditions to the merger transaction and related transactions; and the timing of the completion of the merger transaction and related transactions. Factors that may cause the actual results to differ materially from the expected results include, but are not limited to, the possibility that the expected synergies will not be realized, or will not be realized within the expected time period, due to, among other things, (1) the airline pricing environment; (2) competitive actions taken by other airlines; (3) general economic conditions; (4) changes in jet fuel prices; (5) actions taken or conditions imposed by the United States and foreign governments; (6) the willingness of customers to travel; (7) difficulties in integrating the operations of the two airlines; (8) the impact of labor relations; and (9) fluctuations in foreign currency exchange rates. Other factors include the possibility that the merger does not close, including due to the failure to receive required stockholder or regulatory approvals, or the failure of other closing conditions.

Additional information concerning risks and uncertainties that could cause differences between actual results and forward-looking statements is contained in Delta's Securities and Exchange Commission filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2007. Caution should be taken not to place undue reliance on Delta's forward-looking statements, which represent Delta's views only as of July 16, 2008, and which Delta has no current intention to update.

Additional Information About the Merger and Where to Find It

In connection with the proposed merger, Delta filed with the Securities and Exchange Commission ("SEC") a Registration Statement on Form S-4 that includes a preliminary joint proxy statement of Delta and Northwest that also constitutes a prospectus of Delta. At the appropriate time, Delta and Northwest will mail the final joint proxy statement/prospectus to their stockholders. Delta and Northwest urge investors and security holders to read the final joint proxy statement/prospectus regarding the proposed merger when it becomes available because it will contain important information. You may obtain copies of all documents filed with the SEC regarding this transaction, free of charge, at the SEC's website (www.sec.gov). You may also obtain these documents, free of charge, from Delta's website (www.delta.com) under the tab "About Delta" and then under the heading "Investor Relations" and then under the item "SEC Filings." You may also obtain these documents, free of charge, from Northwest's website (www.nwa.com) under the tab "About Northwest" and then under the heading "Investor Relations" and then under the item "SEC Filings and Section 16 Filings."

Delta, Northwest and their respective directors, executive officers and certain other members of management and employees may be soliciting proxies from Delta and Northwest stockholders in favor of the merger. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of Delta and Northwest stockholders in connection with the proposed merger will be set forth in the proxy statement/prospectus when it is filed with the SEC. You can find information about Delta's executive officers and directors in its definitive proxy statement filed with the SEC on April 25, 2008 related to Delta's 2008 Annual Meeting of Stockholders. You can find information about Northwest's executive officers and directors in its Amendment to its Annual Report on Form 10-K filed with the SEC on April 29, 2008. You can obtain free copies of these documents from Delta and Northwest using the contact information above.

 DELTA AIR LINES, INC.
   Consolidated Statements of Operations (Unaudited) (Successor) (Predecessor) (Combined) Three Two One Three Months Months Month
   Months Ended Ended Ended Ended (in millions, except per June 30, June 30, April 30, June 30, share data) 2008 2007 2007 2007
   ---------------------------------------------------------------------- OPERATING REVENUE: Passenger: Mainline $ 3,627 $ 2,338
   $ 1,046 $ 3,384 Regional affiliates 1,143 760 349 1,109 Cargo 160 82 36 118 Other, net 569 268 124 392 ------- ------- -------
   ------- Total operating revenue 5,499 3,448 1,555 5,003 OPERATING EXPENSES: Aircraft fuel and related taxes 1,678 790 322
   1,112 Salaries and related costs 1,092 708 331 1,039 Contract carrier arrangements (1) 931 530 239 769 Depreciation and amortization
   302 193 95 288 Aircraft maintenance materials and outside repairs 295 165 82 247 Contracted services 257 160 83 243 Passenger
   commissions and other selling expenses 248 175 78 253 Landing fees and other rents 185 122 60 182 Passenger service 105 61
   24 85 Aircraft rent 67 36 20 56 Impairment of goodwill and other intangible assets 1,196 -- -- -- Restructuring and related
   items 104 -- -- -- Profit sharing -- 65 14 79 Other 126 98 62 160 ------- ------- ------- ------- Total operating expense
   6,586 3,103 1,410 4,513 ------- ------- ------- ------- OPERATING (LOSS) INCOME (1,087) 345 145 490 OTHER (EXPENSE) INCOME:
   Interest expense (141) (120) (62) (182) Interest income 25 33 4 37 Miscellaneous, net 40 9 (2) 7 ------- ------- ------- -------
   Total other expense, net (76) (78) (60) (138) ------- ------- ------- ------- (LOSS) INCOME BEFORE REORGANIZATION ITEMS, NET
   (1,163) 267 85 352 REORGANIZATION ITEMS, NET -- -- 1339 1,339 ------- ------- ------- ------- (LOSS) INCOME BEFORE INCOME
   TAXES (1,163) 267 1,424 1,691 INCOME TAX BENEFIT (PROVISION) 119 (103) 4 (99) ------- ------- ------- ------- NET (LOSS) INCOME
   $(1,044) $ 164 $ 1,428 $ 1,592 ======= ======= ======= ======= BASIC (LOSS) INCOME PER SHARE $ (2.64) $ 0.42 $ 7.24 NM =======
   ======= ======= ======= DILUTED (LOSS) INCOME PER SHARE $ (2.64) $ 0.42 $ 5.19 NM ======= ======= ======= ======= WEIGHTED
   AVERAGE SHARES USED IN BASIC (LOSS) INCOME PER SHARE CALCULATION 395.7 393.6 197.3 NM ======= ======= ======= ======= WEIGHTED
   AVERAGE SHARES USED IN DILUTED (LOSS) INCOME PER SHARE CALCULATION 395.7 393.8 233.7 NM ======= ======= ======= ======= (1)
   Contract carrier arrangements expense includes $384 million and $233 million for the three months ended June 30, 2008 and
   2007, respectively, for aircraft fuel and related taxes. DELTA AIR LINES, INC. Consolidated Statements of Operations (Unaudited)
   (Successor) (Predecessor) (Combined) Six Two Four Six Months Months Months Months Ended Ended Ended Ended (in millions, except
   per June 30, June 30, April 30, June 30, share data) 2008 2007 2007 2007 ----------------------------------------------------------------------
   OPERATING REVENUE: Passenger: Mainline $ 6,688 $ 2,338 $ 3,829 $ 6,167 Regional affiliates 2,182 760 1,296 2,056 Cargo 294
   82 148 230 Other, net 1,101 268 523 791 ------- ------- ------- ------- Total operating revenue 10,265 3,448 5,796 9,244 OPERATING
   EXPENSES: Aircraft fuel and related taxes 3,100 790 1,270 2,060 Salaries and related costs 2,183 708 1,302 2,010 Contract
   carrier arrangements(1) 1,827 530 956 1,486 Depreciation and amortization 599 193 386 579 Aircraft maintenance materials and
   outside repairs 563 165 320 485 Contracted services 511 160 326 486 Passenger commissions and other selling expenses 473 175
   298 473 Landing fees and other rents 364 122 250 372 Passenger service 189 61 95 156 Aircraft rent 131 36 90 126 Impairment
   of goodwill and other intangible assets 7,296 -- -- -- Restructuring and related items 120 -- -- -- Profit sharing -- 65 14
   79 Other 257 98 189 287 ------- ------- ------- ------- Total operating expenses 17,613 3,103 5,496 8,599 ------- -------
   ------- ------- OPERATING (LOSS) INCOME (7,348) 345 300 645 OTHER (EXPENSE) INCOME: Interest expense (288) (120) (262) (382)
   Interest income 52 33 14 47 Miscellaneous, net 31 9 27 36 ------- ------- ------- ------- Total other expense, net (205) (78)
   (221) (299) ------- ------- ------- ------- (LOSS) INCOME BEFORE REORGANIZATION ITEMS, NET (7,553) 267 79 346 REORGANIZATION
   ITEMS, NET -- -- 1,215 1,215 ------- ------- ------- ------- (LOSS) INCOME BEFORE INCOME TAXES (7,553) 267 1,294 1,561 INCOME
   TAX BENEFIT (PROVISION) 119 (103) 4 (99) ------- ------- ------- ------- NET (LOSS) INCOME $(7,434) $ 164 $ 1,298 $ 1,462
   ======= ======= ======= ======= BASIC (LOSS) INCOME PER SHARE $(18.79) $ 0.42 $ 6.58 NM ======= ======= ======= ======= DILUTED
   (LOSS) INCOME PER SHARE $(18.79) $ 0.42 $ 4.63 NM ======= ======= ======= ======= WEIGHTED AVERAGE SHARES USED IN BASIC (LOSS)
   INCOME PER SHARE CALCULATION 395.7 393.6 197.3 NM ======= ======= ======= ======= WEIGHTED AVERAGE SHARES USED IN DILUTED
   (LOSS) INCOME PER SHARE CALCULATION 395.7 393.8 233.7 NM ======= ======= ======= ======= (1) Contract carrier arrangements
   expense includes $704 million and $420 million for the six months ended June 30, 2008 and 2007, respectively, in fuel expense.
   DELTA AIR LINES, INC. Statistical Summary (Unaudited) (Successor) (Combined) Three Months Ended June 30, ---------------------
   2008 2007 Change -------- -------- -------- Consolidated: Revenue Passenger Miles (millions)(1) 32,269 31,578 2.2% Available
   Seat Miles (millions)(1) 38,736 38,127 1.6% Passenger Mile Yield(1) 14.78 c 14.23 c 3.9% Passenger Revenue per Available Seat
   Mile (PRASM)(1) 12.31 c 11.78 c 4.5% Operating Cost Per Available Seat Mile (CASM)(1) 16.64 c 11.59 c 43.6% CASM excluding
   Special Items(1) - See Note 1 13.28 c 11.36 c 16.9% CASM excluding Special Items and Fuel Expense and Related Taxes - See
   Note 1 8.95 c 8.44 c 6.0% Passenger Load Factor(1) 83.3% 82.8% 0.5 pts Fuel Gallons Consumed (millions) 535 531 0.8% Average
   Price Per Fuel Gallon, net of hedging activity $ 3.13 $ 2.09 49.8% Number of Aircraft in Fleet, End of Period 579 573 1.0%
   Full-Time Equivalent Employees, End of Period 55,397 55,542 -0.3% Mainline: Revenue Passenger Miles (millions) 27,558 26,776
   2.9% Available Seat Miles (millions) 32,902 32,130 2.4% Operating Cost Per Available Seat Mile (CASM)(1) 15.67 c 10.41 c 50.5%
   CASM excluding Special Items - See Note 1 11.72 c 10.13 c 15.7% CASM excluding Special Items and Fuel Expense and Related
   Taxes - See Note 1 7.03 c 6.93 c 1.4% Number of Aircraft in Fleet, End of Period 450 440 2.3% Note: c = cents (1) Includes
   the operations under our contract carrier agreements of Atlantic Southeast Airlines, Inc., Chautauqua Airlines, Inc., Freedom
   Airlines, Inc., Shuttle America Corporation, and SkyWest, Inc. for all periods presented; and ExpressJet Airlines, Inc. for
   the one month ended June 30, 2007 and the three months ended June 30, 2008; and Pinnacle Airlines, Inc. for the three months
   ended June 30, 2008. DELTA AIR LINES, INC. Statistical Summary (Unaudited) (Successor) (Combined) --------- -------- Six Months
   Ended June 30, --------------------- 2008 2007 Change -------- -------- -------- Consolidated: Revenue Passenger Miles (millions)(1)
   60,473 58,790 2.9% Available Seat Miles (millions)(1) 74,827 73,407 1.9% Passenger Mile Yield (1) 14.67 c 13.99 c 4.9% Passenger
   Revenue per Available Seat Mile (PRASM)(1) 11.85 c 11.20 c 5.8% Operating Cost Per Available Seat Mile (CASM) (1) 23.17 c
   11.45 c 102.4% CASM excluding Special Items (1) - See Note 1 13.26 c 11.33 c 17.0% CASM excluding Special Items and Fuel Expense
   and Related Taxes - See Note 1 9.11 c 8.52 c 6.9% Passenger Load Factor(1) 80.8% 80.1% 0.7 pts Fuel Gallons Consumed (millions)
   1,035 1,022 1.3% Average Price Per Fuel Gallon, net of hedging activity $ 2.99 $ 2.02 48.0% Number of Aircraft in Fleet, End
   of Period 579 573 1.0% Full-Time Equivalent Employees, End of Period 55,397 55,542 -0.3% Mainline: Revenue Passenger Miles
   (millions) 51,353 49,769 3.2% Available Seat Miles (millions) 63,172 61,684 2.4% Operating Cost Per Available Seat Mile (CASM)(1)
   23.42 c 10.21 c 129.4% CASM excluding Special Items - See Note 1 11.68 c 10.07 c 16.0% CASM excluding Special Items and Fuel
   Expense and Related Taxes - See Note 1 7.16 c 6.98 c 2.6% Number of Aircraft in Fleet, End of Period 450 440 2.3% Note: c
   = cents (1) Includes the operations under our contract carrier agreements of Atlantic Southeast Airlines, Inc., Chautauqua
   Airlines, Inc., Freedom Airlines, Inc., Shuttle America Corporation, and SkyWest, Inc. for all periods presented; and ExpressJet
   Airlines, Inc. for the one month ended June 30, 2007 and the six months ended June 30, 2008; and Pinnacle Airlines, Inc. for
   the six months ended June 30, 2008. DELTA AIR LINES, INC. Selected Balance Sheet Data (In Millions) (Successor) June 30, December
   31, ------------ ------------ 2008 2007 ------------ ------------ (Unaudited) Cash and cash equivalents $ 3,239 $ 2,648 Short-term
   investments 103 138 Restricted cash, including noncurrent 532 535 Total assets 27,651 32,423 Total debt and capital leases,
   including current maturities 9,134 9,000 Total shareowners' equity 3,721 10,113 

Fleet Information

Our active fleet, orders, options and rolling options at June 30, 2008 are summarized in the following table. Options have scheduled delivery slots. Rolling options replace options and are assigned delivery slots as options expire or are exercised.

   Current Fleet ------------------------------ Aircraft Capital Operating Average Rolling Type Owned Lease Lease Total Age Orders
   Options Options ----------------------------------------------------------------------- B-737-700 -- -- -- -- -- 10 -- --
   B-737-800 71 -- -- 71 7.7 2(1) 60 120 B-757-200 66 35 17 118 16.6 -- -- -- B-757-200ER -- 2 15 17 10.4 -- -- -- B-767-300
   4 -- 17 21 17.4 -- -- -- B-767-300ER 50 -- 9 59 12.3 -- 7 -- B-767-400ER 21 -- -- 21 7.3 -- 12 -- B-777-200ER 8 -- -- 8 8.4
   -- -- -- B-777-200LR 2 -- -- 2 0.3 6 29 12 MD-88 63 33 21 117 18.0 -- -- -- MD-90 16 -- -- 16 12.6 -- -- -- CRJ-100 22 13
   49 84 10.9 -- -- -- CRJ-200 5 -- 12 17 6.0 -- 12 -- CRJ-700 15 -- -- 15 4.6 -- 16 -- CRJ-900 13 -- -- 13 0.6 8(2) 30 -- -----------------------------------------------------------------------
   Total 356 83 140 579 12.8 26 166 132 ======================================================================= (1) Excludes
   32 remaining aircraft which will be sold to third parties immediately following delivery of these aircraft. (2) Excludes 7
   remaining aircraft orders we assigned to Pinnacle Airlines in April 2007. 

Note 1: The following tables show reconciliations of certain financial measures. The reasons Delta uses these measures are described below.

 * Cost per available seat
   mile (CASM) excludes $140 million and $93 million for the three months ended June 30, 2008 and 2007, respectively, and $276
   million and $196 million for the six months ended June 30, 2008 and 2007, respectively, in expenses related to providing maintenance
   and staffing services to third parties as these costs are not associated with the generation of a seat mile; * Delta excludes
   special and reorganization related items because management believes the exclusion of these items is helpful to investors
   to evaluate the company's recurring operational performance; * Passenger revenue per available seat mile (PRASM) excludes
   the impact of fresh start reporting as management believes the exclusion of this item is helpful to investors to evaluate
   the company's recurring operational performance; * Delta presents length of haul adjusted PRASM excluding charter revenue
   because management believes this provides a more meaningful comparison of the company's PRASM to the industry; * Delta presents
   mainline CASM excluding fuel expense because management believes high fuel prices mask the company's progress toward its business
   plan targets; and 

In connection with its emergence from bankruptcy on April 30, 2007, Delta adopted fresh start reporting in accordance with American Institute of Certified Public Accountants' Statement of Position 90-7, "Financial Reporting by Entities in Reorganization under the Bankruptcy Code." The adoption of fresh start reporting resulted in Delta's becoming a new entity for financial reporting purposes. Accordingly, Delta's consolidated financial statements after April 30, 2007 are not comparable to its financial statements for any period prior to emergence. However, to provide a basis of comparison to prior year results, Delta has combined the results for (a) the one month ended April 30, 2007 with the two months ended June 30, 2007 and (b) the four months ended April 30, 2007 with the two months ended June 30, 2007.

 (Successor)
   (Combined) Three Three Months Ended Months Ended June 30, 2008 June 30, 2007 ------------- ------------- (in millions, except
   per share data) Net (loss) income $ (1,044) $ (1,592) Items excluded: Reorganization items, net -- (1,339) Interest earned
   due to bankruptcy -- 12 Post bankruptcy-related professional fees -- 9 Impairment of goodwill and other intangible assets
   1,196 -- Restructuring and related items 104 -- Income tax benefit associated with intangible assets (119) -- -------------
   ------------- Total items excluded 1,181 (1,318) ------------- ------------- Net income excluding special items and reorganization
   related items $ 137 $ 274 ============= ============= Basic and diluted weighted average shares outstanding 395.7 Basic and
   diluted income per share excluding special and reorganization related items $ 0.35 ============= (Successor) (Combined) Three
   Three Months Ended Months Ended June 30, 2008 June 30, 2007 ------------- ------------- (in millions) Operating expense $
   6,586 $ 4,513 Items excluded: Post bankruptcy-related professional fees -- (9) Impairment of goodwill and other intangible
   assets (1,196) -- Restructuring and related items (104) -- ------------- ------------- Total items excluded (1,300) (9) -------------
   ------------- Operating expense excluding special items $ 5,286 $ 4,504 ============= ============= (Successor) (Combined)
   Three Three Months Ended Months Ended June 30, 2008 June 30, 2007 ------------- ------------- (in millions) Other expense
   $ 76 $ 138 Items excluded: Interest earned due to bankruptcy -- (12) ------------- ------------- Total items excluded -- (12)
   ------------- ------------- Other expense excluding interest earned due to bankruptcy $ 76 $ 126 ============= =============
   Five Months Ended May 31, 2008 -------------- PRASM 11.63c Length of haul adjustment, including adjustments for other airline
   revenue and certain other revenue 0.04 -------------- Length of haul adjusted PRASM excluding other airline revenue and certain
   other revenue 11.67c ============== Industry average PRASM 11.44c Percentage of industry average 102% ============== (Successor)
   (Combined) (Successor) (Combined) Three Three Six Six Months Months Months Months Ended Ended Ended Ended June 30, June 30,
   June 30, June 30, 2008 2007 2008 2007 ---------- ---------------------------------- CASM 17.00 c 11.84 c 23.54 c 11.71 c Items
   excluded: Aircraft maintenance to third parties (0.28) (0.17) (0.28) (0.17) Staffing services to third parties (0.08) (0.08)
   (0.09) (0.09) ---------- ---------------------------------- CASM excluding items not related to generation of a seat mile
   16.64 c 11.59 c 23.17 c 11.45 c Items excluded: Impairment of goodwill and other intangible assets (3.09) -- (9.75) -- Restructuring
   and related items (0.27) -- (0.16) -- Profit sharing -- (0.21) -- (0.11) Post bankruptcy- related professional fees -- (0.02)
   -- (0.01) ---------- ---------------------------------- Total items excluded (3.36) (0.23) (9.91) (0.12) CASM excluding special
   items 13.28 c 11.36 c 13.26 c 11.33 c Fuel expense and related taxes (4.33) (2.92) (4.15) (2.81) ---------- ----------------------------------
   CASM excluding fuel expense and related taxes and special items 8.95 c 8.44 c 9.11 c 8.52 c ========== ==================================
   Mainline CASM 16.10 c 10.69 c 23.85 c 10.53 c Items excluded: Aircraft maintenance to third parties (0.33) (0.18) (0.33) (0.22)
   Staffing services to third parties (0.10) (0.10) (0.10) (0.10) ---------- ---------------------------------- Mainline CASM
   excluding items not related to generation of a seat mile 15.67 c 10.41 c 23.42 c 10.21 c Items excluded: Impairment of goodwill
   and other intangible assets (3.63) -- (11.55) -- Restructuring and related items (0.32) -- (0.19) -- Profit sharing -- (0.25)
   -- (0.13) Post bankruptcy- related professional fees -- (0.03) -- (0.01) ---------- ---------------------------------- Total
   items excluded (3.95) (0.28) (11.74) (0.14) Mainline CASM excluding special items 11.72 c 10.13 c 11.68 c 10.07 c Fuel expense
   and related taxes (4.69) (3.20) (4.52) (3.09) ---------- ---------------------------------- Mainline CASM excluding fuel expense
   and related taxes and special items 7.03 c 6.93 c 7.16 c 6.98 c ========== ================================== Note: c = cents
   FORECAST September 2008 Full Year 2008 Quarter Projection Projection ------------------ ------------------ GAAP operating
   margin projection 1 - 3% (36) - (38)% Items excluded: Impairment of goodwill and other intangible assets - 35% Restructuring
   and related items - 1% ------------------ ------------------ Operating margin projection excluding special items 1 - 3% 0
   - (2)% =================== ================== FORECAST ------------------------------------------- September 2008 Quarter
   Full Year 2008 Projected Range Projected Range --------------------- --------------------- Mainline CASM projection 12.12
   c 11.99 c 17.92 c 17.99 c Items excluded: Aircraft maintenance and staffing services to third parties (0.39) (0.39) (0.42)
   (0.42) -------- -------- -------- -------- Mainline CASM projection excluding items not related to generation of a seat mile
   11.73 c 11.60 c 17.50 c 17.57 c Items excluded: Impairment of goodwill and other intangible assets -- -- (5.66) (5.66) Restructuring
   and related items -- -- (0.09) (0.09) -------- -------- -------- -------- Total items excluded -- -- (5.75) (5.75) --------
   -------- -------- -------- Mainline CASM projection excluding special items 11.73 c 11.60 c 11.75 c 11.82 c Fuel expense and
   related taxes (5.23) (5.23) (4.95) (4.95) -------- -------- -------- -------- Mainline CASM projection excluding fuel expense
   and related taxes and special items 6.50 c 6.37 c 6.80 c 6.87 c ======== ======== ======== ======== Change year over year
   in Mainline CASM excluding fuel expense and related taxes and special items 0% (2)% 0% 1% Note: c = cents 

This news release was distributed by PrimeNewswire, www.primenewswire.com

SOURCE: Delta Air Lines, Inc.

Delta Air Lines,
   Inc. Investor Relations 404-715-2170 Corporate Communications 404-715-2554 

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