8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  December 9, 2008

DELTA AIR LINES, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-05424	58-0218548
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

P.O. Box 20706, Atlanta, Georgia  30320-6001

(Address of principal executive offices)

Registrant’s telephone number, including area code:  (404) 715-2600

Registrant’s Web site address:    www.delta.com

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 7.01 Regulation FD Disclosure

Delta today will host a conference for investors that will also be webcast.  Materials to be used in conjunction with the conference are furnished as Exhibit 99.1 to this Form 8-K.

In accordance with general instruction B.2 of Form 8−K, the information in this report (including any exhibits) that is being furnished pursuant to Item 7.01 of Form 8−K shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act, as amended, or otherwise subject to liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth in such filing. This report will not be deemed an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD.

Statements in this Form 8-K and the attached exhibits 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; and our ability to achieve expected synergies from our merger with Northwest.

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 and Form 10-Q for the quarterly period ended September 30, 2008. Caution should be taken not to place undue reliance on Delta’s forward-looking statements, which represent Delta’s views only as of December 9, 2008, and which Delta has no current intention to update.

Item 8.01                      Other Events.

Delta today issued a press release announcing that it has entered into a multi-year extension of its exclusive co-brand credit card relationship with American Express.  A copy of the press release is attached as Exhibit 99.2 to this Form 8-K.

Item 9.01                      Financial Statements and Exhibits.

(d)  Exhibits.

Exhibit 99.1	Presentation
Exhibit 99.2	Press Release dated December 9, 2008 titled “Delta and American Express Announce Multi-Year Extension for Co-Branded SkyMiles Credit Card”

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	DELTA AIR LINES, INC.
	By:  /s/ Hank Halter
Date: December 9, 2008	Hank Halter Senior Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

Delta:  One Great Airline2008 Investor Day December 9, 2008

Delta:  A Sound InvestmentPositioned for Long-Term Success Building the Premier Global NetworkDelivering for the CustomerGrowing  Other Revenue Sources  Achieving Operational Excellence Building On A Strong Financial Foundation Wrap-up and Q&ALunch with Executives  Majestic Ballroom, 5th FloorRichard Anderson, Chief Executive Officer Ed Bastian, President Glen Hauenstein, EVP – Network Planning and Revenue Management  Jim Cron, SVP – Global Sales and Distribution  Tony Charaf, President – Technical Operations  Jeff Robertson, VP – Loyalty Programs Steve Gorman, Chief Operating Officer Hank Halter, Chief Financial Officer Delta Management Team 8:00 – 8:30 am  8:30 – 9:00 am 9:00 – 9:30am 9:30 – 9:45 am  9:45 – 10:00 am  10:00 – 10:30 am  10:30 – 11:00 am 11:00 – 11:30 am  11:30 am – Noon  12:00  – 1:00 pm

Safe HarborThis presentation contains various projections and other forward-looking statements which represent Delta’s estimates or expectations regarding future events.  All forward-looking statements involve a number of assumptions, risks and uncertainties, many of which are beyond Delta’s control, that could cause the actual results to differ materially from the projected results.  Factors which could cause such differences include, without limitation, business, economic, competitive, industry, regulatory, market and financial uncertainties and contingencies, as well as the “Risk Factors” discussed in Delta’s Form 10-Q filed with the SEC on October 16, 2008 and Form 10-K filed with the SEC on February 15, 2008.  Caution should be taken not to place undue reliance on Delta’s forward-looking statements, which represent Delta’s views only as of the date of this presentation, and which Delta has no current intention to update.In this presentation, we will discuss certain non-GAAP financial measures.  You can find the reconciliations of those measures to comparable GAAP measures on our website at delta.com.

Delta:  A Sound InvestmentRichard H. Anderson Chief Executive Officer

Our Investment Thesis Strategic Objectives Build financially viable airline - achieve consistent profitability, top-tier pre-tax margins, industry leading balance sheet Create a comprehensive worldwide network that is structurally sustainable, drives RASM premiums of 105-110% of industry, and generates long-term profits Responsible and disciplined capital management Pursue strategic options to broaden network scope and long-term viability What We Have Accomplished Industry leading top-line revenue growth – up 11% YTD September 2008 Lowest non-fuel CASM, flat year-over-year $6.7 billion YE 2008 cash $6 billion revenue stream from ancillary and third party sources Most diversified international portfolio #1 in Domestic, Transatlantic, Africa, Japan, and Asia markets; #2 to Latin America Nearly 50% of capacity in international markets Lean domestic network with 2009 capacity down 20% vs. 2007 and over 165 aircraft retired Investments based on demonstrated returns Fleet flexibility AMEX deal = no equity dilution Merger with Northwest Shift domestic widebodies to profitable international growth Alaska partnership to secure West Coast position

Our Investment ThesisStrategic Objectives Build the world’s leading global alliance in terms of market presence, distribution, customer experience and financial contribution Deliver industry-leading safety and operational performance coupled with a relentless commitment to customer service Sustain a competitive advantage by building a world-class, employee-friendly airline which is productive, diverse, accountable, results driven, and known as a great place to work What We Have Accomplished Top Transatlantic alliance with immunized JV with Air France / KLM Immunized SkyTeam partnerships with Alitalia, CSA, and Korean Recognized excellence in safety Consistent, top-tier operations 25% improvement in baggage service vs. 2007 Customer-focused culture Experienced management team with deep bench Performance driven compensation strategy Single pilot seniority list

Financially Superior Business ModelDL System PRASM vs. Industry1 3Q08 YTD Operating Revenue  3Q08 Unrestricted Liquidity ($B)3Q08 Mainline Non-Fuel Unit Costs (¢) 95% 98% 99% 102% 2005 2006 2007 2008YTD 10.8% 9.9% 6.1% 4.9% 3.5% 6.2 4.6 2.9 2.9 1.3 6.85 7..31 7.74 8.06 8.08

 

The Leading Global Network Provides the scale to weather economic downturn Japan #1 Asia #1 Domestic #1 Latin America #2 Transatlantic #1 Africa #1

Delta:  Positioned for Long-Term SuccessEd Bastian President

Delta:  Positioned For Long-Term SuccessManaging the current economic cycle Unlocking merger benefits Capitalizing on the value of the world’s largest airline Fuel price decline, capacity rationalization and merger synergies provides tools we need to manage economic downturn Moving with speed and efficiency to capture the $2 billion in annual synergies created by the merger Leveraging the structural opportunities from the expanded scale and scope of the premier global network

Recession Will Drive Industry Revenue Decline in 2009Historical Industry Operating Revenue ChangeGlobal economy in recessionary cycle which will continue through 2009 and possibly beyond Creates softening revenue environment as leisure and business customers reduce discretionary and business-related spending We are planning for a 8 – 12% industry revenue decline  Worst industry revenue environment in history (ex. 9/11) 80 5 60% 40% 20% 0% -20% 2002 1992 1982 1972 1962 1952 1942

Why Managing the Current Crisis Will Be DifferentDomestic Capacity Discipline Industry Domestic Capacity Change Unprecedented Fall in Fuel 2008 Crude Oil Prices ~14% decline in domestic capacity over two years Aircraft being retired or sold – not coming back into the system Capital markets closed to new entrants, limited aircraft financing $1 change in crude = $100 million for Delta Run rate benefit of change in crude from 2008 approximates $5 billion 10% 5% 0% -5% -10% 1978 1983 1988 1993 2003 2008  $30 $70 $110 $150

Well Positioned to Deal with Economic UncertaintyUnit revenue premium, best-in-class cost structure, and solid liquidity position % change YoY  3Q08 Mainline Non-Fuel Unit Costs 3Q08 Unrestricted LiquidityPremier global network drives unit revenue premium and provides tools to manage economic weakness Merger synergies offset CASM pressure from capacity reductions Merger creates cash raising opportunities, including incremental liquidity from new affinity card contract10.8% 9.9( 6.1% 4.9% 3.5% 6.85 7.31 7.74 8.06 8.08 6.2 4.6 2.9 2.9 1.3

Delta Is Well Positioned for 2009 Fuel price decline, capacity rationalization and merger synergies allow for cash generation in face of economic downturn Industry Revenue Fuel price Mainline non-fuel unit cost Full yearYear-end targetUnrestricted liquidity Capacity      Domestic      International 2009 Target Down 8% -12% $2.19 per gallon Up 3 – 5% Up 3% $7.5 billion at 12/31/09 Down 6 – 8% Down 8 – 10% Down 3 – 5% Revenue would need to erode an unprecedented 20+% to offset benefits from lower fuel price, capacity reductions, and merger synergies

Confidence in Value, Timing of Synergies Merger provides unparalleled synergies $500 million in 2009, ramping up to $2 billion at steady state Mitigating risk around timing and value of synergies FAA-approved plan for single operating certificate Technology platforms chosen Network actions being takenAffinity card agreement plus fee alignment meet 2009 synergy targets Synergy Phase-in ($B)Revenue              Cost  2009 2010 2011 2012 0.5 1.1 1.6 2.0

Integration of the Airlines On Track Network/Operations CustomerEmployeeExpanded codeshare - DL code on >90% of NW flights at end of November Announced summer 2009 routes to unique international markets Increasing hub-to-hub connectivity Business as usual” messaging – gradual transition of check-in procedures and branding  Aligned fee structures – contributes ~$200 million annually Reciprocal upgrades in loyalty programs Equity stake in the company recognizes hard work New leadership team in place Combined pilot contract and seniority list less than 12 months after merger announcement

Prioritizing Integration Activities That Drive Real Value to Customers, Employees, and ShareholdersTargeting a reduction to $500 million in cash costs to integrate the airlines Technology ($175 million) Employees ($150 million)Product($100 million)  Facilities ($75 million) Core platform and application decisions taken Combining Delta strengths in operating systems with Northwest strengths in commercial functionality Front-line employee training New uniformsEmployee transition costs Standardizing fleet with Delta livery  Modifying interiors to Delta standard 757 cockpit alignment Consolidation of facilities at 170 airports Delta brand on all facilities and lounges

Capitalizing on the Power of the World’s Largest AirlineExpanded scale and scope of the airline Unlocking value in the network Combining the best of both companies Establish industry leading co-brand partnership by pairing the largest loyalty program with the best affinity card issuer Enhanced potential of ancillary businesses (MRO, Delta Global Services, Delta Air Elite, etc.) Driving efficiency into the regional carrier portfolio – and other supply chain opportunities Taking the largest, fully-immunized transatlantic joint venture to the next level Fleet realignment provides means to meet network goals while significantly reducing need to invest in new aircraft Utilizing the best revenue tools across $30+ billion revenue base Enhancing top-tier operational performance by adopting best practices Forming the best management team from the two top performing airlines

American Express Agreement Generates $2 Billion in New Liquidity over Next Two YearsPairing the world’s largest loyalty program with the best marketer in the industry Best-in-class affinity card agreement Over $15 billion in value for next seven yearAgreement provides $1 billion in immediate liquidity Immediate purchase of SkyMiles  Current contract enhancements generate additional $1 billion in revenue over 2009-2010 Leverages American Express unique capabilities Moving now de-risks program conversion American Express Delta Skymiles

Delta:  Positioned For Long-Term SuccessManaging the current economic cycle Unlocking merger benefits Capitalizing on the value of the world’s largest airline Fuel price decline, capacity rationalization and merger synergies provide the tools to manage economic downturn Nearly $7 billion in liquidity provides the foundation Moving with speed and efficiency to capture $2 billion in annual synergies Integration costs reduced to $500 million Leveraging the structural opportunities from the expanded scale and scope of the airline Opportunities affirmed by today’s American Express announcement

Delta:  Building The Premier Global NetworkGlen Hauenstein  EVP – Network Planning and Revenue Management

Delta Has Led The Industry In Revenue Momentum Domestic PRASM1 vs. the Industry Commitment to capacity discipline Right-sizing domestic network  Fleet re-gauging Improved domestic product 1 Length of haul-adjusted PRASM for Delta and Northwest combined for all periods presented 94% 98% 100% 102% 2005020060200702008 YTD

The Leading Global Network Provides the scale to weather economic downturn Japan #1 Asia #1 Domestic #1 Latin America #2 Transatlantic #1 Africa #1

Network Diversity Mitigates Risk Creates a natural hedge against regional weakness Less Reliance On Domestic Markets1 International Mix By Region2 Reflects capacity mix for month of August for DL standalone 2005-2008 and DL+NW 2009-2010. Source:  July 2009 OAGDomestic International ME/Africa/India PacificLatin/Caribbean HeathrowW. Europe DL AA CO UA US

Commitment to Capacity Discipline Across The Network Reduce unprofitable capacity while growing network footprintRemove bottom 10% underperforming markets Growth in Africa/Middle East offsets reduction in Europe Re-gauging Pacific for improved profitability Realign Mexico/Caribbean with growth to unique, emerging markets in S. America CY09 Y/Y Capacity Change MMS of ASMs -6 to -8% System Domestic Int’l Atlantis Pacific Latin -8 to -10% -3 to 05% Europe Africa ME/India -6% =41% =7% -6 to -8% C/S America Caribbean Mexico =#% -6% - -10%

Optimizing the Domestic NetworkSalt Lake City $1B market with 290 flts/day 57% revenue share Serving 30 unique cities Minneapolis $1.7B market  with 500 flts/day 68% revenue share Detroit$1.7B city with 525 flts/day 65% revenue share 2nd largest Midwest hub only behind ORD New York (JFK)Largest o&d market in world Service to 52 int’l cities #1 carrier / over 200 daily worldwide departures Cincinnati $0.7B market and 275 flts/day 79% revenue share Downsized / restructured to increase connectivity Memphis $0.5B market with 250 flts/day 66% revenue share  Serving top cities and unique small communities Atlanta Largest hub in the world and 5th largest US city with $2.6B in annual revenue 1,020 flts/day with service to 240 cities #1 carrier with 63% revenue share Right sizing hubs to the local market, enhanced connectivity, and more efficient routings provide path to profitability at each hub

Full Transatlantic JV = Opportunity to Maximize ProfitsValue created from: Reducing capacity while keeping similar levels of service Powerful hubs drive most efficient routings Cross-fleeting to optimize gauge Creating the preferred alliance for high yielding corporate accounts$200M+ incremental profit opportunity (full ramp-up) SLC MSP DTW MEM CVG Atl JFK AMS CDS Delta Air France KLM

Most Powerful Domestic Network Combined With Most Powerful Asian NetworkExpanded ALK relationship facilitates development of West Coast Pacific gateway  US Position North America cities US gateways to Asia Transpacific flights/day 1 3 2 4 271 182 154 148 10 60 4 2016 16 6 5 Beijing Seoul Busan Osaka Majoya Shanghai Taipei Hong Koing Manily Bankok Ho Chi Miknh Singapore Gaum Saipan HNL SEA PDX SLC SFO LAX MSP JFK DTW Atl

Most Powerful Domestic Network Combined With Most Powerful Asian NetworkExpanded ALK relationship facilitates development of West Coast Pacific gateway  US Position North America cities US gateways to Asia Transpacific flights/day 1 3 2 4 271 182 154 148 10 60 4 2016 16 6 5 Beijing Seoul Busan Osaka Majoya Shanghai Taipei Hong Koing Manily Bankok Ho Chi Miknh Singapore Gaum Saipan HNL SEA PDX SLC SFO LAX MSP JFK DTW Atl

Narita Restructuring Drives RASM Improvement  Better positioned through balanced capacity and improved connectivityNarita – Transpacific seats increased 30% via new hub connections Intra-Asia capacity reduced to lessen dependence on low yielding local traffic Overall network coverage increased with six net new markets Transpacific / Intra-Asia Daily Seat mix 54%46% 46% 54% Summer 09

Capitalize on Delta’s #1 Position to NYCIntegrate Northwest Continue profitable int’l expansion London product upgrade Appropriate aircraft gaugeAdding key service to Tokyo, including 13 one-stop Asian connections Increase network breadth with unique destinations in Europe and Africa Lie flat seating product Improve performance to Chicago, Los Angeles and San Francisco Right-size Shuttle with two class regional jets and smaller mainline

Fleet Options Enable Flexible Network Enhanced ability to adjust capacity as demand environment changesInternational widebody capacity matched to seasonal demand Larger aircraft redeployed to hubs and high density routes Narrowbody aircraft scheduled based on capacity and capability ExampleAtlanta – Sao PauloExample: Portland – Amsterdam                A330-200            767-300 New York (JFK) – Amsterdam     767-300            A330-200 Current Schedule Use small, narrowbody domestic aircraft to upgrade high demand markets served by single-class regional jetsOptimization of mission capable aircraft across the combined network

Lowest Capital Cost Enables Flexible UtilizationMission Short-HaulLong-HaulTransoceanicCapital Cost MarketMD88/90A320737/8777/747

Revenue Momentum Continues Strategic Opportunities Drive Incremental ValueSystem PRASM vs. the Industry1 1 Length of haul-adjusted for Delta and Northwest combined for all periods presented. 2005 2006 2007 2008 2009E Target YTD 95% 98% 99% 102% 105% 110%

Delta: Delivering for the CustomerJim Cron  Senior Vice President – Global Sales and Distribution

Delivering for the Customer – Network ScopeBroadest possible schedule network is the most important airline attribute for the business customer Combined network offers industry leading convenienceDelta is clearly delivering the network to the business customer Japan Domestic Latin AmericaA frica

Delivering for the Customer – Other Key Value DriversPortfolio of hubs allows us to adjust capacity in response to economic challenges without sacrificing unique markets or critical time of day coverage Despite capacity reductions, new revenue generating markets continue to be launched (e.g. JFK-NRT, PIT-CDG) Competitive advantage in acquiring new business Delta delivering on other top business customer needsReliability High Value Differentiation Competitive customer amenity offering throughout the travel process Delta value proposition delivers strong revenue results

Distribution Strong Foundation New Delta becomes world's #1 global segment producer (9%) with a strong #1 US POS position (23%)* 2006 GDS agreements produce significant cost improvements over seven-year term Traditional agencies generate meaningful yield premiums as a channel (nearly double non-traditional)Delta.com and Delta Reservations provide high service, low cost direct channels Opportunities Continued growth of low-cost Delta direct channelsSteady growth of delta.com realized in recent years (26% in 2006, 30% in 2007, 36% by end of 2008) Focus on selling and service ability of Delta Reservations channel Using best of both airline’s technology and evaluation techniques to construct valuable contracts Global alliance partnerships

Delta: Growing Other Revenue Sources – TechOpsTony Charaf           President – Technical Operations

MRO Scope EngineComponentsAirframe Capacity of 900-1,000 engines per year Engines account for nearly 80% of total MRO revenue Global presence brings TechOps customers from over 30 countries on 5 continents Merger with Northwest expands global presence Customer engines approximately 50% of TechOps overhauls in 2008 Capability on Component repairs for Delta fleet types is over 65% Merger with Northwest provides opportunity to grow  business with Airbus components Component work provides strongest margin opportunity and is primary focus for 2009 growth Line maintenance revenue is a function of locations to which Delta operates with frequency Capability and resources have been greatly expanded by Northwest merger Creates opportunities for additional MRO business in engine, airframe, and components Facilities in MSP and DTW offer new growth opportunities for TechOps  Relationships with lessors continue to strengthen

MRO Financial PerformanceDelta TechOps (30% CAGR) has grown at five times the rate of the MRO Industry (6% CAGR) over the past three years Approximately 70% of Projected 2009 MRO Revenue is currently secured with geographically diversified long-term contracts with operators such as Gol, ABX, Hawaiian, World Airways, Air Berlin, Asiana, Star Air, as well as major lessors such as ILFC TechOps cumulative book-of-business is valued at $2B over the next five years and continues to grow TechOps has consistently produced double-digit margins REVENUE Delta TechOps: 30% CAGR MRO Industry:$377M 312M

Long-Term MRO Growth StrategyStrong Relative Position in the Industry Well Positioned to Weather Global Economic Crisis Atlanta as “Gateway to the world” – continued focus on MRO pillars Merger expands TechOps capacity and capability Flexible, efficient, and highly skilled workforce trained in continuous improvement Comprehensive one-stop shop for integrated customer solutions Focus on safety, reliability, and unit cost productivity Further leveraged by incremental labor, inventory, and remanufacturing productivity  As Delta’s global footprint expands, so does TechOps’ ability to tap into new markets New product offering such as CFM56-5 engine overhauls (growing at $250M annually) will further diversify TechOps during a challenging competitive and economic environment Merger with Northwest provides us with Airbus component and composite capabilities, allowing us to enter a market growing at $200M annually Our capabilities are our strengths – we repair what we fly

Delta:  Growing Other Revenue Sources - SkyMilesJeff Robertson Vice President – Loyalty Programs

Contract Extension with American ExpressAgreement provides over $2 billion in short-term liquidity Immediate Liquidity + Contract Enhancements Leverage Existing Partnership Immediate $1B purchase of miles Additional $1B of new value through rate improvement, volume and other program enhancements in 2009 and 2010 Lowers portfolio conversion riskGuarantees only one conversion Industry leading issuer and marketer with best-in-class  benefits

Growth in Revenue* is SignificantDL & NW Annual Revenue Synergy from program consolidation *                        Revenue defined as gross mileage sales and other program-related revenue $1.4B $1.1B $1.5B $2.0B $2.1B $2.2B 2005 2006 200702008E 2009E 2010E 2011E

Program MembershipTotal Members Post-Merger Largest program attracts additional high-quality partners and improved rates   Source:  AA: 60M from 10-K 2/20/08, UA: 52M from 10-K 2/29/08, CO: 35M from CO self-reported data in SkyTeam Fact Sheet Aug08, US: 30M - Webflyer.com and Ideaworks analysis 74M 60M 52M 35M 30M

SkyMiles – A World-Class Loyalty ProgramLargest Loyalty Program Incremental Revenue Opportunities Best of Both Programs SkyMiles - #1 in total membership with 74M members, over 20% more than the #2 program  Also # 1 in active membership and revenue Largest program attracts additional high-quality partners and improved rates New affinity card agreement Significant upside from increasing Northwest revenue per active member to Delta levels Single technology platform Best-in-class elite program and award options More ways to earn miles from a global network of choice and partnerships

Delta:  Achieving Operational Excellence Steve Gorman Chief Operating Officer

Excellent Operational Performance in 2008 On-Time Reliability Baggage Top tier completion factor October YTD Delta and Northwest in top three of departures within zero and arrivals within 14 minutes Most efficient block times in industry Opportunity to enhance by adopting best practices of both companies Northwest top of industry for network carriersDelta has reduced claims 25% year-over-year Ongoing reductions in claims at Delta through completion of Atlanta Worldport baggage infrastructure project and expanded technology

Merging Operations with Minimal Customer Disruption Centralize functions Consolidating all functions within operations groups  Dual certificate operations with strong, experienced leaders for key functions Operations Control Centers (including Dispatch) Flight Operations and In-Flight Services Pre-merger Northwest-staffed stations  Carefully Planned IntegrationSafety and Supply Chain organizations Already consolidated Station integration Interim plans for stations with check-in facilities in separate terminals Bridge technology such as dual airline kiosks Consolidation mainly completed by summer 2009

Progress Towards Single Operating Certificate On-ScheduleSOC Plan completed in August 2008 and approved by FAA in SeptemberDetailed timeline for analysis, implementation and FAA approval Program approach identifying all operational processes and procedures that must be aligned Adopt and go – no hybrids Implementation plan includes documentation, training and systems FAA has dedicated Joint Transition Team with leader and three principals from each airline certificate Targeting SOC completion by end of 2009

Single Operating Certificate Unlocks Significant SynergiesNetworkSupply Chain Facilitates full network optimization Fleet and schedule flexibilityFully merged operations Single operations control Flight operations and in-flight services including base realignment, scheduling and resource planning Airport operations including staffing and gates

Delta:  Building On A Strong Financial FoundationHank Halter Chief Financial Officer

Building On A Strong Financial FoundationEnhancing a strong financial foundation Preserving and growing liquidity Best top line revenue growth Managing unit costs despite capacity reductions Ancillary and third party revenue opportunities  Benefits of productivity initiativesMitigating fuel price risk Investing prudently – fleet rationalization minimizes need for massive re-fleeting  strong operating cash flow  Disciplined capex spending  Manageable debt maturities

Solid Revenue Performance Strengthens PositionDelta is delivering a revenue premium to the industry 3Q08 YTD Operating Revenue1 % change YoY  Delta System PRASM 2 LOH-Adjusted domestic PRASM1 Represents Delta and Northwest combined results  10.8 9.906.104.903.56 95098099010202005 2006 200702008 YTDvs. the Industry1,2

Best-In-Class Cost StructureCost advantage positions Delta to better weather economic challenges Removed associated costs along with domestic capacity 20-25 Delta mainline aircraft and equivalent of 100 regional jets by end of 2008 Voluntary programs resulted in over 4,000 headcount reductionSecond round of voluntary programs underway – to be completed by end of 1Q09 Maintained investments in employees, customer experience and infrastructure1 Excludes special items. Delta represents Delta and Northwest combined results1 Excludes special items. Delta represents Delta and Northwest combined results3Q08 Mainline CASM ex Fuel (¢)1 5.53 5.71 6.62 6.85 7.31 7 74 8.06 8.08

Ancillary and Third Party Revenue: Source of Significant ValueCargo Investments in product, technology and people Focus on yield management Power of expanded global networkMROOutpacing industry revenue growth Double-digit margins Northwest’s capability and facilities provide unique opportunity 1 Revenue defined as gross mileage sales and other program-related revenue 2009 Ancillary and Third Party Revenue $5.8 BillionFees/Charges Provide customers value-added products/services  $200M incremental revenue from fee alignment SkyMiles  Largest frequent flier program in the world American Express contract generates substantial value Other$0.8B Cargo $1.1BFees / Charges$1.4BSkyMiles1 $2.0B MRO$0.5B

Fuel Price Decline, Capacity Rationalization and Synergies Provide Upside to Manage Economic DownturnAnnualized savings from $50 decline in crude price per barrel ($100 to $50) Savings from capacity reduction of 6 - 8% Merger synergies Total Impact ~$5 Billion~$1 Billion ~$0.5 Billion ~$6.5 Billion

Fuel Hedging Portfolio Allows For Nearly 80% Participation in 2009 At Market Fuel Prices% of Fuel Consumption Hedged Call options SwapsCollarsProjected fuel pricePortfolio Downside   ParticipationAvg. Jet Fuel  Equivalent Floor Avg. Jet Fuel 3.39 3.33 2.70 2.70 3.06 2.81 2.87 2.71 1.32 0.80 2.09 0.00 43 70 89 98 78 100 2.49 2.26 2.09 1.92 2.19 Note:  Hedging portfolio data as of December 3, 2008 1 Includes 12% of 1st quarter hedges (collars) unwound between $65-$70/bbl

Disciplined Capex Plan for 2009 Invest prudently to create the most profitable, flexible, and operationally capable fleet while preserving liquidity Optimize fleet flexibility with strategic aircraft purchases  6 777-200LR  6 737-700  8 CRJ-900 Invest in products/technologies that maximize fleet profitability  Winglets  Lie-flat seats and video on-     demand Continue improving baggage systems and JFK facility 2009 Capex ($B) Ground Equipment / Technology Parts / Modifications Aircraft 0.3 0.3 0.2 1.6 0.3 1.0

Fleet Rationalization Lengthens Re-Fleeting Horizon Flying an MD-88 aircraft saves $2.6 million per year vs. purchasing a new B737-800 Annual total cost advantage of MD-88  vs. new B737-800 ($M)Note:  Based on crude price per barrel of $60 and $20 crack spreadOwnership cost advantage lower crew and maintenance costs higher fuel expense total cost advantage

Delta Maintains A Strong Liquidity Position Cash preservation a priority in time of economic weakness and volatile fuel prices Unrestricted Liquidity December 2008 vs. December 2009 ($B) Liquidity expected to grow in 2009 despite economic weakness Note: Liquidity balance includes cash and short term securities.  Liquidity balance could be impacted by short-term fuel hedge collateral postings.6.7 3.2 1.6 0.8 7.5 Unrestricted Liquidity Balance 12/31/08 Operating Cash Flow Cap Ex Net Debt Maturities Unrestricted Liquidity Balance 12/31/09

Estimated Free Cash Flow of $8 - $9 Billion Over Next Three YearsTotal Three Year Projection  2009 – 2011Adjusted Net Debt ($B)EBITDAROperating Cash Flow  Capital ExpendituresNet Debt MaturitiesStrong financial foundation, merger benefits drive free cash flow generation $15 - $17B $11 - $13B $11 - $13B $3.5 - $4.5B12/31/08 12/31/0912/31/10 3

Delta’s Net Operating Losses Are a Significant AssetValue of NOLs approaches $15 billion Net Operating Losses (NOLs) $B1 Expect use of NOLs to offset future pre-tax income  Minimal cash tax requirements  1 Net operating losses projected for Delta and Northwest as of December 31, 2008 10.0 4.5 14.5

Building On A Strong Financial FoundationEnhancing a strong financial foundationManaging risk in the business Preserving and growing liquidity Best top line revenue growth Managing unit costs despite capacity reductions Ancillary and third party revenue opportunities  Benefits of productivity initiatives Mitigating fuel price risk Investing prudently – fleet rationalization minimizes need for massive re-fleeting  Strong operating cash flow  Disciplined capex spending  Manageable debt maturities

Delta:  One Great AirlineSolid balance sheet and liquidity position Durable financial foundation Financial and strategic benefits of consolidationPremier global network and leading alliances Engaged, committed workforceInvestments in customer service and operational improvements

Appendix A:  Bankruptcy Claims Update

Working Through Bankruptcy Claims DistributionsTargeting to complete claims process during 2009 Delta Plan of Reorganization contemplates distribution of 400 million shares by end of 2009 To date, 311 million shares have been distributed including 14 million shares to employees No change to estimated bankruptcy claims pool of $15 billion Northwest has approximately 9 million Delta shares still to be distributed under their Plan of ReorganizationDistributed through Nov. 2008  (In millions)  Delta CaseComair CaseClaim value Delta shares Distributed Claim value Delta Shares distributed 12,701,285.7,758,11.0

Appendix B:  Unaudited Condensed Combined Financial Information

Unaudited Condensed Combined Financial InformationThe following Unaudited Combined Statements of Operations and Unaudited Condensed Combined Statement of Cash Flows have been developed from and should be read in conjunction with (1) the unaudited interim consolidated financial statements of Delta and Northwest contained in their respective Quarterly Reports on Form 10-Q for the quarterly periods ended September 30, 2008, June 30, 2008 and March 31, 2008 and (2) the audited consolidated financial statements of Delta and Northwest contained in their respective Annual Reports on Form 10-K for the fiscal year ended December 31, 2007.  The Unaudited Combined Statements of Operations and Unaudited Condensed Combined Statement of Cash Flows are provided for illustrative purposes only and do not purport to represent the combined company's consolidated results of operations and cash flows for the dates presented, nor are these financial statements necessarily indicative of the combined company’s future consolidated results of operations and cash flows.  The historical consolidated financial statements of Northwest have been adjusted to reflect certain reclassifications to conform with Delta’s financial statement presentation.   Delta expects to incur significant costs and realize significant benefits associated with integrating the operations of Delta and Northwest. The Unaudited Combined Statements of Operations do not reflect any purchase accounting adjustments, costs of integration activities, benefits that may result from operating efficiencies or revenue synergies expected to result from the Merger.

September 30,2008OPERATING REVENUE:Passenger:Mainline$5,330$5,364$6,265$6,723Regional affiliates1,3811,4451,6491,606Cargo374332372363&# 160;Other, net705759802838

Total operating revenue7,7907,9009,0889,530OPERATING EXPENSE:Aircraft fuel and related taxes2,2922,5352,8843,864

Salaries and related costs1,8051,8191,8381,794Contract carrier arrangements21,0441,1021,1391,163Aircraft maintenance materials and outside repairs467477481441Contracted services456 461464469Passenger commissions and other selling expenses423440472485Depreciation and amortization416428423415Landing fees and other rents289< /font>315335339Aircraft rent154157160163Passenger service146144171187Other213286260271Total operating expense7,7058,1648,6279,591OPERATING (LOSS) INCOME85(264)461(61)OTHER (EXPENSE) INCOME:Interest expense(264)(261)(249)(252)Interest income90644942Miscellaneous, net (16)(18)46(69)Total other expense, net(190)(215)(154)(279)INCOME (LOSS) BEFORE INCOME TAXES(105)(479)307(340)INCOME TAX BENEFIT (PROVISION)41--(3)NET (LOSS) INCOME$(64)$(479)$307$(343)

DELTA AIR LINES, INC.Unaudited Condensed Combined Statement of Cash Flows'For the Nine Months Ended September 30, 2008(in millions)Net cash provided by operating activities$852Cash Flows From Investing Activities:Property and equipment additions:Flight equipment, including advance payments(1,989)Ground property and equipment, including technology(241)Payments of fuel hedge margin deposits(104)Decrease in restricted cash279

Proceeds from sales of flight equipment126Proceeds from sale of investment in affiliate20

Investments in affiliated companies(213)Redesignation from cash equivialents to short-term investments(1,064)Proceeds from sales of investments55Other, net7Net cash used in investing activities(3,124)Cash Flows From Financing Activities:Payments on long-term debt and capital lease obligations(1,222)Proceeds from short-term obligations133Proceeds from long-term obligations2,887Payments of deferred financing costs(114)Other, net(30)Net cash provided by financing activities1,654Net Decrease in Cash and Cash Equivalents(618)Cash and cash equivalents at beginning of period5,587Cash and cash equivalents at end of period$4,969' The historical consolidated financial statements of Northwest have been adjusted toreflect certain reclassifications to conform with Delta’s financial statement presentation.

Unaudited Combined Statements of OperationsDELTA AIR LINES, INC.Unaudited Combined Statements of OperationsExcluding Special Items(in millions)DeltaNorthwestSpecialItemsCombinedDeltaNorthwestSpecialItemsCombinedThree MonthsEndedDecember 31,2007Three MonthsEndedDecember 31,2007Three MonthsEndedDecember 31,2007Three MonthsEndedMarch 31,2008Three MonthsEndedMarch 31,2008Three MonthsEndedMarch 31,2008OPERATING REVENUE:Passenger:Mainline$3,052$2,27 8$ -$5,330$3,061$2,303$ -$5,364Regional affiliates1,015366 -1,3811,039406 -1,445Cargo132242 - -374134198 -332Other, net484221 -705532227 -759Total operating revenue4,6833,107-7,7904,7663,134-7,900OPERATING EXPENSE:Aircraft fuel and related taxes1,356936 -2,2921,4221,113 -2,535Salaries and related costs1,070735 -1,8051,091728 -1,819Contract carrier arrangements851193 -1,044896206 -1,102Aircraft maintenance materials and outside repairs245222 -467268209 -477Contracted services246210 -456254207 -461Passenger commissions and other selling expenses212211 -423225215 -440Depreciation and amortization288128 -416297148(17) 2428Landing fees and other rents175114 -289179136 -315Aircraft rent6094-1546493 -157Passenger service& #160;8858-1468460-144Restructuring, asset writedowns, pension settlements and related items, net - - - -6,1163,917(10,033) 3 -Other94119 -213131155 -286Total operating expense4,6853,020- 7,70511,0277,187(10,050)8,164OPERATING (LOSS) INCOME(2)87 -85(6,261)(4,053)< font style="DISPLAY: inline; COLOR: #ffffff">10,050(264)OTHER (EXPENSE) INCOME:Interest expense(138)(126)-(264)(147)(114) -(261)Interest income3951-902737 -64Miscellaneous, net(4)(26)141(16)(9)(9) -(18)Total other expense, net(103)(101)14(190)(129)(86)-(215)INCOME (LOSS) BEFORE INCOME TAXES(105)(14)14(105)(6,390)(4 ,139)10,050(479)INCOME TAX BENEFIT (PROVISION)356 -41 - - - -NET (LOSS) INCOME$(70)$(8)$14$(64)$(6,390)$(4,139)$ 10,050$(479)1 $14 loss on sale of interest in affiliate (NWA)2 $17 aircraft and aircraft-related impairments (NWA)3 $3,917 goodwill impairment (NWA); $6,100 goodwill impairment (DL); $16 Restructuring and related (DL)

Combined Statements of OperationsOPERATING REVENUE:Passenger:Mainline$3,627$2,638  ;$ -Regional affiliates1,143506 -Cargo160212 -Other, net569233 -Total operating revenue5,4993,589 -OPERATING EXPENSE:Aircraft fuel and related taxes1,6781,206 -Salaries and related costs1,092746 -Contract carrier arrangements931208 -Aircraft maintenance materials and outside repairs295186 -Contracted services257207 -Passenger commissions and other selling expenses248224 -Depreciation and amortization302745(624) 4Landing fees and other rents185150 -Aircraft rent6793< font style="DISPLAY: inline; COLOR: #ffffff"> -Passenger service10566 -Restructuring, asset writedowns, pension settlements and related items, net1,300(76)(1,224) 5Other126134 -Total operating expense6,5863,889(1,848)OPERATING (LOSS) INCOME(1,087)(300)1,848OTHER (EXPENSE) INCOME:Interest expense(141)(108) -Interest income2524 -Miscellaneous, net40(207)213 6Total other expense, net(76)(291)213INCOME (LOSS) BEFORE INCOME TAXES(1,163)(591)2,061INCOME TAX BENEFIT (PROVISION)119214(333)7NET (LOSS) INCOME$(1,044)$(377)$1,728DeltaNorthwestThree MonthsThree MonthsEndedEndedJune 30,June 30,Special(in millions)20082008ItemsDeltaNorthwestThree MonthsThree MonthsEndedEndeSeptember 30,September 30,Special20082008ItemsDELTA AIR LINES, INC.Unaudited Combined Statements of OperationsExcluding Special ItemsDELTA AIR LINES, INC.Unaudited Combined Statements of OperationsExcluding Special Items

Unaudited Condensed Combined Statement of CashFlowsDELTA AIR LINES, INC.Unaudited Condensed Combined Statement of Cash Flows'For the Nine Months Ended September 30, 2008DELTA AIR LINES, INC.Unaudited Condensed Combined Statement of Cash Flows'For the Nine Months Ended September 30, 2008(in millions)DeltaNorthwestNet cash provided by operating activities$282$570Cash Flows From Investing Activities:Property and equipment additions:Flight equipment, including advance payments(1,056)(933)Ground property and equipment, including technology(160)(81)Payments of fuel hedge margin deposits -(104)Decrease in restricted cash2277Proceeds from sales of flight equipment11016Proceeds from sale of investment in affiliate -20Investments in affiliated companies -(213)Redesignation from cash equivialents to short-term investments(818)(246)Proceeds from sales of investments -55Other, net7 -Net cash used in investing activities(1,915)(1,209)Cash Flows From Financing Activities:Payments on long-term debt and capital lease obligations(857)(365)Proceeds from short-term obligations -133Proceeds from long-term obligations2,014873Payments of deferred financing costs -(114)Other, net(12)(18)Net cash provided by financing activities1,145509Net Decrease in Cash and Cash Equivalents(488)(130)Cash and cash equivalents at beginning of period2,6482,939Cash and cash equivalents at end of period$2,160$2,809Combined$852(1,989)(241)(104)27912620(213)(1,064)557(3,124)(1,222)1332,887(114)(30)1,654(618)5,587$4,969' The historical consolidated financial statements of Northwest have been adjusted to reflect certain reclassifications to conform withDelta’s financial statement presentation.

Appendix C:  Non-GAAP Reconciliations

Forward Looking Projections Delta is unable to reconcile certain forward-looking projections to GAAP, including projected Mainline non-fuel CASM, adjusted net debt, unrestricted liquidity, length of haul adjusted PRASM to industry, earnings before interest, taxes, depreciation, amortization and aircraft rent (EBITDAR), as the nature or amount of special items and the impact of purchase accounting adjustments cannot be estimated at this time.  We are in the process of analyzing the impact purchase accounting adjustments and special items will have on our consolidated financial statements.

Length of Haul Adjusted PRASM

Mainline Non-Fuel CASM Delta and Northwest exclude special items because management believes the exclusion of these items is helpful to investors to evaluate the companies' recurring operational performance. Delta's cost per available seat mile (CASM) excludes expenses related to Delta's providing maintenance and staffing services to third parties as these costs are not associated with the generation of a seat mile. Northwest's CASM excludes expenses primarily related to Northwest's providing freight operations and its vacation wholesale operations to third parties as these costs are not associated with the generation of a seat mile. Delta and Northwest present Mainline CASM excluding fuel expense and related taxes because management believes high fuel prices mask the progress toward achieving business plan targets. Three Months Ended September 30, 2008  Delta Northwest Combined Mainline CASM 12.42 ¢ 15.71 ¢ 13.68 ¢ Items excluded: Services provided to third parties (0.46) (0.95) (0.64) Mainline CASM excluding items not related to generation of a seat mile 11.96 14.76 13.04 Restructuring and merger-related items (0.02) (0.14) (0.07) Mainline CASM excluding special items 11.94 14.62 12.97 Fuel expense and related taxes (5.22) (7.55) (6.12) Mainline CASM excluding fuel expense and related taxes and special items 6.72 ¢ 7.07 ¢ 6.85 ¢

EX-99.2

Exhibit 99.2

FOR IMMEDIATE RELEASE

CONTACT: Delta Air Lines Corporate Communications 404-715-2554
American Express Desiree Fish 212-640-4761, desiree.c.fish@aexp.com

Delta and American Express Announce Multiyear Extension for

Co-Branded SkyMiles Credit Card

Agreementprovides Delta with more than $2 billion in combined incremental liquidity and contract enhancements

Agreement to result in expanded opportunities for American Express across Co-brand credit card, Membership Rewards, merchant services and travel

ATLANTA and NEW YORK, Dec. 9, 2008 – Delta Air Lines (NYSE: DAL) and American Express (NYSE: AXP) today announced a multiyear extension of their exclusive Co-brand Credit Card partnerships.  The companies have offered a portfolio of card products since 1996 that provide valuable opportunities to earn and redeem Delta SkyMiles®.  The multiyear extension allows continued expansion of the program with positive benefits to both Delta and American Express.

The companies also agreed to extensions of their other partnership arrangements, including American Express Membership Rewards, merchant acceptance and travel.

As part of the broad-based partnership agreement, Delta will receive an immediate $1 billion boost to its liquidity from a purchase of SkyMiles.  Delta expects to receive an additional $1 billion from contract improvements through 2010.

In return, American Express will be able to grow the value of its Co-brand Cards and the Membership Rewards program.  American Express cardmembers will be offered expanded options for booking travel on the world’s largest airline.  In addition, American Express will have the opportunity to increase merchant acceptance in more places in the Midwest region of the United States.

“As Delta integrates the Northwest WorldPerks program into Delta SkyMiles, our extended agreement with American Express offers continued financial benefits for both companies,” said Delta President Edward H. Bastian. “Pairing the world’s premier airline loyalty program with the world-class American Express brand continues a history of offering superior and innovative programs for our customers.”

“Working with Delta since the early ‘90s has helped us strengthen Cardmember loyalty and build substantial amounts of business,” said Jud Linville, president and CEO of American Express Consumer Services. “Our Delta Co-brand Cards are among our most successful products, and we are delighted to build on this position following Delta’s recent acquisition of Northwest.  This is a great opportunity to expand in the Midwest, extend popular Membership Rewards options with new routes, and enhance unique Co-brand card offers like the ability to redeem miles for any seat, any time on the world’s largest airline.”

In late 2009, Delta plans to merge Northwest WorldPerks with SkyMiles to create the world’s premier airline loyalty program and a consolidated co-brand credit card program.  Northwest WorldPerks co-brand cardholders can continue to earn WorldPerks miles just as they do today on their U.S. Bank issued cards, and all WorldPerks miles earned prior to integration will be safe and transferred in full to Delta SkyMiles when the two programs are integrated.

Delta plans to continue its longstanding partnership with U.S. Bank through their existing corporate relationships including merchant acquiring, an expanded debit card program and corporate lending.

The award-winning Delta SkyMiles program offers members multiple mileage-earning opportunities when flying Delta, Delta Shuttle®, the Delta Connection® carriers, Delta AirElite® and other SkyTeam® airlines.  Now in its 27th year, SkyMiles is one of the longest-running and most successful loyalty programs in the travel industry.  It was named “Best Domestic Frequent Flyer program” for 2007 and 2008 by readers of Executive Traveler magazine and “Best Frequent Flyer Program” for 2006 and 2007 by Business Traveler magazine.  The program also received top honors for “Best Bonus Promotion” from InsideFlyer magazine at the 2007 Freddie Awards. Details of the SkyMiles program are available at delta.com/skymiles.

About American Express

American Express Company (www.americanexpress.com) is a leading global payments and travel company founded in 1850. American Express issues a broad and diverse set of consumer, small business and corporate card products and services globally, including charge cards, credit cards, reward cards and co-brand cards.  All American Express Cards offer access to a wide array of rewards, unique experiences and world-class customer service.  Over the years, American Express Card products and services have been recognized as leaders in the industry by many organizations and media outlets.  Most recently American Express ranked “Highest in Customer Satisfaction among Credit Card Companies,” for the second consecutive year according to the second annual nationwide study by J.D. Power and Associates (jdpower.com).

About Delta Air Lines

Delta Air Lines is the world’s largest airline.  From its hubs in Atlanta, Cincinnati, Detroit, Memphis, Minneapolis-St. Paul, New York-JFK, Salt Lake City and Tokyo-Narita, Delta, its Northwest subsidiary and Delta Connection carriers offer service to more than 376 destinations worldwide in 66 countries and serve more than 170 million passengers each year.  Delta’s marketing alliances allow customers to earn and redeem either SkyMiles or WorldPerks on more than 16,000 daily flights offered by SkyTeam and other partners.  Delta and its 75,000 worldwide employees are reshaping the aviation industry as the only U.S. airline to offer a full global network.  Customers can check in for flights, print boarding passes, check bags and flight status at delta.com.

Forward-looking Statements

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; competitive conditions in the airline industry; and our ability to achieve expected synergies from our merger with Northwest.

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 and Form 10-Q for the quarterly period ended September 30, 2008. Caution should be taken not to place undue reliance on Delta’s forward-looking statements, which represent Delta’s views only as of Dec. 9, 2008, and which Delta has no current intention to update.

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