EFTA01447937

9 June 2014 Airlines Delta Air Lines, Inc. Model updated:00 June 2014 Rini:me:3 the nun ityte. North America United States Airlines Delta Air Lines, Inc. Reuters: DAL .N Buy Price (6 Jun 141 Target Price 52 Week range Market Cap (ml EilOomborg: DAL US USD 42.23 USD 48.00 USD 17.36 -42.23 USDm 35.642 EURm 2& 132 (c0,01,:y Plottlo Aaantabesms Delta Air tines. minting more than 160 million customers each met. is the largest airline in the wad With its vast global ninvrtek end Peet of 'limey SCO aircraft Delta and the Delta Connection carriers offer earece to more then 35D destinations In needy 70 countries on sic comment A founding member of the SkyTearn global alliance. Delta participates in one of the in:Marys leading transatlantic loot minutes with Air France-KLM PI Ica Pertormance 40 — SO 30 20 10 0 - 4404 - "1" Jim '2 Dec 12 Jim 13 Dec 13 MA Ail Wet frt. Ste503 Me &sem owns.' EMITDA MAIN St berth & Molina/ally 14 12 10 6 4 2 0 e•SegresthtUt0 it 300 250 203 150 100 50 0 yliOf IRMA 70 80 50 40 30 20 10 0 ID 11 12 13 14E ISE =NUM= Pio detgeipaly OXIA 'Mime twee fltHA Page 'I Fecal year end 2010 rF menu! 2011 2012 2013 2014E 2015E 08 EPS IUSIR 171 I 41 1 83 314 305 355 Reporbd EPS (U90) 171 1 43 2 49 12 60 306 355 DPS XSDI 000 000 0.00 012 024 000 8VPS 97SDI 198 -1 67 -2.52 13 72 16130 20 03 Vag tannin Mount Price/Sebs 01 03 0.2 0.2 04 0.9 0.8 P/E (DEI) lx) 74 66 55 64 139 11 9 p/E (Reported/ Ix) 74 6.5 40 16 13.9 11.9 MU 04 11 7 in nm 20 25 21 FCF yield MAI 14 5 20 3 82 102 6.7 79 Dividend Weld (%I 00 0.0 0.0 0 0.8 0.0 EV/Selm 06 04 04 07 11 10 EV/EBITCM 45 4.1 40 49 88 69 EV/E8IT 7.1 6.9 83 71 89 78 Income Statement ILISDn II Sees 31.755 35,115 36670 31.173 40.308 43,070 EMMA 4.178 3.768 4.186 6,18E 8,823 7.471 EMT 2.667 2.243 2.601 3.528 4.934 6.775 1,106 1,5011 2,675 4,213 4.985 Pre-tax pnoM t460 Net income 1,445 1,201 2,114 10.813 2.580 3.028 C;h5h How Illeirk111 Cash flow from operations 2,832 2.834 2,869 4,658 4,875 5,074 Net Cent -1,306 -1.254 -ENS -2.928 -1.300 -2.250 Free cash flow 1,518 1,580 70t 1.730 2,375 7974 Sonny rereediftetsgM Beal 0 0 0 -250 258 0 Dividends paid 0 0 0 -102 -153 -304 Net 0C/IdeCI n 000011050 -2.592 -1,777 -899 -1.193 -1,500 -1.500 Other mesting/hriencing cash lbws 449 a 150 397 28 ISO Net cash flow -1.715 -235 -48 582 752 1.171 °wrenworking 4444141 664 7028 348 634 -7.755 834 I (tetanal SIbusl (USOrn) Cash and MOM equivalents 4.019 3,920 3.749 3.925 4,628 5,649 Property. plant & equipment 20.307 20.773 20.713 21.954 22.456 23.019 Goodwill 0 0 0 0 0 0 Other meet, 18.862 19.350 20.088 20.473 28.339 28.407 Total assets 43.188 43,499 44,550 51,251 55,432 57,074 Debt 15,252 13.791 12,709 11.342 9,842 8.342 Other hemlines 27.039 31,104 33.971 19.167 31,411 31.929 Total liabilities 42.291 44.895 48.681 40.009 41,253 40,171 Tout stiersholdwb eclunT 897 -1.396 2.131 11.643 14.179 16.903 Mx debt 11,233 3471 8960 7417 5,214 2693 Itev Company Metrics Sees growth OM 132 106 00 30 89 6.7 08 EPS growth 06) na -17.6 7913 71 8 -3.1 18.5 Payout ratio 00 0.0 0.0 09 7.9 0.0 EBfTDA Margin PM 132 107 114 13 7 164 17 3 EMT Margin Cie/ 84 8.4 7.1 93 12.2 13.4 110E 00 253 I rwl VIM 127 4 20.1 19.5 Net debt/EMT/ MI fin rot rim 637 389 159 Net interest cover (x) 23 2.1 28 41 6.6 74 DuPont Anni1/21al EMT marg.. OM 84 6.4 7.1 93 12.2 13.4 x Meal turnover 07 08 08 OS 07 0.8 x Financial Colt rate PI 06 0.5 013 08 0.8 0.9 x Tax and other effects (x) 10 1.0 13 40 0.8 0.8 • ROA (poet tax/ PM 33 2.8 48 213 4.8 5,4 x Financial leverage lx) 759 -1737 -250 10 42 30 . ROE lb/ 253 1 481.4 -1199 227 4 20.1 19.5 trawl grown IV no no 75. no -97.7 42 X NTA/shant (mg) Ix) 07 -0.3 55 IS.) 18.2 • Reported EPS 1.71 I 43 2.49 12 60 305 355 annual growth (X pa 468 748 405 7 -758 765 San* Company dem Dartscry Bank moms Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0102731 SDNY_GM_00248915 EFTA01447937