EFTA01461846

9 June 2014 Airlines Delta Air Lines, Inc. Model updated:00 June 2014 1i:tr.:rung the nisi, ityke. 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 Bloomberg: DAL US USD 42.23 USD 48.00 USD 17.36 -42.23 USDm 35.642 EURm 26.132 Profile Atkentaberod Delta Air Lines. serving more than 160 million customers each yew. is the largest airline in the vrorld With its vast global ninvrtirk end east of road, 800 aircraft Delia and de Delta Connection canners offer *nem to more then 350 destinations in needy 70 countries on sit conenems A founding member of the SkyTearn global alliance. Delta parsnips*, in one of the sroustry. lead,* transatlantic p.m velum* with Air France-KLM PI Ica Ferlormancu 50 40 — 30 20 10 0 Jim '2 Ike 12 Jim 13 Dec 13 Dela 44 Lan. at. SIA601111091tItbimal Trendy 4 uveth & ProfilottEily 14 12 10 6 4 2 0 1144•44444CU4S) — 04 44.44.440410. oymoNime 444•4 awe, IRMO Michael I menbrirg .1 212 250-9254 body text Page 2 300 250 200 150 100 50 0 Fiscal yew en, 2' >. rt nuinekg S :, 0B EPS IUSD) Repotted EPS (USD) DPS (USDI 8VPS11.401 oi ion Morns. Price/Sobs Oil P/E108)14 p/E tRegenedilx) P/BV1, / FCF yield MAI Dividend Weld 1961 EV/Sabs EV/EIIITDA EV/E8IT Ii cos" fitairmiont it/SIMS Sees EBITDA EMT Pre-tax pro* Net income (3ish flow II/SC*0 Cash flow from operations Net Cepex Free cash flow Sourly resed4beugro Nal Dividends paid Net 0140044184 0000W1000 Other mnisting/farcencing cash Rows Net cash flow Chong* In worthy apical I Balance .9114,10.60m1 Cash and ash equrvalente Properly. plant & equipment Goodwill Other nee* Total assets Debt Other lirooltnes Total liabilities Total sharetsrosro *PAY Mx debt hov Cerro:any Metrics Sales growth (3) D8 EPS growth 116) Payout ratio OM EBITDA Margin PSI EMT Margin 4%) ROE (%) Net cleteittoety 1%1 Net interest cover (x) Arlai1/21;i1 EBIT Ter 1%) x Main turnimer x Financial cost ratio PI x Tax and other effects (x) • ROA (poet tax)1%) x Finances leverage in . ROE I%) trawl growth eel • x NTAishant (anile) • • Reported EPS 4 annual growth RN 2 0 michoel 1 me n berg gedb corn 2010 2011 2012 2013 2014E 2015E 171 41 1 83 314 305 355 1 71 1 43 249 17 60 306 355 000 000 0.00 012 024 000 108 -1 67 -2.52 13 72 113130 20 03 03 0.2 0.2 04 0.9 0.8 74 66 55 64 139 11 9 74 6.5 40 16 13.9 11.9 117 In nm 20 25 21 14 5 20 3 82 102 6.7 79 00 0.0 0,0 09 0.8 0.0 06 04 4 07 11 0 45 4.1 40 48 88 69 7.1 6.9 63 71 89 78 31.755 35,115 36,670 37.773 40.308 43,070 4178 3.788 4.186 6184 8,823 7,471 2.667 2,243 2.601 3.528 4.934 6.775 1,460 1,106 1,586 2,675 4,213 4.965 1.445 1.201 2,114 10.813 2.580 3.028 2,832 2.834 2,869 4,658 4,675 5,074 -1.345 -1.254 -1.903 -2.928 -2.300 -2.250 1.528 1,580 701 1.733 2,375 2424 0 0 0 -250 258 0 0 0 0 -102 -253 -304 -2.592 -1,777 4199 -1393 -1.500 -1.500 449 a 150 397 28 ISO -1.715 -235 -48 582 752 1,171 664 7.028 348 634 -1,755 834 4.019 3420 3.749 3.925 4,628 5,649 20.307 20.723 20.713 21.854 22.466 23.019 0 0 0 0 0 0 18.862 19.356 20.088 26.473 28.339 28.407 43388 43,499 44550 52352 55,432 57,074 15.252 13.791 12.709 11.342 9,842 8.342 27.039 31,104 33.972 X.267 31,411 31.829 42.291 44.895 46.681 40.609 41,253 40,171 897 -1.396 -2.131 11.643 14.179 16.903 77,233 8.971 9960 7.417 5,214 2693 132 106 00 30 89 6.7 no -17.8 796 71 8 -3.1 16.5 00 0.0 0.0 09 7.8 0.0 132 107 114 13 7 164 17 3 84 8.4 7.1 93 12.2 13.4 253 I IVe nm 227 4 20.1 19.5 nit wit nm 637 368 159 23 2.1 28 41 8.6 74 84 6.4 7,t 93 12.2 13.4 07 08 08 08 07 0.8 06 0.5 06 08 0.8 0.9 10 1.0 13 40 0.8 0.8 33 2.8 48 22 3 4.8 5,4 259 -1737 -250 10 2 47 36 253 1 481.4 -1199 227 4 20.1 19.5 770 na 75./ -97.7 -32 07 -0.3 55 IS.) 18.2 1.71 I 43 2.49 12 60 305 355 pa -168 748 405 7 -758 765 Saint Company am Dwain Bank moms Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0124113 SDNY_GM_00270297 EFTA01461846