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Thu, Feb 12, 2004

Delta Air Lines Changes Fleet to Reduce Capital Expenditures

Company Will Limit Boeing 777-200s

Delta Air Lines announced Tuesday plans to limit the size of its Boeing 777-200 fleet. The airline said it intends to sell two Boeing 777-200 aircraft scheduled for delivery to Delta in 2005. The company also intends either to acquire other Boeing aircraft in lieu of three Boeing 777-200 aircraft scheduled for delivery in 2006 or to sell these three Boeing 777-200 aircraft. Delta currently plans to continue to operate the eight Boeing 777-200 aircraft in its existing fleet and said it is pleased with the operational performance of these aircraft.

Delta and Boeing have agreed to defer until the second half of 2005 delivery of two Boeing 777-200 aircraft originally scheduled for delivery to Delta in the first half of 2005. Delta intends to sell these two Boeing 777- 200 aircraft and has entered into an agreement with an undisclosed party to assist in the sale. Delta expects that such a sale, if accomplished, would reduce its capital spending requirements by approximately $300 million through 2005.

"Delta must continue to create a path to rebuild its balance sheet and maintain effective cash flow management," said M. Michele Burns, Delta's executive vice president and chief financial officer. "Reducing major capital spending, such as purchasing aircraft, is an essential way to contribute to this goal."

Delta also intends either to acquire other Boeing aircraft in lieu of three Boeing 777-200 aircraft scheduled for delivery to Delta in 2006 or to sell these three Boeing 777-200 aircraft. The company has not yet identified which aircraft type it would acquire in lieu of the Boeing 777-200s if that option is chosen.

Delta Air Lines is proud to celebrate its 75th anniversary in 2004. As the world's second largest airline in terms of passengers carried and the leading U.S. carrier across the Atlantic, Delta offers 7,664 flights each day to 497 destinations in 84 countries on Delta, Song, Delta Shuttle, Delta Connection and Delta's worldwide partners. Delta is a founding member of SkyTeam, a global airline alliance that provides customers with extensive worldwide destinations, flights and services. For more information, please visit delta.com.

FMI:  www.delta.com

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