Upon completion of the transaction, the merged carrier will benefit from among the following competitive advantages: a global, end-to-end network with little overlap; proven joint venture relationships across the Trans-Atlantic; a strong balance sheet and competitive cost structure; significant revenue and cost synergies; manageable integration costs and the harmonious integration of employee groups.

Steenland concluded, "Unlike previous airline mergers, Northwest-Delta is a merger of choice. Northwest and Delta are the two strongest network airlines, with the strongest balance sheets, liquidity positions and best-in-class cost structures in the industry."

Second Quarter Financial Overview

Operating Revenues

Northwest's operating revenues for the second quarter rose to $3.6 billion, up 12.4 percent from last year. Consolidated passenger revenue increased by 10.0 percent versus the second quarter 2007 to $3.1 billion on 3.6 percent more available seat miles (ASMs), resulting in a 6.1 percent improvement in revenue per available seat mile (RASM). This revenue growth was among the best in the industry during the quarter. Excluding the impact of fresh-start accounting, consolidated RASM increased 4.7 percent.

Mainline passenger revenue increased by 5.4 percent versus the second quarter 2007 to $2.6 billion on 0.1 percent more mainline available seat miles (ASMs), resulting in a 5.3 percent improvement in revenue per available seat mile (RASM) and a 0.1 percentage point increase in load factor. Excluding the impact of fresh-start accounting, mainline RASM increased 3.8 percent.

Commenting on the airline's revenue performance, Tim Griffin, Northwest's executive vice president of marketing and distribution said, "Northwest continues to deliver strong revenue performance. The airline achieved a length-of-haul adjusted domestic RASM that is 111.4 percent of the industry average based on the most recent comparative data available." Griffin added, "We are encouraged by the unit revenue growth we experienced during the quarter. Additional unit revenue growth is expected due in part to the capacity reductions previously announced, which will help to offset higher fuel expenses."

Operating Expenses

Second quarter operating expenses of $3.3 billion, excluding the net non-cash impairment charge, were up $504 million, or 17.8 percent year-over-year as the result of the $637 million increase in year-over-year fuel expense. Excluding fuel costs, the gain associated with marking-to-market out-of-period fuel hedges, and the net non-cash impairment charge, operating expenses increased by $123 million year-over-year. For the quarter, Northwest's mainline unit costs per available seat mile (CASM), excluding fuel and non-recurring items, increased 4.7 percent year-over-year, which was favorable to prior guidance. The increase was primarily due to the continued impact of non-cash emergence-related items and integration expenses related to the merger with Delta. Excluding the impact of these items, second quarter CASM excluding fuel increased 1.0 percent.

Dave Davis, Northwest's executive vice-president and chief financial officer, said, "Our strong second quarter ex-fuel CASM performance demonstrates Northwest's continued focus on prudent cost control."

Fuel continues to be Northwest's single largest cost, representing 43.7 percent of the company's second quarter operating expenses, excluding the net non-cash impairment charge and out-of-period mark-to-market adjustments on fuel hedges. Northwest had previously hedged approximately 40 percent of its fuel exposure for the quarter and realized $43 million in value from settled fuel hedge contracts during the quarter. As of July 21st, Northwest has hedged approximately 63 percent of its third quarter requirements, 56 percent of its fourth quarter requirements and 21 percent of its first quarter 2009 fuel requirements.

$547 Million Non-cash Accounting Charge

Northwest finalized the goodwill impairment testing that resulted in the $3.9 billion charge reflected in the first quarter of 2008. As a result, it was determined that an additional net non-cash impairment charge of $547 million was required.

Strong Total Cash Position of $3.7 billion

Northwest ended the quarter with $3.3 billion in unrestricted cash and $424 million in restricted cash. The restricted cash balance includes a funded tax trust of $255 million that was established in 2002. On July 15th, Northwest closed a financing of unencumbered aircraft and engines that generated approximately $180 million in additional liquidity. These proceeds will be reflected in Northwest's third quarter ending cash balance.

In addressing Northwest's liquidity, Davis said, "Despite the significant year-over-year increase in fuel related expenses during the quarter, Northwest has maintained among the strongest liquidity positions in the industry. Including the value of Northwest's funded tax trust that was established in 2002, the airline's quarter ending liquidity was $3.5 billion, or 26.6 percent of trailing 12 months revenue."

Northwest's Continued Response to Extraordinary Fuel Costs

In response to the record increases in fuel-related costs, during the second quarter, Northwest announced the following initiatives:

1. Fourth Quarter 2008 Capacity, Fleet and Personnel Reductions
   
   • Capacity Reductions. Northwest will reduce its fourth quarter 2008 system mainline capacity (domestic and international) 8.5 percent - 9.5 percent versus the fourth quarter of 2007.
     
   • Fleet Changes. As a result of the reduced capacity, Northwest is removing a combination of 14 B757s and Airbus narrowbody aircraft from the fleet. In addition, the DC9 fleet will be reduced from 94 aircraft at the start of 2008 to 61 aircraft (20 DC9-30s and 41 DC9-40s/50s) by year-end. The airline also continues to take delivery of its 76-seat regional aircraft. The 76-seat fleet, which will grow to 36 Embraer EMB-175s and 36 Bombardier CRJ900s by year-end, is approximately 30 percent more fuel efficient than the DC9s.
     
   • Personnel Reductions. As a result of the fuel price driven flight reductions, Northwest is reducing its frontline and management personnel by 2,500. All Northwest employee groups will be affected. The reductions are being achieved first through a variety of voluntary programs including early-out programs, voluntary leaves, work rule modifications and attrition. Furloughs will be employed if voluntary means fail to achieve the targeted reductions.
2. Revenue Enhancements/Fees Expect to Generate $250 million to $300 million annually
   
   • Fees for Checked Bags. Northwest matched competitors' plans to charge $15 for the customer's first checked bag. The new policy applies to tickets sold on or after July 10, for travel starting August 28, throughout the United States as well as travel between the U.S. and Canada. Northwest also charges $25 for a second checked bag and $100 for the third and subsequent additional checked bags. Frequent flier elites are exempt from the policy, along with full-fare coach passengers.
     
   • Fees for Award Tickets. Northwest also implemented a fuel-related service fee for WorldPerks^® award tickets. For WorldPerks^® Award tickets issued in North America on or after September 15, 2008, Northwest will charge $25 for domestic tickets, $50 for Trans-Atlantic tickets, and $100 for Trans-Pacific travel.
     
   • Fees for Ticket Changes. Northwest also increased fees for ticket changes. Starting July 9, the fee for domestic non-refundable ticket changes increased from $100 to $150. International ticket change fees increased by an additional $50 to $150 per ticket, depending on class of service and other restrictions.

FORWARD-LOOKING STATEMENTS
Statements in this presentation that are not purely historical facts, including statements regarding our beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under 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 plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, the ability of the company to operate pursuant to the terms of its financing facilities (particularly the related financial covenants), the ability of the company to attract, motivate and/or retain key executives and associates, the future level of air travel demand, the company's future passenger traffic and yields, the airline industry pricing environment, increased costs for security, the cost and availability of aviation insurance coverage and war risk coverage, the general economic condition of the U.S. and other regions of the world, the price and availability of jet fuel, the war in Iraq, the possibility of additional terrorist attacks or the fear of such attacks, concerns about Severe Acute Respiratory Syndrome (SARS) and other influenza or contagious illnesses, labor strikes, work disruptions, labor negotiations both at other carriers and the company, difficulties in integrating the operations of the company and Delta following the merger, low cost carrier expansion, capacity decisions of other carriers, actions of the U.S. and foreign governments (including conditions imposed by U.S. or foreign governments to obtain regulatory approval for the merger), foreign currency exchange rate fluctuations and inflation. Other factors include the possibility that the merger may not close, including due to the failure to receive required stockholder or regulatory approvals, or the failure of other closing conditions. Northwest cautions that the foregoing list of factors is not exclusive. Additional information with respect to the factors and events that could cause differences between forward-looking statements and future actual results is contained in the company's Securities and Exchange Commission filings, including the company's Annual Report on Form 10-K for the year ended December 31, 2007 and subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K. We undertake no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of this presentation.

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 joint proxy statement of Delta and Northwest, which also constitutes a prospectus of Delta. Delta and Northwest will mail the joint proxy statement/prospectus to their stockholders. Delta and Northwest urge investors and security holders to read the 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 final proxy statement/prospectus when it is filed with the SEC. You can find information about Delta's executive officers and directors in its Annual Reports on Form 10-K (including any amendments thereto), Current Reports on Form 8-K and other documents subsequently filed with the SEC, as well as in its definitive proxy statement filed with the SEC in connection with Delta's 2008 Annual Meeting of Stockholders. You can find information about Northwest's executive officers and directors in its Annual Reports on Form 10-K (including any amendments thereto), Current Reports on Form 8-K and other documents subsequently filed with the SEC, as well as in its definitive proxy statement to be filed with the SEC related to Northwest's 2008 Annual Meeting of Stockholders. You can obtain free copies of these documents from Delta and Northwest using the contact information above.