9 June 2014 Airlines Delta Air Lines, Inc. Model updated:00 June 2014 iiiirin lei the nisei:pie. North America United States Airlines Delta Air Lines, Inc. Reuters: DAL .N Buy Price (8 Jun 141 Target Price 52 Week range Markel Cap (ml 810omborg: DAL US USD 42.23 USD 48.00 USD 17.38 -42.23 USDm 35.642 EURm 2& 132 Ptoftlo Atiaranests Otte Air Imes. mental more than 160 million customers each met. is the largest airline in the vapid With its vast global nintork end IMP of made 800 aircraft Delia and the Delta Connection canners offer sentar to more then 350 destinations in needy 70 countries on sic continents A founding member of the SeyTearn global alliance. Delta participates in one of the tralustrys leeding transatlantic met minutes with Air France-KLM PI Ica Perlormence 40 — SO 30 20 10 0 - 0004 - "1" at '2 Dec 12 Jot 13 Dec 13 On. Ail LM frt. —.SIASOIlitte &wit Honda 444•44EMITDA MAIN Cr myth & Prefilabitily 14 12 10 6 4 2 0 11414, CU411 it 300 250 200 100 100 50 0 .y.144110141 .S01,14:11:1' 70 50 50 40 30 20 10 0 ID 11 12 13 14E ISE ®aided43,44.4v ruin inieren awe. 0,14 Fecal year end 2010 rF manta 2011 2012 2013 2014E 2015E DB EPS IUSIR 171 I 41 1 83 314 305 355 Reported EPS (USD) 1 71 1 43 2 49 12 60 306 355 DPS (USDI 000 000 0.00 012 024 000 8VPS 0.40I 100 -1 67 -2.52 13 72 16130 20 03 Valuation Monet Price/Sales lel 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 Or/ 11 7 in nm 20 25 21 FCF yield PM 14 5 20 3 2 102 6.7 79 Dividend Weld (%I 00 0.0 0.0 09 0.8 0.0 EV/Selm 06 04 4 07 11 t0 EV/EITITDA 45 4.1 40 4 88 69 EWEBIT 7.1 6.9 83 71 89 78 Income Statement illSDn II Sees 31.755 35,115 38670 37.773 40.309 43,070 EMMA 4.178 3.788 4.186 5.194 8,823 7.471 EMT 2.887 2.243 2.801 3.528 4.034 6.775