1. Princeton Presentation November 21, 2005 F. LORENZO

2. 2 LABOR COST OF MAJOR CARRIERS COMPARED WITH FAST GROWING LOWER-COST CARRIERS Source: Morgan Stanley Equity Research, Company Reports

3. 3 OPERATING COMPARISON: AIRTRAN VS. DELTA BOTH ATLANTA HUB CARRIERS Source: Morgan Stanley Equity Research AirTran (AAI)Delta (DAL) Operating Statistics20012003 20012003 Revenue$665.2$918.0$13,879.0$13,303.0 Labor Cost$159.1$232.0$6,137.0$6,342.0 Net Income/(Loss)$21.7$64.0($1,040.9)($1,059.0) Labor Cost as a % of Revenue23.9%25.3%44.2%47.7% Revenue per ASM (cents)9.928.868.699.17 Labor Cost per ASM (cents)2.432.314.154.72

4. 4 OPERATING MARGINS RELATIVE TO COSTS Source: Morgan Stanley Equity Research, Company Reports

5. 5 PROPORTION OF DOMESTIC REVENUE FROM PREMIUM PASSENGERS HAS DROPPED SHARPLY Source: UAL Chapter 11 Filing – December 2002 2003

6. 6 PROPORTION OF REVENUE BOOKED VIA THE INTERNET HAS INCREASED SIGNIFICANTLY Source: UAL Chapter 11 Filing, Lehman Brothers

7. 7 LOW-COST CARRIER GROWTH Source: Department of Transportation

8. 8 EQUITY CAPITALIZATIONS OF LOW-COST CARRIERS VS. MAJOR CARRIERS Source: ReutersBridge Low-Cost Carriers$16.4 Billion Major Carriers$ 6.5 Billion