DELTA AIR LINES, INC. — Director's Dealing 2003

Dec 29, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELTA AIR LINES INC /DE/ (DAL)
CIK: 0000027904
Period of Report: 2003-12-26

Reporting Person: ESCARRA VICKI B (SVP and Chief Mkting Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-26	Employee Stock Option (Right to Buy)	$11.60	A	5101	Acquired	2008-07-23	Common Stock (5101)	Direct
2003-12-26	Employee Stock Option (Right to Buy)	$11.60	A	12240	Acquired	2009-03-26	Common Stock (12240)	Direct
2003-12-26	Employee Stock Option (Right to Buy)	$11.60	A	57661	Acquired	2009-12-24	Common Stock (57661)	Direct
2003-12-26	Employee Stock Option (Right to Buy)	$11.60	A	9031	Acquired	2010-01-21	Common Stock (9031)	Direct
2003-12-26	Employee Stock Option (Right to Buy)	$11.60	A	18585	Acquired	2011-01-26	Common Stock (18585)	Direct
2003-12-26	Employee Stock Option (Right to Buy)	$11.60	A	15930	Acquired	2011-07-27	Common Stock (15930)	Direct
2003-12-26	Employee Stock Option (Right to Buy)	$11.60	A	15750	Acquired	2012-01-24	Common Stock (15750)	Direct
2003-12-26	Employee Stock Option (Right to Buy)	$11.60	A	51660	Acquired	2012-07-25	Common Stock (51660)	Direct

Footnotes

F1: Options covering 25% of the shares become exercisable on each of the first four anniversaries of December 26, 2003.

F2: The reporting person elected to participate in Delta's Option Exchange Program and tendered certain options for cancellation on June 25, 2003. In accordance with the terms of the Option Exchange Program, on December 26, 2003, Delta granted the reporting person a replacement option covering a number of shares of common stock and having an exercise price determined in accordance with the Option Exchange Program. The reporting person must hold the stock acquired upon exercise of the option for at least one year following the exercise date.