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

Jun 26, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELTA AIR LINES INC /DE/ (DAL)
CIK: 0000027904
Period of Report: 2003-06-25

Reporting Person: REID FREDERICK W (President and COO)

Footnotes

F1: Options became exercisable in 20% increments on each of the first five anniversaries of June 9, 1998.

F2: The reporting person elected to tender this option for cancellation pursuant to Delta???s Option Exchange Program. On June 25, 2003, Delta cancelled this option pursuant to its Option Exchange Program. In exchange, the reporting person will receive 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 replacement options are expected to be granted on December 26, 2003.

F3: Options covering 25% of the shares became exercisable on each of the first four anniversaries of June 24, 1999.

F4: Options covering 25% of the shares were scheduled to become exercisable on each of the first four anniversaries of July 22, 1999.

F5: Options covering 25% of the shares were scheduled to become exercisable on each of the first four anniversaries of July 27, 2000.

F6: Options covering 25% of the shares were scheduled to become exercisable on each of the first four anniversaries of January 25, 2001.

F7: Options covering 25% of the shares were scheduled to become exercisable on each of the first four anniversaries of July 25, 2001.

F8: Options covering 50% of the shares were scheduled to become exercisable on each of the first two anniversaries of January 24, 2002.