DELTA AIR LINES, INC. — Director's Dealing 2004

Nov 19, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELTA AIR LINES INC /DE/ (DAL)
CIK: 0000027904
Period of Report: 2004-11-17

Reporting Person: PALUMBO MICHAEL J (EVP & Chief Financial Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-17	Employee Stock Option (Right to Buy)	$7.01	A	330900	Acquired	2010-11-17	Common Stock (330900)	Direct

Footnotes

F1: On November 17, 2004, the Personnel & Compensation Committee (the "Committee") of Delta's Board of Directors granted this stock option award to the Reporting Person under Delta's 2000 Performance Compensation Plan (the "Plan") in a transaction exempt under Rule 16b-3(d). This stock option award constitutes the Reporting Person's targeted long-term incentive opportunity for the year. The Reporting Person has not received any other stock option award or long-term incentive opportunity in 2004. The Committee does not intend to grant stock options to the Reporting Person in 2005.

F2: The stock options reported in this Form 4 become exercisable in three equal installments on the first, second and third anniversaries of the grant date, and expire at the close of business on the sixth anniversary of the grant date. These terms are identical to the corresponding provisions in the broad-based stock option grants that Delta made to approximately 60,000 employees, excluding the Reporting Person, on November 11, 2004. The exercise price of the stock options reported in this Form 4 is $7.01, compared to $6.30 for the stock options granted under the broad-based program on November 11, 2004.