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

Jul 2, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELTA AIR LINES INC /DE/ (DAL)
CIK: 0000027904
Period of Report: 2004-07-01

Reporting Person: THOMPSON LARRY D (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-07-01	Phantom Stock Units	$	A	681	Acquired		Common Stock (681)	Direct

Footnotes

F1: Phantom Stock Units were accrued under Delta's Non-employee Directors' Deferred Compensation Plan in a transaction exempt under Rule 16b-3(d). They are convertible into Delta common stock on a 1-for-1 basis. The deferred amounts will be paid, in cash, to the reporting person after he completes his service as a member of Delta's Board of Directors.