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

Jun 10, 2004

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: DELTA AIR LINES INC /DE/ (DAL)
CIK: 0000027904
Period of Report: 2004-06-01

Reporting Person: Matsen Paul G (Sr. VP & Chief Mkting Officer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	600	Direct
Common Stock	1003	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$10.53	2012-10-23	Common Stock (16800)		Direct
Employee Stock Option (Right to Buy)	$11.60	2007-07-25	Common Stock (7334)		Direct
Employee Stock Option (Right to Buy)	$11.60	2008-07-23	Common Stock (6067)		Direct
Employee Stock Option (Right to Buy)	$11.60	2009-03-26	Common Stock (7067)		Direct
Employee Stock Option (Right to Buy)	$11.60	2010-01-21	Common Stock (5000)		Direct
Employee Stock Option (Right to Buy)	$11.60	2011-01-26	Common Stock (10300)		Direct
Employee Stock Option (Right to Buy)	$11.60	2011-07-27	Common Stock (6000)		Direct
Employee Stock Option (Right to Buy)	$11.60	2012-07-25	Common Stock (10667)		Direct
Stock Appreciation Right	$10.75	2009-01-22	Common Stock (33100)		Direct
Series B ESOP Convertible Preferred Stock	$41.97		Common Stock (142)		Indirect

Footnotes

F1: Options covering 50% of the shares became exercisable on October 24, 2003; options covering the balance of the shares will become exercisable on October 24, 2004.

F2: Options covering 50% of the shares become exercisable on each of the first and second anniversaries of December 26, 2003.

F3: Stock Appreciation Rights covering 50% of the shares became exercisable on January 23, 2004; the balance of the Stock Appreciation Rights will become exercisable on January 23, 2005.

F4: Series B ESOP Convertible stock held under the Delta Family-Care Savings Plan. Each such share is convertible into 1.7155 shares of common stock, and has no expiration date.