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

Jan 6, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELTA AIR LINES INC /DE/ (DAL)
CIK: 0000027904
Period of Report: 2004-01-05

Reporting Person: SPERO JOAN E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-05	Common Stock	A	610	$11.88	Acquired	8923	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock Units	$		Common Stock ()	795	Direct

Footnotes

F1: The reporting person holds phantom stock units accrued under Delta's Deferred Compensation Plan. The units are convertible into Delta common stock on a 1-for-1 basis. The deferred amounts will be paid to the reporting person after she completes her service as a member of Delta's Board of Directors. Includes 4 shares accrued under the dividend reinvestment feature of the plan.