DELTA AIR LINES, INC. — Proxy Solicitation & Information Statement 2021

Jun 2, 2021

PX14A6G 1 brhc10025421_px14a6g.htm PX14A6G Licensed to: Broadridge Financial Solutions, Inc. Document created using EDGARfilings PROfile 7.5.0.0 Copyright 1995 - 2021 Broadridge

Name of Registrant: Delta Air Lines, Inc.

Name of persons relying on exemption: California Public Employees Retirement System (CalPERS)

Address of persons relying on exemption: 400 Q Street, Sacramento, CA 95811

June 2, 2021

Dear Delta Air Lines Shareowner:

Support Proposal #5 Requesting Improved Transparency of Climate Lobbying Objectives

CalPERS is the largest state public pension fund in the United States with approximately $450 billion in total assets under management and a long-term owner of over one million shares in Delta Air Lines. We are voting FOR proposal #5 (filed by BNP Paribas Asset Management) requesting for improved transparency of climate lobbying objectives. We urge shareowners to also vote for this proposal at the company’s June 17, 2021 annual meeting.

Vote FOR Improved Disclosure of Climate Lobbying Objectives

We believe that shareowners would benefit from improved disclosure of the company's climate lobbying objectives. The requested disclosure would help ensure that the company is transparent in its policy objectives, mitigate against reputational risks, and affirm that company funds were spent in a manner that is consistent with stated objectives.

Specifically, proposal #5 is requesting the Board of Directors conduct an evaluation and issue a report within the next year describing if, and how the company’s lobbying activities (direct and through trade associations) align with the goal of limiting average global warming to well below 2 degrees Celsius (the Paris Climate Agreement's goal). The report should also address the risks presented by any misaligned lobbying and the company's plans, if any, to mitigate these risks.

Consistent with CalPERS Governance & Sustainability Principles, we will also be voting FOR Proposal #4 asking the company to allow shareowners the right to act by written consent.

For questions please contact Craig Rhines, CalPERS Associate Investment Manager at engagements@calpers.ca.gov.

Thank you for your support.

Sincerely,
●
SIMISO NZIMA
Investment Director, Global Equity
CalPERS Investment Office

PLEASE NOTE: The cost of this solicitation is being borne entirely by CalPERS and is being done through the use of mail and telephone communication. CalPERS is not asking for your proxy card. Please do not send us your proxy card.