Black Linked Black Formula

Blue Hard coded Black Formula

Black Total sum Red Assumptions
Delta Airlines 2008 2009 2010
31-Dec-08 31-Dec-09 31-Dec-10
Total Revenue
Mainline Passenger Revenue 15137 18522.0 21408.0
% y/y change 22.4% 15.6%
Regional Passenger Revenue 4446 5285.0 5850.0
% y/y change 18.9% 10.7%
Total passenger revenue 19583.0 23807.0 27258.0
% y/y change 21.6% 14.5%
Cargo 686 788.0 850.0
% y/y change 14.9% 7.9%
Other 2428 3468.0 3647.0
% y/y change 22.4% 15.6%
Total Operating revenues 22697.0 28063.0 31755.0
23.6% 13.2%
Total Operating Expenses
Aircraft fuel and related taxes 7346 7384.0 7594.0
0.5% 2.8%
Salary and related expenses 4329 6838.0 6751.0
58.0% -1.3%
Regional carrier expense 3766 3823.0 4305.0
1.5% 12.6%
Aircraft rent 307 480.0 387.0
56.4% -19.4%
All other expenses 5570 7919.0 9080.0
42.2% 14.7%
Depreciation and amortization 1266 1536.0 1511.0
21.3% -1.6%
Restructuring/Impairment and other 8427 407.0 450.0
-95.2% 10.6%
Total Operating Expenses 31011 28387 30078
0 -8.5% 6.0%
Operating Income (EBIT) (8314.0) (324.0) 1677.0
-96.1% -617.6%
Net Interest Expense (727.0) (1260.0) (1609.0)
73.3% 27.7%
Interest expense (685.0) (908.0) (1004.0)
Interest Income 92.0 27.0 35.0
Other (134.0) (379.0) (640.0)

EBT (9041.0) (1584.0) 68.0

-82.5% -104.3%
Income tax benefit (Provision) 119.0 344.0 (15.0)
Net Income (8922.0) (1240.0) 53.0

EBITDA 1433.0 1619.0 3638.0

EBITDAR 2231.0 3027.0 4927.0

Extra Ordinary Items 8427.0 407.0 450.0
Depreciation and amortization 1266.0 1536.0 1511.0
Stock based compensation 54.0 108.0 89.0
Lease 798.0 1300.0 1200.0
 2011 2012 2013 2014 2015 2016
31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16

23843.0 25173.0 26534.0

11.4% 5.6% 5.4%
6414.0 6581.0 6408.0
9.6% 2.6% -2.6%
30257.0 31754.0 32942.0 33786.0 34908.7 36068.7
11.0% 4.9% 3.7%
1027.0 990.0 937.0 927.6 923.0 920.2
20.8% -3.6% -5.4% -1.0% -0.5% -0.3%
3831.0 3926.0 3894.0 4010.8 4111.1 4193.3
11.4% 5.6% 5.4% 3.0% 2.5% 2.0%
35115.0 36670.0 37773.0 37796.8 39019.8 40262.0
10.6% 4.4% 3.0%

9730.0 10150.0 9397.0

28.1% 4.3% -7.4%
6894.0 7266.0 7720.0
2.1% 5.4% 6.2%
5470.0 5647.0 5669.0
27.1% 3.2% 0.4%
298.0 272.0 209.0
-23.0% -8.7% -23.2%
8983.0 9143.0 9318.0
-1.1% 1.8% 1.9%
1523.0 1565.0 1658.0
0.8% 2.8% 5.9%
242.0 452.0 402.0
-46.2% 86.8% -11.1%
33140 34495 34373
10.2% 4.1% -0.4%
1975.0 2175.0 3400.0
17.8% 10.1% 56.3%
(1206.0) (1150.0) (873.0)
-25.0% -4.6% -24.1%
(901.0) (812.0) (698.0)

(305.0) (338.0) (175.0)

769.0 1025.0 2527.0

1030.9% 33.3% 146.5%
85.0 (16.0) 8013.0
 854.0 1009.0 10540.0

3740.0 4192.0 5460.0

4840.0 5292.0 6560.0

242.0 452.0 402.0
1523.0 1565.0 1658.0

1100.0 1100.0 1100.0

 2010 2011
31-Mar-10 30-Jun-10 30-Sep-10 31-Dec-10 31-Mar-11

4486.0 5480.0 6204.0 5238.0 5134

1320.0 1529.0 1571.0 1430.0 1441

5806.0 7009.0 7775.0 6668 6575

176.0 211.0 227.0 236.0 250

866.0 948.0 948.0 885.0 922

6848.0 8168.0 8950.0 7789.0 7747.0

1683.0 1960.0 2023.0 1928.0 2166

1672.0 1702.0 1669.0 1708.0 1727

917.0 972.0 1236.0 1180.0 1300

112.0 101.0 92.0 82.0 78

1581.0 2120.0 2346.0 3033.0 1756

385.0 379.0 375.0 372.0 376

430.0 82.0 206.0 (268.0) 436

6780.0 7316.0 7947.0 8035.0 7839

68.0 852.0 1003.0 (246.0) (92.0)

(314.0) (286.0) (637.0) (372.0) (297.0)

(246.0) (233.0) (249.0) (276.0) (221.0)

35.0
(68.0) (53.0) (388.0) (131.0) (76.0)

(246.0) 566.0 366.0 (618.0) (389.0)

(10.0) (1.0) (3.0) (1.0) 71.0

(256.0) 565.0 363.0 (619.0) (318.0)

883.0 1313.0 1584.0 (142.0) 720.0

1205.3 1635.3 1906.3 180.3 995.0

430.0 82.0 206.0 (268.0) 436.0
385.0 379.0 375.0 372.0 376.0
22.3 22.3 22.3 22.3
300.0 300.0 300.0 300.0 275.0
 2011 2012
30-Jun-11 30-Sep-11 31-Dec-11 31-Mar-12 30-Jun-12 30-Sep-12 31-Dec-12

6207 6857 5645.0 5662 6620 6994 5897.0

1684 1711 1578.0 1564 1811 1679 1527.0

7891 8568 7223 7226 8431 8673 7424.0

264 257 256.0 244 262 244 240.0

998 991 920.0 943 1039 1006 938.0

9153.0 9816.0 8399.0 8413 9732 9923 8602.0

2663 2881 2020.0 2233 3305 2221 2391.0

1739 1717 1711.0 1763 1825 1850 1828.0

1410 1432 1328.0 1375 1416 1447 1409.0

74 72 74.0 75 68 65 64.0

2261 2467 2499.0 2211 2403 2491 2038.0

381 384 382.0 386 388 392 399.0

144 3 (341.0) -12 193 149 122.0

8672 8956 7673.0 8031 9598 8615 8251.0

481.0 860.0 726.0 382.0 134.0 1308.0 351.0

(384.0) (303.0) (222.0) (255.0) (298.0) (256.0) (341.0)

(255.0) (229.0) (196.0) (221.0) (207.0) (195.0) (189.0)

- -
(129.0) (74.0) (26.0) (34.0) (91.0) (61.0) (152.0)

97.0 557.0 504.0 127.0 (164.0) 1052.0 10.0

3.0 2.0 9.0 (3.0) (4.0) (5.0) (4.0)

 100.0 559.0 513.0 124.0 (168.0) 1047.0 6.0

1006.0 1247.0 767.0 756.0 715.0 1849.0 872.0

1281.0 1522.0 1042.0 1031.0 990.0 2124.0 1147.0

144.0 3.0 (341.0) -12 193 149 122.0
381.0 384.0 382.0 386 388 392 399.0
- -
275.0 275.0 275.0 275.0 275.0 275.0 275.0
 2013 2014
31-Mar-13 30-Jun-13 30-Sep-13 31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14

5876 6796 7566 6296.0

1457 1698 1688 1565.0

7333 8494 9254 7861.0 0 0 0

238 232 229 238.0

929 981 1007 977.0

8500 9707 10490 9076.0 0 0 0

2289 2595 2291 2222.0

1911 1922 1976 1911.0

1399 1444 1459 1367.0

60 55 47 47.0

2112 2328 2630 2248.0

405 415 418 420.0

102 34 106 160.0

8278 8793 8927 8375.0 0 0 0

222.0 914.0 1563.0 701.0 0.0 0.0 0.0

(219.0) (228.0) (200.0) (226.0) 0.0

(178.0) (172.0) (176.0) (172.0)

-
(41.0) (56.0) (24.0) (54.0)

3.0 686.0 1363.0 475.0 0.0 0.0 0.0

4.0 (1.0) 6.0 8004.0

 7.0 685.0 1369.0 8479.0 0.0 0.0 0.0

729.0 1363.0 2087.0 1281.0 0.0 0.0 0.0

1004.0 1638.0 2362.0 1556.0 0.0 0.0 0.0

102 34 106 160.0 0 0 0
405 415 418 420.0 0 0 0
-
275.0 275.0 275.0 275.0
 2015 2016
31-Dec-14 31-Mar-15 30-Jun-15 30-Sep-15 31-Dec-15 31-Mar-16 30-Jun-16

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0

0 0 0 0 0 0 0
0 0 0 0 0 0 0
2016
30-Sep-16 31-Dec-16 31-Mar-17 30-Jun-17 30-Sep-17 31-Dec-17 31-Mar-18

0 0 0

0 0 0 0

0 0 0 0 0
0 0 0 0 0 0

0 0 0 0

0 0 0 0 0
0 0 0 0 0
30-Jun-18 30-Sep-18
Delta Airlines 2008 2009
31-Dec-08 31-Dec-09
Total assets 45084.0 43539.0
Cash and cash equivalents (Including restricted cash) 4684.0 5030.0
Short-term investments 212.0 71.0
Accounts receivable, net of an allowance 1513.0 1353.0
Fuel and other inventory 388.0 327.0
Other assets 2177.0 960.0
Total Current assets 8974.0 7741.0

Property and equipment 20627.0 20433.0

Goodwill 9731.0 9787.0
Intangibles 4944.0 4829.0
Other Non current assets 808.0 749.0
Total Non- current assets 36110.0 35798.0

Total Liabilities 45084.0 43539.0

Short Term debt 1160.0 1533.0
Accounts payable 1604.0 1249.0
Accrued liabilities and prepaid expenses 1507.0 1663.0
Other current liabilities 6821.0 5352.0
Total current liabilities 11092.0 9797.0

Long term debt and capital leases 15411.0 15665.0

Other non current liabilities 17707.0 17832.0
Stockholders Equity 874.0 245.0
Total non-current liabilities 33992.0 33742.0

Accounts receivable, net of an allowance 1513.0 1353.0

Fuel and other inventory 388.0 327.0
Accounts payable 1604.0 1249.0

Receivable days
Inventory days 24 18
Payable days 19 16
19 16
 2010 2011 2012 2013
31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13
43188.0 43499.0 44550.0 52252.0
3301.0 2962.0 2791.0 2966.0
718.0 958.0 958.0 959.0
1456.0 1563.0 1693.0 1609.0
318.0 367.0 1023.0 1063.0
1514.0 1879.0 1807.0 3054.0
7307.0 7729.0 8272.0 9651.0

20307.0 20223.0 20713.0 21854.0

9794.0 9794.0 9794.0 9794.0
4749.0 4751.0 4679.0 4658.0
1031.0 1002.0 1092.0 6295.0
35881.0 35770.0 36278.0 42601.0

43188.0 43499.0 44550.0 52252.0

2073.0 1944.0 1627.0 1547.0
1713.0 1600.0 2293.0 2300.0
2024.0 3234.0 2808.0 3047.0
5575.0 5923.0 6542.0 7258.0
11385.0 12701.0 13270.0 14152.0

13179.0 11847.0 11082.0 9795.0

17727.0 20347.0 22329.0 16662.0
897.0 (1396.0) (2131.0) 11643.0
31803.0 30798.0 31280.0 38100.0

1456.0 1563.0 1693.0 1609.0

318.0 367.0 1023.0 1063.0
1713.0 1600.0 2293.0 2300.0

17 16 17 16
15 14 37 41
21 18 24 24
 2010
31-Mar-10 30-Jun-10 30-Sep-10 31-Dec-10
44339.0 43809.0 43153.0 43188.0
5369.0 4843.0 3854.0 3301.0
439.0 718.0
1533.0 1645.0 1512.0 1456.0
319.0 285.0 278.0 318.0
1140.0 1095.0 1238.0 1514.0
8361.0 7868.0 7321.0 7307.0

20481.0 20396.0 20184.0 20307.0

9794.0 9794.0 9794.0 9794.0
4805.0 4786.0 4766.0 4749.0
898.0 965.0 1088.0 1031.0
35978.0 35941.0 35832.0 35881.0

44339.0 43809.0 43153.0 43188.0

1665.0 1555.0 2302.0 2073.0
1505.0 1630.0 1661.0 1713.0
1755.0 1810.0 1888.0 2024.0
6299.0 6897.0 5969.0 5575.0
11224.0 11892.0 11820.0 11385.0

15251.0 14228.0 13063.0 13179.0

17792.0 17490.0 17555.0 17727.0
72.0 199.0 715.0 897.0
33115.0 31917.0 31333.0 31803.0

1533.0 1645.0 1512.0 1456.0

319.0 285.0 278.0 318.0
1505.0 1630.0 1661.0 1713.0

20 18 15 17
17 13 12 15
20 20 19 19
 2011 2012
31-Mar-11 30-Jun-11 30-Sep-11 31-Dec-11 31-Mar-12 30-Jun-12 30-Sep-12
43881.0 43878.0 43036.0 43499.0 44189.0 44720.0 44352.0
3271.0 3287.0 2712.0 2962.0 3286.0 2907.0 2675.0
958.0 967.0 958.0 958.0 959.0 959.0 959.0
1848.0 1885.0 1816.0 1563.0 1807.0 1828.0 1785.0
349.0 403.0 380.0 367.0 364.0 393.0 403.0
1567.0 1521.0 1463.0 1879.0 1883.0 2370.0 2341.0
7993.0 8063.0 7329.0 7729.0 8299.0 8457.0 8163.0

20333.0 20315.0 20256.0 20223.0 20332.0 20609.0 20599.0

9794.0 9794.0 9794.0 9794.0 9794.0 9794.0 9794.0
4731.0 4714.0 4697.0 4751.0 4733.0 4716.0 4697.0
1030.0 992.0 960.0 1002.0 1031.0 1144.0 1099.0
35888.0 35815.0 35707.0 35770.0 35890.0 36263.0 36189.0

43881.0 43878.0 43036.0 43499.0 44189.0 44720.0 44352.0

1723.0 1635.0 1937.0 1944.0 1855.0 1779.0 1546.0
1907.0 1900.0 1641.0 1600.0 1998.0 2175.0 2325.0
1609.0 1813.0 2064.0 3234.0 2112.0 2870.0 2476.0
7021.0 7454.0 6370.0 5923.0 7681.0 7869.0 6877.0
12260.0 12802.0 12012.0 12701.0 13646.0 14693.0 13224.0

13446.0 13026.0 12557.0 11847.0 11521.0 11221.0 11111.0

17417.0 17265.0 17245.0 20347.0 20033.0 19941.0 20065.0
758.0 785.0 1222.0 (1396.0) (1011.0) (1135.0) (48.0)
31621.0 31076.0 31024.0 30798.0 30543.0 30027.0 31128.0

1848.0 1885.0 1816.0 1563.0 1807.0 1828.0 1785.0

349.0 403.0 380.0 367.0 364.0 393.0 403.0
1907.0 1900.0 1641.0 1600.0 1998.0 2175.0 2325.0

21 19 17 17 19 17 16
15 14 12 16 15 11 16
22 20 16 19 22 20 24
2 2013 2014
31-Dec-12 31-Mar-13 30-Jun-13 30-Sep-13 31-Dec-13 31-Mar-14 30-Jun-14
44550.0 45068.0 45772.0 45997.0 52252.0
2791.0 2927.0 3138.0 3231.0 2966.0
958.0 958.0 958.0 959.0 959.0
1693.0 1994.0 2084.0 1969.0 1609.0
1023.0 995.0 962.0 1032.0 1063.0
1807.0 1767.0 1753.0 1760.0 3054.0
8272.0 8641.0 8895.0 8951.0 9651.0

20713.0 20793.0 21049.0 21297.0 21854.0

9794.0 9794.0 9794.0 9794.0 9794.0
4679.0 4709.0 4692.0 4675.0 4658.0
1092.0 1131.0 1342.0 1280.0 6295.0
36278.0 36427.0 36877.0 37046.0 42601.0

44550.0 45068.0 45772.0 45997.0 52252.0

1627.0 1593.0 1695.0 1823.0 1547.0
2293.0 2405.0 2571.0 2592.0 2300.0
2808.0 2096.0 2168.0 2340.0 3047.0
6542.0 7974.0 8341.0 7379.0 7258.0
13270.0 14068.0 14775.0 14134.0 14152.0

11082.0 10721.0 10526.0 10077.0 9795.0

22329.0 22222.0 21655.0 21649.0 16662.0
(2131.0) (1943.0) (1184.0) 137.0 11643.0
31280.0 31000.0 30997.0 31863.0 38100.0

1693.0 1994.0 2084.0 1969.0 1609.0

1023.0 995.0 962.0 1032.0 1063.0
2293.0 2405.0 2571.0 2592.0 2300.0

18 21 19 17 16
39 39 33 41 43
25 26 26 26 25
2014 2015 2016
30-Sep-14 31-Dec-14 31-Mar-15 30-Jun-15 30-Sep-15 31-Dec-15 31-Mar-16
 2016
30-Jun-16 30-Sep-16 31-Dec-16 31-Mar-17 30-Jun-17 30-Sep-17 31-Dec-17
31-Mar-18 30-Jun-18 30-Sep-18 30-Dec-99 30-Dec-99 30-Dec-99 30-Dec-99
30-Dec-99 30-Dec-99 30-Dec-99 30-Dec-99 30-Dec-99 30-Dec-99 30-Dec-99
30-Dec-99 30-Dec-99 30-Dec-99 30-Dec-99 30-Dec-99 30-Dec-99 30-Dec-99
30-Dec-99 30-Dec-99 30-Dec-99 30-Dec-99 30-Dec-99 30-Dec-99 30-Dec-99
30-Dec-99 30-Dec-99 30-Dec-99 30-Dec-99
 2008 2009 2010
31-Dec-08 31-Dec-09 31-Dec-10
EBIT (8314.0) (324.0) 1677.0
D&A 1266.0 1536.0 1511.0
EBITDA (7048.0) 1212.0 3188.0

Trade working capital (332.0) (20.0) 375.0

Non-trade working capital (1141.0) 709.0 (97.0)
Other changes 7556.0 345.0 402.0
Taxes - - -
Cash of operations (965.0) 2246.0 3868.0

Investing Activities
Maintenance Capex (1522.0) (1202.0) (1342.0)
Expansion Capex - - -
Other inflows/outflows 679.0 194.0 (684.0)
Cash available for debt service (1808.0) 1238.0 1842.0

Debt Service
Interest paid (742.0) (867.0) (1036.0)
Debt repayment (1596.0) (2891.0) (3722.0)
Total debt service (2338.0) (3758.0) (4758.0)

Acquisitions 2441.0 - -
Debt issuance 3132.0 2966.0 1130.0
Equity issuance 192.0 - -
Equity buyback - - -
Dividend paid - - -
Other (12.0) (94.0) 71.0
Change in cash 1607.0 352.0 (1715.0)
 2011 2012 2013
31-Dec-11 31-Dec-12 31-Dec-13
1975.0 2175.0 3400.0
1523.0 1565.0 1658.0
3498.0 3740.0 5058.0

219.0 332.0 216.0

127.0 (74.0) 713.0
(85.0) (688.0) (785.0)
- - -
3759.0 3310.0 5202.0

(1254.0) (1968.0) (2568.0)

- - -
(244.0) 6.0 (188.0)
2261.0 1348.0 2446.0

(925.0) (834.0) (698.0)

(4172.0) (2864.0) (1461.0)
(5097.0) (3698.0) (2159.0)

- - -
2395.0 1965.0 268.0
- - -
- - (250.0)
- - (102.0)
206.0 144.0 225.0
(235.0) (241.0) 428.0

_(* ###0_);_(* (###0);_(* "-"_);_(@_)

-
 2011 2012
31-Mar-11 30-Jun-11 30-Sep-11 31-Dec-11 31-Mar-12
(92.0) 481.0 860.0 726.0 382.0
376.0 381.0 384.0 382.0 386.0
284.0 862.0 1244.0 1108.0 768.0

- - - 219.0 -
- - - 127.0 -
735.3 355.3 (1110.8) (64.8) 271.5
- - - - -
1019.3 1217.3 133.3 1389.3 1039.5
1774.0 1676.0
(886.0)
(340.0) (313.0) (233.0) (368.0) (407.0)
- - - - -
(236.0) 15.0 21.0 (44.0) 58.0
443.3 919.3 (78.8) 977.3 690.5
(1086.0)

(231.3) (231.3) (231.3) (231.3) (208.5)

(460.0) (1934.0) (1032.0) (746.0) (367.0)
(691.3) (2165.3) (1263.3) (977.3) (575.5)

- - - - -
245.0 1354.0 781.0 15.0 -
- - - - -
- - - - -
- - - - -
(8.0) (134.0) 13.0 335.0 139.0
(11.0) (26.0) (548.0) 350.0 254.0
(37.0) (585.0)
 2012 2013
30-Jun-12 30-Sep-12 31-Dec-12 31-Mar-13 30-Jun-13 30-Sep-13 31-Dec-13
134.0 1308.0 351.0 222.0 914.0 1563.0 701.0
388.0 392.0 399.0 405.0 415.0 418.0 420.0
522.0 1700.0 750.0 627.0 1329.0 1981.0 1121.0

- - 332.0 - - - 216.0
- - (74.0) - - - 713.0
318.5 (1028.5) (249.5) 551.5 53.5 (645.5) (744.5)
- - - - - - -
840.5 671.5 758.5 1178.5 1382.5 1335.5 1305.5
1463.0 1926.0 2212.0 3373.0

(597.0) (426.0) (538.0) (647.0) (338.0) (631.0) (952.0)

- - - - - - -
(55.0) (2.0) 5.0 17.0 137.0 14.0 (356.0)
188.5 243.5 225.5 548.5 1181.5 718.5 (2.5)

(208.5) (208.5) (208.5) (174.5) (174.5) (174.5) (174.5)

(374.0) (669.0) (1454.0) (299.0) (322.0) (347.0) (493.0)
(582.5) (877.5) (1662.5) (473.5) (496.5) (521.5) (667.5)

- - - - (360.0) 0.0 360.0

- 480.0 1485.0 - - 68.0 200.0
- - - - - - -
- - - - - (93.0) (157.0)
- - - - - (51.0) (51.0)
22.0 (111.0) 94.0 145.0 4.0 (68.0) 144.0
(372.0) (265.0) 142.0 220.0 329.0 53.0 (174.0)
(118.0) (383.0) (241.0) 549.0 602.0 428.0
Delta Airlines 2008 2009 2010
31-Dec-08 31-Dec-09 31-Dec-10

Mainline Passenger Revenue 15137 18522 21408

15.6%
Total passenger revenue 19583 23807 27258
14.5%
Revenue passenger mile (RPM) 188943 193169
2.2%
Available seat miles (ASMs) 230331 232684
1.0%
Passenger revenue per ASM PRASM 10.34 11.71
13.3%
Passenger mile yield 12.60 14.11
12.0%
Passenger load factor (RPM/ASM) 82.0% 83.0%

Total operating cost 31011 28387 30078

Aircraft fuel and related taxes 7346 7384 7594
Total op cost ex fuel 23665 21003 22484
Cost available Seat miles (CASMs) 12.32 12.93
4.9%
Fuel gallons consumed (millions) 3853 3823
-0.8%
Average price per fuel gallon 2.15 2.33
Average price per fuel gallon, adjusted (3) 2.15 2.33

Salary and related expenses 4329 6838 6751

Fulltime employees at the end of period 81,106 79,684
-1.8%
Salary and related expenses per employee 84309 84722
0.5%
 2011 2012 2013 2014 2015 2016
31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16

23843 25173 26534

11.4% 5.6% 5.4%
30257 31754 32942 33786 34909 36069
11.0% 4.9% 3.7% 2.6% 3.3% 3.3%
192767 192974 194988 195106 197057 199028
-0.2% 0.1% 1.0% 0.1% 1.0% 1.0%
234656 230415 232740 235067 237418 239792
0.8% -1.8% 1.0% 1.0% 1.0% 1.0%
12.89 13.78 14.15
10.1% 6.9% 2.7% 2.5% 2.3% 2.3%
15.70 16.46 16.89 17.32 17.72 18.12
11.2% 4.8% 2.7% 2.5% 2.3% 2.3%
82.1% 83.8% 83.8% 83.0% 83.0% 83.0%

33140 34495 34373

9730 10150 9397
23410 24345 24976
14.12 14.97 14.77 14.92 15.07 15.22
9.3% 6.0% -1.3% 1.0% 1.0% 1.0%
3856 3729 3828
0.9% -3.3% 2.7%
3.06 3.25 3.00
3.05 3.26 3.07

6894 7266 7720 7991 8272 8480

78,392 73,561 77,755 80088 82490 84140
-1.6% -6.2% 5.7% 3.0% 3.0% 2.0%
87943 98775 99286 99783 100282 100783
3.8% 12.3% 0.5% 0.5% 0.5% 0.5%
 2010 2011
31-Mar-10 30-Jun-10 30-Sep-10 31-Dec-10 31-Mar-11

4486 5480 6204 5238 5134

5806 7009 7775 6668 6575

42367 49894 54675 46233 42929

1.3%
53301 58698 63658 57027 56219
5.5%
10.89 11.94 12.21 11.69 11.70
7.4%
13.70 14.05 14.22 14.42 15.32
11.8%
79.5% 85.0% 85.9% 81.1% 76.4%

6780 7316 7947 8035 7839

1683 1960 2023 1928 2166
5097 5356 5924 6107 5673
12.72 12.46 12.48 14.09 13.94
9.6%
871 965 1051 936 919
5.5%
2.23 2.32 2.29 2.28 2.86
2.29

81096 81916 79005 81563

 2011 2012
30-Jun-11 30-Sep-11 31-Dec-11 31-Mar-12 30-Jun-12 30-Sep-12 31-Dec-12

6207 6857 5645 5662 6620 6994 5897

7891 8568 7223 7226 8431 8673 7424

50366 54497 44975 43351 50520 53828 45275

0.9% -0.3% -2.7% 1.0% 0.3% -1.2% 0.7%
60141 63262 55034 54408 59382 62283 54342
2.5% -0.6% -3.5% -3.2% -1.3% -1.5% -1.3%
13.12 13.54 13.12 13.28 14.20 13.93 13.66
9.9% 10.9% 12.2% 13.6% 8.2% 2.8% 4.1%
15.67 15.72 16.06 16.67 16.69 16.11 16.40
11.5% 10.6% 11.4% 8.8% 6.5% 2.5% 2.1%
83.7% 86.1% 81.7% 79.7% 85.1% 86.4% 83.3%

8672 8956 7673 8031 9598 8615 8251

2663 2881 2020 2233 3305 2221 2391
6009 6075 5653 5798 6293 6394 5860
14.42 14.16 13.94 14.76 16.16 13.83 15.18
15.7% 13.4% -1.0% 5.9% 12.1% -2.3% 8.9%
992 1044 901 886 968 1021 854
2.8% -0.7% -3.7% -3.6% -2.4% -2.2% -5.2%
3.23 3.29 3.13 3.11 3.95 2.17 3.08
3.09 3.09 3.28 3.37 3.14 3.26

82347 79709 78761 80646 76626

 2013 2014
31-Mar-13 30-Jun-13 30-Sep-13 31-Dec-13

5876 6796 7566 6296

7333 8494 9254 7861

43078 50781 54939 46190

-0.6% 0.5% 2.1% 2.0%
53022 59880 63893 55945
-2.5% 0.8% 2.6% 2.9%
13.83 14.19 14.48 14.05
4.1% -0.1% 4.0% 2.9%
17.02 16.73 16.84 17.02
2.1% 0.2% 4.5% 3.8%
81.2% 84.8% 86.0% 82.6%

8278 8793 8927 8375

2289 2595 2291 2222
5989 6198 6636 6153
15.61 14.68 13.97 14.97
5.8% -9.1% 1.0% -1.4%
875 981 1050 922
-1.2% 1.3% 2.8% 8.0%
3.21 3.16 2.7 3.02
3.24 3.03 2.97 3.08

73430 79629 77867

4 2015 2016
2016
 Floor

Floor 1.00% 1.00%

Pacific Term Loan B-1 (2)

Opening balance
Drawings/FX
Amortization/FX
Ending Balance
Weighted Average
Interest

Pacific Term Loan B-2

Opening balance
Drawings/FX
Amortization/FX
Ending Balance
Weighted Average
Interest

Pacific Revolving Facility ($450)

Opening balance
Drawings/FX
Amortization/FX
Ending Balance
Weighted Average
Interest

Term Loan Facility (2)

Opening balance
Drawings/FX
Amortization/FX
Ending Balance
Weighted Average
Interest

Revolving Credit Facility ($1,225)

 Opening balance
Drawings/FX
Amortization/FX
Ending Balance
Weighted Average
Interest

Certificates
Opening balance
Drawings/FX
Amortization/FX
Ending Balance
Weighted Average
Interest

Aircraft financing
Opening balance
Drawings/FX
Amortization/FX
Ending Balance
Weighted Average
Interest

Other financing
Opening balance
Drawings/FX
Amortization/FX
Ending Balance
Weighted Average
Interest

Other RCF ($250m)

Opening balance
Drawings/FX
Amortization/FX
Ending Balance
Weighted Average
Interest

American express
Opening balance
Drawings/FX
Amortization/FX
 Ending Balance
Weighted Average
Interest

Other unsecured debt

Opening balance
Drawings/FX
Amortization/FX
Ending Balance
Weighted Average
Interest
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
In addition, demand for air travel is typically higher in the June and September quarters, particularly in international markets, because there 
n international markets, because there is more vacation travel during these periods than during the remainder of the year.