EXHIBIT 99.5



Stock option exchange program gives employees choices

by Russell Cason

Later this month, Delta will offer a stock option exchange program to eligible
employees. This program will give employees an opportunity to exchange their
existing stock options for a fewer number of replacement options granted at a
later date with a new exercise price.

An exercisable stock option gives holders the right to buy a specified number of
shares of stock at a fixed exercise price during a specified period. Delta
options with a price of $25 or more and granted from 1995 to 2002 are eligible
for this option exchange. The replacement options will be granted at least six
months and a day after the existing options are canceled. The new options are
expected to be granted in late December 2003.

"We're excited about the potential benefit to option holders who decide to
participate in the exchange," said Dave Smith, vice president-Global Rewards and
Recognition. "It's certainly our hope, following the grant of replacement
options with their new exercise price, that the price of Delta common stock will
rise and allow employee option holders to realize a gain on the option shares."

The replacement options granted to SkyShares option holders may be exercised one
year after they are granted. For options granted under the 2000 Performance
Compensation Plan (and a prior plan), half of the replacement options may be
exercised one year after they are granted and the second half two years after
they are granted. When they can be exercised, employees can purchase from Delta
the specified number of shares for the exercise price.

Delta's Board of Directors and shareowners approved the option exchange program
last month. Under the terms of the program, active employees and those on
certain short-term leaves who are on the U.S. payroll of Delta or a subsidiary
are eligible to participate in the ex-change; but participation is completely
voluntary.

Detailed information on the option exchange program will be mailed to the homes
of eligible Delta employees. They will have about a month to review program
materials and exchange their options. If employees decide not to participate in
the option exchange program, their existing stock options will not be affected.
Options that are not exchanged will retain their current exercise prices and
terms.

Exercise prices of options eligible for exchange range from approximately $30 to
$70 per share. After September 11, Delta's stock price plummeted to as low as
$6.10 per share, leaving most stock options with higher exercise prices than the
market price of the common stock.




In Delta's option exchange program, the fixed exercise price of the replacement
options will be the closing price of Delta common stock on the New York Stock
Exchange on the date the replacement options are granted.

"Delta is making this offer to provide eligible option holders with the benefit
of having options with exercise prices that are more in line with the market
price of Delta common stock," said Laura Clements, a compensation consultant
with Mercer Human Resource Consulting.

The primary reason for stock option exchanges reported by most companies,
including Delta, is that underwater options - stock options with higher exercise
prices than the market price of the common stock - provide little retention or
incentive value, she said. Delta's option exchange program is similar to those
offered by Apple Computer, Eastman Kodak and Lucent Technologies.

"Although there are benefits to a program like this for employee option holders,
there are some risks and employees should carefully consider the material that
is mailed to them," said Clements. "With the substantial general decline in
stock prices for companies, we are seeing a significant increase in companies
interested in this type of option repricing. Most companies reprice options to
restore the retention and incentive value of options, which link the interests
of employees and shareowners."

More information on the Option Exchange Program will be available on the HR
Employee Connection on DeltaNet.