This week UA and DL reported their International Performance up to November 2012. The data present an interesting comparison of the strategic decisions of these two airlines this year.

Delta has adjusted its available capacity significantly in these difficult economic times, especially on the Atlantic, which has resulted in overall load factor (and yield) gains. Delta successfully shifted capacity to the Pacific and Latin markets, gaining significantly more passengers than the number of seats added.

UA has largely maintained its international capacity, as a result of which its Atlantic load factor fell this year. In November 2012 UA had a load factor of just 75.9% (-1.4%) versus Delta's 81% (+2.5%) a 5% difference. UA did shift capacity to the Pacific and Latin markets as well, and gained addidtional passengers but to a lesser extend than DL.

REVENUE PAX MILES - 2012 Year-to-Date = SALES:
TOTAL Delta +0.6% / UA = +0.3%
- Atlantic Delta (-3.7%) / UA (-3.7%)
- Pacific Delta +5.8% / UA +3.6%
- Latin Delta +5.5% / UA +3.5%

AVAILABLE SEAT MILES 2012 Year-to-Date = PRODUCTION
TOTAL International DL (-1.6%) / UA (-0.1%)
- Atlantic - Delta (-6.0%) / UA (-3.3%)
- Pacific - Delta +2.7% / UA +3.2%
- Latin - Delta +2.0% / UA +1.5%

LOAD FACTOR 2012 Year-to-Date = SUCCESS
TOTAL International - Delta LF 83.2% +2.6% / UA LF 80.8% +0.3%
- Atlantic - Delta LF 84% +2.8% / UA LF 79.9% (-0.1%)
- Pacific - Delta LF 83% +2.5% / UA LF 82.3% +0.3%
- Latin - Delta LF 81.7% +2.7% / UA LF 80.6% +1.6%

Source: Monthly Traffic reports DL & UA
www.delta.com
www.ua.com