Strong unit revenue growth drives $93 million net income, excluding impact of out-of-period fuel hedges;

$3.4 billion in unrestricted liquidity at quarter end;

Northwest/Delta merger approved by shareholders and closing of the transaction anticipated during the 4^th quarter;

Continued strong operational performance

Northwest Airlines Corporation (NYSE: NWA) today reported a third quarter 2008 net loss of $317 million, or $1.20 per share. The reported results include a $410 million non-cash charge associated with marking-to-market out-of-period fuel hedges as required by Statement of Financial Accounting Standard (SFAS) 133, Accounting for Derivative Instruments and Hedging Activities. Excluding this charge, Northwest reported an adjusted net income of $93 million for the quarter, or $0.35 per share. These results compare to the third quarter of 2007 when Northwest reported an adjusted net income of $232 million, excluding charges related to SFAS 133.

Excluding taxes and out-of-period charges related to SFAS 133, Northwest paid $3.79 per gallon for jet fuel in the third quarter compared to $2.11 a gallon in the third quarter of 2007, an increase of 79.8 percent. Northwest’s total fuel costs excluding SFAS 133 charges increased by $688 million versus the prior year. While still at historically high levels, the price of fuel has fallen significantly. Since reaching its peak in July, as of October 20^th, the price of crude oil has declined over $70 per barrel to $74 per barrel. For every $1 per barrel reduction in the price of oil, Northwest’s fuel costs are lowered by approximately $40 million annually.

Third quarter passenger unit revenue (PRASM) performance was very strong with domestic mainline PRASM up 10.7 percent and system consolidated PRASM up 8.1 percent. In commenting on third quarter results, Doug Steenland, Northwest’s president and chief executive officer said, “Our third quarter pre-tax margin of 2.5%, excluding the impact of out-of-period fuel hedges, was among the highest in the industry. The fact that Northwest is able to report an adjusted quarterly net profit in a very challenging fuel environment is a testament to our strong unit revenue growth, capacity discipline and continuing focus on cost control.” Steenland continued, “In September alone, our domestic consolidated unit revenue growth was 20.4 percent versus September 2007.”

Strong Operational Performance

Northwest continues to run a very reliable airline. Based on Department of Transportation reporting, Northwest was the industry leader among network carriers for the month of August in on-time performance, fewest mishandled bags, fewest customer complaints and highest completion factor. When measured on a year-to-date basis through August, Northwest ranked first in departure within zero performance, fewest mishandled bags and fewest customer complaints. Northwest also ranked second in completion factor and third in on-time performance.

Steenland noted, “Northwest continues to maintain its historical position of operational leadership in the industry. For the first nine months of the year, Northwest achieved 19 one hundred percent completion factor days system-wide and 29 one hundred percent completion factor days in North America. This outstanding performance has continued into October. Through October 20^th, we have had eight perfect system and nine perfect North America completion factor days.” Steenland added, “Northwest’s stellar operational performance is the direct result of the hard work and dedication of my co-workers and for that, I say thank you.”

Third Quarter Financial Overview

Operating Revenues

Northwest’s operating revenues for the third quarter rose to $3.8 billion, up 12.4 percent from last year. Consolidated passenger revenue increased by 11.3 percent versus the third quarter of 2007 to $3.3 billion on 2.9 percent more available seat miles (ASMs). Consolidated passenger revenue per available seat mile increased by 8.1 percent.

Mainline passenger revenue increased by 6.0 percent versus the third quarter 2007 to $2.7 billion on 1.3 percent fewer mainline ASMs, resulting in a 7.4 percent improvement in PRASM and a 0.4 percentage point decrease in load factor. Domestic mainline PRASM was particularly strong during the quarter increasing by 10.7% versus 2007. The strong growth is the result of recent capacity reductions and fare actions in the industry.

Commenting on the airline’s revenue performance, Tim Griffin, Northwest’s executive vice president of marketing and distribution said, “We are pleased with our strong third quarter consolidated PRASM growth of 8.1 percent.” Griffin added, “Consistent with previous guidance, we expect to see continued unit revenue strength in the fourth quarter with double digit domestic consolidated PRASM growth.”

Regarding the effect the current economic environment will have on industry demand, analysts have recently noted that during even the most severe historical economic downturns, industry system-wide operating revenues have declined by no more than 1.2 percent on a year-over-year basis. If the current economic landscape were to yield a similar case scenario, the resulting decrease in revenues for an airline the size of Northwest would be approximately $150 million annually. Offsetting that potential decline, the projected reduction in crude oil prices, based on forward prices as of October 20^th, from the full year 2008 average of $104 per barrel to the 2009 full year average of $78 per barrel would result in over $1 billion of reduced annual fuel costs.

Operating Expenses

Third quarter operating expenses of $4.0 billion, were up $1.1 billion, or 37.5 percent year-over-year as a result of the $1.1 billion increase in year-over-year fuel expense. The fuel increase is driven by $688 million in higher third quarter fuel costs plus the $410 million charge related to SFAS 133. Excluding fuel costs and the impact of the SFAS 133 charge, operating expenses decreased by $15 million year-over-year. For the quarter, Northwest’s mainline unit costs per available seat mile (CASM), excluding fuel, decreased 1.1 percent year-over-year despite a 1.3 percent reduction in mainline capacity.

Under SFAS 133, the Company’s current fuel hedge portfolio does not meet the requirements for hedge accounting, which can create significant volatility in the Company's financial statements. For contracts settling in future periods, these derivative contracts generally result in recording unrealized gains during periods of rising fuel costs; conversely, during periods of decreasing fuel prices, these contracts generally result in recording unrealized losses. As a result, a portion of the $410 million in charges for the third quarter 2008 reversed mark-to-market gains recognized in prior periods.

In discussing Northwest’s unit costs, Dave Davis, Northwest’s executive vice-president and chief financial officer said, “Northwest was able to remove costs from the system as capacity was reduced. As a result, we were able to lower CASM even as we were getting smaller.”

Northwest had hedged approximately 72 percent of its fuel exposure for the quarter. As of October 20^th, Northwest has hedged approximately 79 percent of its fourth quarter requirements and 58 percent of its first quarter 2009 fuel requirements using a combination of collars and swap agreements on crude oil, heating oil and jet fuel.

Strong Cash Position

Northwest ended the quarter with $3.4 billion in unrestricted liquidity (including $261 million in a funded tax trust that was established in 2002). In addition, Northwest ended the quarter with $185 million in restricted cash. During the quarter, Northwest enhanced its liquidity position by completing a $183 million financing of unencumbered aircraft and engines and successfully amended its existing bank credit facility by making various changes to the agreement that will allow it to remain in place after the merger with Delta is closed.

In addressing Northwest’s liquidity, Davis said, “The airline’s $3.4 billion in unrestricted liquidity was approximately 25 percent of trailing 12 months revenue, which is among the best in the industry.” Davis added, “Northwest continues to maintain an industry leading liquidity position through strong financial and operating performance and liquidity enhancing initiatives.”

Northwest and Delta Progress On Merger; Merger Anticipated to Close in 4^th Quarter 2008

On September 25^th, Northwest shareholders voted in favor of the proposed merger agreement with Delta Air Lines with more than 98 percent of the shares voted supporting the transaction. Upon completion of the merger, the two carriers now expect to realize annual synergies of approximately $2 billion by 2012 with one-time integration costs of approximately $600 million over three years. The combined carrier will have a stronger balance sheet and best-in-class liquidity, which will put the airline in a position of financial stability.

In discussing the merger, Steenland said, “We anticipate regulatory approval from the Department of Justice soon. We are already well down the path of integration planning to create the world’s premier global airline, one that will offer our customers the benefit of an end-to-end network and membership in the world’s largest frequent flyer program. For our customers, employees and the communities we serve, the new Delta will be the airline of choice and create a formidable, more durable competitor in the marketplace.”

FORWARD-LOOKING STATEMENTS

Statements in this report that are not purely historical facts, including statements regarding our beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, the ability of Northwest to operate pursuant to the terms of its financing facilities (particularly the related financial covenants), the ability of Northwest to attract, motivate and/or retain key executives and associates, the future level of air travel demand, Northwest’s future passenger traffic and yields, the airline industry pricing environment, increased costs for security, the cost and availability of aviation insurance coverage and war risk coverage, the general economic condition of the U.S. and other regions of the world, the price and availability of jet fuel, the war in Iraq, the possibility of additional terrorist attacks or the fear of such attacks, concerns about Severe Acute Respiratory Syndrome (SARS) and other influenza or contagious illnesses, labor strikes, work disruptions, labor negotiations both at other carriers and Northwest, difficulties in integrating the operations of Northwest and Delta following the merger, low cost carrier expansion, capacity decisions of other carriers, actions of the U.S. and foreign governments (including conditions imposed by U.S. or foreign governments to obtain regulatory approval for the merger), foreign currency exchange rate fluctuations and inflation. Other factors include the possibility that the merger may not close, including due to the failure to receive required regulatory approvals, or the failure of other closing conditions. Northwest cautions that the foregoing list of factors is not exclusive. Additional information with respect to the factors and events that could cause differences between forward-looking statements and future actual results is contained in Northwest's Securities and Exchange Commission filings, including Northwest's Annual Report on Form 10-K for the year ended December 31, 2007, as amended (the “2007 Form 10-K”), and subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. We undertake no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.

Northwest Airlines is one of the world’s largest airlines with hubs at Detroit, Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam. Northwest, with its regional partners, operates approximately 2,400 daily departures. Northwest is a member of SkyTeam, an airline alliance that offers customers one of the world’s most extensive global networks. Northwest and its travel partners serve more than 1,000 cities in excess of 160 countries on six continents.

(1) Mainline statistics exclude Northwest Airlink regional carriers, which is consistent with how the Company reports statistics to the DOT.

(2) Consolidated statistics include Northwest Airlink regional carriers.

(3) Average fuel cost per gallon, based on the forward fuel curve as of October 20, 2008 excluding fuel taxes and mark-to-market adjustments related to fuel derivative contracts.

Northwest Airlines