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Sabre Holdings Reports Financial Results for Fourth Quarter and Full-Year 2005

SOUTHLAKE, Texas, Feb 02, 2006 (BUSINESS WIRE) — Sabre Holdings Corporation (NYSE:TSG):

— Full-Year 2005 revenue of $2.5 billion, up 18 percent year-over-year

— Full-Year 2005 diluted EPS (Adjusted) of $1.50; Full-Year 2005 diluted EPS (GAAP) of $1.32

— 4Q 2005 revenue of $620 million, up 25 percent year-over-year

— 4Q 2005 diluted EPS (Adjusted) of $0.22; 4Q 2005 diluted EPS (GAAP) of $0.09

— Travelocity revenue up 86 percent for the fourth quarter, up 65 percent for the year

— Note: Analyst call today at 9:00 a.m. CST, at www.sabre-holdings.com/investor/index.html.

Sabre Holdings Corporation (NYSE:TSG) today announced financial results for the fourth quarter and full year of 2005.

Revenue for the fourth quarter was $620 million, up 25 percent, year-over-year.

The company reported fourth quarter 2005 diluted earnings per share of $0.22 on an adjusted basis, equal to the amount in the year-ago quarter. The results include the positive impact from the reversal of prior tax accruals which was partially offset by accelerated integration costs at lastminute.com and certain exceptional costs in the quarter. On a GAAP basis, diluted earnings per share were $0.09 compared to $0.16 per share in the year-ago quarter. In addition to the above, the GAAP results include the impact of intangible amortization related to the acquisition of lastminute.com.

Revenue for the full-year 2005 was $2.5 billion, an increase of 18 percent, year-over-year. The company reported 2005 diluted earnings per share of $1.50 on an adjusted basis, compared to $1.47 in 2004. On a GAAP basis, diluted earnings per share were $1.32 compared to $1.38 per share a year ago.

“We finished what was a very exciting investment year with healthy revenue growth in the fourth quarter and solid operational performances across our business units,” said Sam Gilliland, Chairman and CEO, Sabre Holdings. “We expect that the work we did in 2005 will fuel significant revenue and earnings growth in 2006 and beyond.”

SABRE HOLDINGS 4Q 2005
    FINANCIAL HIGHLIGHTS

(Note: See attached schedules for full financial details, reconciliations of non-GAAP financial measures, and a description of adjusting items.)

Revenue: Fourth quarter revenue was $620 million, an increase of 25 percent from $496 million in the year-ago quarter.

Operating income: Excluding adjusting items, operating income for the fourth quarter was $25 million, compared to $39 million in the year-ago quarter. Operating income on a GAAP basis was $7 million, compared to $24 million in 2004.

Net earnings: For the fourth quarter, net earnings, excluding adjusting items, were $28 million, or $0.22 per share, compared to $30 million, or $0.22 per share in the fourth quarter of 2004. On a GAAP basis, fourth quarter net earnings were $12 million, or $0.09 per share on a diluted basis, compared to $21 million, or $0.16 per share on a diluted basis in the year-ago quarter.

Adjusted EBITDA: For the fourth quarter, adjusted earnings before interest, taxes, depreciation, and amortization were $46 million.

SABRE HOLDINGS FULL-YEAR
    2005 FINANCIAL HIGHLIGHTS

Revenue: For 2005, revenue was $2.5 billion, an increase of 18 percent from $2.1 billion year-over-year.

Operating income: Excluding adjusting items, operating income for the year was $306 million, compared to $316 million a year ago. Operating income on a GAAP basis was $261 million, a slight increase from the same period last year.

Net earnings: Net earnings, excluding adjusting items, were $196 million, or $1.50 per share, compared to $203 million, or $1.47 per share in 2004. On a GAAP basis, 2005 net earnings were $172 million, or $1.32 per share on a diluted basis, compared to $190 million, or $1.38 per share on a diluted basis a year ago.

Adjusted EBITDA: For 2005, adjusted earnings before interest, taxes, depreciation, and amortization were $392 million.

Cash/Debt: The company balance sheet as of Dec. 31, 2005 reflected cash and marketable securities of $558 million. Total debt at the end of the quarter was $1.4 billion, which included bridge financing for lastminute.com of $800 million, notes and bonds payable of $426 million, and a $159 million capital lease obligation.

SABRE HOLDINGS BUSINESS REVIEW

TRAVELOCITY

For the fourth quarter, Travelocity global gross travel booked was $2 billion, an increase of 67 percent year-over-year. Total global revenue for the quarter was $235 million, year-over-year growth of 86 percent.

On a geographic basis, gross travel booked and revenue for Travelocity included the following:

TRAVELOCITY                             4Q05     4Q04    Y/Y Growth
------------------------------------- -------- --------- -----------
Gross Travel Booked (millions)
------------------------------------- -------- --------- -----------
   North America (1)                   $1,505    $1,146      31%
------------------------------------- -------- --------- -----------
   Europe (2)                            $491       $48      NM
------------------------------------- -------- --------- -----------
Total Gross Travel Booked              $1,996    $1,194      67%
------------------------------------- -------- --------- -----------

------------------------------------- -------- --------- -----------
Revenue (millions)
------------------------------------- -------- --------- -----------
    North America (1)                    $156      $122      28%
------------------------------------- -------- --------- -----------
    Europe (2)                            $79        $4      NM
------------------------------------- -------- --------- -----------
Total Revenue                            $235      $126      86%
------------------------------------- -------- --------- -----------

    (1) Includes ZUJI results in Asia

    (2) Includes lastminute.com as of July 2005

Other Travelocity global metrics for the fourth quarter:

— Total air transaction revenue grew 45 percent

— Total non-air transaction revenue grew 126 percent

— Total packaging revenue grew 93 percent

— Packaging revenue as a percent of total transaction revenue was 24 percent

— Hotel room nights sold across the Travelocity network were 3.5 million, growth of 90 percent year-over-year

For full-year 2005, Travelocity gross travel bookings were $7.4 billion, an increase of 51 percent year-over-year. Travelocity revenue was $830 million, a year-over-year increase of 65 percent.

On a geographic basis, gross travel booked and revenue for Travelocity included the following:

TRAVELOCITY                            2005      2004    Y/Y Growth
---------------------------------- --------- ---------- ------------
Gross Travel Booked (millions)
---------------------------------- --------- ---------- ------------
   North America (1)                 $6,245     $4,893      28%
---------------------------------- --------- ---------- ------------
   Europe (2)                        $1,202        $48      NM
---------------------------------- --------- ---------- ------------
Total Gross Travel Booked            $7,446     $4,940      51%
---------------------------------- --------- ---------- ------------

---------------------------------- --------- ---------- ------------
Revenue (millions)
---------------------------------- --------- ---------- ------------
    North America (1)                  $633       $514      23%
---------------------------------- --------- ---------- ------------
    Europe (2)                         $197   ($12) (3)     NM
---------------------------------- --------- ---------- ------------
Total Revenue                          $830       $503      65%
---------------------------------- --------- ---------- ------------

    (1) Includes ZUJI results in Asia

    (2) Includes lastminute.com as of July 2005

    (3) Until October 2004, Travelocity Europe was a 50-percent joint
        venture, and net equity losses were recorded as contra to
        revenue

Other Travelocity global metrics for 2005:

— Total air transaction revenue grew 26 percent

— Total non-air transaction revenue grew 97 percent

— Total packaging revenue grew 98 percent

— Packaging revenue as a percent of total transaction revenue was 26 percent

— Hotel room nights sold across the Travelocity network were 12.9 million, growth of 67 percent year-over-year

SABRE TRAVEL NETWORK

Fourth quarter revenue from the Sabre Travel Network business was $364 million, an increase of 5 percent from $347 million in the year-ago quarter. Global transactions in the quarter were 75 million, growth of 3 percent year-over-year.

Full-year 2005 revenue was $1.6 billion, an increase of 4 percent compared to 2004. Total global transactions through the Sabre global distribution system were 343 million, an increase of 4 percent year-over-year.

SABRE AIRLINE SOLUTIONS

Fourth quarter revenue from Sabre Airline Solutions was $64 million, an increase of 2 percent from $63 million in the year-ago quarter.

For 2005, revenue for Airline Solutions was $261 million, an increase of 7 percent over 2004.

RECENT BUSINESS HIGHLIGHTS

— Announced today that US Airways signed a 5-year full content deal with Sabre Travel Network and Travelocity (See separate joint press release dated Feb. 2, 2006: Sabre Holdings and US Airways Announce Signing of New Long-Term Full Content Agreement).

— Signed a 5-year full content agreement with Northwest Airlines to distribute all of Northwest’s published fares and inventory, including Web fares, through the Sabre global distribution system (GDS).

— Announced that Travelocity acquired complete ownership of ZUJI, the leading online travel company in the Asia-Pacific region.

— Increased the quarterly cash dividend by 11 percent to $0.10 per share payable on Feb. 28, 2006, to shareholders of record at the close of regular trading on the New York Stock Exchange on Feb. 10, 2006.

SABRE HOLDINGS OUTLOOK

1Q 2006

For the first quarter of 2006, the company projects revenue to be in the range of $680 million to $710 million. Diluted earnings per share are projected to be in the range of $0.21 to $0.25 on an adjusted basis, and $0.10 to $0.14 on a GAAP basis. These first quarter estimates include the dilutive impact from seasonality of the lastminute.com business and interest expense associated with its acquisition.

Full-Year 2006

— Year-over-year revenue growth of approximately 15 percent

— Diluted earnings per share on an adjusted basis in the range of $1.70 to $1.77

— Diluted earnings per share on a GAAP basis in the range of $1.23 to $1.30

About Sabre Holdings

Sabre Holdings connects people with the world’s greatest travel possibilities by retailing travel products and providing distribution and technology solutions for the travel industry. Sabre Holdings supports travelers, travel agents, corporations, government agencies and travel suppliers through its companies: Travelocity, Sabre Travel Network and Sabre Airline Solutions. Headquartered in Southlake, Texas, the company has approximately 9,000 employees in 45 countries. Full-year 2005 revenues totaled $2.5 billion. Sabre Holdings, an S&P 500 company, is traded on the NYSE under the symbol TSG. More information is available at http://www.sabre-holdings.com.

Statements in this release which are not purely historical facts or which necessarily depend upon future events, including statements about forecasted financial performance or other statements about anticipations, beliefs, expectations, hopes, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements are based upon information available to Sabre Holdings Corporation on the date this report was submitted. Sabre Holdings Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to Sabre Holdings Corporation revenues being subject to adverse changes to our travel supplier relationships and potential substantial decreases in travel transaction volumes. Sabre Holdings Corporation may not succeed in addressing these and other risks. Further information regarding factors that could affect our financial and other results can be found in the risk factors section of Sabre Holdings Corporation’s most recent filing on Form 10-Q with the Securities and Exchange Commission.

Sabre Holdings Corporation
Condensed Consolidated Statement of Income - Unadjusted
(Unaudited - In millions except per share amounts)

                  Three months ended         Twelve months ended
                        Dec. 31,                   Dec. 31,
                 2005    2004    Percent     2005      2004   Percent
               ------- ------- ---------- --------- --------- -------

Revenues
 Sabre Travel
  Network      $364.5  $346.7        5.1% $1,615.8  $1,552.8     4.1%
 Travelocity    234.5   126.1       86.1%    829.9     502.5    65.1%
 Sabre Airline
  Solutions      64.1    62.8        2.0%    260.8     243.5     7.1%
 Elimination
  of
  intersegment
  revenues      (42.6)  (39.7)       7.6%   (185.3)   (167.9)   10.3%
               ------- -------            --------- ---------
 Total
  revenues      620.4   495.9       25.1%  2,521.3   2,131.0    18.3%

Operating
 expenses       613.4   472.3       29.9%  2,260.4   1,872.2    20.7%

Operating
 income           7.0    23.6     (70.4%)    260.9     258.7     0.8%

Other income
 (expense)
 Interest
  income
  (expense)
  net           (14.6)   (2.8)     417.0%    (30.7)    (11.7)  161.9%
 Other, net      (6.4)    0.1         --       7.0       8.4  (16.0%)

Minority
 interest         4.2     1.4      210.4%      7.5       1.7   348.6%
               ------- -------            --------- ---------

Income before
 provision for
 income taxes    (9.8)   22.2    (143.9%)    244.7     257.1   (4.8%)

Provision for
 income taxes   (21.8)    1.2         --      72.6      66.6     8.9%
               ------- -------            --------- ---------

Net earnings    $12.1   $21.0     (42.5%)   $172.2    $190.4   (9.6%)
               ======= =======            ========= =========

Operating
 Margin           1.1%    4.8%                10.3%     12.1%

Earnings per
 share- basic   $0.09   $0.16                $1.33     $1.40

Earnings per
 share-
 diluted        $0.09   $0.16                $1.32     $1.38

Weighted
 average
 shares -basic  129.5   133.2                129.6     136.3
Weighted
 average
 shares
 -diluted       130.5   134.1                130.3     137.9
Sabre Holdings Corporation
Condensed Consolidated Statements of Income - Adjusted
(Unaudited - In millions except per share amounts)

                  Three months ended          Twelve months ended
                       Dec. 31,                     Dec. 31,
                 2005    2004   Percent       2005    2004    Percent
               ------- ------- ---------  --------- --------- --------

Revenues
 Sabre Travel
  Network      $364.5  $346.7       5.1%  $1,615.8  $1,552.8      4.1%
 Travelocity    234.5   126.1      86.1%     829.9     502.5     65.1%
 Sabre Airline
  Solutions      64.1    62.8       2.0%     260.8     243.5      7.1%
 Elimination
  of
  intersegment
  revenues      (42.6)  (39.7)      7.6%    (185.3)   (167.9)    10.3%
               ------- -------            --------- ---------
 Total revenues 620.4   495.9      25.1%   2,521.3   2,131.0     18.3%

Operating
 expenses       595.8   457.1      30.3%   2,215.1   1,814.8     22.1%

Operating
 income          24.6    38.8    (36.6%)     306.2     316.1    (3.1%)

Other income
 (expense)
 Interest
  income
  (expense)
  net           (14.6)   (2.8)    417.0%     (30.7)    (11.7)   161.9%
 Other, net       2.0     0.1        --        2.3       2.1     11.5%

Minority
 interest         3.5     0.5     569.5%       4.2      (1.7) (350.0%)
               ------- -------            --------- ---------

Income before
 provision for
 income taxes    15.5    36.6    (57.6%)     282.0     304.8    (7.5%)

Provision for
 income taxes   (12.7)    6.6   (293.7%)      86.2     102.2   (15.7%)
               ------- -------            --------- ---------


Net earnings    $28.2   $30.0     (5.9%)    $195.8    $202.6    (3.4%)
               ======= =======            ========= =========

Operating
 margin           4.0%    7.8%                12.1%     14.8%

Earnings per
 share- basic   $0.22   $0.23                $1.51     $1.49

Earnings per
 share-
 diluted        $0.22   $0.22                $1.50     $1.47

Weighted
 average
 shares -basic  129.5   133.2                129.6     136.3
Weighted
 average
 shares
 -diluted       130.5   134.1                130.3     137.9
Sabre Holdings Corporation
Reconciliation of Unadjusted Results to Adjusted Results
(Unaudited, In millions)

                     Three months ended       Twelve months ended
                           Dec 31,                   Dec 31,
                     2005   2004  Change(a)   2005    2004  Change(a)
                   ------- ------ --------- ------- ------- ---------

Unadjusted
 operating income    $7.0  $23.6    (70.4%) $260.9  $258.7       0.8%
Adjusting items:
   Travelocity
    intangible
    amortization
    and stock
    compensation     13.6    3.8     259.7%   29.5    30.7     (3.8%)
   Travel Network
    intangible
    amortization      3.5    3.5     (1.3%)   17.0    18.5     (8.3%)
   Airline
    Solutions
    intangible
    amortization      0.6    0.6     (1.0%)    2.2     0.9     150.9%
   Loss on sale of
    midrange
    server
    equipment         0.0    7.3   (100.0%)    0.0     7.3   (100.0%)
   Reversal of
    accrual
    related to
    sale of IT
    business in
    2001              0.0    0.0        --    (3.4)    0.0        --
                   ------- ------           ------- -------
Adjusted operating
 income             $24.6  $38.8    (36.6%) $306.2  $316.1     (3.1%)

Unadjusted other
 income and
 minority interest ($16.8) ($1.4)       --  ($16.2)  ($1.7)    867.9%
Adjusting items:
   Realized gain
    on sale of
    Karavel
    investment        0.0    0.0        --   (21.3)    0.0        --
   Impact of
    adjusting
    items on
    minority
    interests        (0.7)  (0.8)   (16.4%)   (3.3)   (3.3)    (1.7%)
   (Gain)/loss on
    lastminute.com
    hedging
    activity          0.0    0.0        --     8.2     0.0        --
   True-up of
    previous gain
    on sale of
    assets            0.0    0.0        --     0.0    (1.4)  (100.0%)
   Realized gain
    on sale of
    European asset   (6.6)   0.0        --    (6.6)    0.0        --
   Arbitration
    Settlement        0.0    0.0        --     0.0    (6.0)  (100.0%)
   Supplier
    Settlement       15.0    0.0        --    15.0     0.0        --
   Shareholder
    Settlement        0.0    0.0        --     0.0     1.1   (100.0%)

Adjusted income
 before provision
 for income taxes   $15.5  $36.6    (57.6%) $282.0  $304.8     (7.5%)

Unadjusted
 provision for
 income taxes      ($21.8)  $1.2        --   $72.6   $66.6       8.9%
Adjustment to
 taxes for
 reversal of tax
 accrual              0.0    0.0        --     0.0    17.9   (100.0%)
Adjustments to
 taxes for
 adjusting items      9.1    5.4      70.5%   13.7    17.7    (22.6%)
                   ------- ------           ------- -------
Adjusted provision
 for income taxes  ($12.7)  $6.6   (293.7%)  $86.2  $102.2    (15.7%)

Adjusted net
 earnings           $28.2  $30.0     (5.9%) $195.8  $202.6     (3.4%)
                   ======= ======           ======= =======

(a) Percents shown reflect changes in unrounded figures and may not
    agree to the percent changes in figures after rounding.
Sabre Holdings Corporation
Sabre Travel Network
Transactions Summary
(millions)

                        ----- ----- --------- ------ ------ ---------
                        4Q05  4Q04  % Change  FY 05  FY 04  % Change
                        ----- ----- --------- ------ ------ ---------

Transactions            75.1  73.1       2.8% 342.6  330.4       3.7%

Geographic
   US                   46.6  45.8       1.6% 214.6  209.9       2.2%
   International        28.5  27.2       4.7% 128.0  120.5       6.3%
                        ----- -----           ------ ------
                        75.1  73.1       2.8% 342.6  330.4       3.7%

Channel
   Traditional Agency   64.8  63.9       1.4% 298.1  290.9       2.5%
   Consumer on-line     10.3   9.2      12.5%  44.5   39.5      12.7%
                        ----- -----           ------ ------
                        75.1  73.1       2.8% 342.6  330.4       3.7%

Air/Non-Air
  Air                   63.3  61.7       2.7% 292.8  282.9       3.5%
  Non-Air               11.8  11.4       3.3%  49.8   47.5       4.8%
                        ----- -----           ------ ------
                        75.1  73.1       2.8% 342.6  330.4       3.7%

Note: As of the Q1 2005, we are counting as a transaction, any travel
reservation that generates a fee paid directly to us including, but
not limited to the following: traditional booking fees paid by
suppliers, non-traditional transaction fees paid by suppliers,
transaction fees paid by travel agencies, and transaction fees paid by
corporations related to our online booking tool.
Sabre Holdings Corporation
                 Non-GAAP Financials Reconciliations
                ($ in millions, except per share data)

Operating Income
 Reconciliations

Sabre Holdings                                        Full Year
                                                 -------------------
                           4Q 2005 4Q 2004           2005     2004
                          -------- -------       ----------  -------
GAAP Operating Income        $7.0   $23.6           $260.9   $258.7
     GAAP Operating
      Margin                  1.1%    4.8%            10.3%    12.1%

Add: amortization of
 intangibles                 17.4    14.5             47.3     52.2
Add: stock compensation       0.2     0.7              1.4      5.2
Less: Reversal of accrual
 related to sale of IT
 business in 2001               -       -             (3.4)       -
                          -------- -------       ----------  -------
Adjusted Operating Income   $24.6   $38.8           $306.2   $316.1
     Adjusted Operating
      Margin                  4.0%    7.8%            12.1%    14.8%


Sabre Travel Network                                   Full Year
                                                  ------------------
                           4Q 2005  4Q 2004          2005     2004
                          -------- --------       ---------  -------
GAAP Operating Income       $24.7   $33.5           $223.5   $270.2
     GAAP Operating
      Margin                  6.8%    9.7%            13.8%    17.4%

Add: amortization of
 intangibles                  3.5     3.8             17.0     18.8
                          -------- -------       ----------  -------
Adjusted Operating Income   $28.2   $37.3           $240.5   $289.0
     Adjusted Operating
      Margin                  7.7%   10.8%            14.9%    18.6%


Travelocity                                           Full Year
                                                 -------------------
                           4Q 2005 4Q 2004          2005      2004
                          -------- -------       ----------  -------
GAAP Operating Income      ($24.5) ($11.4)           ($2.8)  ($20.5)
     GAAP Operating
      Margin               (10.4%)  (9.1%)           (0.3%)   (4.1%)

Add: amortization of
 intangibles                 13.3     5.5             28.1     27.9
Add: stock compensation       0.2     0.7              1.4      5.2

                          -------- -------       ----------  -------
Adjusted Operating Income  ($10.9)  ($5.2)           $26.6    $12.6
     Adjusted Operating
      Margin                (4.6%)  (4.2%)             3.2%     2.5%



Travelocity Europe                                    Full Year
                                                 -------------------
                           4Q 2005  4Q 2004         2005     2004
                          -------- --------      ----------  -------
GAAP Operating Income      ($33.7)  ($9.1)          ($54.6)  ($26.1)
     GAAP Operating
      Margin               (42.9%)    N/A           (27.7%)     N/A

Add: amortization of
 intangibles                 12.0     0.2             22.2      0.2
                          -------- -------       ----------  -------
Adjusted Operating Income  ($21.7)  ($8.8)          ($32.5)  ($25.9)
     Adjusted Operating
      Margin               (27.6%)    N/A           (16.5%)     N/A



Travelocity Non-Europe                                Full Year
                                                 -------------------
                           4Q 2005  4Q 2004         2005      2004
                          -------- --------      ----------  -------
GAAP Operating Income        $9.3   ($2.4)           $51.8     $5.6
     GAAP Operating
      Margin                  5.9%  (2.0%)             8.2%     1.1%

Add: amortization of
 intangibles                  1.3     5.3              5.9     27.7
Add: stock compensation       0.2     0.7              1.4      5.2
                          -------- -------       ----------  -------
Adjusted Operating Income   $10.8    $3.6            $59.1    $38.5
     Adjusted Operating
      Margin                  6.9%    2.9%             9.3%     7.5%



Sabre Airline Solutions                               Full Year
                                                 -------------------
                           4Q 2005  4Q 2004         2005      2004
                          --------  -------      ----------  -------
GAAP Operating Income        $8.2    $6.2            $38.9    $13.7
     GAAP Operating
      Margin                 12.8%    9.9%            14.9%     5.6%

Add: amortization of
 intangibles                  0.6     1.7              2.2      2.0
                          -------- -------       ----------  -------
Adjusted Operating Income    $8.7    $7.9            $41.2    $15.7
     Adjusted Operating
      Margin                 13.6%   12.5%            15.8%     6.5%



Net Earnings
 Reconciliation                                        Full Year
                                                  ------------------
                           4Q 2005  4Q 2004         2005      2004
                          -------- --------       --------   -------

GAAP Net Earnings           $12.1   $21.0           $172.2   $190.4
Adjustments, net of
 taxes:
Add: amortization of
 intangibles and stock
 compensation                10.9     4.5             29.3     27.4
Add: supplier settlement      9.4       -              9.4        -
Less: currency hedge
 associated with
 acquisition                    -       -              5.2        -
Less: realized gain on
 sale of investment in
 Karavel                        -       -            (13.9)       -
Less: realized gain on
 sale of European asset      (4.2)      -             (4.2)       -
Less: reversal of accrual
 related to sale of IT
 business in 2001               -       -             (2.2)       -
Add: loss on sale of
 midrange server equipment      -     4.5                -      4.5
Add: impairment of
 intangible asset               -       -                -      2.1
Add: Travelocity
 shareholder settlement         -       -                -      0.7
Less: tax reserve
 reversal                       -       -                -    (17.9)
Less: true-up of previous
 gain on sale of assets         -       -                -     (0.8)
Less: arbitration
 settlement                     -       -                -     (3.7)
                          -------- -------       ----------  -------
Adjusted Net Earnings       $28.2   $30.0           $195.8   $202.6

GAAP EPS                    $0.09   $0.16            $1.32    $1.38
Adjusted EPS                $0.22   $0.22            $1.50    $1.47

Diluted share count         130.5   134.1 million    130.3    137.9



Adjusted EBITDA
 Reconciliations                                        Full Year
                                                 -------------------
                           4Q 2005  4Q 2004         2005      2004
                          -------- --------      ----------  -------

GAAP Net Earnings           $12.1   $21.0           $172.2   $190.4
Add: taxes                  (21.8)    1.2             72.6     66.6
Add: interest expense
 (income) net                14.6     2.8             30.7     11.7
Less: other, net              6.4    (0.1)            (7.0)    (8.4)
Less: minority interest      (4.2)   (1.4)            (7.5)    (1.7)
Add: depreciation &
 amortization                38.5    32.7            130.6    127.2
                          -------- -------       ----------  -------
Adjusted EBITDA             $45.5   $56.4           $391.5   $385.9


Sabre Travel Network                                  Full Year
                                                 -------------------
                           4Q 2005 4Q 2004          2005      2004
                          -------- -------       ----------  -------

GAAP Operating Income       $24.7   $33.5           $223.5   $270.2
Add: depreciation &
 amortization                13.2    14.0             58.3     59.1
                          -------- -------       ----------  -------
Adjusted EBITDA             $37.9   $47.5           $281.8   $329.4


Travelocity                                           Full Year
                                                 -------------------
                           4Q 2005  4Q 2004         2005      2004
                          -------- --------      ----------  -------

GAAP Operating Income      ($24.5) ($11.4)           ($2.8)  ($20.5)
Add: depreciation &
 amortization                20.2     9.5             50.9     45.5
                          -------- -------       ----------  -------
Adjusted EBITDA             ($4.2)  ($2.0)           $48.1    $25.0


Travelocity Europe                                    Full Year
                                                 -------------------
                           4Q 2005  4Q 2004         2005     2004
                          --------  -------      ----------  -------

GAAP Operating Income      ($33.7)  ($9.1)          ($54.6)  ($26.1)
Add: depreciation &
 amortization                14.3     0.3             27.9      0.3
                          -------- -------       ----------  -------
Adjusted EBITDA            ($19.5)  ($8.7)          ($26.7)  ($25.8)


Travelocity Non-Europe                                Full Year
                                                 -------------------
                           4Q 2005  4Q 2004         2005      2004
                          --------  -------      ----------  -------

GAAP Operating Income        $9.3   ($2.4)           $51.8     $5.6
Add: depreciation &
 amortization                 6.0     9.1             23.0     45.2
                          -------- -------       ----------  -------
Adjusted EBITDA             $15.2    $6.8            $74.8    $50.8


Sabre Airline Solutions                               Full Year
                                                 -------------------
                           4Q 2005  4Q 2004         2005      2004
                          -------- --------      ----------  -------

GAAP Operating Income        $8.2    $6.2            $38.9    $13.7
Add: depreciation &
 amortization                 5.1     5.8             21.4     19.1
                          -------- -------       ----------  -------
Adjusted EBITDA             $13.3   $12.0            $60.4    $32.8


      2006 Guidance
--------------------------


Net Earnings
 Reconciliation                   1Q 2006 Guidance  FY 2006 Guidance
                                  ----------------- ----------------
                                      Low   High    Low     High
                                    ------- ------- ------- -------

GAAP Net Earnings                    $12.6   $17.9  $164.1  $173.4
Adjustments, net of taxes:
Add: amortization of
 intangibles and stock
 compensation                         15.2    15.2    63.1    63.1
                                    ------- ------- ------- -------
Adjusted Net Earnings                $27.8   $33.1  $227.2  $236.6

GAAP EPS                             $0.10   $0.14   $1.23   $1.30
Adjusted EPS                         $0.21   $0.25   $1.70   $1.77

Diluted share count                  132.6 million   133.6 million

SOURCE: Sabre Holdings

Sabre Holdings, Southlake
Media Contact           
Michael Berman, 682-605-2397
michael.berman@sabre-holdings.com   
or
Sabre Holdings
Investor Relations Contact
Karen Fugate, 682-605-2343                            
karen.fugate@sabre-holdings.com

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