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Sabre Holdings Reports Financial Results for Fourth Quarter and Full-Year 2006

    --  4Q 2006 revenue of $655 million, up 6 percent year-over-year

    --  4Q 2006 diluted EPS (Adjusted) of $0.43, doubling year-over
        year

    --  4Q 2006 diluted EPS (GAAP) of $0.28, tripling year-over-year

    --  Full-Year 2006 revenue of $2.8 billion, up 12 percent
        year-over-year

    --  Full-Year adjusted EBITDA of $503 million; GAAP net income of
        $156 million

    --  Full-Year 2006 diluted EPS (Adjusted) of $1.77; diluted EPS
        (GAAP) of $1.18

    --  Travelocity revenue tops $1 billion, up 31 percent
        year-over-year

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

SOUTHLAKE, Texas–(BUSINESS WIRE)–Feb. 1, 2007–Sabre Holdings Corporation (NYSE: TSG) today reported strong financial results for the fourth quarter and full year of 2006.

Revenue for the fourth quarter was $655 million, up 6 percent year-over-year.

The company reported fourth quarter 2006 diluted earnings per share of $0.43 on an adjusted basis, compared to $0.22 per share in the year-ago quarter. On a GAAP basis, diluted earnings per share were $0.28 compared to $0.09 per share in the year-ago quarter.

Revenue for full-year 2006 was $2.8 billion, an increase of 12 percent year-over-year. The company reported 2006 diluted earnings per share of $1.77 on an adjusted basis, compared to $1.50 in 2005. On a GAAP basis, diluted earnings per share were $1.18 compared to $1.32 per share a year ago.

“We successfully executed on the financial and strategic plans we laid out at the beginning of 2006,” said Sam Gilliland, Chairman and CEO, Sabre Holdings. “We look forward to this next phase of Sabre’s future as we remain on track to become a privately-held company.”

SABRE HOLDINGS 4Q 2006 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 $655 million, an increase of 6 percent from$ 620 million in the year-ago quarter.

Operating income: On an adjusted basis, operating income for the fourth quarter was $83 million, compared to $25 million in the year-ago quarter. Operating income on a GAAP basis was $49 million, compared to $7 million in the fourth quarter of 2005.

Net earnings: For the fourth quarter, net earnings, on an adjusted basis, were $58 million, or $0.43 per share, compared to $28 million, or $0.22 per share in the fourth quarter of 2005. On a GAAP basis, fourth quarter net earnings were $38 million, or $0.28 per share on a diluted basis, compared to $12 million, or $0.09 per share on a diluted basis in the year-ago quarter.

Adjusted EBITDA: For the fourth quarter, adjusted earnings before interest, taxes, depreciation, amortization and certain non-recurring items were $110 million, growth of 142 percent year-over-year. Adjusted EBITDA margin was 17 percent.

SABRE HOLDINGS FULL-YEAR 2006 FINANCIAL HIGHLIGHTS

Revenue: For 2006, revenue was $2.8 billion, a year-over-year increase of 12 percent from $2.5 billion.

Operating income: On an adjusted basis, operating income for the year was $398 million, an increase of 30 percent from $306 million a year ago. Operating income on a GAAP basis was $285 million, an increase of 9 percent from $261 million over the same period last year.

Net earnings: Net earnings, on an adjusted basis, were $233 million, or $1.77 per share, compared to $196 million, or $1.50 per share in 2005. On a GAAP basis, 2006 net earnings were $156 million, or $1.18 per share on a diluted basis, compared to $172 million, or $1.32 per share on a diluted basis a year ago.

Adjusted EBITDA: For 2006, adjusted earnings before interest, taxes, depreciation, amortization and certain non-recurring items were $503 million, growth of 28 percent year-over-year. Adjusted EBITDA margin was 18 percent.

Cash Flow: Free Cash Flow for the year was $270 million compared to $134 million last year. Cash flow from operations was $379 million compared to $226 million in the prior year.

Cash/Debt: The company balance sheet as of Dec. 31, 2006 reflected cash and marketable securities of $512 million. Total debt at the end of the year was $1.1 billion, which included notes and bonds payable of $975 million and an $85 million capital lease obligation.

    SABRE HOLDINGS BUSINESS REVIEW

    TRAVELOCITY

For 2006, Travelocity global gross travel booked was $10.1 billion, an increase of 35 percent year-over-year. Total global revenue for the year was $1.1 billion, year-over-year growth of 31 percent. Travelocity had operating income on an adjusted basis of $73 million with an operating margin of 7 percent. On a GAAP basis, operating income was $5 million with operating margin less than 1 percent. Adjusted EBITDA for the year reached $109 million, resulting in a 10 percent adjusted EBITDA margin.

Travelocity global metrics for 2006 (year-over-year) include the following:

    --  Total air transaction revenue grew 12 percent

    --  Total non-air transaction revenue grew 39 percent

    --  Total packaging revenue grew 16 percent

    --  Packaging revenue as a percent of total transaction revenue
        was 23 percent

    --  Hotel room nights sold across the Travelocity network were
        16.6 million, growth of 30 percent

    SABRE TRAVEL NETWORK

For 2006, revenue from Sabre Travel Network was $1.63 billion, an increase of 1 percent from $1.61 billion a year ago. Global transactions were 357 million, growth of 4 percent year-over-year. Operating income for Sabre Travel Network on an adjusted basis was $283 million with an operating margin of 17 percent. On a GAAP basis, operating income was $249 million with an operating margin of 15 percent. Adjusted EBITDA was $331 million which resulted in a 20 percent adjusted EBITDA margin.

SABRE AIRLINE SOLUTIONS

For 2006, revenue from Sabre Airline Solutions was $283 million, an increase of 8 percent from $261 million a year ago. Operating income for the Sabre Airline Solutions unit on an adjusted basis was $44 million with an operating margin of 16 percent. On a GAAP basis, operating income was $38 million with an operating margin of 13 percent. Adjusted EBITDA was $64 million, which resulted in a 23 percent adjusted EBITDA margin.

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 2006 revenues totaled $2.8 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.

About the Merger

In connection with the proposed merger of Sabre Holdings Corporation (“Sabre Holdings”) with affiliates of Texas Pacific Group and Silver Lake Partners, Sabre Holdings filed a preliminary proxy statement with the Securities and Exchange Commission on January 16, 2007. INVESTORS AND SECURITY HOLDERS ARE STRONGLY ADVISED TO READ THE PRELIMINARY PROXY STATEMENT, AND THE DEFINITIVE PROXY STATEMENT WHEN IT BECOMES AVAILABLE, BECAUSE THE PRELIMINARY PROXY STATEMENT CONTAINS, AND THE DEFINITIVE PROXY STATEMENT WILL CONTAIN, IMPORTANT INFORMATION. Investors and security holders may obtain a free copy of the preliminary proxy statement and the definitive proxy statement (when available) and other documents filed by Sabre Holdings at the Securities and Exchange Commission’s Web site at http://www.sec.gov. The preliminary proxy statement and the definitive proxy statement (when available) and such other documents may also be obtained for free by directing such requests to the Sabre Holdings investor relations department at 866-722-7347, or on the company’s website at www.sabre-holdings.com/investor.

Sabre Holdings and its directors, executive officers and certain other members of its management and employees may be deemed to be participants in the solicitation of proxies from its stockholders in connection with the proposed merger. Information regarding the interests of such directors and executive officers is included in the preliminary proxy statement, and information concerning all of Sabre Holdings participants in the solicitation will be included in the definitive proxy statement relating to the proposed merger when it becomes available. Each of these documents is, or will be, available free of charge at the Securities and Exchange Commission’s Web site at www.sec.gov and from the Sabre Holdings investor relations department at 866-722-7347, or on the company’s website at www.sabre-holdings.com/investor.

Statements in this release or in the preliminary proxy statement which are not purely historical facts or which necessarily depend upon future events, including statements about the completion or timing of the proposed merger or the operation of Sabre Holdings after the merger, 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 on the date such report was submitted. Sabre Holdings 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: the merger not being consummated because Sabre Holdings stockholders do not approve the merger or either party fails to meet closing conditions described in the merger agreement, or the merger being delayed or not being consummated because the parties are unable to meet specific conditions required to obtain regulatory approvals. Sabre Holdings may not succeed in addressing these and other risks. Further information regarding factors that could affect Sabre Holdings financial and other results can be found in the risk factors section of Sabre Holdings most recent filing on Form 10-K with the Securities and Exchange Commission.

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


                    Three months ended        Twelve months ended
                        December 31,              December 31,
                    2006    2005  Change*     2006      2005  Change*
                  ------- ------- ------- --------- --------- --------

Revenues
 Sabre Travel
  Network          371.2   364.1     2.0%  1,634.6   1,614.2      1.3%
 Travelocity       247.3   234.9     5.3%  1,085.2     831.3     30.5%
 Sabre Airline
  Solutions         78.0    64.1    21.8%    282.5     260.8      8.3%
 Elimination of
  intersegment
  revenues         (41.6)  (42.6)  (2.5%)   (178.5)   (185.1)   (3.5%)
                  ------- -------         --------- ---------
 Total revenues    654.9   620.4     5.6%  2,823.8   2,521.3     12.0%

Operating
 expenses          605.6   613.4   (1.3%)  2,538.6   2,260.4     12.3%
                  ------- -------         --------- ---------

Operating income    49.3     7.0   603.6%    285.1     260.9      9.3%

Other income
 (expense)
 Interest income
  (expense) net    (15.4)  (14.6)    5.1%    (62.7)    (30.7)   104.6%
 Other, net          1.8    (6.7)     NM      (5.9)      6.1  (196.2%)

Minority interest    0.8     4.6  (82.1%)      3.7       8.4   (55.3%)
                  ------- -------         --------- ---------

Income before
 provision for
 income taxes       36.5    (9.8)     NM     220.3     244.7   (10.0%)

Provision for
 income taxes       (1.0)  (21.8) (95.5%)     64.6      72.6   (10.9%)
                  ------- -------         --------- ---------


Net earnings        37.5    12.1   210.3%    155.6     172.2    (9.6%)
                  ======= =======         ========= =========

Operating margin     7.5%    1.1%             10.1%     10.3%

Earnings per
 share- basic     $ 0.29  $ 0.09          $   1.19  $   1.33

Earnings per
 share- diluted   $ 0.28  $ 0.09          $   1.18  $   1.32

Weighted average
 shares -basic     130.6   129.5             130.3     129.6
Weighted average
 shares -diluted   134.1   130.5             131.9     130.3

* Percents shown reflect changes in unrounded figures and may not
 agree to the percent changes in figures after rounding.
Sabre Holdings Corporation
Condensed Consolidated Statements of Income - Adjusted
(Unaudited - In millions except per share amounts)


                     Three months ended       Twelve months ended
                         December 31,              December 31,
                     2006    2005  Change*     2006      2005  Change*
                   ------- ------- ------- --------- --------- -------

Revenues
 Sabre Travel
  Network           371.2   364.1     2.0%  1,634.6   1,614.2     1.3%
 Travelocity        247.3   234.9     5.3%  1,085.2     831.3    30.5%
 Sabre Airline
  Solutions          78.0    64.1    21.8%    282.5     260.8     8.3%
 Elimination of
  intersegment
  revenues          (41.6)  (42.6)  (2.5%)   (178.5)   (185.1)  (3.5%)
                   ------- -------         --------- ---------
 Total revenues     654.9   620.4     5.6%  2,823.8   2,521.3    12.0%

Operating expenses  571.8   595.8   (4.0%)  2,425.6   2,215.1     9.5%
                   ------- -------         --------- ---------

Operating income     83.0    24.6   237.2%    398.2     306.2    30.1%

Other income
 (expense)
 Interest income
  (expense) net     (15.4)  (14.6)    5.1%    (62.7)    (30.7)  104.6%
 Other, net           0.5     1.7  (67.7%)      2.0       1.4    43.7%

Minority interest     0.1     3.9  (96.9%)      1.0       5.1  (81.3%)
                   ------- -------         --------- ---------

Income before
 provision for
 income taxes        68.3    15.5   340.0%    338.5     282.0    20.0%

Provision for
 income taxes        10.5   (12.7)     NM     105.6      86.2    22.4%
                   ------- -------         --------- ---------


Net earnings         57.8    28.2   104.6%    232.9     195.8    18.9%
                   ======= =======         ========= =========

Operating margin     12.7%    4.0%             14.1%     12.1%

Earnings per
 share- basic      $ 0.44  $ 0.22          $   1.79  $   1.51

Earnings per
 share- diluted    $ 0.43  $ 0.22          $   1.77  $   1.50

Weighted average
 shares -basic      130.6   129.5             130.3     129.6
Weighted average
 shares -diluted    134.1   130.5             131.9     130.3

* Percents shown reflect changes in unrounded figures and may not
 agree to the percent changes in figures after rounding.
Sabre Holdings Corporation
Reconciliation of Unadjusted Results to Adjusted Results
Three Months and Twelve Months ended December 31, 2006
(Unaudited, in millions)

                      Three months ended       Twelve months ended
                          December 31,              December 31,
                       2006     2005 Change*    2006     2005  Change*
                    -------- --------------- -------- -------- -------

Unadjusted
 operating income   $  49.3  $   7.0  603.6% $ 285.1  $ 260.9     9.3%
Adjusting items:
 Travelocity
  intangible
  amortization and
  stock
  compensation         17.3     14.0   23.5%    68.4     31.2   119.6%
 Travel Network
  intangible
  amortization and
  stock
  compensation          7.4      3.0  143.3%    30.3     15.3    97.5%
 Airline Solutions
  intangible
  amortization and
  stock
  compensation          1.4      0.6  156.9%     6.7      2.2   199.1%
 Impairment related
  to Vistrio
  business              3.9        -     NM      3.9        -      NM
 Deal costs related
  to proposed
  acquisition of
  Sabre Holdings        3.7        -     NM      3.7        -      NM
 Reversal of
  accrual related
  to sale of IT
  business in 2001        -        -     NM        -     (3.4)     NM
                    -------- --------        -------- --------
Adjusted operating
 income             $  83.0  $  24.6  237.2% $ 398.2  $ 306.2    30.1%

Unadjusted other
 income (loss) and
 minority interest   ($12.7)  ($16.8)(24.0%)  ($64.9)  ($16.2)  301.6%
Adjusting items:
 Travelocity
  (gain)/loss on
  sale of European
  businesses           (1.3)    (6.6)(80.6%)     9.8     (6.6)     NM
 Forfeitures
  related to
  adoption of FAS
  123R                    -        -      -     (1.8)       -      NM
 Currency hedge
  associated with
  lastminute.com
  acquisition             -        -      -        -      8.2      NM
 Realized gain on
  sale of Karavel
  investment              -        -      -        -    (21.3)     NM
 Supplier
  settlement              -     15.0     NM        -     15.0      NM
 Impact of
  adjusting items
  on minority
  interests            (0.7)    (0.7)   0.0%    (2.8)    (3.3) (15.0%)

Adjusted income
 before provision
 for income taxes   $  68.3  $  15.5  340.0% $ 338.5  $ 282.0    20.0%

Unadjusted
 provision for
 income taxes         ($1.0)  ($21.8)(95.5%) $  64.6  $  72.6  (10.9%)
Adjustments to
 taxes for
 adjusting items       11.5      9.1   25.8%    41.0     13.7   199.6%
                    -------- --------        -------- --------
Adjusted provision
 for income taxes   $  10.5   ($12.7)    NM  $ 105.6  $  86.2    22.4%

Adjusted net
 earnings           $  57.8  $  28.2  104.6% $ 232.9  $ 195.8    18.9%
                    ======== ========        ======== ========

* Percents shown reflect changes in unrounded figures and may not
 agree to the percent changes in figures after rounding.

 Travelocity Fourth Quarter and
 Full Year 2006
 Geographic Results

 Note: North America includes Zuji results in Asia; Europe includes
  lastminute.com as of 20 July 2005

 ------------------------------------------ ------- ------- --------
 ($ millions)                                  4Q06    4Q05 % Change
 ------------------------------------------ ------- ------- ----------
 Gross Travel Booked
    North America                           $1,711  $1,519       13%
    Europe                                    $547    $491       11%
 Total Gross Travel Booked                  $2,258  $2,010       12%

 Revenue
     North America                            $164    $156        5%
     Europe                                    $83     $79        5%
 Total Revenue                                $247    $235        5%

 Operating Income (Adjusted)
    North America                              $19      $9      120%
 North America Operating Margin (Adjusted)      12%      6%
    Europe                                     ($6)   ($21)    (73%)
 Europe Operating Margin (Adjusted)            (7%)   (27%)
 Total Operating Income (Adjusted)             $13    ($13)      NM
 Total Travelocity Operating Margin
  (Adjusted)                                     5%    (5%)

 Operating Income (GAAP)
   North America                               $14      $7      120%
 North America Operating Margin (GAAP)           9%      4%
   Europe                                     ($19)   ($33)    (44%)
 Europe Operating Margin (GAAP)               (22%)   (42%)
 Total Operating Income (GAAP)                 ($4)   ($27)      85%
 Total Travelocity Operating Margin (GAAP)     (2%)   (11%)

 Adjusted EBITDA
   North America                               $25     $13       91%
 North America EBITDA Margin                    15%      8%
   Europe                                      ($2)   ($19)    (90%)
 Europe EBITDA Margin                          (2%)   (24%)
 Total Adjusted EBITDA                         $23     ($6)      NM
 Total Travelocity EBITDA Margin                 9%    (3%)


 Travelocity Fourth Quarter and
 Full Year 2006
 Geographic Results

 Note: North America includes Zuji results in Asia; Europe includes
  lastminute.com as of 20 July 2005

 -----------------------------------------  -------- ------- ---------
 ($ millions)                                  FY 06   FY 05 % Change
 -----------------------------------------  -------- ------- ---------
 Gross Travel Booked
    North America                            $7,433  $6,279        18%
    Europe                                   $2,644  $1,202       120%
 Total Gross Travel Booked                  $10,077  $7,480        35%

 Revenue
     North America                             $693    $634         9%
     Europe                                    $393    $197        99%
 Total Revenue                               $1,085    $831        31%

 Operating Income (Adjusted)
    North America                               $82     $53        54%
 North America Operating Margin (Adjusted)       12%      8%
    Europe                                      ($9)   ($32)     (73%)
 Europe Operating Margin (Adjusted)             (2%)   (16%)
 Total Operating Income (Adjusted)              $73     $21       250%
 Total Travelocity Operating Margin
  (Adjusted)                                      7%      3%

 Operating Income (GAAP)
   North America                                $64     $44        45%
 North America Operating Margin (GAAP)            9%      7%
   Europe                                      ($59)   ($54)        9%
 Europe Operating Margin (GAAP)                (15%)   (28%)
 Total Operating Income (GAAP)                   $5    ($10)       NM
 Total Travelocity Operating Margin (GAAP)        0%    (1%)

 Adjusted EBITDA
   North America                               $103     $70        48%
 North America EBITDA Margin                     15%     11%
   Europe                                        $7    ($27)       NM
 Europe EBITDA Margin                             2%   (13%)
 Total Adjusted EBITDA                         $109     $43       154%
 Total Travelocity EBITDA Margin                 10%      5%

 Sabre Holdings Corporation
 Sabre Travel Network
 Transactions Summary
 (millions)

 ----------------------------- ----- ---------------- ------ ---------
                          4Q06  4Q05 % Change   YTD06  YTD05 % Change
 ----------------------------- ----- ---------------- ------ ---------

 Transactions            85.6  75.1      13.9% 357.3  342.7       4.3%

 Geographic
    US                   55.4  46.6      18.9% 225.4  214.9       4.9%
    International        30.2  28.5       5.7% 131.9  127.8       3.2%
                         ----- -----           ------ ------
                         85.6  75.1      13.9% 357.3  342.7       4.3%

 Channel
    Traditional Agency   66.5  64.6       2.9% 300.3  297.2       1.1%
    Consumer on-line     19.1  10.5      81.3%  57.0   45.5      25.3%
                         ----- -----           ------ ------
                         85.6  75.1      13.9% 357.3  342.7       4.3%

 Air/Non-Air
   Air                   73.5  63.5      15.7% 307.6  292.9       5.0%
   Non-Air               12.1  11.7       3.9%  49.7   49.7     (0.1%)
                         ----- -----           ------ ------
                         85.6  75.1      13.9% 357.3  342.7       4.3%


 Note: As of Q1 2005, we are counting as a transaction, any travel
  reservation that generates a fee paid directly to us including, but
  not limited to 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.

 Updated historical quarterly transaction information available at
  http://www.sabre-holdings.com/investor/highlights/statistics/
 Sabre Holdings Corporation
 Non-GAAP Financials Reconciliations
 ($ in millions, except per share data)


 Operating Income Reconciliations

 Sabre Holdings
                                 4Q 2006  4Q 2005    FY 2006  FY 2005
                                 -------- --------  ------------------
 GAAP Operating Income           $  49.3  $   7.0   $ 285.1  $ 260.9
      GAAP Operating Margin          7.5%     1.1%     10.1%    10.3%

 Add: amortization of
  intangibles                       17.2     17.4      71.5     47.3
 Add: stock compensation - stock
  options                            3.7      0.2      16.4      1.4
 Add: stock compensation -
  restricted stock and
  performance shares                 5.3        -      17.6        -
 Add: impairment related to
  Vistrio business                   3.9        -       3.9        -
 Add: deal costs related to
  proposed acquisition of Sabre
  Holdings                           3.7        -       3.7        -
 Less: reversal of accrual
 related to sale of IT business
 in 2001                                                  -     (3.4)

                                 -------- --------  -------- --------
 Adjusted Operating Income       $  83.0  $  24.6   $ 398.2  $ 306.2
      Adjusted Operating Margin     12.7%     4.0%     14.1%    12.1%


 Sabre Travel Network
                                 4Q 2006  4Q 2005    FY 2006  FY 2005
                                 -------- --------  ------------------
 GAAP Operating Income           $  45.0  $  26.6   $ 248.7  $ 230.5
      GAAP Operating Margin         12.1%     7.3%     15.2%    14.3%

 Add: amortization of
  intangibles                        3.3      3.0      13.3     15.3
 Add: stock compensation             4.1        -      17.0        -
 Add: impairment related to
  Vistrio business                   3.9        -       3.9        -

                                 -------- --------  -------- --------
 Adjusted Operating Income       $  56.3  $  29.6   $ 282.9  $ 245.8
      Adjusted Operating Margin     15.2%     8.1%     17.3%    15.2%


 Travelocity
                                 4Q 2006  4Q 2005    FY 2006  FY 2005
                                 -------- --------  ------------------
 GAAP Operating Income             ($4.1)  ($26.8)  $   4.8   ($10.3)
      GAAP Operating Margin        (1.7%)  (11.4%)      0.4%   (1.2%)

 Add: amortization of
  intangibles                       13.7     13.8      56.5     29.7
 Add: stock compensation             3.7      0.2      12.0      1.4

                                 -------- --------  -------- --------
 Adjusted Operating Income       $  13.2   ($12.8)  $  73.2  $  20.9
      Adjusted Operating Margin      5.4%   (5.4%)      6.7%     2.5%


 Travelocity Europe
                                 4Q 2006  4Q 2005    FY 2006  FY 2005
                                 -------- --------  ------------------
 GAAP Operating Income            ($18.6)  ($33.4)   ($59.3)  ($54.4)
      GAAP Operating Margin       (22.4%)  (42.5%)   (15.1%)  (27.6%)

 Add: amortization of
  intangibles                       11.8     12.0      48.9     22.2
 Add: stock compensation             1.0        -       1.9        -

                                 -------- --------  -------- --------
 Adjusted Operating Income         ($5.7)  ($21.4)    ($8.6)  ($32.3)
      Adjusted Operating Margin    (6.9%)  (27.2%)    (2.2%)  (16.4%)


 Travelocity Non-Europe
                                 4Q 2006  4Q 2005    FY 2006  FY 2005
                                 -------- --------  ------------------
 GAAP Operating Income           $  14.5  $   6.6   $  64.1  $  44.2
      GAAP Operating Margin          8.8%     4.2%      9.3%     7.0%

 Add: amortization of
  intangibles                        1.8      1.8       7.6      7.6
 Add: stock compensation             2.6      0.2      10.1      1.4

                                 -------- --------  -------- --------
 Adjusted Operating Income       $  18.9  $   8.6   $  81.8  $  53.2
      Adjusted Operating Margin     11.5%     5.5%     11.8%     8.4%


 Sabre Airline Solutions
                                 4Q 2006  4Q 2005    FY 2006  FY 2005
                                 -------- --------  ------------------
 GAAP Operating Income           $  12.8  $   8.2   $  37.6  $  38.9
      GAAP Operating Margin         16.4%    12.8%     13.3%    14.9%

 Add: amortization of
  intangibles                        0.3      0.6       1.7      2.2
 Add: stock compensation             1.2        -       5.0        -

                                 -------- --------  -------- --------
 Adjusted Operating Income       $  14.2  $   8.7   $  44.3  $  41.2
      Adjusted Operating Margin     18.2%    13.6%     15.7%    15.8%


  Note: Beginning in 2006, definitions of certain non-GAAP financial
   measures including Adjusted Operating Income, Adjusted Net Earnings
   and Adjusted EBITDA have been revised to adjust for all stock
   compensation expenses recognized in accordance with FAS 123R. As a
   result, 2006 non-GAAP financial measures may not be directly
   comparable to similarly titled financial measures for prior years.
   Definitions of 2006 and 2005 non-GAAP financial measures are
   available at http://www.sabreholdings.com/investor


 Net Earnings Reconciliation
                                 4Q 2006  4Q 2005    FY 2006  FY 2005
                                 -------- --------  ------------------
 GAAP Net Earnings               $  37.5  $  12.1   $ 155.6  $ 172.2

 Adjustments, net of taxes:
 Add: amortization of intangibles
  and stock compensation            16.3     10.9      65.8     29.3
 Add: Travelocity (gain)/loss on
  sale of businesses                (0.8)       -       7.9        -
 Add: impairment related to
  Vistrio business                   2.5        -       2.5        -
 Add: deal costs related to
  proposed acquisition of Sabre
  Holdings                           2.3        -       2.3        -
 Less: forfeiture on adoption of
  FAS 123R                             -        -      (1.2)       -
 Less: realized gain on sale of
  investment in Karavel                -        -         -    (13.9)
 Add: supplier settlement              -      9.4         -      9.4
 Add: currency hedge associated
  with lastminute.com acquisition      -        -         -      5.2
 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)

                                 -------- --------  -------- --------
 Adjusted Net Earnings           $  57.8  $  28.2   $ 232.9  $ 195.8

 GAAP EPS                        $  0.28  $  0.09   $  1.18  $  1.32
 Adjusted EPS                    $  0.43  $  0.22   $  1.77  $  1.50

 Diluted share count                         130.5              130.3
                                   134.1    million   131.9    million


 Adjusted EBITDA* Reconciliation
                                 4Q 2006  4Q 2005    FY 2006  FY 2005
                                 -------- --------  ------------------
 GAAP Net Earnings               $  37.5  $  12.1   $ 155.6  $ 172.2
 Add: taxes                         (1.0)   (21.8)     64.6     72.6
 Add: interest expense (income)
  net                               15.4     14.6      62.7     30.7
 Add: other, net                    (1.8)     6.7       5.9     (6.1)
 Less: minority interest            (0.8)    (4.6)     (3.7)    (8.4)
 Add: depreciation &
  amortization                      44.4     38.5     175.9    130.6
 Add: stock compensation             8.9        -      33.9        -
 Add: impairment related to
  Vistrio business                   3.9        -       3.9        -
 Add: deal costs related to
  proposed acquisition of Sabre
  Holdings                           3.7        -       3.7        -

                                 -------- --------  -------- --------
 Adjusted EBITDA*                $ 110.3  $  45.5   $ 502.6  $ 391.5
      Adjusted EBITDA Margin        16.8%     7.3%     17.8%    15.5%


 Sabre Travel Network
                                 4Q 2006  4Q 2005    FY 2006  FY 2005
                                 -------- --------  ------------------
 GAAP Operating Income           $  45.0  $  26.6   $ 248.7  $ 230.5
      GAAP Operating Margin         12.1%     7.3%     15.2%    14.3%

 Add: depreciation &
  amortization                      15.6     12.7      61.8     55.9
 Add: stock compensation             4.1        -      17.0        -
 Add: impairment related to
  Vistrio business                   3.9                3.9        -

                                 -------- --------  -------- --------
 Adjusted EBITDA*                $  68.6  $  39.3   $ 331.4  $ 286.3
      Adjusted EBITDA Margin        18.5%    10.8%     20.3%    17.7%


 Travelocity
                                 4Q 2006  4Q 2005    FY 2006  FY 2005
                                 -------- --------  ------------------
 GAAP Operating Income             ($4.1)  ($26.8)  $   4.8   ($10.3)
      GAAP Operating Margin        (1.7%)  (11.4%)      0.4%   (1.2%)

 Add: depreciation &
  amortization                      23.5     20.7      92.7     53.3
 Add: stock compensation             3.7        -      12.0        -

                                 -------- --------  -------- --------
 Adjusted EBITDA*                $  23.1    ($6.1)  $ 109.5  $  43.1
      Adjusted EBITDA Margin         9.3%   (2.6%)     10.1%     5.2%


 Travelocity Europe
                                 4Q 2006  4Q 2005    FY 2006  FY 2005
                                 -------- --------  ------------------
 GAAP Operating Income            ($18.6)  ($33.4)   ($59.3)  ($54.4)
      GAAP Operating Margin       (22.4%)  (42.5%)   (15.1%)  (27.6%)

 Add: depreciation &
  amortization                      15.7     14.3      64.1     27.9
 Add: stock compensation             1.0        -       1.9        -

                                 -------- --------  -------- --------
 Adjusted EBITDA*                  ($1.9)  ($19.2)  $   6.6   ($26.5)
      Adjusted EBITDA Margin       (2.2%)  (24.4%)      1.7%  (13.5%)


 Travelocity Non-Europe
                                 4Q 2006  4Q 2005    FY 2006  FY 2005
                                 -------- --------  ------------------
 GAAP Operating Income           $  14.5  $   6.6   $  64.1  $  44.2
      GAAP Operating Margin          8.8%     4.2%      9.3%     7.0%

 Add: depreciation &
  amortization                   $   7.9  $   6.5   $  28.7  $  25.4
 Add: stock compensation         $   2.6        -   $  10.1        -

                                 -------- --------  -------- --------
 Adjusted EBITDA*                $  25.0  $  13.1   $ 102.9  $  69.6
      Adjusted EBITDA Margin        15.2%     8.4%     14.8%    11.0%


 * Definitions for two Non-GAAP financial measures, Adjusted EBITDA
  and segment adjusted EBITDA, have been updated this quarter to
  include non-recurring items detailed in the related reconciliation.
  We believe that these updated definitions better reflect the on-
  going financial performance of the company. This update does not
  result in any changes to these financial measures as reported for
  prior quarters in 2006.

 Sabre Airline Solutions
                                 4Q 2006  4Q 2005    FY 2006  FY 2005
                                 -------- --------  ------------------
 GAAP Operating Income           $  12.8  $   8.2   $  37.6  $  38.9
      GAAP Operating Margin         16.4%    12.8%     13.3%    14.9%

 Add: depreciation &
  amortization                       5.3      5.1      21.4     21.4
 Add: stock compensation             1.2        -       5.0        -

                                 -------- --------  -------- --------
 Adjusted EBITDA*                $  19.2  $  13.3   $  63.9  $  60.4
      Adjusted EBITDA Margin        24.6%    20.8%     22.6%    23.1%


 Free Cash Flow Reconciliation
                                                     FY 2006 FY 2005
                                                    -----------------
 Cash Provided by Operating
  Activities                                        $ 378.6  $ 225.5

 Less: capital expenditures                          (108.9)   (91.7)

 Free Cash Flow                                     $ 269.7  $ 133.8


 * Definitions for two Non-GAAP financial measures, Adjusted EBITDA
  and segment adjusted EBITDA, have been updated this quarter to
  include non-recurring items detailed in the related reconciliation.
  We believe that these updated definitions better reflect the on-
  going financial performance of the company. This update does not
  result in any changes to these financial measures as reported for
  prior quarters in 2006.

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

    SOURCE: Sabre Holdings

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