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Press Release

Sabre Holdings Reports Fourth Quarter, Full Year 2003 Financial Results

    * 4Q 2003 Diluted EPS (GAAP) of $(0.10)

    * 4Q 2003 Diluted EPS (Adjusted) of $0.01

    * 4Q 2003 Revenue of $467 million

    * Full year 2003 Diluted EPS (GAAP) of $0.58

    * Full year 2003 Diluted EPS (Adjusted) of $0.83

    * Travelocity, AOL Marketing Agreement Revised and Extended

Note: Analyst call today at 10:00 a.m. CST, at www.sabre-holdings.com/investor/index.html .

SOUTHLAKE, Texas, Jan. 22 /PRNewswire-FirstCall/ — Sabre Holdings Corporation (NYSE: TSG) today reported financial results for the fourth quarter and full year 2003.

The company reported fourth quarter 2003 diluted earnings per share of $(0.10) on a GAAP basis, and $0.01 per share on an adjusted basis. Revenue for the fourth quarter was $467 million.

For the full year, the company reported 2003 diluted earnings per share of $0.58 on a GAAP basis and $0.83 per share on an adjusted basis. Revenue for 2003 was $2.05 billion on a GAAP basis and $2.0 billion on an adjusted basis.

“In 2003, we built the foundation to drive more predictable revenues and expand earnings this year,” said Sam Gilliland, president and CEO, Sabre Holdings. “We dramatically improved our merchant offerings, created more value for travel suppliers and agency customers in anticipation of deregulation, and maintained leadership in our airline optimization business in a particularly tough environment.

“We also created more value for shareholders through our capital planning efforts that included instituting a quarterly dividend, which was recently increased by seven percent, and launching a $100 million stock repurchase program.

“For 2004, the year is all about profitability and execution,” said Gilliland. “We have aggressive plans in 2004 to fuel our profitability by delivering customer-driven products and services while continuing to improve our cost structure.”


     SABRE HOLDINGS 4Q 2003
     FINANCIAL HIGHLIGHTS

(Note: See attached schedules for full financial details and reconciliations of non-GAAP financial measures, including special items)

Revenue: Fourth quarter revenue was $467 million, an increase of 3.2 percent from $453 million in the year-ago quarter.

Operating income: Fourth quarter operating loss on a GAAP basis was $22 million. Excluding special items, operating income was $2 million, compared to $36 million in the year-ago quarter.

Net earnings: On a GAAP basis, the fourth quarter net loss was $14 million, or $(0.10) per share on a diluted basis, compared to net earnings of $1 million, or $0.01 per share on a diluted basis, in the year-ago quarter. Net earnings, excluding special items, were $1 million in the fourth quarter, compared to $21 million in the year-ago quarter.

Adjusted EBITDA: For the fourth quarter, adjusted earnings before interest, taxes, depreciation, and amortization was $10 million.

Dividend: Sabre Holdings announced a quarterly cash dividend of $0.075 per share on January 20, 2004 reflecting an increase in the dividend of $0.005 per share, or seven percent. The dividend is payable on February 17, 2004, to shareholders of record at the close of regular trading on January 30, 2004.

SABRE HOLDINGS FULL YEAR 2003

FINANCIAL HIGHLIGHTS

Revenue: Full year revenue on a GAAP basis was $2.05 billion, a decrease of 0.5 percent from $2.06 billion in the previous year. Excluding special items of $44 million, full year revenue was $2.0 billion.

Operating income: Full year operating income on a GAAP basis was $166 million, a decrease of 47.6 percent from the same period last year. Excluding special items, operating income was $198 million, compared to $414 million a year ago.

Net earnings: On a GAAP basis, full year net earnings were $83 million, or $0.58 per share on a diluted basis, compared to $214 million, or $1.50 per share on a diluted basis, a year ago. Net earnings, excluding special items, were $119 million for 2003, compared to $255 million in 2002.

Adjusted EBITDA: For the year, adjusted earnings before interest, taxes, depreciation, and amortization was $302 million.

Capital Spending: Capital spending was $71 million, compared to $63 million in 2002.

Cash/Debt: The company balance sheet as of Dec. 31, 2003 reflected cash and marketable securities of approximately $923 million. The year-end cash balance reflects payments of about $30 million to shareholders in the form of quarterly dividends and about $46 million for company share repurchases. Total debt as of Dec. 31, 2003 was $589 million, which includes the carrying value of the company’s public debt of $427 million and a $162 million capital lease obligation.

     SABRE HOLDINGS BUSINESS REVIEW
     (The following business unit financials reflect the integration of
     GetThere)

    TRAVELOCITY

Fourth quarter revenue from Travelocity was $97 million, a 17.4 percent increase compared to $83 million in the fourth quarter of 2002. Transaction revenue for the quarter was $75 million, an increase of 49.8 percent, year- over-year. Non-transaction revenue declined 32.6 percent year-over-year.

Fourth quarter transaction revenue from hotel, car, cruise, and packages grew 86.5 percent, year-over-year. Total hotel revenue grew 86.3 percent, year-over-year, driven by a 118.6 percent increase in hotel merchant revenue. In addition, hotel room nights across the Travelocity network were up 36 percent, year-over-year.

Travelocity revenue for 2003 was $395 million on a GAAP basis, an increase of 16.5 percent year-over-year. On an adjusted basis, Travelocity revenue was $387 million. Full year transaction revenue was $289 million, an increase of 34.4 percent over 2002. For the year, Travelocity gross bookings reached $3.9 billion, an increase of 11.6 percent over 2002.

In addition, Travelocity and longtime partner, America Online, Inc., have extended the terms of their marketing agreement through March 2006 (See today’s press release: “Travelocity Extends and Revises its Marketing Agreement with America Online”). Under the terms of the agreement, Travelocity will benefit from more strategically aligned terms for placement within several AOL brands over two years starting April 1, 2004. This will result in significant savings for Travelocity over the final year of the previous agreement, with savings commencing in the second quarter of 2004.

SABRE TRAVEL NETWORK

Fourth quarter revenue from the Sabre Travel Network business was $345 million, a decrease of 3.3 percent from $357 million in the year-ago quarter. Global travel bookings were 86 million for the fourth quarter, compared with 85 million in the year-ago quarter, an increase of 1.8 percent.

Full year 2003 revenue on a GAAP basis was $1.56 billion, a 4.3 percent decrease compared to $1.63 billion in 2002. On an adjusted basis, full year revenue was $1.52 billion. Total worldwide travel bookings processed through the Sabre global distribution system, which includes direct bookings and joint venture bookings for which Sabre or its distribution partners earn a booking fee, were 366 million, a decline of 8.0 percent over 2002.

SABRE AIRLINE SOLUTIONS

Fourth quarter revenue from Sabre Airline Solutions was $59 million, an increase of 12.4 percent, compared to $53 million in the year-ago quarter.

For 2003, revenue for Airline Solutions was $232 million, an increase of 7.2 percent over 2002.


     2003 HIGHLIGHTS

     Sabre Holdings
     --  Named Sam Gilliland as President and CEO and Paul Ely, Jr. as Non-
         Executive Chairman, replacing William J. Hannigan.
     --  Established quarterly cash dividend program.
     --  Announced a $100 million stock repurchase program.
     --  Integrated GetThere into its existing businesses, realigning
         technology assets to further address the rapidly growing online
         market opportunities in the unmanaged and managed travel markets.
     --  Successfully called on the U.S. government to deregulate the
         computer reservation system industry.  In a historic milestone, the
         U.S. Department of Transportation announced on Dec. 31 that it would
         end 20 years of government regulation by moving forward on full
         deregulation in 2004.

     Travelocity
     --  Named Michelle Peluso as new President and CEO, replacing Sam
         Gilliland, who became President and CEO of Sabre Holdings.
     --  Completed the acquisition of the assets of World Choice Travel
         (WCT), the U.S.-based hotel room consolidation and distribution
         business of MyTravel Group PLC, broadening Travelocity merchant
         model hotel distribution capabilities.
     --  Increased the Travelocity merchant model hotel supplier program to
         more than 9,000 hotels (more than 10,000 today), making it the
         industry's fastest growing independent program.
     --  Launched Travelocity Business, a full-service corporate travel
         agency.
     --  Introduced Travelocity TotalTrip(TM) technology, a new dynamic
         shopping engine that allows consumers to book airfare and hotels
         together in just a few simple clicks, giving access to special rates
         not available when booking components separately.
     --  Introduced Travelocity TOTAL CRUISE(SM), an industry-first offering
         allowing consumers to simultaneously book their airline flights and
         their cruise vacation packages online.
     --  Redesigned car rental functionalities that feature several new money
         and time-saving enhancements, including upgrades to Travelocity's
         industry-first "total pricing" feature -- which factors in
         additional taxes and fees to the original rate before the
         reservation is confirmed.

     Sabre Travel Network
     --  Signed long-term agreements (DCA Three Year Option) with almost 20
         airlines, including the six largest U.S. carriers, which
         reinvigorated the value proposition for airline customers as well as
         travel agency subscribers powered by the Sabre GDS, online and
         offline.
     --  Launched Jurni Network, a unique offline travel agency consortium
         that combines a preferred sales network and consolidated purchasing
         power with technology-driven marketing tools to sell preferred
         products.
     --  Acquired the remaining 49 percent of Hamburg-based Dillon
         Communication Systems GmbH (DCS), a major distributor of leisure
         packages to agents in Germany, to expand its leisure travel content
         and capabilities in Europe and other regions.
     --  Named world's leading global distribution system (GDS) for the 10th
         consecutive year by The World Travel Awards.

     Sabre Airline Solutions
     --  Signed several significant contracts, including one with a leading
         U.S. carrier, to implement a dining and cabin services system
         (AirServ) designed to reduce operating expenses in the area of on-
         boarding services.
     --  Added 15 new carriers as reservation and departure control system
         customers, bringing the total number of hosted airlines to more than
         90.
     --  Signed more than 500 contracts in the year, including several multi-
         product deals with Delta Air Lines, Qantas, Lufthansa, China
         Eastern, Alaska Airlines, Gulf Air, ATA Airlines, Royal Brunei and
         bmi.

    SABRE HOLDINGS OUTLOOK

The following guidance includes the financial impact from the integration of GetThere and Travelocity’s acquisition of the assets of WCT:

1Q2004

For the first quarter 2004, the company projects revenue to be in the range of $510 million to $530 million. Diluted earnings per share are expected to be in the range of $0.18 to $0.21 on a GAAP basis, and in the range of $0.24 to $0.27 on an adjusted basis.

Special items in the first quarter, net of tax and minority interest, are projected to be approximately $9 million. This estimate includes stock compensation and amortization of intangible assets.

     Full Year 2004
     For full year 2004, the company projects the following:

     --  2004 revenue growth in the range of approximately two to six percent
         on a GAAP basis and approximately four to nine percent excluding
         special items, year-over-year

     --  2004 earnings per share in the range of $0.94 to $1.04 on a GAAP
         basis

     --  2004 earnings per share in the range of $1.15 to $1.25 excluding
         special items

     Business unit revenue growth projections for 2004 are listed below:

     --  Travelocity: revenue growth of greater than 27 percent on a GAAP
         basis, and revenue growth greater than 30 percent excluding special
         items

     --  Sabre Travel Network:  slight revenue decline on a GAAP basis, and
         flat revenue growth excluding special items

     --  Sabre Airline Solutions:  revenue growth in the low teens

    About Sabre Holdings Corporation

Sabre Holdings, an S&P 500 company, is a world leader in travel commerce, retailing travel products and providing distribution and technology solutions for the travel industry. Sabre Holdings supports travelers, travel agents, corporations and travel suppliers through its companies: Travelocity, Sabre Travel Network, and Sabre Airline Solutions. Headquartered in Southlake, Texas, in the Dallas-Fort Worth Metroplex, the company has approximately 6,000 employees in 45 countries. Full year 2003 revenues totaled $2.05 billion. Sabre Holdings is traded on the New York Stock Exchange under the symbol TSG. More information is available at http://www.sabre-holdings.com .

Statements in this news release and the schedules hereto which are not purely historical facts, including statements about forecasted financial projections, the expected benefits to Sabre Holdings Corporation of the deregulation of the CRS industry, 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: the integration of any acquired assets, such as acquired technology, into Sabre Holdings Corporation, competition from established and emerging travel distribution channels, and the Company’s revenues being highly dependent on the travel and transportation industries. 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 our most recent filing on Form 10-Q with the Securities and Exchange Commission

     Financial Schedules to Follow


     Sabre Holdings Corporation
     Condensed Consolidated Statements of Income - Unadjusted
     (unaudited, in millions except per share amounts)

                          Three months ended         Twelve months ended
                               Dec. 31,                   Dec. 31,
                        2003   2002    Percent     2003      2002    Percent

    Revenues
      Sabre Travel
       Network         $345.3  $357.2    (3.3%)  $1,560.2  $1,630.2   (4.3%)
      Travelocity        97.1    82.7    17.4%      394.5     338.8   16.5%
      Sabre Airline
       Solutions         59.1    52.6    12.4%      232.4     216.8    7.2%
      Elimination of
       intersegment
       revenues         (34.1)  (39.5)  (13.6%)    (141.9)   (129.4)    9.7%
      Total revenues    467.3   453.0     3.2%    2,045.2   2,056.5    (0.5%)

    Operating expenses  489.3   447.3     9.4%    1,878.9   1,739.0     8.0%

    Operating income
     (loss)             (21.9)    5.7  (482.7%)     166.2     317.5   (47.6%)

    Other income
     (expense)
      Interest income
       (expense) net     (2.6)   (0.3)     **        (7.6)      4.6   266.9%
      Other, net         (0.5)   (6.2)  (91.3%)     (30.9)     16.8  (283.8%)

    Minority interest     0.9     0.6    55.1%       (0.4)      0.2  (270.4%)

    Income before
     provision for
     income taxes       (24.1)   (0.1)     **       127.4     339.1   (62.4%)

    Provision for
     income taxes       (10.3)   (1.0)     **        44.1     124.9   (64.7%)

    Net earnings
     (loss)            ($13.8)   $0.9      **       $83.3    $214.1   (61.1%)

    Operating Margin    (4.7%)   1.3%                8.1%     15.4%

    Earnings per
     share - basic     ($0.10)  $0.01               $0.59     $1.53

    Earnings per
     share - diluted   ($0.10)  $0.01               $0.58     $1.50

    Weighted average
     shares - basic     141.9   142.0               142.3     140.3
    Weighted average
     shares - diluted   142.8   143.3               143.4     142.6


     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,
                        2003    2002   Percent     2003     2002     Percent

    Revenues
      Sabre Travel
       Network         $345.3  $357.2    (3.3%) $1,523.8  $1,630.2     (6.5%)
      Travelocity        97.1    82.7    17.4%     386.7     338.8     14.1%
      Sabre Airline
       Solutions         59.1    52.6    12.4%     232.4     216.8      7.2%
      Elimination of
       intersegment
       revenues         (34.1)  (39.5)  (13.6%)   (141.9)   (129.4)     9.7%
      Total revenues    467.3   453.0     3.2%   2,000.9   2,056.5     (2.7%)

    Operating expenses  465.5   416.7    11.7%   1,802.9   1,642.4      9.8%

    Operating income      1.8    36.3   (95.0%)    198.0     414.1    (52.2%)

    Other income
     (expense)
      Interest income
       (expense) net     (2.6)  (0.3)      **       (7.6)      4.6    266.9%
      Other, net          0.2   (6.4)  (102.4%)     (2.2)     (9.5)   (77.0%)

    Minority interest     0.1   (0.2)  (163.3%)     (3.6)     (6.5)   (43.9%)

    Income before
     provision for
     income taxes        (0.5)  29.4   (101.6%)    184.5     402.6    (54.2%)

    Provision for
     income taxes        (1.4)   8.5   (116.5%)     65.3     147.7    (55.8%)

    Net earnings         $0.9  $20.9    (95.6%)   $119.2    $255.0    (53.2%)

    Operating margin -
     from continuing
     operations          0.4%   8.0%                9.9%     20.1%

    Earnings per
     share - basic      $0.01  $0.15               $0.84     $1.82

    Earnings per
     share - diluted    $0.01  $0.15               $0.83     $1.79

    Weighted average
     shares - basic     141.9  142.0               142.3     140.3
    Weighted average
     shares - diluted   142.8  143.3               143.4     142.6


     Sabre Holdings Corporation
     Reconciliation of Unadjusted Results to Adjusted Net Earnings
     Three and Twelve Months ended Dec. 31, 2003 and 2002
     (unaudited, in millions, except percents)

                          Three months ended         Twelve Months Ended
                             December 31,                December 31,
                        2003     2002    Change*    2003     2002      Change*

    Unadjusted
     operating income
     (loss)            ($21.9)   $5.7   (482.7%)   $166.2    $317.5    (47.6%)
    Adjustments for
     special items:
      Travelocity
       intangible
       amortization
       and stock
       compensation      $5.8   $14.3    (59.4%)    $40.6     $62.4    (35.0%)
      Recognition of
       deferred revenue
       on warrants       $0.0    $0.0       **      ($7.8)     $0.0       **
      Write-off of
       intangible asset
       related to
       Hotels.com
       agreement         $0.0    $0.0       **       $8.8      $0.0       **
      Gradient, DCS,
       Sabre Pacific,
       Nexion intang.
       amort. and def.
       comp.             $3.6    $1.8     95.8%     $13.6     $16.2    (15.8%)
      Restructuring
       charges           $0.0   $13.0   (100.0%)    ($0.9)     $9.5   (109.7%)
      Travelocity
       Tender Offer
       Expenses          $0.0    $1.4   (100.0%)    ($0.5)     $8.5   (105.3%)
      Subscriber
       settlement
       agreement         $0.0    $0.0       **     ($36.5)     $0.0       **
      Facilities charge
       related to
       business unit
       integration      $14.4    $0.0       **      $14.4      $0.0       **
    Adjusted operating
     income              $1.8   $36.3    (95.0%)   $198.0    $414.1    (52.2%)

    Unadjusted other
     income and
     minority interest  ($2.2)  ($5.8)   (62.8%)   ($38.9)    $21.6   (280.1%)
    Adjustments for
     special items:
      Realized gain on
       disposal of
       Hotels.com
       warrants         ($0.3)  ($0.2)    48.7%     ($0.3)    ($0.9)   (70.2%)
      Gain on sale of
       France Telecom
       shares            $0.0    $0.0       **       $0.0     ($7.1)  (100.0%)
      Loss on
       refinancing of
       headquarters
       facility          $0.0    $0.0       **      $27.9      $0.0       **
      Impact of special
       items on
       minority
       interests        ($0.8)  ($0.8)     5.2%     ($3.3)    ($6.7)   (51.2%)
     (Gain)/loss on
      sale of assets     $1.0    $0.0       **       $1.0    ($18.3)  (105.5%)

    Adjusted income
     (loss) before
     provision for
     income taxes       ($0.5)  $29.4   (101.6%)   $184.5    $402.6    (54.2%)

    Unadjusted
     provision for
     income taxes      ($10.3)  ($1.0)   938.8%     $44.1    $124.9    (64.7%)
    Adjustments to
     taxes for special
     items               $8.8    $9.5     (6.8%)    $21.2     $22.8     (6.7%)
    Adjusted provision
     for income taxes   ($1.4)   $8.5   (116.5%)    $65.3    $147.7    (55.8%)

    Adjusted net
     earnings            $0.9   $20.9    (95.6%)   $119.2    $255.0    (53.2%)

     *   Percents shown reflect changes in unrounded figures and may not agree
         to the percent changes in figures after rounding.
     **  Greater than 100 percent.


     Sabre Holdings Corporation
     Sabre Travel Network
     Bookings Summary - 4Q 2003
     (millions)

                         4Q03   4Q02   % Change   YTD03    YTD02  % Change

    Total Bookings       86.1    84.5     1.8%    365.6    397.4    (8.0%)

    Geographic
      US                 43.2    44.8    (3.5%)   193.5    216.9   (10.8%)
      International      42.8    39.8     7.8%    172.1    180.5    (4.6%)
                         86.1    84.5     1.8%    365.6    397.4    (8.0%)
    Channel
      Traditional
       Agency            74.9    73.3     2.2%    318.5    349.4    (8.8%)
      Consumer on-line    8.2     9.0    (8.7%)    35.2     39.5   (10.7%)
      Corporate on-line
       (GetThere)         2.9     2.2    31.2%     11.9      8.6    38.8%
                         86.1    84.5     1.8%    365.6    397.4    (8.0%)
    Air/Non-Air
      Air                75.4    74.6     1.0%    322.5    354.6    (9.0%)
      Non-Air            10.7     9.9     7.6%     43.1     42.8     0.7%
                         86.1    84.5     1.8%    365.6    397.4    (8.0%)
    Direct/Non-Direct
      Direct             69.8    71.0    (1.6%)   309.1    339.6    (9.0%)
      Non-Direct         16.2    13.6    19.5%     56.5     57.8    (2.3%)
                         86.1    84.5     1.8%    365.6    397.4    (8.0%)


                          Sabre Holdings Corporation
                     Non-GAAP Financials Reconciliations
                               ($ in millions)

                            4th Quarter          Full Year
    Sabre Holdings Revenue
     Reconciliation
                                             FY 2003
    GAAP Revenue                            $2,045.2

    Less: subscriber
     settlement                                (36.5)
    Less: recognition of
     deferred revenue on
     warrants                                   (7.8)

    Adjusted Revenue                        $2,000.9


    TN Revenue Reconciliation
                                             FY 2003
    GAAP Revenue                            $1,560.2

    Less: subscriber
     settlement                                (36.5)

    Adjusted Revenue                        $1,523.8


    Travelocity Revenue
     Reconciliation
                                             FY 2003
    GAAP Revenue                              $394.5

    Less: recognition of
     deferred revenue on
     warrants                                   (7.8)

    Adjusted Revenue                          $386.7


    Operating Income
     Reconciliations

    Sabre Holdings
                           4Q 2003  4Q 2002   FY 2003    FY 2002
    GAAP Operating Income   ($21.9)    $5.7   $166.2     $317.5
      GAAP operating margin                     8.1%

    Add: Amortization of
     intangibles, stock
     compensation and
     transaction fees
     from merger &
     acquisition activity      9.4     17.5     62.6       87.0
    Add: facilities charge
     related to BU
     integration              14.4      ---     13.4        ---
    Add: restructuring
     charge                    ---     13.0      ---        9.5
    Less: subscriber
     settlement                ---             (36.5)       ---
    Less: recognition of
     deferred revenue on
     warrants                  ---              (7.8)       ---

    Adjusted Operating
     Income                   $1.8    $36.3   $198.0     $414.1
      Adjusted Operating
       margin                                   9.9%


    Net Earnings
     Reconciliation
                               4Q 2003             FY 2003
                                      EPS                  EPS
    GAAP Net Earnings       ($13.8)  ($0.10)   $83.3      $0.58
    Adjustments, net of
     taxes:
    Add: Amortization of
     intangibles, stock
     compensation and
     transaction fees
     from merger &
     acquisition activity      5.5              36.7
    Less: subscriber
     settlement                ---             (22.5)
    Less: recognition of
     deferred revenue on
     warrants                  ---              (4.9)
    Add: facility, real
     estate, and other         9.5               9.5
    Less: realized gain on
     disposal of warrants     (0.2)             (0.2)
    Add: loss on synthetic
     lease                     ---              17.3

    Adjusted net earnings     $0.9    $0.01   $119.2      $0.83

    Diluted share count      142.8 million     143.4 million


    Adjusted EBITDA
     Reconciliation

                           4Q 2003            FY 2003

    GAAP Net Earnings       ($13.8)            $83.3
    Add: Taxes               (10.3)             44.1
    Add: Depreciation &
     Amortization             30.8             136.0
    Add: Interest Expense      6.5              24.1
    Less: Interest Income     (3.9)            (16.5)
    Add: Other, net            0.5              30.9

    Adjusted EBITDA           $9.8            $301.9


     2002

     Net Earnings
      Reconciliation             4Q 2002           FY 2002
                                       EPS                 EPS
    GAAP Net Earnings         $0.9    $0.01   $214.1      $1.50
    Adjustments, net of
     taxes:
    Add: Amortization of
     intangibles, stock
     compensation and
     transaction fees
     from merger &
     acquisition activity     13.0              58.4
    Add: restructuring
     charges                   8.1               5.9
    Less: Other, net          (0.2)             (0.9)
    Less: gain on sale of
     headquarters facility     ---             (11.3)
    Less: gain on sale of
     France Telecom shares     ---              (4.5)
    Less: minority interests  (0.8)             (6.7)

    Adjusted net earnings    $20.9    $0.15   $255.0      $1.79

    Diluted share count      143.3 million     142.6 million


     2004

     Net Earnings
      Reconciliation        1Q 2004 Guidance  FY 2004 Guidance
                              Low      High     Low       High
    GAAP Net Earnings        $25.5    $29.8   $133.4     $147.6
    Adjustments, net
     of taxes:
    Add: Amortization
     of intangibles,
     stock compensation
     and transaction
     fees from merger &
     acquisition
     activity                  8.6      8.6     29.9       29.9

    Adjusted net
     earnings                $34.2    $38.4   $163.4     $177.6

    GAAP EPS                 $0.18    $0.21    $0.94      $1.04
    Adjusted EPS             $0.24    $0.27    $1.15      $1.25

    Diluted share count      142.3 million     142.1 million


    TSG Revenue
     Reconciliation                          FY 2004 Guidance
                                              Low        High     FY 2003
    GAAP Revenue                            $2,086.1   $2,176.9  $2,045.2
      Growth %                                    2%         6%
    Less: subscriber
     settlement and
     recognition of
     deferred revenue
     on warrants                                 ---        ---     (44.3)

    Adjusted Revenue                        $2,086.1   $2,176.9  $2,000.9
      Growth %                                    4%         9%


    TN Revenue
     Reconciliation                           FY 2004 Guidance
                                               Low       High     FY 2003
    GAAP Revenue                            $1,503.8   $1,550.5  $1,560.2
      Growth %                                   (4%)       (1%)
    Less: subscriber
     settlement                                  ---        ---     (36.5)

    Adjusted Revenue                        $1,503.8   $1,550.5  $1,523.8
      Growth %                                   (1%)        2%


    Travelocity revenue
     reconciliation                            FY 2004 Guidance
                                                Low               FY 2003
    GAAP Revenue                              $501.0               $394.5
      Growth %                                   27%
    Less: recognition
     of deferred
     revenue on warrants                         ---                 (7.8)

    Adjusted Revenue                          $501.0               $386.7
      Growth %                                   30%
SOURCE  Sabre Holdings Corporation
    -0-                             01/22/2004
    /CONTACT:  media, Michael Berman, +1-682-605-2397, or investors, Karen
Fugate, +1-682-605-2343, both of Sabre Holdings Corporation/
    /Web site:  http://www.sabre-holdings.com
                http://www.sabre-holdings.com/investor/index.html /
    (TSG)

CO:  Sabre Holdings Corporation
ST:  Texas
IN:  CPR TRA LEI AIR
SU:  ERN DIV ERP CCA MAV

GN-AP 
-- DATH016 --
7752 01/22/2004 08:05 EST http://www.prnewswire.com

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