Sabre Holdings Reports Fourth Quarter, Full Year 2004 Financial Results

SOUTHLAKE, Texas–(BUSINESS WIRE)–Feb. 3, 2005–Sabre Holdings
Corporation (NYSE:TSG):

    --  Growth in 2004 earnings per share of more than 75 percent
        year-over-year

    --  Full year 2004 Diluted EPS (Adjusted) of $1.47, an increase of
        76.7 percent year-over-year

    --  Full year 2004 Diluted EPS (GAAP) of $1.38, an increase of
        137.7 percent year-over-year

    --  Full year 2004 revenue of $2.1 billion

    --  4Q 2004 Diluted EPS (Adjusted) of $0.22, Diluted EPS (GAAP) of
        $0.16; significant year-over-year increase

    --  4Q 2004 revenue of $496 million

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

Sabre Holdings Corporation (NYSE:TSG) today reported financial
results for the fourth quarter and full year 2004.

The company reported fourth quarter 2004 diluted earnings per
share of $0.22 on an adjusted basis and $0.16 per share on a GAAP
basis. Revenue for the fourth quarter was $496 million.

For the full year, the company reported 2004 diluted earnings per
share of $1.47 on an adjusted basis, an increase of 76.7 percent
year-over-year, and $1.38 on a GAAP basis, an increase of 137.7
percent year-over-year. Revenue for 2004 was $2.1 billion.

“Sabre Holdings had a very good 2004,” said Sam Gilliland,
chairman and CEO, Sabre Holdings. “We met our top line goal and
clearly exceeded our bottom line target, growing earnings per share by
more than 75 percent. This was driven by the profitability turnaround
at Travelocity, ongoing cost reductions and a return of travel
demand.

“Going forward, we plan to drive the same operational discipline
in support of our strategy to both optimize our core distribution
business and extend Sabre Holdings into the higher margin retail
business. With the investments we plan to make this year, we expect to
enter 2006 with a distinct competitive advantage and be
well-positioned for significant growth.”

SABRE HOLDINGS 4Q 2004

FINANCIAL HIGHLIGHTS

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

Revenue: Fourth quarter revenue was $496 million, an increase of
6.1 percent from $467 million in the year-ago quarter.

Operating income: Excluding adjusting items, operating income for
the fourth quarter was $39 million, compared to $2 million in the
year-ago quarter. Operating income on a GAAP basis was $24 million, an
increase of 207.8 percent from the $22 million loss in the year-ago
quarter.

Net earnings: For the fourth quarter, net earnings, excluding
adjusting items, were $30 million, compared to $1 million in the
fourth quarter of 2003. On a GAAP basis, fourth quarter net earnings
were $21 million compared to a loss of $14 million in the year-ago
quarter. Net earnings for the quarter include an approximate $5
million positive impact from the reversal of certain accrued income
taxes.

Adjusted EBITDA: For the fourth quarter, adjusted earnings before
interest, taxes, depreciation, and amortization was $56 million.

Adjusting items: Adjusting items included approximately $5 million
from the loss on the sale of server equipment and about $4 million of
stock compensation and amortization of intangible assets from mergers
and acquisitions, net of tax.

SABRE HOLDINGS FULL YEAR 2004

FINANCIAL HIGHLIGHTS

Revenue: For 2004, revenue was $2.1 billion, an increase of 6.5
percent on an adjusted basis and 4.2 percent on a GAAP basis,
year-over-year.

Operating income: Excluding adjusting items, operating income was
$316 million, compared to $198 million a year ago. On a GAAP basis,
operating income was $259 million, an increase of 55.6 percent
compared to $166 million in the previous year.

Net earnings: Net earnings, excluding adjusting items, were $203
million, or $1.47 per share on a diluted basis compared to $119
million, or $0.83 per share in 2003. On a GAAP basis, full year net
earnings were $190 million, or $1.38 per share on a diluted basis
compared to $83 million, or $0.58 per share on a diluted basis a year
ago.

Adjusted EBITDA: For the year, adjusted earnings before interest,
taxes, depreciation, and amortization was $386 million.

Capital Spending: Capital spending was $78 million, compared to
$71 million in 2003.

Cash/Debt: The company balance sheet as of Dec. 31, 2004 reflected
cash and marketable securities of $837 million. Total debt at the end
of the year was $601 million, which includes notes and bonds payable
of $439 million and a $162 million capital lease obligation.

    SABRE HOLDINGS BUSINESS REVIEW

    TRAVELOCITY

For the fourth quarter, Travelocity gross travel bookings were
$1.2 billion, an increase of 18 percent year-over-year. Revenue was
$126 million, a 29.8 percent increase from the year-ago quarter of $97
million. Transaction revenue for the quarter was $105 million, an
increase of 37.8 percent, year-over-year. Non-transaction revenue,
which includes advertising, corporate, and international joint
ventures, was $21 million.

    Other Travelocity metrics for the fourth quarter (year-over-year):

    --  Air transaction revenue grew 7.1 percent

    --  Non-air transaction revenue grew 66.4 percent

    --  Packaging revenue grew 89.7 percent

    --  Packaging revenue, as a percent of total transaction revenue,
        was 24 percent

    --  Merchant revenue represented 42 percent of total transaction
        revenue

    --  Hotel room nights across the Travelocity network were up 31.0
        percent

For 2004, Travelocity revenue was $503 million, a year-over-year
increase of 30 percent on an adjusted basis, and 27.4 percent on a
GAAP basis. Travelocity gross travel bookings in 2004 were $4.9
billion, an increase of 21.4 percent year-over-year.

SABRE TRAVEL NETWORK

Fourth quarter revenue from the Sabre Travel Network business was
$347 million, an increase of 0.4 percent from $345 million in the
year-ago quarter. Global travel bookings were 87 million, an increase
of 1.2 percent compared with 86 million in the year-ago quarter.

Full year 2004 revenue was $1.6 billion, an increase of 1.9
percent on an adjusted basis and a decline of 0.5 percent on a GAAP
basis compared to 2003. 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 391 million, an
increase of 6.9 percent, year-over-year.

SABRE AIRLINE SOLUTIONS

Fourth quarter revenue from Sabre Airline Solutions was $63
million, an increase of 6.3 percent from $59 million in the year ago
quarter. Revenue was primarily driven by an increase in the sales of
software products and services.

For 2004, revenue for Airline Solutions was $243 million, an
increase of 4.8 percent over 2003.

    2004 HIGHLIGHTS

    Sabre Holdings

    --  Repurchased approximately 9.9 million shares of common stock
        (approximately $228 million) as part of its share buy back
        programs.

    --  Paid shareholders $41 million in dividends. Note: On Feb. 1,
        2005, the company increased its quarterly cash dividend by 20
        percent to $0.09 per share. The dividend is payable on Feb.
        28, 2005, to shareholders of record at the close of regular
        trading on the NYSE on Feb. 11, 2005.

    --  Acquired SynXis Corporation, a privately-held provider of
        reservation management, distribution and technology services
        used at more than 6,000 hotel properties, to offer a broader
        range of services to the hotel marketplace.

    --  Opened its Asia Pacific headquarters in Shanghai, China as
        part of its move to advance the company's strategic business
        agenda in the region and better serve key customers and joint
        ventures that Sabre Holdings has cultivated since entering the
        Asian market over a decade ago.

    --  Named Sam Gilliland to the additional role of chairman of the
        board of directors. In addition, named Royce S. Caldwell as
        lead independent director, a new position, which is consistent
        with the company's focus on strong corporate governance.

    Travelocity

    --  Made several investments in Europe including the acquisition
        of the remaining 50 percent of the Travelocity Europe joint
        venture it did not already own, excluding the operations in
        Germany, from Otto Freizeit und Touristik GmbH.

    --  Expanded the Travelocity Partner Network to include American
        Express, AARP and Southwest Airlines.

    --  Acquired All State Tours Inc. ("Allstate Ticketing") and its
        ShowTickets.com brand, the leading distributor of show and
        event tickets in Las Vegas.

    --  Became certified by InterContinental Hotels Group (IHG) as an
        online third party intermediary for its hotels, meeting IHG's
        high distribution standards for consumer practices and hotel
        relations.

    --  Extended and revised the terms of an agreement under which
        Travelocity is the exclusive reservations provider for AOL's
        Internet properties through March 2006.

    --  Signed several large corporations, including Aetna, for
        Travelocity Business. Redesigned the Travelocity Business
        online site to make it easier to use, and implemented new
        service center technologies to integrate and automate the
        corporate travel reservation process from beginning to end.

    --  Set new standards in Web site design for online travel with a
        complete re-branding effort, including a new Travelocity site
        design and logo that consumers favored more than two-to-one
        over competitive sites.

    Sabre Travel Network

    --  Implemented Hotel Spotlight, a new marketing and distribution
        program that seeks to provide Sabre-Connected travel agencies
        with better hotel rates while helping hoteliers increase
        bookings through the Sabre GDS.

    --  Expanded Nexion, which became the industry's largest host
        agency through a combination of acquisitions and organic
        growth.

    --  Signed a five-year Global Distribution System ("GDS")
        subscriber agreement with Expedia, Inc., an operating company
        of InterActiveCorp (Nasdaq: IACI) to process a meaningful
        portion of Expedia's GDS bookings over the term of the
        agreement through the Sabre system.

    --  Launched MySabre, a new Web-based agent booking portal that
        makes it easier for agents and suppliers to drive new
        merchandising opportunities at the point of sale.

    Sabre Airline Solutions

    --  Announced SabreSonic, a new generation airline passenger
        solutions suite comprised of easy-to-use modules to help
        airlines increase customer loyalty and reduce operational
        costs.

    --  Signed long-term SabreSonic deals with Aeroflot, Air One and
        Frontier Airlines.

    --  Acquired new technology to expand its products and services
        offerings through the acquisitions of RM Rocade, a software
        solutions provider in Stockholm, Sweden, and Lanyon, LTD,
        provider of business process management (BPM) software.

    SABRE HOLDINGS OUTLOOK

    1Q2005

For the first quarter 2005, the company projects revenue to be in
the range of $560 million to $580 million. Diluted earnings per share
are expected to be in the range of $0.27 to $0.32 on an adjusted
basis, and $0.24 to $0.29 on a GAAP basis.

    Full Year 2005

    The company projects the following:

    --  2005 revenue growth approaching 10 percent

    --  2005 earnings per share in the range of $1.50 to $1.60 on an
        adjusted basis

    --  2005 earnings per share in the range of $1.41 to $1.51 on a
        GAAP basis

    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 6,800 employees in 45
countries. Full year 2004 revenues totaled $2.1 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 or the expected competitive position of Sabre
Holdings Corporation, 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, or risks or
uncertainties related to the Company’s revenues being highly dependent
on the travel and transportation industries, such as the financial
instability or bankruptcy of many of the air carriers, competition
from alternative travel distributors such as online vertical search
engines, or geopolitical developments. 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 December 31,
                                         2004        2003    Percent
                                      ------------ --------- --------

Revenues
 Sabre Travel Network                      $346.7    $345.3      0.4%
 Travelocity                                126.1      97.1     29.8%
 Sabre Airline Solutions                     62.8      59.1      6.3%
 Elimination of intersegment
  revenues                                  (39.7)    (34.1)  (16.2%)
                                      ------------ ---------
 Total revenues                             495.9     467.3      6.1%

Operating expenses                          472.3     489.3      3.5%
                                      ------------ ---------

Operating income (loss)                      23.6     (21.9)   207.8%

Other income (expense)
 Interest income (expense) net               (2.8)     (2.6)  (10.0%)
 Other, net                                   0.1      (0.5)   113.7%

Minority interest                             1.4       0.9     45.2%
                                      ------------ ---------

Income (Loss) before provision for
 income taxes                                22.2     (24.1)   192.3%

Provision (Benefit) for income taxes          1.2     (10.3) (111.9%)
                                      ------------ ---------


Net earnings (Loss)                         $21.0    ($13.8)   251.8%
                                      ============ =========

Operating margin                              4.8%    (4.7%)

Earnings (Loss) per share- basic            $0.16    ($0.10)

Earnings (Loss) per share- diluted          $0.16    ($0.10)

Weighted average shares -basic              133.2     141.9
Weighted average shares -diluted            134.1     142.8


                                     Twelve months ended  December 31,
                                        2004         2003     Percent
                                    ------------ ------------ -------

Revenues
   Sabre Travel Network                $1,552.8     $1,560.2   (0.5%)
   Travelocity                            502.5        394.5    27.4%
   Sabre Airline Solutions                243.5        232.4     4.8%
   Elimination of intersegment
    revenues                             (167.9)      (141.9) (18.3%)
                                    ------------ ------------
   Total revenues                       2,131.0      2,045.2     4.2%

Operating expenses                      1,872.2      1,878.9     0.4%
                                    ------------ ------------

Operating income (loss)                   258.7        166.2    55.6%

Other income (expense)
   Interest income (expense) net          (11.7)        (7.6) (54.1%)
   Other, net                               8.4        (30.9)  127.1%

Minority interest                           1.7         (0.4)  556.5%
                                    ------------ ------------

Income (Loss) before provision for
 income taxes                             257.1        127.4   101.8%

Provision (Benefit) for income
 taxes                                     66.6         44.1  (51.2%)
                                    ------------ ------------


Net earnings (Loss)                      $190.4        $83.3   128.6%
                                    ============ ============

Operating margin                           12.1%         8.1%

Earnings (Loss) per share- basic          $1.40        $0.59

Earnings (Loss) per share- diluted        $1.38        $0.58

Weighted average shares -basic            136.3        142.3
Weighted average shares -diluted          137.9        143.4
Sabre Holdings Corporation
Condensed Consolidated Statements of Income -             Adjusted
(Unaudited, in millions except per share amounts)


                                      Three months ended December 31,
                                         2004       2003     Percent
                                      ----------- ---------- --------

Revenues
   Sabre Travel Network                   $346.7     $345.3      0.4%
   Travelocity                             126.1       97.1     29.8%
   Sabre Airline Solutions                  62.8       59.1      6.3%
   Elimination of intersegment
    revenues                               (39.7)     (34.1)  (16.2%)
                                      ----------- ----------
   Total revenues                          495.9      467.3      6.1%

Operating expenses                         457.1      465.5      1.8%
                                      ----------- ----------

Operating income                            38.8        1.8       (a)

Other income (expense)
   Interest income (expense) net            (2.8)      (2.6)  (10.0%)
   Other, net                                0.1        0.2   (52.2%)

Minority interest                            0.5        0.1    365.2%
                                      ----------- ----------

Income (Loss) before provision for
 income taxes                               36.6       (0.5)      (a)

Provision (Benefit) for income taxes         6.6       (1.4) (568.6%)
                                      ----------- ----------


Net earnings                               $30.0       $0.9       (a)
                                      =========== ==========

Operating margin                             7.8%       0.4%

Earnings per share- basic                  $0.23      $0.01

Earnings per share- diluted                $0.22      $0.01

Weighted average shares -basic             133.2      141.9
Weighted average shares -diluted           134.1      142.8


                                    Twelve months ended  December 31,
                                        2004         2003     Percent
                                    ------------- ---------- --------

Revenues
 Sabre Travel Network                   $1,552.8   $1,523.8      1.9%
 Travelocity                               502.5      386.7     30.0%
 Sabre Airline Solutions                   243.5      232.4      4.8%
 Elimination of intersegment
  revenues                                (167.9)    (141.9)  (18.3%)
                                    ------------- ----------
 Total revenues                          2,131.0    2,000.9      6.5%

Operating expenses                       1,814.8    1,802.9    (0.7%)
                                    ------------- ----------

Operating income                           316.1      198.0     59.7%

Other income (expense)
 Interest income (expense) net             (11.7)      (7.6)  (54.0%)
 Other, net                                  2.1       (2.2)   195.2%

Minority interest                           (1.7)      (3.6)    54.1%
                                    ------------- ----------

Income (Loss) before provision for
 income taxes                              304.8      184.5     65.2%

Provision (Benefit) for income
 taxes                                     102.2       65.3   (56.5%)
                                    ------------- ----------

Net earnings                              $202.6     $119.2     69.9%
                                    ============= ==========

Operating margin                            14.8%       9.9%

Earnings per share- basic                  $1.49      $0.84

Earnings per share- diluted                $1.47      $0.83

Weighted average shares -basic             136.3      142.3
Weighted average shares -diluted           137.9      143.4
Sabre Holdings Corporation
Reconciliation of Unadjusted Results to Adjusted Net Earnings
Three and Twelve Months ended December 31, 2004 and 2003
(Unaudited, in millions, except percents)

                                      Three months ended December 31,
                                         2004        2003     Percent
                                      ----------- ----------- --------

Unadjusted operating income                $23.6      ($21.9)   207.8%
Adjusting items:
   Travelocity intangible amortization
    and stock compensation                   3.8         5.7
   DCS, Sabre Pacific, Nexion,
    Gradient intangible amortization         3.5         3.6
   Airline Solutions intangible
    amortization and stock
    compensation                             0.6         0.0
   Impairment of intangible assets           0.0         0.0
   Subscriber settlement agreement           0.0         0.0
   Recognition of deferred revenue
    from former hotel supplier
    warrants                                 0.0         0.0
   Travelocity Tender Offer
    Expenses                                 0.0         0.0
   Restructuring charges                     0.0         0.0
   Facilities charge related to
    business unit integration                0.0        14.4
   Loss on sale of midrange server
    equipment                                7.3         0.0
                                      ----------- -----------
Adjusted operating income                   38.8         1.8      (a)

Unadjusted other income (expense)
 and minority interest                      (1.4)       (2.2)    35.8%
Adjusting items:
   Impact of adjusting items on
    minority interests                      (0.8)       (0.8)
   Arbitration settlement                    0.0         0.0
   Shareholder settlement                    0.0         0.0
   Loss on refinancing of
    headquarters facility                    0.0         0.0
   Realized gain on disposal of
    warrants from former hotel
    supplier                                 0.0        (0.3)
   (Gain)/loss on sale of assets             0.0         1.0
                                      ----------- -----------
Adjusted income (loss) before
 provision for income taxes                 36.6        (0.5)     (a)

Unadjusted provision (benefit) for
 income taxes                                1.2       (10.3) (111.9%)
Tax adjusting items                          5.4         8.8
                                      ----------- -----------
Adjusted provision (benefit) for
 income taxes                                6.6        (1.4) (568.6%)

Adjusted net earnings                      $30.0        $0.9      (a)
                                      =========== ===========


                                    Twelve months ended  December 31,
                                        2004         2003     Percent
                                    ------------ ----------- --------

Unadjusted operating income              $258.7      $166.2     55.6%
Adjusting items:
 Travelocity intangible
  amortization and stock
  compensation                             30.7        40.6
 DCS, Sabre Pacific, Nexion,
  Gradient intangible amortization         15.3        13.5
 Airline Solutions intangible
  amortization and stock
  compensation                              0.9         0.1
 Impairment of intangible assets            3.2         8.8
 Subscriber settlement agreement            0.0       (36.5)
 Recognition of deferred revenue
  from former hotel supplier
  warrants                                  0.0        (7.8)
 Travelocity Tender Offer Expenses          0.0        (0.5)
 Restructuring charges                      0.0        (0.9)
 Facilities charge related to
  business unit integration                 0.0        14.4
 Loss on sale of midrange server
  equipment                                 7.3         0.0
                                    ------------ -----------
Adjusted operating income                 316.1       198.0     59.7%

Unadjusted other income (expense)
 and minority interest                     (1.7)      (38.9)    95.7%
Adjusting items:
 Impact of adjusting items on
  minority interests                       (3.3)       (3.3)
 Arbitration settlement                    (6.0)        0.0
 Shareholder settlement                     1.1         0.0
 Loss on refinancing of
  headquarters facility                     0.0        27.9
 Realized gain on disposal of
  warrants from former hotel
  supplier                                  0.0        (0.3)
 (Gain)/loss on sale of assets             (1.4)        1.0
                                    ------------ -----------
Adjusted income (loss) before
 provision for income taxes               304.8       184.5     65.2%

Unadjusted provision (benefit) for
 income taxes                              66.6        44.1   (51.2%)
Tax adjusting items                        35.6        21.2
                                    ------------ -----------
Adjusted provision (benefit) for
 income taxes                             102.2        65.3   (56.5%)

Adjusted net earnings                    $202.6      $119.2     69.9%
                                    ============ ===========

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

(a) Greater than 100 percent.
Sabre Holdings Corporation
Sabre Travel Network
Booking Summary - Fourth Quarter and Full Year
(millions)


                       4Q04  4Q03  % Change   FY 04  FY 03  % Change
                       ----  ----  --------  ------  -----  --------

  Total Bookings       87.2  86.1       1.2%  391.0  365.8      6.9%

  Geographic
   US                  44.3  43.2       2.5%  203.3  193.5      5.0%
   International       42.9  42.9     (0.0%)  187.8  172.3      9.0%
                       ----  ----             -----  -----
                       87.2  86.1       1.2%  391.0  365.8      6.9%

  Channel
   Traditional Agency  77.9  77.8       0.1%  351.4  330.4      6.4%
   Consumer on-line     9.3   8.3      11.9%   39.6   35.5     11.7%
                       ----  ----             -----  -----
                       87.2  86.1       1.2%  391.0  365.8      6.9%

  Air/Non-Air
   Air                 75.6  75.4       0.3%  342.9  322.5      6.3%
   Non-Air             11.6  10.7       8.0%   48.2   43.3     11.2%
                       ----  ----             -----  -----
                       87.2  86.1       1.2%  391.0  365.8      6.9%

  Direct/Non-Direct
   Direct              71.2  69.9       1.8%  323.1  309.3      4.5%
   Non-Direct          16.0  16.2     (1.4%)   67.9   56.5     20.1%
                       ----  ----             -----  -----
                       87.2  86.1       1.2%  391.0  365.8      6.9%
                       Sabre Holdings Corporation
                  Non-GAAP Financials Reconciliations
                            ($ in millions)

  Sabre Holdings Revenue Reconciliation          Full Year
                                            -------------------
                                               2004      2003
                                            --------- ---------
  GAAP Revenue                              $2,131.0  $2,045.2
  Growth %                                       4.2%
  Less: subscriber settlement                      -     (36.5)
  Less: recognition of deferred revenue on
   warrants                                        -      (7.8)
                                            --------- ---------
  Adjusted Revenue                          $2,131.0  $2,000.9
  Growth %                                       6.5%

  Sabre Travel Network Revenue Reconciliation     Full Year
                                                --------------
                                                2004      2003
                                                ----      ----

  GAAP Revenue                              $1,552.8  $1,560.2
  Growth %                                     (0.5%)
  Less: subscriber settlement                      -     (36.5)
                                            --------- ---------
  Adjusted Revenue                          $1,552.8  $1,523.8
  Growth %                                       1.9%

  Travelocity Revenue Reconciliation               Full Year
                                                --------------
                                                2004      2003
                                                ----      ----
  GAAP Revenue                                $502.5    $394.5
  Growth %                                      27.4%
  Less: recognition of deferred revenue on
   warrants                                        -      (7.8)
                                            --------- ---------
  Adjusted Revenue                            $502.5    $386.7
  Growth %                                      30.0%

  Operating Income
   Reconciliations

  Sabre Holdings                                 Full Year
                                                --------------
                      4Q 2004  4Q 2003        2004      2003
                      -------  -------        ----      ----
  GAAP Operating
   Income (Loss)       $23.6  ($21.9)         $258.7   $166.2
    GAAP operating
     margin              4.8%  (4.7%)           12.1%     8.1%

  Add: amortization or
   impairment of
   intangibles, stock
   compensation
   and transaction fees
   from merger &
   acquisition activity  7.9    9.4             50.1     62.6
  Add: loss on sale of
   midrange server
   equipment             7.3       -             7.3        -
  Add: facilities
   charge related to BU
   integration             -    14.4               -      13.4
  Less: recognition of
   deferred revenue on
   warrants                -       -               -      (7.8)
  Less: subscriber
   settlement              -       -               -     (36.5)
                       ------ -------       --------- ---------
  Adjusted Operating
   Income              $38.8    $1.8          $316.1    $198.0
       Adjusted
        Operating
        margin           7.8%    0.4%           14.8%      9.9%

  Net Earnings
   Reconciliation                                  Full Year
                                                --------------
                       4Q 2004   4Q 2003        2004      2003
                       -------   -------        ----      ----

  GAAP Net Earnings
   (Loss)                $21.0   ($13.8)       $190.4     $83.3
  Adjustments, net of
   taxes:
  Add: amortization of
   intangibles, stock
   compensation
   and transaction fees
   from merger &
   acquisition activity    4.5      5.5          27.4      36.7
  Add: impairment of
   intangible asset          -        -           2.1         -
  Less: true-up of
   previous gain on
   sale of assets            -        -          (0.8)        -
  Add: Travelocity
   shareholder
   settlement                -        -           0.7         -
  Less: arbitration
   settlement                -        -          (3.7)        -
  Less: tax reserve
   reversal                  -        -         (17.9)        -
  Add: loss on sale of
   midrange server
   equipment               4.5        -           4.5         -
  Less: recognition of
   deferred revenue on
   warrants                  -        -             -      (4.9)
  Less: subscriber
   settlement                -        -             -     (22.5)
  Add: facility, real
   estate and other          -      9.5             -       9.5
  Add: loss on
   synthetic lease           -        -             -      17.3
  Less: realized gain
   on disposal of
   warrants                  -     (0.2)            -      (0.2)
                        ------    ------       ------     ------
  Adjusted net
   earnings              $30.0     $0.9        $202.6    $119.2

  GAAP EPS               $0.16   ($0.10)        $1.38     $0.58
  Adjusted EPS           $0.22    $0.01         $1.47     $0.83

  Diluted share count    134.1   142.8 million  137.9    143.4 million

  Adjusted EBITDA
   Reconciliation
                        4Q 2004                  2004
                       -------              ---------
  GAAP Net Earnings      $21.0                 $190.4
  Add: taxes               1.2                   66.6
  Add: interest expense    7.1                   26.9
  Less: interest income   (4.3)                 (15.2)
  Less: other, net        (0.1)                  (8.4)
  Less: minority interest (1.4)                  (1.7)
  Add: depreciation &
   amortization           32.7                  127.2
                        -------              ---------
  Adjusted EBITDA        $56.4                 $385.9

     2005 Guidance
  -------------------

  Net Earnings
   Reconciliation       1Q 2005 Guidance     FY 2005 Guidance
                       -----------------------------------------------
                       Low     High            Low       High
                       ------ -------        -------   --------

  GAAP Net Earnings    $32.6   $39.3          $189.1    $202.4
  Adjustments, net of
   taxes:
  Add: amortization of
   intangibles, stock
   compensation and
   transaction fees
   from merger &
   acquisition
   activity              3.4     3.4            10.8      10.8
                       ------ -------       --------- ---------
  Adjusted net
   earnings            $36.0   $42.7          $199.9    $213.3

  GAAP EPS             $0.24   $0.29           $1.41     $1.51
  Adjusted EPS         $0.27   $0.32           $1.50     $1.60

  Diluted share count  133.3  million          133.7  million

    CONTACT: Sabre Holdings
             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

    SOURCE: Sabre Holdings Corporation