Sabre Holdings Sam Gilliland Chairman and CEO

1. Sabre HoldingsSam GillilandChairman and CEO Merrill Lynch Conference February 9, 2005

2. Overview 2004 Performance by Business Key Trends and Current Industry Assessment Company Strategy and Opportunity 2005 Strategic Priorities Financials Agenda

3. Sabre Holdings A world leader in travel commerce, retailing travel products and providing distribution and technologysolutions for the travel industry

4. Sabre at a Glance • S&P 500 Company • 6,800 employees in 45 countries • Revenues of $2.13 billion in 2004 • 2004 earnings per share growth > 75% • Three distinct businesses serving travelers, corporations, travel agents and travel suppliers

5. 2004 Performanceall about execution • Maximize Business Unit Performance • Travelocity profitability • Cross-portfolio technology investments • Accelerate Travel Retailing and Portfolio Initiatives • Travelocity content and capabilities expanded • GDS merchandising programs launched • Reduce Costs for Competitive Advantage • Reduced company-wide costs by over $80 million • Lowered the rate of incentive growth • Return of Capital • Returned ~ $270 million to shareholders • Dividends of $41 million;repurchased $228 million in stock

6. Travelocity : 2004 Accomplishments Profitable for the full year on an adjusted basis • >$65 million turnaround in YOY operating income • Revenue growth of 30% (adjusted); 27% (GAAP) Differentiated and enhanced consumer brand • Major redesign of web site and new logo • New advertising campaign launched: the Roaming Gnome International expansion • Buy-in of European joint venture • Entered French online marketplace • Acquired travelchannel.de in Germany Delivered best-in-class capabilities • Merchant hotel program; >17,000 properties • Flight Navigator – industry leading air shopping path • Travelocity Partner Network: Southwest Airlines Cruises, AARP, American Express Travelocity Business • Revamped user interface • Signed large customer accounts: Aetna, General Dynamics, AMA

7. Sabre Travel Network: 2004 Accomplishments Met revenue and well exceeded earnings growth targets • Revenue growth ~2 percent (adjusted) and flat (GAAP) • Operating margin of 19% (adjusted) and 17% (GAAP) Expanded Distribution and Marketing Services for Hoteliers • Launched Hotel Spotlight • Acquired SynXis Corporation Rolled out numerous merchandising programs • Impressive gains for specific hotel properties • Last minute packaging through the GDS Cost Reductions across the business • Consolidated customer call centers in Latin America • Assured Vantage Program launched to help slow growth of incentive costs Channel shift slowed • Averaged under two points for the year GetThere transactions increased >30% • Rolled out industry’s first fully-automated online ticket exchange

8. Airline Solutions: 2004 Accomplishments Revenue and earnings growth dampened by tough year in software sales • Revenue growth of ~5%;operating margin ~6% • Fourth quarter revenue rebounded Further developed and integrated products and services • Launched SabreSonic, a new generation of airline passenger solutions suite Expanded presence in high-growth markets • Signed a multi-year, multi product agreement with low-cost carrier Frontier Airlines • Moved into Canada’s low-fare carrier market by signing a five-year agreement to support WestJet Continued international diversification • Signed Aeroflot and Air One for our SabreSonic suite of products

9. Deregulation CRS deregulation in US Now under review in Europe Channel Shift Supplier-direct movement slowing Industry Consolidation • Intermediaries vertically integrating Low-Cost Carriers • Rapid growth, worldwide • Focus on direct distribution Online Growth • Robust in North America • Accelerating globally Key Trendsand Current Industry Assessment Emerging Trends • Travel Search Engines

10. Industry Growthglobal opportunity 2007 Global Gross Travel Spend $ 870 B $ 1,000 $ 900 Rail $ 80 $ 800 Cruise $ 11 APAC $ 257 Corporate $ 700 $ 349 19.1% Indirect $ 492 LA $ 600 $ 51 Hotel $ 419 $Billion Offline $ 695 $ 500 EMEA $ 280 $ 400 Car 63.7% $ 40 $ 300 Leisure $ 520 $ 200 Direct US and Canada $ 378 Air $ 320 $ 282 $ 100 Online $ 175 3.9% $ 0 REGION SUPPLIER SEGMENT CHANNEL CHANNEL Data Source: PhoCusWright, Jupiter, EuroMonitor, Sabre Holdings Analysis

11. Channel Trendsindirect and direct Global Air Spend Mix Leisure + Corporate $400 $300 OFFLINE 57% $Billion $200 Indirect ONLINE $100 OFFLINE 43% Direct ONLINE 0 2003 2004 2005 2006 2007 Data Source: PhoCusWright, Jupiter, EuroMonitor, Sabre Holdings Analysis

12. Extending From Reseller to Retailerleveraging scale and growth • Core Global Distribution System (GDS) • Comprehensive content, pricing aggregation, and global reach • High availability and real-time information • Accurate pricing and inventory • Leading technology and scalable platforms • Process automation and data integration • Retailer • DIRECT & INDIRECT • Brand building and management • Customer Insight • Customer loyalty • Wholesale product creation and distribution across channels • Comprehensive product availability • Partner point of sale technology POWERFUL GLOBAL NETWORK SCALE and EFFICIENCY AREAS of GROWTH

13. Global Scale Cost advantage through leading transaction scale Content advantage through leading demand aggregation Optimize the Core GDS Business Technology Investment • World-class shopping and pricing • Improved transaction efficiency • Leverage TSG portfolio investment ― packaging Business Model Evolution • Agents ― choice, efficiency, high margin content,and Marketing Services ― Jurni Network / Nexion • Suppliers ― flexibility, value-based options, merchandising

14. Growth through Retailing Travel Retailing Direct / Indirect Global Expansion Hotel Packaging Data and Customer Insight Differentiated, High-Margin Content Capabilities Marketing Services Leading Technology

15. Travel Retailingacross the network Supplier Traveler DIRECT PRIVATE LABEL INDIRECT PASSIVE

16. Economic Opportunityincreasing revenue per trip Degree of influence over travel product sold RevenuePer Trip ~ 7X ~ 4X ~ 2X $ X Retailing HEAVY Retailing LITE Booking Fee HIGH TODAY LOW Data Source: Internal

17. 2005 Strategic Priorities Grow Retail Revenue Across the Global Network • Direct and indirect • Hotel and packages Expansion in Asia and Europe • Large and growing segments • Increase our presence Leverage the Scale and Efficiency of the Distribution Business • Grow scale, reduce cost Deliver Leading Scaled Technology • Innovate and differentiate • Shopping and pricing, corporate, leisure

18. 2005 Financial EstimatesTotal Company • Total company revenue growth approaching 10% • Total company earnings per share growth in the range of 2% to 9% Solid financial results while making well placed investments for future growth

19. 2005 Growth Projections 2005 Growth Projections 2004 Revenue (in millions) Sabre Travel Network $1,553 Low Single Digits Travelocity $503 25% - 30% Sabre Airline Solutions $243 ~ 10% Eliminations ($168) Total Revenue (net elims) $2,131 Approach 10% Earnings Per Share, Adjusted $1.47 $1.50 - $1.60 Earnings Per Share, GAAP $1.38 $1.41 - $1.51

20. Other Financial Projections and Capital Structure Full year Adjusted EBITDA expected to be ~ $400 million • GAAP Net income of ~ $190 million Free cash flow expected to be ~ $200 million • Cash flow from operations ~ $300 million Enhance shareholder return through dividends and share repurchases • Increased quarterly dividend 20 percent, to $0.09 per share

21. In Summary • Superior Execution • Pursue Growth Opportunities • Manage Costs for the Long Term • Invest for the Future

22. Cautionary Statement Statements in this presentation which are not purely historical facts or which necessarily depend upon future events, including statements about forecasted financial performance or other statements about anticipations, beliefs, expectations, hopes, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements are based upon information available to Sabre Holdings Corporation on the date of this presentation. 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 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 Sabre Holdings Corporation's most recent filing on Form 10-Q with the Securities and Exchange Commission. References to non-GAAP financial statements and the reconciliation to GAAP can be found on the Sabre Holdings' website http://www.sabre-holdings.com/investor/highlights/index.html in the investor relations section.