Confidential

AGIFORS 2003

Chris Serafin

Vice-President

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A world leader in travel commerce, retailing travel products and providing distribution and

technology solutions for the travel industry.

Who is Sabre Holdings?

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Sabre Holdings Businesses

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Sabre Holdings Fast Facts

• Industry leader in multiple travel channels

• Revenues of $2.06 billion in 2002

• S&P 500 company

• NYSE:TSG

• Headquarters in Dallas/Fort Worth, Texas

• 6,500 employees in 45 countries

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Sabre Holdings Worldwide

1.Dallas/Fort Worth (3,380)

2.San Antonio (600)

3.Clintwood, VA (235)

4.Plains, PA (222)

5.London (210)

6.San Francisco (145)

7.Tulsa (140)

8.Sydney (125)

9.New York (105)

10. Sao Paulo (100)

4

91

6

3

10

5

8

2

7

Top 10 Largest Offices (approximate employee numbers)

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Recent Mergers and Acquisitions

April 2002 –Completes buy-in of all publicly heldTravelocity shares

March 2002 –Travelocity acquires Site59

January 2002 – Acquires David R. Bornemann Associates

April 2001 –Sabre Holdings purchases Sabre Pacific travel distribution business

October 2000 –Acquires GetThere and combines withSabre Business Travel Solutions unit

August 2000 –Acquires Ireland-based Gradient Solutions

July 2000 –Acquires 51% stake in Germany-basedDillon Communications Systems

March 2000 –Merges Travelocity and Preview Travelto create Travelocity.com

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Sabre Airline Solutions

• Airline Products and Services

• Provides a broad rangeof software solutionsto airlines

• Reservations andDeparture Control

• Supports criticalairline functions —sales, distributionand daily operations

• Hosts more than 70 airlines

• Consulting

• Focused industry experts to helpairlines achieve optimum results

BusinessProcess

Management

CargoManagement

Solutions atthe Airport Maintenance and

Engineering

Finance Systems

Planning andScheduling

CrewManagement

Fares Management and Revenue Management

Dining andCabin Services

AirlineReservations

FlightOperations

Sabre Airline

SolutionsLoyalty Management

Market Dataand Analysis

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Sabre Crew Management Products

• Solutions for all airline segments

• Very Small (1-15 Aircraft)

• Small Airline (16 – 30 Aircraft)

• Medium Airline (31-100 Aircraft)

• Large Airline (101-200 Aircraft)

• Mega Airline ( 201+ Aircraft)

• End-to-End Solution • Long term Planning, Pairing Optimization, Scheduling,

Tracking

• Integral part of Sabre’s SOC solution

• Integration with Sabre Qik reservation products

• Standard as well as eMergo (ASP) solutions

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Sabre eMergo Solutions

Flexible, Reliable Access

• Via a dedicated circuit or over the Internet

• Applications developed specifically for airlines by Sabre Airline Solutions

• Application access 24/7 with uptime availability at 98%

Secure Access

• Multifirewall protection

• Password-protected access to eMergo portal

• Customer and individual user identification required

• Single sign on

Data Integrity

• Secure, world-class facility managed by data center experts

• SSL data encryption

• System redundancy

Data CenterFirewall eMergoPortal

Communications between desktop and data center

DedicatedNetwork Line

Internet eMergo ServersCustomer

Data

Benefits

• Scalable solution that lowers total cost of ownership• Quicker ROI due to shorter implementation cycle• Capital conservation due to reduced upfront expenditure• More flexible use of IT staff and data center• Airline can focus on core competencies

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Sabre Investment and Products Direction

• Continued Sabre investment to maintain the leadership position• More than $10M investment between 1999 - 2001• $5M investment in 2002• $4.5M investment in 2003

• Key 2003 investment highlights include:• Released Pairing Optimizer on PCs• Crew Recovery / Integrated Operations Recovery• Trip Trade functionality• Contact less crew check-in functionality• Enhanced alerts module

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Current Customers

AirTran AirwaysAir MidwestAir WisconsinAirborne ExpressAllegheny AirlinesAmerica West AirlinesAmerican Trans AirAMR EagleAtlantic SoutheastAtlantic CoastBoston Maine AirwaysCapital CargoChautauquaColgan AirComairContinental ExpressChampion AirDHL AirwaysEvergreen InternationalFalcon AirFreedom Airways

Frontier Airlines Gemini Air CargoGreat Lakes AviationGulfstream InternationalHorizon AirlinesHawaiian AirlinesJetBlue AirwaysMesa AirlinesMesaba AviationMidway AirlinesMidwest ExpressNorth AmericanOzark AirlinesPace AirlinesPanAmPiedmontPlanet AirwaysPSARyan InternationalShuttle AmericaSkyway AirlinesSkyWest Airlines

Spirit AirlinesTrans MeridianTrans StatesUSA3000US AirwaysWorld AirwaysCanadaAir Canada JazzAir Canada ZipAir GeorgianCanJetCargoJetWestJetSkyServiceInternationalAeroLitoralAir JamaicaAir MaltaAir New Zealand AeroPostal Avior (Venezuela)

United States

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Current Customers

BahamasairBritannia Airways British MidlandsBWIACathay Pacific China Airlines China Southern Ethiopian AirlinesFreedom Air Gulf Air Korean Air Laker BahamasSingapore Airlines TSA – Air Marshals VarigVirgin Blue

International

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