Sabre's Technology Investments Yielding New Wins and Cost Efficiencies

Despite near-term reduced consumer saving rates and long-term corporate travel demand uncertainty, we expect Sabre to maintain its position in global distribution systems over the next 10 years. This view is driven by a gradual recovery in corporate travel and Sabre's leading network of airline content and travel agency customers as well as its solid position in technology solutions for these carriers and agents. Sabre's 30%-plus GDS air transaction share is the second largest of the three companies (behind narrow-moat Amadeus and ahead of privately held Travelport) that together control about 100% of market volume. Sabre is also a leader in providing technology solutions to travel suppliers.