Ryanair's Q3 results published on Feb 3rd indicate that they plan to participate in a single or multiple GDSs by May 2014. T2RL expect bundled products and services to be available to allow Ryanair to chase these higher yielding passengers. T2RL do not see Ryanair entering into any full content agreements but a partial content arrangement. Other airlines will be watching carefully and this will drive a cycle of negotiations in the next round of GDS negotiations.