Air Tahiti Nui to Acquire Two New A340-300 Aircraft; Will Offer Three Classes of Service.

Business & Travel Editors

LOS ANGELES--(BUSINESS WIRE)--Dec. 4, 2001

The Board of Directors of Air Tahiti Nui has authorized the company to proceed with the acquisition of two new Airbus A340-300 aircraft to be delivered during the first quarter of 2002.

The first of these two aircraft, serial number MSN385, was originally earmarked for Sabena Belgium Airlines. After customization for Air Tahiti Nui, the aircraft will be christened "Mangareva", after a famous Tahitian Island. This aircraft will feature three classes of service, with 6 First Class seats, 24-business class and 264 economy seats.

This aircraft is being purchased by Air Tahiti Nui from Airbus Industrie, with financial support coming from the Polynesia">French Polynesia Territorial Government and the Reconversion Funds of the French Government.

The second aircraft, serial number MSN395, has been leased by the airline from the US based International Lease Finance Corporation for a period of seven years. This aircraft was delivered in September 2001 to Canada 3000 airlines, which has since ceased operations. This aircraft will be outfitted with the exact same three class configuration.

Upon the entrance of MSN395 into its fleet, Air Tahiti Nui will return to Airbus its present leased A340-200 aircraft, "Bora Bora."

The delivery of these two new aircraft into the Air Tahiti Nui fleet will have considerable economic benefits for the airline:

-- Unit costs will be dramatically lowered due to better economies of scale
with manpower.

-- The airlines balance sheet will be very favorably impacted due to excellent
financial terms negotiated.

-- On time performance and reliability, already at high standards, will be
significantly improved with two new, latest technology aircraft.

-- Maintenance and spare parts costs will be harmonized as both aircraft are
identical in equipment and engine type.

These aircraft will also allow Air Tahiti Nui to continue to offer its customers superior service:

-- The introduction of a First Class service by Air Tahiti Nui

will be will mean that on the Tahiti-New Zealand, and

Tahiti-Japan routes, it will be the only airline offering

this service.

-- On the Los Angeles-Tahiti route, only Air Tahiti Nui and one

other carrier offers First Class.

-- The introduction of a personalized in seat video system in all

classes of service on all routes will be a first amongst all

airlines serving the South Pacific.

The airline is presently finalizing its 2002 schedule with these two new aircraft. Air Tahiti Nui will continue its Auckland operation and code share agreements with Qantas Airways to Sydney. It will launch a fourth weekly Los Angeles service in March, a third Japan service in April and is planning to introduce twice weekly flights to Paris via Los Angeles, as soon as French Government approval is obtained.

Despite the events of September 11, Air Tahiti Nui, with its home base in tranquil and peaceful French Polynesia, is maintaining good system wide seat factors and expects to grow its passenger carriage by some 60% in 2002 to 180,000 travelers.

Air Tahiti Nui began operations in November of 1998 and soon became the leader in the carriage of passengers from North America to French Polynesia, relying heavily on its excellent partnership with the U. S. travel trade.