AIR TAHITI NUI ANNOUNCES TWO NEW A340-300 AIRCRAFT

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

Air Tahiti Nui is purchasing the first aircraft new from Airbus, with financial support from the French Polynesia Territorial Government and the Reconversion Funds of the French Government. The aircraft, serial number MSN385, was originally earmarked for a European carrier. Air Tahiti Nui will become the delivery customer upon completion of customisation, and the aircraft will be christened "Mangareva", after a famous Tahitian Island.

The second aircraft, serial number MSN395, has been leased from the US based International Lease Finance Corporation for a period of seven years. This aircraft was launched by Airbus in September 2001. Upon delivery of MSN395 into its fleet, Air Tahiti Nui will return to Airbus its present leased A340-200 aircraft, "Bora Bora."

Both aircraft will feature an identical three-class service configuration, with 6 First Class seats, 24-business class and 264 economy seats.

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 very good, will be significantly better 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 and on all routes will be a first amongst all airlines serving the South Pacific.

The airline is presently finalising its 2002 summer schedule with these two new aircraft. Air Tahiti Nui will continue its Auckland operation and code share agreements with Qantas Airways. 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 is represented in Australia and New Zealand by World Aviation Systems, with offices in Sydney, Melbourne, Brisbane Adelaide, Perth and Auckland.