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EDITORIAL

3[`<__R][O`M]^W`GFJ:I`^W_`N_\Y`GFJC`W\X`_[\KV_T`E]Y`D\W]^]`2Q]`^Z`UZ[^][Q_`]^X ^Y\[XPZYS\^]Z[`][`RY_R\Y\^]Z[`PZY`S\ ZY`UW\[O_X`[_/^`N_\YI`M]^W`^W_`SZL_`^Z`ZQY [_M`W_\TQ\Y^_YXI`^W_`Y_KY\[T][O`ZP`ZQY`VZOZ`\[T`^W_`ZR_Y\^]Z[`ZP`ZQY`PQ^QY_ SUMMARY "__^I`RYZL]T][O`[_M`RYZTQU^X`\[T`X_YL]U_X`PZY`ZQY`UQX^ZS_YXH © B. Lai Ah Che – ATN DW_`;ZSR\[N`W\X`^WQX`RYZU__T_T`M]^W`]^X`T]O]^\V`^Y\[XPZYS\^]Z[`^Z`]SRYZL_ KZ^W`UQX^ZS_Y`\[T`_SRVZN__`_/ R_Y]_[U_XH

KEY FIGURES 2017 4 1_\[MW]V_I`^W_`E]YV][_X`X^YQU^QY][O`RYZ _U^X`PZY`^W_`PQ^QY_`W\L_`S\T_`]^`RZXX]KV_ ^Z`_[XQY_`XQX^\][\K]V]^NH`EP^_Y`^W_`UZ[0OQY\^]Z[`\[T`T_0[]^]Z[`RW\X_X`ZP`ZQY`[_M \]YUY\P^I`RY_R\Y\^]Z[`K_O\[`PZY`^W_`_[^YN`][^Z`X_YL]U_`ZP`^W_`'Z_][O`C>CB8X`TQY][O LEGAL STATUS AND CAPITAL 5 ^W_`UZQYX_`ZP`^W_`N_\YH D_\SX`M_Y_`ZYO\[](_T`][`ZYT_Y`^Z`S\<_`RYZL]X]Z[X`PZY`^W]X`_LZVQ^]Z[`\[T`^Z`O_^ QX`Y_\TN`PZY`^W_`UW\[O_X`^Z`ZQY`MZY<][O`_[L]YZ [S_[^H HUMAN RESOURCES 6 Michel MONVOISIN E^`^W_`X\S_`^]S_I`^W_`_[^]Y_`E]Y`D\W]^]`2Q]`_/R_Y]_[U_`M\X`Y_T_X]O[_T`^Z`RZX]^]Z[ ;W\]YS\[`ZP`^W_`'Z\YT`ZP`)]Y_U^ZYX` \[T`E]Y`D\W]^]`2Q]`;W]_P`,/_UQ^]L_`.U_Y QUALITY APPROACH OF ^W_`KY\[TX`L\VQ_XI`U\R]^\V](_`Z[`^W_`;ZSR\[N`X]O[\^QY_`^W\^`T_0[_X`\[T` THE ORGANIZATION 10 T]PP_Y_[^]\^_X`]^`PYZS`^W_`Y_X^`ZP`^W_`MZYVTI`\X`M_VV`\X`RYZL]T_`\[`Q[R\Y\VV_V_T ^Y\L_V` _/R_Y]_[U_` ^W\^` ]X` _[L]YZ[S_[^\VVN` Y_XR_U^PQV` \[T` UZSS]^^_T` ^Z` ^W_` _UZ[ZS]U`T_L_VZRS_[^`ZP`ZQY`/85'6H`` FLIGHT ACTIVITY 16 EV^WZQOW`M_`M_Y_`XW\<_[`\^`^W_`_[T`ZP`^W_`N_\Y`KN`^W_`\[[ZQ[U_S_[^`ZP` ^W_`\YY]L\V`ZP`^MZ`UZSR_^]^ZYX`Z[`ZQY`YZQ^_`^Z`RYZ0^I`M_`Y_S\][`UZ[0T_[^`^W\^ TRAFFIC AND ^W\[

ATN’S ACTIVE ROLE IN THE DEVELOPMENT &]X][O`^Z`^W]X`UW\VV_[O_`][`^W_`UZS][O`N_\Y`M]VV`O]L_`QX`^W_`S_\[X`^Z`Y_][L_[^ OF POLYNESIAN TOURISM 28 ZQYX_VL_X`\YZQ[T`ZQY`Q[]Q_[_XXI`ZQY`\XX_^X`\[T`^W_`L\VQ_X`^W\^`\Y_`^W_` PZQ[T\^]Z[`ZP`MWZ`M_`\Y_HHH`E]Y`D\W]^]`2Q]H

FINANCIAL RESULTS 32 'N`NZQY`X]T_I`^W_` ZQY[_N`UZ[^][Q_XH

1\YQ$QYQH OUTLOOK 2018 35 © gregoirelebacon.com 2 ANNUAL REPORT 2017 3 KEY FIGURES 2017 LEGAL STATUS AND CAPITAL

1 DISTRIBUTION OF CAPITAL +1% ND FROM 2016 3[`7_R^_SK_Y`GFFJI`E]Y D\W]^]`2Q]$X`V_O\V`X^\^QX`_LZVL_T`PYZS`@QKV]U`+]S]^_T SINCE 22 NOVEMBER 2011, 2 ;ZSR\[N`^Z`+ZU\V`1]/_T`,UZ[ZSN`;ZSR\[NI`][`ZYT_Y`^Z`S__^`X^\^Q^ZYN`YQV_X CAPITAL AMOUNTS TO 484 722 BILLION XPF MW_[`4Y_[UW`@ZVN[_X]\`K_U\S_`^W_`S\ ZY]^N`_Q]^N`WZVT_Y`][`^W_`;ZSR\[NH NET INCOME 1 622 956 875 XPF PASSENGERS (APPROX. 17 MILLION EUROS) AND IS DISTRIBUTED AS FOLLOWS ST TRANSPORTED -10% 2 MEMBERS OF THE BOARD ON 31 DECEMBER 2017: FROM 2016 EX`\`+ZU\V`1]/_T`,UZ[ZSN`;ZSR\[N`5+1,;6I`E]Y`D\W]^]`2Q]`W\X`\`-IJK;O I

+8.2% FROM 2016 4.8 3 STATUTORY AUDITOR BILLION XPF DW_`X^\^Q^ZYN`\QT]^ZY`PZY`E]Y`D\W]^]`2Q]`]X`7;@` .77,B@E&3.2B;E2 ,7B 129 786 SELF-FINANCING CAPACITY 1,2E&)BE+',&DI`Y_RY_X_[^_T`KN`:K9O&@KMGHI8@NO/?4(#.H CLUB TIARE MEMBERS (APPROX. 40 MILLION EUROS)

4 ANNUAL REPORT 2017 5 HUMAN RESOURCES

WORKFORCE DISTRIBUTION BY OCCUPATIONAL CATEGORIES GENERAL MANAGEMENT 1 COMPANY ORGANIZATION Michel MONVOISIN 9.5% EXECUTIVES Chairman Chief Executive Officer 11% TECHNICAL CREW Mathieu BECHONNET Chief Operating Officer 14.8% 44% EMPLOYEES WORKERS CABIN CREW

MANAGING DIRECTOR SALES MANAGING DIRECTOR OPERATIONS SUPPORT MANAGEMENT Christopher KORENKE Raymond TOPIN - Responsible Manager 20.7% TECHNICIANS SUPERVISORS REGIONAL DIRECTORS Sales Director Director of Finance Management System Director Americas Christopher KORENKE and Administration Director Nicholas PANZA WORKFORCE DISTRIBUTION (interim) Christophe VAN NIEL Gilles BERNEDE IN EXTERNAL STATIONS

Director Europe Director of Human Jean-Marc HASTINGS Marketing and Technical Director 1.5% Resources and Legal affairs SYD Communications Director Yannick MERMET Torea COLAS Julien FINCK 7.7% AKL Director Asia Atsushi CHINO 15.4% Director of Ground NRT Customer Services Director of Administration Operations - Stations Director and Organization - Freight Vaitea KOHLER Heifara MORIENNE 46.2% Director Pacific Céline CLAEYS Alan ROMAN LAX Director of Revenue Flight Operations Management, Pricing, Information Systems Commercial Crew Director Market Manager Brazil Program and Alliances Director Manager Lionel CARRIÈRE Thomas REBERGUE Christophe LE GALL Laurent HUSSON Éric DELCUVELLERIE 29.2% CDG © B. Lai Ah Che et L. Chongue – ATN 7ZQYU_-`ED2`7.;3E+`E)3D`GFJC

2 DISTRIBUTION OF HUMAN RESOURCES Distribution of workforce by gender

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6 ANNUAL REPORT 2017 7 © gregoirelebacon.com

3 EVOLUTION OF WORKFORCE 5 TOTAL PAYROLL

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8 ANNUAL REPORT 2017 9 QUALITY APPROACH OF THE ORGANIZATION

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10 ANNUAL REPORT 2017 11 3 COMPANY SOCIAL RESPONSABILITY 3^`Y_S\][X`\`R\Y^[_Y`^W\^`]X`P\]^WPQVVN`UZSS]^^_T`^Z`^W_`P_[Q\`\[T`]^X ][W\K]^\[^X-` KN`^Y\[XRZY^][O`PZZT`XQRRV]_X`\[T`TZ[\^]Z[X`PYZS`4Y\[U_`\[T`+ZX E[O_V_X`5ZL_Y`JJ`^Z[[_X`][`ED2$X`U\YOZ`WZVTX6`PZY`^W_`L]U^]SX`ZP`^W_ M_\^W_Y`_L_[^X`^W\^`W]^`D\W]^]`\^`^W_`K_O][[][O`ZP`^W_`N_\YI` OUR 10 CSR COMMITMENTS ^WYZQOW`\U^]Z[`RYZOY\SX`^Z`UZSK\^`_/UVQX]Z[`W_VT`KN`^W_`KQX][_XX UVQK`$ 9#20!5178 54ZQ[T\^]Z[`PZY`EU^`EO\][X^`,/UVQX]Z[6`ZP`MW]UW RESPONSIBLE ENVIRONMENTAL RESPONSIBLE VECTOR FOR ]^`]X`^W_`PZQ[T][O`S _SK_YI`V_\T][O`ZL_Y`9G`RYZ _U^X`][`P\LZY`ZP`JFCJ AND SUSTAINABLE FOOTPRINT EMPLOYER DEVELOPMENT Y_U]R]_[^X`][`GFJCH OPERATIONS The first sustainable development report 2016 @*CF9?:9+F9(#7?991F:A$F?)9+F3F(D77D?AF# DW]X`N_\YI`][`\[`_PPZY^`^Z`_[XQY_`^Y\[XR\Y_[UNI`E]Y`D\W]^]`2Q]`RQKV]XW_T 9A9+F1:)9$F?AF#+9(D191FDAF@CE5 ]^X`0YX^`XQX^\][\KV_`T_L_VZRS_[^`Y_RZY^`][`ZYT_Y`^Z`RY_X_[^`]^X`;7&` Waste-sorting, energy saving, optimized travel (car RZV]UN`\[T`\UUZQ[^`PZY`Y_V\^_T`][]^]\^]L_X`Q[T_Y^\<_[`^WYZQOWZQ^`^W_ pooling, mobility challenges): the mobilization of N_\Y`GFJ:H ENSURING RESPONSIBLE REDUCING OUR PROMOTING QUALITY ACCOMPANYING employees through eco-gestures in the offices was OPERATIONS FOR THE ENVIRONMENTAL OF LIFE AT WORK FOR THE DEVELOPMENT 3^`M\X`_X^\KV]XW_T`\UUZYT][O`^Z`^W_`O_[_Y\V`RY][U]RV_X`X_^`ZQ ^`KN`^W_ BENEFIT OF PASSENGERS FOOTPRINT OUR EMPLOYEES OF POLYNESIA rewarded by a silver cube for Air Tahiti Nui’s first  VZK\V`&_RZY^][O`3[]^]\^]L_$`5 &36I`\[`][^_Y[\^]Z[\VVN`Y_UZO[](_T`X^\[T\YT AND FREIGHT TO/FROM participation in the national CUBE 2020 competition POLYNESIA PZY`Y_RZY^][O`Z[`^W_`_UZ[ZS]UI`_[L]YZ[S_[^\V`\[T`XZU]\V`]XXQ_X`ZP`\ organized by the ‘      UZSR\[NH`    – IFPEB’ (French Institute for Building DW_`[_/^`X^\O_`M]VV`UZ[X]X^`][`Y_\XX_XX][O`\[T`_[XQY][O`^W_`RYZOY_XX 1 Guarantee 3 Reduce 6 Share 9 Integrate Performance) which promotes energy-saving tertiary ZP`ED2$X`;7&`\RRYZ\UW`K_^M__[`[ZM`\[T`GFGFI`MW]VX^`^\<][O`][^Z the health and safety of our emissions and a common vision and sustainable buildings thanks to the eco-gestures of their occupants. \UUZQ[^`^W_`_/R_U^\^]Z[X`ZP`X^\<_WZVT_YXH our clients (internal and participate in the fight maintain the foundations development into external) and goods against global warming of a trust-based our activity and transported relationship our culture EX`\[`\]Y`\[T`PY_]OW^`U\YY]_Y`UZ[U_Y[_T`KN`^W_`]XXQ_`ZP`XQX^\][\KV_` 2 Maintain 4 Mitigate 7 Ensure 10 Support SZK]V]^NI`E]Y`D\W]^]`2Q]`W\X`\VXZ`Y_[_M_T`]^X`"__^`ZP`L_W]UV_X`KN`][L_X^][O ][`0L_`JFF?`_V_U^Y]U`Q^]V]^N`L_W]UV_X`^Z`ZR^]S](_`_SRVZN__`^Y\L_V`\[T a sustainable the environmental health and safety and encourage relationship with impact of our activity in the workplace economic development \TW_Y_` ^Z` ^W_` _UZBSZK]V]^N` ][` @ZVN[_X]\$` UW\Y^_YI` ][]^]\^_T` KN` ^W_ our stakeholders (energy performance, projects in the country E),1,`@ZVN[_X]\H` (clients, partners etc.) waste) (tourism industry, social innovation etc.) DW_`;ZSR\[N`W\X`\VXZ`XQRRZY^_T`^W_` 470'1 XZU]\V`][]^]\^]L_I`MW]UW 5 Contribute 8 Develop ZPP_YX`\`PY__`ZP`UW\YO_`S_\[X`ZP`^Y\[X RZY^`^Z`LQV[_Y\KV_`][T]L]TQ\VX`][ to the preservation of skills and support [_]OWKZYWZZTX`M]^W][`@\R__^_`\[T`@Q[\\Q]\H` the destination Tahiti employee individual and its biodiversity development Instilling a collective dynamic to health EX` R\Y^` ZP` ]^X` R\Y^]U]R\^]Z[` ][` ^W_` ;ZSR\[N` \U^]L_VN` _[O\O_T` ][` _SRVZN__`W_\V^W`UW\Y^_YI`E]Y`D\W]^]`2Q]$X`W_\V^W`UZSS]^^__`UZ[^][Q_X An approach that has taken flight A committed approach to environmental policy ^Z`Y\]X_`\M\Y_[_XX`\SZ[OX^`_SRVZN__X`^Z`RYZSZ^_`\`K\V\[U_T`T]_^ ZVQ[^\Y]VN`UZSS]^^_T`^Z`\`UZYRZY\^_`XZU]\V`Y_XRZ[X]K]V]^N`\RRYZ\UW EX`\[`][^_Y[\^]Z[\V`\]YV][_I`E]Y`D\W]^]`2Q]`]X`PQVVN`UZ[U_Y[_T`KN`^W_` UZSK][_T`M]^W`RWNX]U\V`\U^]L]^N#`OQ\Y\[^ZYX`ZP`OZZT`W_\V^W`][`^W_` X][U_`GFJ=I`E]Y`D\W]^]`2Q]`W\X`X^YQU^QY_T`]^X`;7&`RZV]UN`\YZQ[T`9`S\][ \L]\^]Z[`][TQX^YN$X`_/_SRV\YN`\U^]Z[`][`^W_`0OW^`\O\][X^`UV]S\^_`UW\[O_ MZYC?`ZP`^W_`R\Y^]U]R\[^X`X\]T`^W_N`M_Y_`W\RRN`M]^W`^W_`UW\VV_[O_`^W_N \`3KJ6NF/FEGO?MKFMLNO?BNLMH0O-J>O?'JK; PZY`^W_`UZSPZY^`<]^`][ ^Z`\[`][UY_\X_`ZP`GF?`][`_[_YON`\[T`U\YKZ[`_U]_[UNI`^W_`;7&`Q[]^ UV\]S_T`^Z `K_`L_YN`_[ ZN\KV_I`SZ^]L\^]Z[\V`\[T`UZ[L]L]\VH @Z_Y\L\` 'QX][_XX` UV\XX` ][` ^W_` _^W]U\VVN` XQX^\][\KV_$` U\^_OZYNH` UZ[^][Q_X`^Z`V_\T`]^X`M]T_`\M\Y_[_XX`U\SR\]O[I`MW]UW`M\X`Y_][PZYU_T @YZL]T_T`][`'QX][_XX`UV\XXI`^W_`UZSPZY^`<]^`]X`S\T_`PYZS`Y_UNUV\KV_ A strong development of acts of solidarity Scan this QR code to download ][`GFJCI`][`ZYT_Y`^Z`][U]^_`_L_YN`_SRVZN__`\^`^W_]Y`ZM[`V_L_V`^Z`\U^]L_VN the first Air Tahiti Nui CSR report S\^_Y]\VX`5Y__T`X^Y\M`U\X_I`ZYO\[]U`UZ^^Z[`S\X

12 ANNUAL REPORT 2017 13 ST Information Systems Security (ISS) The Compliance and Risks Committee 4 COMPLIANCE AND RISKS E`Y]X<`\[\VNX]X`U\YY]_T`ZQ^`][`GFJ=I`PZVVZM][O`^W_`\RRZ][^S_[^`ZP`^W_ 3[`7_R^_SK_Y`GFJCI`E]Y`D\W]^]`2Q]`KYZQOW^`^ZO_^W_Y`^W_`^WY__`R]VV\YX`ZP The Management System Division (MSD) ;W]_P`3[PZYS\^]Z[`7_UQY]^N`.U_Y`ZP`^W_`;ZSR\[N`5;37.6I`S\T_`]^ Y]X<`S\[\O_S_[^`517)I`3;`\[T`3776`M]^W][`^W_`;ZSRV]\[U_`\[T`&]XC`^W\[`K_PZY_`^W_`[_M`"__^`_[^_YX`][^Z`X_YL]U_H \VVZU\^_T` ^Z` ^W_` XQYL_]VV\[U_` 50[T][OX` \Y_` M_]OW^_T` \UUZYT][O` ^Z` ;ZSR\[N`ZR_Y\^]Z[X`\X`M_VV`\X`][^_Y[\V`RYZU_TQY_X`UZSRVN`M]^W` ^W_]Y`V_L_V6H \RRV]U\KV_`V\MXI`Y_OQV\^]Z[X`\[T`RYZP_XX]Z[\V`X^\[T\YTX`\[T`RY\U^]U_XH *ICEGO,O1O4JMGML>ONB8FI0NNOJ'JKNLNGG DW_` U\R\U]^N` ^Z` Y_X^ZY_` UZSRV]\[U_` UZYY_XRZ[TX` ^Z` ^W_` Y\^_` ZP` 3^`S_\XQY_X`^W_`UZ[OYQ_[U_`\[T`^W_`_U]_[UN`ZP`\XX_XXS_[^`\[T GGA`R_YXZ[[_V`M _Y_`KY]_P_T`TQY][O`^W_`N_\YH`4\U_`^Z`P\U_`][PZYS\^]Z[ T]XUY_R\[U]_X`Y_XZVL_T`M]^W][`\`U_Y^\][`R_Y]ZTH Y]X<` S\[\O_S_[^` RYZU_TQY_XI` ^W_[` S\<_X` Y_UZSS_[T\^]Z[X` ^Z` ]SRYZL_I`X^Y_[O^W_[I`X_UQY_`\[T`ZYO\[](_`T_R\Y^S_[^X`\UUZYT][O` X_XX]Z[X`M_Y_`UZ[TQU^_T`PZY`[_MUZS_YXI`37)`R_YXZ[[_VI`V\R^ZR` ^Z`^W_`Y]X`S\/]SQSH A:BD?A:7F1B:BD1BD1FDA$D:B9F?F:BAFD1F#?1DBD?A9$ E[`_BV_\Y[][O`SZTQV_`\T\R^_T`^Z`^W_`MZY<][O`_[L]YZ[S_[^`5Z[`^\KV_^6 ?)9+F B9F #:1BF E@F :A$F @/F (?AB1 F DAF +97:BD?AF B? DW_`Y_UZSS_[T\^]Z[X`XQOO_X^_T`][`^W_`Y_RZY^X`\Y_`L\V]T\^_T`\^`^W_ PZY`R]VZ^X`\[T`UW]_P`RQYX_YX`M\X`UY_\^_TH B919FB?FDA$D:B?+1 ][^_Y[\V`UZ[^YZV`UZSS]^^__`S__^][OI`W\L_`\`^]S_`PY\S_`\[T`V_L_V`ZP`Y]X

14 ANNUAL REPORT 2017 15 FLIGHT ACTIVITY

1 CERTIFICATES AND LICENSES 2 ETOPS

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16 ANNUAL REPORT 2017 17 © J.-B. Bouyer – ATN

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18 ANNUAL REPORT 2017 `4V]OW^X`^Z`DZ

POERAVA BUSINESS

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20 ANNUAL REPORT 2017 21 TRAFFIC AND BUSINESS RESULTS © gregoirelebacon.com

1 TAHITI-BOUND TRAFFIC 2 RESULTS EVOLUTION OF ATN FARE PAYING PASSENGERS BY ROUTE

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22 ANNUAL REPORT 2017 23 © gregoirelebacon.com

3 TOURIST TRAFFIC Evolution of tourists by origin 137 772 3[`GFJCI`J8>`8=8`^ZQY]X^X`L]X]^_T`^W_`3XV\[TX`ZP`D\W]^]I`ZP`MW]UW`ZL_Y`^MZ`^W]YTX @CE6 FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF@CE5 FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF)=;<=4<08F@CE6&@CE5 TOURISTS TRANSPORTED M_Y_`^Y\[XRZY^_T`KN`E]Y`D\W]^]`2Q]`5:8?6I`PZVVZM_T`KN`E]Y`4Y\[U_`5JG?6`\[T`Z^W_Y ````````````````````````````````[email protected][email protected] OOOO3IHJFOJFFOJMKFMLNGOOOOOOOO?MKO3J@MHMO.EMOOOO3IHJFOJFFOJMKFMLNG \]YV][_X`5E]Y`2_M`_\V\[TI`+\^\SI`\M\]]\[`E]YV][_XI`E]Y`;\V][I`\[T`E]Y`D\W]^]I`PZY IN 2017 BY AIR TAHITI NUI 2ZY^W`ES_Y]U\ ````````````````=>`G8A````````````````C9`GA9 `````````````````````=C`9>9 ```````````````C9`=>G```````````````````````BJH9? ```````````````%FH=? (APPROX. 70% MARKET SHARES) J8?6H 4Y\[U_ ```````````````````````````G=`8FA````````````````A8`F>: `````````````````````GC`CGG` ``````````````9J`:>=`````````````````````````%C? ```````````````%:H:? 3^\VN``````````````````````````````````:`89:``````````````````C`>>C ```````````````````````:`C=8 `````````````````C`CGF```````````````````````BGHC? ````````````````BGHJ? Tourist traffic bound for the islands of Tahiti []^_T`][OTZS ```````````````G`8CF``````````````````A`8>F ```````````````````````G`CGC `````````````````A`C:>```````````````````````B>HG? ````````````````B=HA? B0";<242FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF)=;<=4<08 FFFFFFFFFFFFFFFFFFF(=;>4F2=;>2FFFFFFFFFFFFFFFFFF)=;<=4<08 7R\][```````````````````````````````J`:>F``````````````````G`9J9 ```````````````````````J`CAG `````````````````G`9=8``````````````````````%AHJ? ```````````````%JH8? ``````````````````````````````````````````````A=D7OOOOOOOOA=D5OOO!JKMJHMILOLEB2NKOI8``````````````````A`8=J ```````````````````````G`G9F `````````````````A`>>J```````````````````````B:HG? ````````````````BJH>? E]Y`D\W]^]`2Q]`````````````````````````JA:`GCF````JAC`CCG`````````````````````````````%JHJ?```````````````````CFH>?``````:8HG?````````````````````BJH:`R^ 7M]^(_YV\[T ``````````````````````J`=9:``````````````````G`>AJ ```````````````````````J`C9J `````````````````A`F=9````````````````````%JGH:? ```````````````%CH8? E]Y`4Y\[U_``````````````````````````````G9`J>>``````G9`99:`````````````````````````````%JHJ?```````````````````JGH:?``````JGHA?````````````````````BFHA`R^ ,QYZR_`5Z^W_Y6 ``````````````````A`=FF``````````````````=`9== ```````````````````````A`>GJ `````````````````:`J:9``````````````````````%8HG? ````````````````%JA? E]Y`2_M`_\V\[T ````````````````````JA`9FA``````J:`=8=```````````````````````````%GAH>?````````````````````````C?````````>HA? ```````````````````%JHA`R^ \R\[ ````````````````````````````JJ`>>9````````````````JG`JC9 `````````````````````JG`9=C ```````````````JG`>F>``````````````````````%9H>? ```````````````%=HG? +\^\S``````````````````````````````````````C`99>````````C`:>9`````````````````````````````%AHG?`````````````````````AH8?````````AH8? ````````````````````````F`R^ EX]\`5Z^W_Y6```````````````````````>`F>J``````````````````8`CC= ```````````````````````C`A8= `````````````````8`F>A```````````````````````B>H=? ````````````````BCHJ? \M\]]\[`E]YV][_X``````````````````````=`G>=````````=`>:F```````````````````````````%JFH8?`````````````````````GHC?```````````A? ```````````````````%FHA`R^ EQX^Y\V]\ ```````````````````````````C`FFF``````````````````8`C=C ```````````````````````C`9F= ```````````````JF`FJ=``````````````````````%=H>? ```````````````%GH:? E]Y`;\V][```````````````````````````````````9`:>J````````=`GC>```````````````````````````%JGH>?`````````````````````GH9?````````GH:? ```````````````````%FHG`R^ 2_M`_\V\[T````````````````````A`F==``````````````````C`GGJ ```````````````````````A`J:> `````````````````8`A8G``````````````````````%AHC? `````````````%AFHJ? E]Y`D\W]^]```````````````````````````````````J`JG=````````J`G>G``````````````````````````````%J9?`````````````````````FH:?````````FHC? ```````````````````%FHJ`R^ @\U]0U`Y_O]Z[```````````````````````:FA``````````````````9`89J ``````````````````````````CFC `````````````````=`>GJ````````````````````%JCHG? `````````````%JCH>? .^W_Y`\]YV][_X ````````````````````````````````8=`````````````9G``````````````````````````````````````B ```````````````````````````B ``````````````B`````````````````````````````B 7ZQ^W`ES_Y]U\ `````````````````J`F=A``````````````````:`>AG ```````````````````````J`FCA `````````````````:`::A``````````````````````%JH8? ````````````````BGH=? B?B:7 FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFE,@F/,-FFFFE,*F,-, FFFFFFFFFFFFFFFFFFFFFFFFFFFF3/. FFFFFFFFFFFFFFFFFFFECC.FFFFFFECC. `````````````````````````````` ;_[^Y\V`ES_Y]U\```````````````````C9A``````````````````J`F=G ``````````````````````````CAC ````````````````````8CJ```````````````````````BFH>? ````````````````BCHC? 7ZQYU_-`37@4 .^W_Y`;ZQ[^Y]_X```````````````````:G9`````````````````````8F= ``````````````````````````:F9 ````````````````````>8A```````````````````````BAHG? ````````````````BJHA?

MARKET SHARES BY AIRLINE B?B:7FFFFFFFFFFFFFFFFFFFFFFFFE36F@5CFFFFFFFFFFFFFFE,@F/,- FFFFFFFFFFFFFFFFFFFE35F55@ FFFFFFFFFFFFFE,*F,-,FFFFFFFFFFFFFFFFFFFFFEE.FFFFFFFFFFFFFFF3/. TOURIST TRAFFIC 7ZQYU_-`37@4 2.6% 3% AIR CALIN 0.7% 3[`GFJCI`L]X]^ZY`[QSK_YX`^Z`^W_`3XV\[TX`ZP`D\W]^]`<8';>=2> FF3/. UZSR\Y_T`^Z AIR TAHITI ^W_`RY_L]ZQX`N_\YI`M]^W`\`2<8<'=84F<8';>=2>F >!=;4<8F;0%FA> F>==8 3.9% 5%AFHJ?6I`\[T`\`X^_\TN`T_L_VZRS_[^`][`[QSK_YX`T_R\Y^][O`PYZS`A0;4F:%>;<'= LATAM <'F;>%=<82F4>F>= <8F20";'>F%=;>4 PZY`4Y_[UW`@ZVN[_X]\H 8.3% M]^W`\`T_UV][_`][`^Y\U 9";0!>=8F%=;>4F!>;0;%=8'>F<2F%0;>F'084;=24> PYZS`3^\VN`\[T`,[OV\[TI`R\Y^]\VVN`UZSR_[X\^_T`KN`S\Y<_^X`XQUW`\X`7M]^(_YV\[T 5%CH8?6`\[T`Z^W_Y`,QYZR_\[`UZQ[^Y]_XH 12.3% B>F8"%>;F0F';"<2>F28>;2F<2F 0 8FF&6. UZSR\Y_T`^Z AIR FRANCE GFJ:`MW]VX^`^W_`[QSK_Y`ZP`^ZQY]X^X`][`]XV\[T`\UUZSSZT\^]Z[`X\M`\[`][UY_\X_ ZP`%=H:?H NORTH AMERICA

© gregoirelebacon.com 69.2% :8F<8';>=2>F0F33.F<8F2 <8>F >24<8=4<08F4;='F=8 F35.F'<;'"<4 AIR TAHITI NUI 4;=' M\X`[Z^_T`UZSR\Y_T`^Z`GFJ:H LEADING SOURCE MARKET 7ZQYU_-`37@4 FOR FRENCH POLYNESIA

24 ANNUAL REPORT 2017 25 © gregoirelebacon.com

9 512 TONNES 4 FREIGHT REVENUE 5 CHARTER ACTIVITY OF FREIGHT TRANSPORTED 3[`GFJCI`PY_]OW^`Y_L_[Q_`PZY`^W_`E]Y`D\W]^]`2Q]`[_^MZY<`\SZQ[^_T`^Z`AO$%DOBMFFMILO/* EX`\`Y_XQV^`ZP`^_\SX`K_][O`SZK]V](_T`PZY`^W_`RY_R\Y\^]Z[`ZP`^W_`_[^YN`][^Z`X_YL]U_ FOR 2.9 BILLION XPF IN REVENUE NOI

Comparative table of freight revenue and tonnage in 2016 and 2017 )QY][O`^W_`N_\YI`G:=`"]OW^`WZQYX`M_Y_`UZ[TQU^_T`Z[`K_W\VP`ZP`L\Y]ZQX`XW]RR_YX IN REVENUE 5Y_RY_X_[^][O`\`T_UY_\X_`ZP`BA9?`][`UZSR\Y]XZ[`M]^W`GFJ:6H` GENERATED FROM @CE6FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF@CE5 FFFFFFFFFFFFFFFFFFFFFF)=;<=4<08F88&E FFFFFFFFFFFFFFF)=;<=4<08F. CHARTER FLIGHTS &_L_[Q_`5S]VV]Z[`*@46 ```````````````````````G`C8G`````````````````````````````````````G`>8J ``````````````````````````````````%88`````````````````````````````%AH=? DW]X`\U^]L]^N`O_[_Y\^_T`9J9`S]VV]Z[`*@4`][`Y_L_[Q_`ZL_Y`^W_`N_\YI `5UZSR\Y_T`^Z (-16% FROM 2016) _]OW^`][`^Z[[_X ``````````````````````````````8`FF=`````````````````````````````````````8`=JG ````````````````````````````````%=FC`````````````````````````````%=H:? 98A`S]VV]Z[`*@4`][`GFJ:I`Y_RY_X_[^][O`\`T_UY_\X_`ZP`BJ:?6H

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\R\[_X_`S\Y<_^XH` @CE6 FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF@CE5FFFFFFFFFFFFFFFFFFFFFFFF)=;<=4<08F88&E E;135G6 ```````````````````````````````````````````````````````````````````````````````````````JAA ````````````````````````````````````:= ``````````````````````````````````B=J? DW_`X^\K]V]^N`][`LZVQS_XI`R\Y^]UQV\YVN`PYZS`4Y\[U_I`PZX^_Y_T`\`P\LZY\KV_`UV]S\^_H 4QVV`UW\Y^_Y ``````````````````````````````````````````````````````````````````````````````````GCF ```````````````````````````````````GFF `````````````````````````````````BG:? DISTRIBUTION OF TONNAGE 3[`\R\[I`\`GEK8FEGO MLO@HO6IFEBNGOKI'H@ B?B:7FA F7DBF?+1FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF/C3 FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF@6-FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF&3/. TRANSPORTED BY ORIGIN(1) MLOJ8JLNGNON8IKHO\VVZM_T`PZY`\`X^YZ[O`RYZOY_XX]Z[`ZP`%AF?H E;13 ```````````````````````````````````````````````````````````````````````````````````````````C= `````````````````````````````````````9: ``````````````````````````````````BA8? .[`^W_`@ZVN[_X]\[`S\Y<_^I`GFJC`M\X`[Z^`\`P\LZY\KV_`N_\Y`PZY`^W_`0XW][O`][TQX^YNI 8% MW]UW`V_T`^Z`PZY_U\X^_T`0OQY_X`PZY`^W_`_/RZY^`ZP`PY_XW`^Q[\`[Z^`K_][O`Y_\UW_TH`` 4QVV`UW\Y^_Y ``````````````````````````````````````````````````````````````````````````````````9J> ```````````````````````````````````A:> `````````````````````````````````BJG? AKL B?B:7F+9)9A9F(D77D?AF#FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF/,3 FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF/E/FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF&E6. )_XR]^_`^W]XI`^W_`;ZSR\[N`M\X`L_YN`\U^]L_`][`^W_`8KIBIHMILOI

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26 ANNUAL REPORT 2017 27 ATN’S ACTIVE ROLE IN THE DEVELOPMENT OF POLYNESIAN TOURISM

1 AIR TAHITI NUI’S NEW IMAGE 2 PROMOTIONAL AND ADVERTIZING POLICY

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30 ANNUAL REPORT 2017 31 FINANCIAL RESULTS OPERATING INCOME REPRESENTS 8.5% OF TURNOVER

1 ASSETS BALANCE SHEET 2 NON-CURRENT LIABILITIES

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32 ANNUAL REPORT 2017 33 3 INCOME STATEMENT

Income statement in million xpf and million euros

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34 ANNUAL REPORT 2017 35 Scan this QR code and find this report on www.airtahitinui.com

BP 1673 - 98713 - Tahiti - French Polynesia Tel: (00 689) 40.46.03.03 - Fax: (00 689) 40.46.02.90 www.airtahitinui.com This report was printed in Tahiti on paper from responsible sources - - Cover picture: Manu’a Vecker-Sue - Cover picture: sources responsible on paper from was printed in Tahiti This report