Copa Holdings Announces 25.3 Percent Traffic Growth for May 2006

Copa Holdings, S.A. and its Copa Airlines and AeroRepublica operating subsidiaries, today released preliminary passenger traffic statistics for May 2006.

For the month of May 2006, Copa Holdings´ system-wide passenger traffic (RPM) increased 25.3 percent, while capacity (ASM) increased 26.6 percent.

System load factor for May 2006 was 66.9 percent, a decrease of 0.7 p.p. when compared to May 2005.

Copa Airlines passenger traffic (RPM), which represented 84 percent of Copa Holdings´ system-wide passenger traffic for May 2006, increased by 31.3 percent, while capacity (ASM) increased 22.6 percent.

AeroRepublica passenger traffic (RPM) for May 2006 climbed 0.5 percent, while capacity (ASM) ramped up 41.4 percent. AeroRepublica´s load factor for the month was 44.1 percent.

Copa Holdings, through its Copa Airlines and AeroRepublica operating subsidiaries, is a leading Latin American provider of passenger and cargo service.

Copa Airlines currently offers approximately 92 daily scheduled flights to 30 destinations in 20 countries in North, Central and South America and the Caribbean.

In addition, Copa Airlines provides passengers with access to flights to more than 120 other international destinations through codeshare agreements with Continental Airlines and other airlines.