Copa Holdings Reports Record Earnings of $82.7 Million for Full Year 2005

Copa Holdings S.A., parent company of Copa Airlines and AeroRepublica, today announced financial results for the fourth quarter of 2005 and full year 2005. The terms “Copa Holdings” or “the Company” make reference to the consolidated entity, whose operating subsidiaries are Copa Airlines and AeroRepublica.

Copa Holdings recorded net income of US$17.4 million for the fourth quarter of 2005 and record net income of $82.7 million for full year 2005, representing earnings per share of $0.41 for fourth quarter and $1.93 for full year 2005, beating average estimates of $0.33 for the last quarter and $1.83 for full year.

Total revenues increased to $179.6 million, representing growth of

68.4percent. Yield per passenger mile increased 5.8 percent to 15.30 cents and

operating revenue per available seat mile (RASM) increased 3.5 percent to

11.59 cents.

Copa Holdings, through its Copa Airlines and AeroRepublica operating subsidiaries, is a leading Latin American provider of international airline passenger and cargo service. Copa Airlines currently offers approximately 80 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.