Copa Holdings Trumpets Nearly 25 Percent Traffic Hike for December 2006

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

For the month of December 2006, Copa Holdings’ system-wide passenger traffic (RPM) increased 24.7 percent, while capacity (ASM) increased 18.3 percent. System load factor for December 2006 was 75.5 percent, an increase of 3.9 p.p. when compared to December 2005.

Copa Airlines passenger traffic (RPM) for December 2006 increased 30.0 percent while capacity (ASM) increased 24.1 percent. This resulted in a load factor of 79.4 percent, an increase of 3.6 percent when compared to December 2005.

AeroRepublica passenger traffic (RPM) for December 2006 increased 6.7 percent, while capacity (ASM) increased 2.6 percent. AeroRepublica’s load factor for the month was 62.6 percent, a 2.4 p.p. increase when compared to December 2005.

For full year 2006, Copa Holdings’ system-wide passenger traffic (RPM) increased 23.4 percent, while capacity (ASM) increased 19.7 percent. System load factor for full year 2006 was 73.1 percent, an increase of 2.2 p.p. when compared to full year 2005.

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 110 daily scheduled flights to 36 destinations in 21 countries in North, Central and South America and the Caribbean.