Copa Holdings Announces 9.3% Traffic Growth for March 2009

PANAMA CITY, April 8 /PRNewswire-FirstCall/ — Copa Holdings, S.A.
(NYSE: CPA), and its Copa Airlines and Aero Republica operating subsidiaries,
today released preliminary passenger traffic statistics for March 2009:

                                      March           March        Change
    Copa Holdings (Consolidated)       2009            2008          (%)
     ASM (mm) (1)                     828.0           701.5         18.0%
     RPM (mm) (2)                     584.7           535.1          9.3%
     Load Factor (3)                  70.6%           76.3%     -5.7 p.p.

    Copa Airlines
     ASM (mm) (1)                     696.4           581.5         19.8%
     RPM (mm) (2)                     512.0           466.4          9.8%
     Load Factor (3)                  73.5%           80.2%     -6.7 p.p.

    Aero Republica
     ASM (mm) (1)                     131.6           120.1          9.6%
     RPM (mm) (2)                      72.7            68.8          5.7%
     Load Factor (3)                  55.2%           57.2%     -2.0 p.p.

    (1) Available seat miles - represents the aircraft seating capacity
        multiplied by the number of miles the seats are flown.
    (2) Revenue passenger miles - represents the numbers of miles flown by
        revenue passengers
    (3) Load factor - represents the percentage of aircraft seating capacity
        that is actually utilized

For the month of March 2009, Copa Holdings’ system-wide passenger traffic
(RPM) increased 9.3%, while capacity (ASM) increased 18.0%. System load
factor for March 2009 was 70.6%, a 5.7 percentage point decrease when compared
to March 2008.

Copa Airlines passenger traffic (RPM) for March 2009 increased 9.8%, while
capacity (ASM) increased 19.8%. This resulted in a load factor of 73.5%, a 6.7
percentage point decrease when compared to March 2008.

Aero Republica passenger traffic (RPM) for March 2009 increased 5.7, while
capacity (ASM) increased 9.6%. Load factor for the month was 55.2%, a 2.0
percentage point decrease when compared to March 2008.

Copa Holdings, through its Copa Airlines and Aero Republica operating
subsidiaries, is a leading Latin American provider of passenger and cargo
service. Copa Airlines currently offers approximately 144 daily scheduled
flights to 45 destinations in 24 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 code
share agreements with Continental Airlines and other airlines. Aero
Republica, the second-largest domestic carrier in Colombia, provides service
to 12 cities in Colombia as well as international connectivity with Copa
Airlines’ Hub of the Americas through flights from Bogota, Bucaramanga, Cali,
Cartagena, Medellin and Pereira. Additionally, Aero Republica has direct daily
flights to Caracas, Venezuela from the cities of Bogota and Medellin.

CPA-G

SOURCE Copa Holdings, S.A.