Copa Holdings Announces 11.2% Traffic Growth for September 2009

PANAMA CITY, Oct. 7 /PRNewswire-FirstCall/ — Copa Holdings, S.A.
(NYSE: CPA), and its Copa Airlines and Aero Republica operating subsidiaries,
today released preliminary passenger traffic statistics for September 2009:

                                          September   September     Change
    Copa Holdings  (Consolidated)            2009        2008        (%)
      ASM (mm) (1)                           797.5       742.8       7.4%
      RPM (mm) (2)                           601.0       540.2      11.2%
      Load Factor (3)                        75.4%       72.7%   2.6 p.p.
    Copa Airlines Segment
      ASM (mm) (1)                           676.4       624.1       8.4%
      RPM (mm) (2)                           520.5       472.5      10.2%
      Load Factor (3)                        77.0%       75.7%   1.2 p.p.
    Aero Republica Segment
      ASM (mm) (1)                           121.1       118.7       2.0%
      RPM (mm) (2)                            80.5        67.7      18.9%
      Load Factor (3)                        66.5%       57.1%   9.4 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 September 2009, Copa Holdings’ system-wide passenger
traffic (RPM) increased 11.2% while capacity (ASM) increased 7.4%. System
load factor for September 2009 was 75.4%, a 2.6 percentage point increase when
compared to September 2008.

Copa Airlines passenger traffic (RPM) for September 2009 increased 10.2%,
while capacity (ASM) increased 8.4%. This resulted in a load factor of 77.0%,
a 1.2 percentage point increase when compared to September 2008.

Aero Republica passenger traffic (RPM) for September 2009 increased 18.9%,
while capacity (ASM) increased 2.0%. Load factor for the month was 66.5%, a
9.4 percentage point increase when compared to September 2008.

Copa Holdings, through its Copa Airlines and Aero Republica operating
subsidiaries, is a leading Latin American provider of passenger and cargo
services. 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
flights to Caracas, Venezuela from Cartagena and Medellin, Colombia.

CPA-G

SOURCE Copa Holdings, S.A.