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Copa Holdings Announces 22.4% Traffic Growth for January 2006

Paul

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Copa Holdings, S.A. (NYSE: CPA) and its Copa Airlines and AeroRepublica operating subsidiaries, today released preliminary passenger traffic statistics for January 2006:

Code:
										 January	 January	   Change
										   2006	  2005(*)		 (%)
  Copa Holdings (Consolidated) (*)
  ASM (mm) (1)							561.0	   465.1		 20.6%
  RPM (mm) (2)							411.5	   336.3		 22.4%
  Load Factor (3)						 73.4%	   72.3%	  1.1 p.p.

  Copa Airlines
  ASM (mm) (1)							414.0	   352.0		 17.6%
  RPM (mm) (2)							319.2	   255.1		 25.1%
  Load Factor (3)						 77.1%	   72.5%	  4.6 p.p.

  AeroRepublica
  ASM (mm) (1)							147.0	   113.1		 30.0%
  RPM (mm) (2)							 92.3		81.2		 13.7%
  Load Factor (3)						 62.7%	   71.8%	 -9.1 p.p.

	(*) Figures for January 2005 are not comparable for Copa Holdings, due
		to our purchase of AeroRepublica on April 22, 2005.
   (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

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