Copa Holdings Announces 22.6% Traffic Growth for February 2006

[Paul]

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

						  February	   February	  Change
							2006		  2005(*)		(%)
	Copa Holdings
	 (Consolidated)(*)
	ASM (mm) (1)		   500.8		   411.2		 21.8%
	RPM (mm) (2)		   351.2		   286.5		 22.6%
	Load Factor (3)		 70.1%		   69.7%		 0.4 p.p.

	Copa Airlines
	ASM (mm) (1)		   380.4		   322.6		 17.9%
	RPM (mm) (2)		   292.6		   231.6		 26.3%
	Load Factor (3)		 76.9%		   71.8%		 5.1 p.p.

	AeroRepublica
	ASM (mm) (1)		   120.4			88.6		 35.9%
	RPM (mm) (2)			58.6			54.9		  6.7%
	Load Factor (3)		 48.7%		   62.0%	   -13.3 p.p.

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