Copa Holdings, S.A. (NYSE: CPA), and its Copa Airlines and Aero Republica operating subsidiaries, today released preliminary passenger traffic statistics for September 2009:

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.