Copa Holdings, S.A. (NYSE:  CPA), and its Copa Airlines and Aero Republica operating subsidiaries, today released preliminary passenger traffic statistics for November 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 November 2009, Copa Holdings’ system-wide passenger traffic (RPM) increased 14.5% while capacity (ASM) increased 6.2%. System load factor for November 2009 was 80.8%, a 5.9 percentage point increase when compared to November 2008.

Copa Airlines passenger traffic (RPM) for November 2009 increased 14.2%, while capacity (ASM) increased 7.8%. This resulted in a load factor of 81.8%, a 4.6 percentage point increase when compared to November 2008.

Aero Republica passenger traffic (RPM) for November 2009 increased 16.6%, while capacity (ASM) decreased 1.8%. Load factor for the month reached 75.0%, an 11.9 percentage point increase when compared to November 2008.