PANAMA CITY, Jan 23, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Copa Airlines (NYSE: CPA) announced that starting today it adds a second nonstop flight between Panama and Guatemala City, bringing the total number of daily flights the airline operates to Guatemala to four. The other two flights connect in Managua, Nicaragua.

The additional flights demonstrate Copa's commitment to the expansion of tourism and commercial exchanges between the two Central American countries, airline officials said.

"This second direct flight to Guatemala is part of our continuing promise to offer our passengers the best travel options, with convenient schedules and connections to the destinations Copa serves through our Hub of the Americas in Panama," added Jorge Garcia Icaza, Commercial Vice President, Copa Airlines.

The flight schedule is as follows:

          Route            Frequency     Departure        Arrival

     Panama - Guatemala      Daily        7:57 p.m.      9:12 p.m.
     Guatemala - Panama      Daily        6:14 a.m.      9:27 a.m.

For more information about flight schedules and fares, visit http://www.copaair.com.

Copa Airlines, subsidiary of Copa Holdings S.A. (NYSE: CPA), is a leading Latin American provider of international airline passenger service. Operating from its strategic location at the Hub of the Americas in the Republic of Panama, Copa currently offers approximately 80 daily scheduled flights to 30 destinations in 20 countries in North, Central and South America and the Caribbean. In addition, Copa provides passengers with access to flights to more than 120 other international destinations through codeshare agreements with Continental Airlines and other airlines. Copa and Continental also share a strategic alliance partnership that includes joint participation in Continental's award-winning frequent flyer program, OnePass(R). Copa Airlines offers nonstop service to Panama City from four U.S. cities: daily from New York City, twice daily from Miami, daily from Los Angeles, and four times a week from Orlando. For more company information, visit http://www.copaair.com.

This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates and expectations, and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this presentation include those described under the caption "Risk Factors" and "Special Note About Forward- Looking Statements" in the Company's registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission. CPA-G

SOURCE Copa Holdings, S.A.

Paola Valdes for Copa Holdings in Panama, +1-507-304-2927

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