Panama City, January 12th, 2006 - Copa Airlines, subsidiary of Copa Holdings S.A. (NYSE: CPA), has reported an on-time performance for 2005 of 92.2% and a flight-completion factor of 99.6%, placing the airline among the best of the industry worldwide.

Copa Airlines calculates its on-time performance based on on-time arrivals, utilizing international standards established by the aviation industry.

"We are pleased at our consistently high on-time performance and flight-completion rates," said Pedro Heilbron, CEO, Copa Airlines. "When passengers travel on Copa Airlines, they know they will arrive on time at their destinations. That fact, coupled with our convenient schedules and excellent connections through our Hub of the Americas, lead to more passengers selecting us every day as their airline of choice."

Copa Airlines 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. For more company information, visit 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.

CONTACT:
Patricia Roquebert - Panama
507-225-7655