PANAMA CITY, April 10, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Copa Holdings, S.A. (NYSE: CPA) and its Copa Airlines and AeroRepublica operating subsidiaries today released preliminary passenger traffic statistics for March 2006:

Copa Holdings  (Consolidated) *     March        March        Change
                                        2006         2005*          (%)
      ASM (mm) (1)                      551.8        449.5         22.8%
      RPM (mm) (2)                      392.5        317.4         23.6%
      Load Factor (3)                   71.1%        70.6%      0.5 p.p.

    Copa Airlines
      ASM (mm) (1)                      420.6        343.6         22.4%
      RPM (mm) (2)                      331.6        249.5         32.9%
      Load Factor (3)                   78.8%        72.6%      6.2 p.p.

    AeroRepublica
      ASM (mm) (1)                      131.2        105.9         23.9%
      RPM (mm) (2)                       60.9         67.9        -10.4%
      Load Factor (3)                   46.4%        64.1%     -17.7p.p.

    * Figures for March 2005 are not comparable for Copa Holdings, due to our
      purchase of AeroRepublica on April 22, 2005.

    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 March 2006, Copa Holdings' system-wide passenger traffic (RPM) increased 23.6%, while capacity (ASM) increased 22.8%. System load factor for March 2006 reached 71.1%, an increase of 0.5 p.p. when compared to March 2005.

Copa Airlines passenger traffic (RPM) for March 2006 increased 32.9%, while capacity (ASM) increased 22.4%. This resulted in a 6.2 p.p increase in load factor when compared to March 2005.

AeroRepublica passenger traffic (RPM) for March 2006 decreased 10.4%, while capacity (ASM) increased 23.9%. AeroRepublica's load factor for the month was 46.4%.

Copa Holdings, through its Copa Airlines and AeroRepublica operating subsidiaries, is a leading Latin American provider of passenger and cargo service. Copa Airlines 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 Airlines provides passengers with access to flights to more than 120 other international destinations through codeshare agreements with Continental Airlines and other airlines. AeroRepublica, 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 daily flights from Medellin and Cartagena. CPA-G

SOURCE Copa Holdings, S.A.

Investors, Joseph Putaturo, Copa Holdings, +011-507-303-3348

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