PANAMA CITY, May 11, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- The Board of Directors of Copa Holdings (NYSE: CPA) at its regular meeting held on May 11, 2006, declared an annual dividend of US$0.19 per share on all outstanding Class A and Class B shares outstanding. The dividend is payable June 15, 2006, to shareholders of record at the close of business on May 31, 2006.

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 92 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.

Contact:
    Joseph Putaturo
    Director - Investor Relations
    Copa Airlines
    +011-507-303-3348

CPA-G

SOURCE Copa Holdings, S.A.

Joseph Putaturo, Director-Investor Relations, Copa Holdings, +011-507-303-3348

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