PANAMA CITY, Dec 12, 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 November 2006:

    Copa Holdings             November     November      Change
    (Consolidated)              2006         2005         (%)
    ASM (mm) (1)               592.6        500.7        18.3%
    RPM (mm) (2)               449.4        350.0        28.4%
    Load Factor (3)             75.8%        69.9%        5.9 p.p.

    Copa Airlines
    ASM (mm) (1)               461.6        382.3        20.8%
    RPM (mm) (2)               367.0        283.5        29.5%
    Load Factor (3)             79.5%        74.2%        5.3 p.p.

    AeroRepublica
    ASM (mm) (1)               130.9        118.4        10.5%
    RPM (mm) (2)                82.4         66.6        23.8%
    Load Factor (3)             63.0%        56.2%        6.8 p.p.

    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 2006, Copa Holdings' system-wide passenger traffic (RPM) increased 28.4%, while capacity (ASM) increased 18.3%. System load factor for November 2006 was 75.8%, an increase of 5.9 p.p. when compared to November 2005.

Copa Airlines passenger traffic (RPM) for November 2006 increased 29.5% while capacity (ASM) increased 20.8%. This resulted in a load factor of 79.5%, an increase of 5.3 p.p. when compared to November 2005.

AeroRepublica passenger traffic (RPM) for November 2006 increased 23.8%, while capacity (ASM) increased 10.5%. AeroRepublica's load factor for the month was 63.0%, a 6.8 p.p. increase when compared to November 2005.

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 110 daily scheduled flights to 35 destinations in 21 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 Bogota and Medellin.

CPA-G

SOURCE Copa Holdings, S.A.

Joseph Putaturo, Panama, Director-Investor Relations, +1-507-304-2677

http://www.copaair.com

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