PANAMA CITY, May 21, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Copa Holdings S.A. (NYSE: CPA) announced today that Continental Airlines, Inc. (NYSE: CAL) sold its remaining interest in Copa in an SEC registered equity offering. Pursuant to the registration statement filed by Copa on March 13, 2007, Continental sold 4,375,000 shares of Class A common stock at a price of $35.75 per share, resulting in net proceeds of US$149,758,875. The underwriters, Morgan Stanley & Co. Incorporated, acting as sole bookrunning manager, and UBS Investment Bank, acting as joint lead manager, exercised their over-allotment option. None of Copa Holdings' other shareholders sold their shares in this offering and Copa Holdings did not receive any of the proceeds from the offering.

The final prospectus relating to this offering may be obtained by contacting Morgan Stanley & Co. Incorporated, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department, e-mail: prospectus@morganstanley.com, telephone: toll free at 1-866-718-1649.

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 125 daily scheduled flights among 40 destinations in 21 countries in North, Central and South America and the Caribbean from its Panama City hub. Copa provides passengers with access to flights to more than 120 other destinations through codeshare arrangements with Continental Airlines, Inc., pursuant to which each airline places its name and flight designation code on the other's flights. Through its Panama City hub, Copa is able to consolidate passenger traffic from multiple points to serve each destination effectively.

CPA-G

SOURCE Copa Holdings, S.A.

http://www.copaair.com

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