Copa Holdings Announces Monthly Traffic Statistics for October 2008

PANAMA CITY, Nov. 11 /PRNewswire-FirstCall/ -- Copa Holdings, S.A. (NYSE: CPA), and its Copa Airlines and Aero Republica operating subsidiaries, today released preliminary passenger traffic statistics for October 2008:

                                         October      October      Change
    Copa Holdings (Consolidated)           2008         2007         (%)
      ASM (mm) (1)                        775.9        697.4        11.3%
      RPM (mm) (2)                        567.9        483.2        17.5%
      Load Factor (3)                      73.2%        69.3%        3.9 p.p.
    Copa Airlines
      ASM (mm) (1)                        648.7        561.9        15.4%
      RPM (mm) (2)                        489.1        405.4        20.6%
      Load Factor (3)                      75.4%        72.2%        3.2 p.p.
    Aero Republica
      ASM (mm) (1)                        127.1        135.4        -6.1%
      RPM (mm) (2)                         78.8         77.8         1.3%
      Load Factor (3)                      62.0%        57.4%        4.6 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 October 2008, Copa Holdings' system-wide passenger traffic (RPM) increased 17.5%, while capacity (ASM) increased 11.3%. System load factor for October 2008 was 73.2%, a 3.9 percentage point increase when compared to October 2007.

Copa Airlines passenger traffic (RPM) for October 2008 increased 20.6%, while capacity (ASM) increased 15.4%. This resulted in a load factor of 75.4%, a 3.2 percentage point increase when compared to October 2007.

Aero Republica passenger traffic (RPM) for October 2008 increased 1.3%, while capacity (ASM) decreased 6.1%. Load factor for the month was 62.0%, a 4.6 percentage point increase when compared to October 2007. Capacity reduction came mainly as a result of Aero Republica's ongoing transition to smaller gauge EMBRAER-190 aircraft.

Copa Holdings, through its Copa Airlines and Aero Republica operating subsidiaries, is a leading Latin American provider of passenger and cargo service. Copa Airlines currently offers approximately 136 daily scheduled flights to 42 destinations in 22 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 code share agreements with Continental Airlines and other airlines. Aero Republica, 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 flights from Bogota, Bucaramanga, Cali, Cartagena and Medellin. Additionally, in May 2008, Aero Republica increased international service by launching direct daily flights to Caracas, Venezuela from the cities of Bogota and Medellin.

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