COPA Airlines announces non-stop service between Toronto and Panama,

• Copa Airlines will be the first airline to operate regularly scheduled nonstop flights between Toronto and Panama with connections to Latin America
• Toronto will be Copa’s first Canadian destination and its 53rd destination in the Americas

Panama City, Panama, Jan. 26, 2011 – Copa Airlines, subsidiary of Copa Holdings, S.A. {NYSE: CPA} will launch nonstop service four times a week between Toronto, Canada, and Panama City, Panama, on June 17, 2011. Copa is the first airline to operate regularly scheduled nonstop flights between Toronto and Panama with connections to Latin America.

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The new flight will link Toronto ‒ capital of Ontario province, the largest city in Canada and its financial center ‒ to Panama, a major Latin American business and tourism destination. Passengers will have access to the rest of Latin America through the airline’s Hub of the Americas at Tocumen International Airport. Toronto will be Copa Airlines’ first Canadian destination and its 53rd overall. “Our new Toronto service demonstrates Panama’s continuing role as the focal point for business and tourism for the entire Latin American region,” said Pedro Heilbron, CEO, Copa Airlines. “The Canadian market offers the potential for investments, export opportunities and tourism. We are very pleased to offer this new Toronto flight, part of Copa’s ambitious expansion plan.” The flight will operate four times a week, departing Toronto at 9:40 a.m. on Mondays, Wednesdays, Fridays and Saturdays, and arriving in Panama at 2:12 p.m. The return flight will depart Panama City at 5:35 p.m. on Sundays, Tuesdays, Thursdays and Fridays, arriving in Toronto at 11:59 p.m. Copa, which has one of the most modern and youngest fleets in Latin America, will operate a Boeing 737-700 Next Generation aircraft on the flight, with seating for 12 in Business Class and 112 in coach. On-board service includes complimentary meals and beverages, including wines and spirits; a 12-channel audio-visual entertainment system in Spanish, English and Portuguese, with new movies monthly and complimentary headsets; and bilingual flight attendants. At the Hub of the Americas in Panama, passengers can connect rapidly and conveniently to destinations throughout Latin America and the Caribbean, without customs/immigration waits for in-transit passengers. Copa offers flights to more international destinations than any other airline from any other hub in the Latin American region. In 2010 Copa Airlines transported more than 5.2 million passengers through the Hub of the Americas. The airline’s on-time performance record of more than 90 percent is one of the best in the industry worldwide. In November 2010, Copa Airlines announced it will join Star Alliance, the world’s largest global alliance. Copa already shares the OnePass frequent-flyer program with partner United-Continental. For information about Copa Airlines’ service, visit copaair.com.

About Copa Holdings, S.A.

Copa Holdings, through its operating subsidiaries Copa Airlines and Copa Airlines Colombia (formerly Aero Republica), is a leading Latin American commercial aviation provider of passenger and cargo service. Copa Airlines and Copa Airlines Colombia currently offer more than 160 daily flights to 52 destinations in 25 countries in North, Central and South America and the Caribbean through the Hub of the Americas at Tocumen International Airport in Panama City, Panama. To make reservations, select seats, enter OnePass numbers, create a trip log, print boarding passes and pay for tickets via secure transactions in six different currencies (U.S. dollars; Argentine, Chilean, Colombian and Mexican pesos; and Brazilianreales), visit copaair.com.

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