Copa Holdings Announces Monthly Traffic Statistics for July 2008

                                     July           July           Change

                                     2008           2007             (%)

  Copa Holdings (Consolidated)

  ASM (mm) (1)                      766.3           700.8           9.3%

  RPM (mm) (2)                      619.7           560.5          10.6%

  Load Factor (3)                    80.9%           80.0%          0.9 p.p.



  Copa Airlines

  ASM (mm) (1)                      632.3           548.9          15.2%

  RPM (mm) (2)                      534.8           466.8          14.6%

  Load Factor (3)                    84.6%           85.0%         -0.5 p.p.



  Aero Republica

  ASM (mm) (1)                      134.0           151.9         -11.8%

  RPM (mm) (2)                       85.0            93.7          -9.4%

  Load Factor (3)                    63.4%           61.7%          1.7 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

Copa Airlines passenger traffic (RPM) for July 2008 increased 14.6%, while capacity (ASM) increased 15.2%. This resulted in a load factor of 84.6%, a 0.5 percentage point decrease when compared to July 2007.

Aero Republica passenger traffic (RPM) for July 2008 decreased 9.4%, while capacity (ASM) decreased 11.8%. Load factor for the month was 63.4%, a 1.7 percentage point increase when compared to July 2007. Capacity reduction came as a result of Aero Republica's ongoing transition to smaller gauge EMBRAER- 190 aircraft.

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