Copa Holdings, S.A. (CPA)

[Penny Roger$]

Copa Holdings, S.A. (Copa Holdings) is a Latin American provider of airline passenger and cargo service through its two principal operating subsidiaries, Compania Panamena de Aviacion, S.A. (Copa) and AeroRepublica, S.A. (Copa Colombia). Copa operates from its position in the Republic of Panama, and Copa Colombia provides service primarily within Colombia complemented by international flights from various cities. As of December 31, 2010, it operated a fleet of 63 aircraft, 37 Boeing 737-Next Generation aircraft and 26 Embraer 190 aircraft. As of December 31, 2010, Copa offered approximately 166 daily scheduled flights among 46 destinations in 25 countries in North, Central and South America and the Caribbean from its Panama City hub. As of December 31, 2010, Copa Holdings had 99.9% ownership interest in Copa Colombia.

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