Copa Holdings in Follow-On Offering

May 21, 2008

Cleary Gottlieb represented Copa Holdings, S.A., the corporate parent of Copa Airlines, in a follow-on offering. The selling shareholder, Continental Airlines, Inc., sold its remaining ownership of Copa Holdings, consisting of 4,375,000 Class A shares of common stock, for $35.75 per share. The total offering price was $156 million. The deal priced on May 15 and closed on May 21. The Class A shares are listed on the New York Stock Exchange.

Cleary Gottlieb previously represented the underwriters in the initial public offering of Copa Holdings in 2005 and in a follow-on offering in 2006.

Copa Airlines is a leading Latin American provider of international airline passenger and cargo service. Operating from its strategically located position in the Republic of Panama, it currently offers approximately 125 daily scheduled flights among 40 destinations in 21 countries in North, Central and South America and the Caribbean. Copa Airlines provides passengers with access to flights to more than 120 additional destinations through codeshare arrangements with Continental Airlines.