Copa Holdings in Follow-On Offering

March 24, 2010

Cleary Gottlieb represented Copa Holdings, the corporate parent of Copa Airlines and Corporación de Inversiones Aéreas, the selling shareholder, in the follow-on offering of Copa Holdings. Corporación de Inversiones Aéreas sold a total of 1,840,000 Class A shares of common stock, at a price of $56 per share, for a total offering price of approximately $103 million. The transaction priced on March 18 and closed on March 24. 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 two follow-on offerings in 2006 and 2008.

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 152 daily scheduled flights among 45 destinations in 24 countries in North, Central and South America and the Caribbean. Copa Airlines provides passengers with access to flights to more than 120 other destinations through codeshare arrangements with Continental Airlines.