Copa Airlines Expands Its Fleet of Modern Boeing 737 ``Next Generation'' Aircraft; Airline Will Have the Youngest, Most Modern Fleet on the Continent.

PANAMA CITY, Panama -- Copa Airlines announced today the expansion of its fleet to include four new Boeing Next-Generation 737 aircraft. The airline will take delivery of two of the aircraft in 2005 and two in 2006.

The airline already took delivery of two Boeing aircraft in 2004 and expects to take delivery of one Boeing 737-800 in October and another Boeing 737-700 in December. By the end of 2004, Copa Airlines' fleet will number 20 Boeing 737-700 and 737-800 aircraft, reaching a total of 24 Boeing aircraft by the end of 2006 -- the youngest and most modern fleet on the continent.

"This acquisition of modern Boeing 737-700 and 800 aircraft is part of our policy of fleet renovation and expansion, as well as commitment to customer satisfaction and to the development of our country," said Pedro Heilbron, CEO of Copa Airlines. "Our fleet expansion plan incorporates the latest in commercial aviation technology while responding to the needs and expectations of our customers, all of which strengthen our competitive presence in the American continent."

Copa Airlines is the first airline in America to incorporate Vertical Situation Display technology into its fleet, as well as the first airline on the continent to utilize "blended winglets," a totally new design that provides greater reliability and more efficient performance.

"At Boeing we are very pleased that Copa Airlines uses the most advanced technology in the aviation industry," said Tobias Bright, Executive Vice President of Sales, Boeing Commercial Airplanes. "Boeing is proud of this order from a cutting-edge carrier."

Copa Airlines (www.copaair.com) began service in 1947. Today the airline flies to 31 destinations in 20 countries in North, Central and South America and the Caribbean from its Hub of the Americas at Tocumen International Airport in Panama City, Panama, one of the most efficient and successful hubs in Latin America. In addition, Copa offers flights to 120 other international destinations through codeshare agreements with Continental and Mexicana. Copa has one of the best on-time performance records in the aviation industry, with an on-time performance above 94 percent for the first six months of 2004.

Copa Airlines offers nonstop service to Panama City from four U.S. cities: daily from New York city, twice daily from Miami, daily from Los Angeles, and four times a week from Orlando.

Copa Airlines and Continental Airlines share a strategic alliance partnership that includes joint participation in Continental's award-winning frequent flyer program, OnePass(R). Members of the program may earn miles on either Copa or Continental flights, as well as enjoy the opportunity to redeem miles for tickets, upgrades, and merchandise.

In April, Copa was named Best Airline in Central America, Mexico and the Caribbean by SkyTrax, an English market-survey company that conducts the World Airline Survey, the largest airline passenger survey in existence. In June, Copa was named one of the 25 Best Employers in Latin America in a survey conducted by Hewitt Associates for America Economia Magazine. For more company information, visit www.copaair.com.