Copa Airlines Receives Export-Import Bank Loan Guarantees for Boeing 737-700 Aircraft Purchase.

Business Editors; Travel & Tourism Writers

PANAMA CITY, Panama--(BUSINESS WIRE)--June 19, 2002

Copa Airlines announced today that it has received loan guarantees from the Export-Import Bank of the United States (Ex-Im Bank) to support the purchase of Boeing 737-700 aircraft, eight winglet ship sets and a spare engine.

The financing is structured as an asset-based finance lease. The B737-700 aircraft are scheduled to be delivered in 2002 with the first delivery scheduled for late June 2002. The spare engine will be purchased from CFM International and will be delivered in early 2003.

This is the second time Ex-Im Bank has issued loan guarantees on behalf of Copa Airlines for the purchase of Boeing aircraft. In 2000, Copa Airlines purchased and took delivery of four Boeing 737-700 aircraft from The Boeing Company for which Ex-Im Bank also provided loan guarantees.

"Ex-Im Bank participation is a key element in securing affordable financing for these aircraft. We are very pleased to have received Ex-Im Bank support again," said Victor Vial, Chief Financial Officer, Copa Airlines.

Ex-Im Bank Vice Chairman Eduardo Aguirre Jr. stated that "Ex-Im Bank is delighted to support U.S. aircraft exports, which are integral to Copa's fleet strategy, the development of Panama's transportation infrastructure, and helping sustain U.S. jobs at The Boeing Company and thousands of sub-suppliers around the country."

Copa Airlines, which has operated in the Americas for over 55 years, has maintained one of the best on-time performance records in the airline industry. In September 2001, Copa was named to the "Excelencia 2001" ("Excellence 2001") list in America Economia, the prestigious Spanish-language business magazine, for the airline's "innovation, creativity and leadership in the field of aviation."

Copa's strategic alliance with Continental Airlines provides an interconnected route system on flights between the United States and Latin America. Both airlines participate in OnePass and share benefits of Presidents Clubs around the world.

Copa Airlines (www.copaair.com) serves 29 destinations in 19 countries in North, Central and South America, the Caribbean and the United States. From its "Hub of the Americas" at Tocumen International Airport in Panama City, Copa Airlines operates one of the most successful and efficient hubs in Latin America.

Ex-Im Bank is an independent federal government agency that helps finance the sale of U.S. exports, primarily to emerging markets, by providing loans, guarantees and export credit insurance. In fiscal year 2001, Ex-Im Bank supported $12.5 billion of U.S. exports worldwide.