Copa Airlines Takes Delivery of New Advanced-Technology Boeing 737-700; Aircraft Is No. 18 in Airline's Fleet Renovation Plan.

PANAMA CITY, Panama -- Copa Airlines today announced delivery of its 18th new Boeing 737-700 aircraft equipped with advanced Vertical Situation Display (VSD) technology.

VSD is a sophisticated flight deck instrument that builds on the Enhanced Ground Proximity Warning system, the most advanced aviation industry technology developed by Boeing. A leader in aviation industry technology, Copa is the first airline in the Americas to utilize VSD.

The new 737-700 is the second of four 737 aircraft that Copa will receive this year. By the end of 2004, Copa will have 20 high-tech Boeing 737-700 and 800 aircraft in its fleet.

In February 2005, Copa will take delivery of its 21st Boeing 737, the final phase in its fleet renewal plan. At that point, Copa will have the youngest fleet in the Americas and one of the most modern in the industry worldwide.

"Our goal is to provide the best airline service in the Americas," said Dan Gunn, Vice President of Planning, Copa Airlines. "The acquisition of these modern aircraft enables us to maintain a high level of safety, comfort and convenience for our passengers."

The Boeing 737-700 has capacity for 124 passengers -- 12 in Business Class and 112 in the main cabin. The aircraft has spacious interiors with large overhead compartments, seats with adjustable headrests and a 12-channel audio and video entertainment system.

The new Boeing 737-700s are also equipped with "blended winglets," an all-new wing design that facilitates take-offs in high-altitude airports and at higher temperatures. The winglets contribute to fuel efficiency, helping the airline reduce operational costs and restrictions on passenger and cargo load on long-distance routes.

Copa Airlines has a strategic alliance with Continental Airlines, including 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 the opportunity to redeem miles for tickets, upgrades, and merchandise.

From the U.S., Copa Airlines operates nonstop service to Panama City twice daily from Miami, daily from Los Angeles, four times weekly from Orlando, and, as of June 17, daily nonstop service from New York City's JFK Airport.

Copa Airlines (www.copaair.com) began operations 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 airlines. Copa has one of the best on-time performance records in the industry. In 1st quarter 2004, the airline reported an on-time arrival rate of 95.6 percent.

In April 2004, 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.