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Copa AirlinesJoe Mohan – Commercial Vice President

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Panama rose from the oceans to become the ideal “connection point” for the Americas

HUB

INTERCHANGE

BRIDGE

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Migratory birds have known of Panama for

millions of years

An airway from north to south

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“Panama's tropical paradise a 'hub of

biodiversity'”-CNN

DIVERSITY

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First Spain, then England, then the U.S. realized the

importance of Panama

A Global Crossroads

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East to WestThe Panama Railroad

opened East to West trade

East to West

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A New Era

The Panama Canal cut travel times and costs

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A logical progression - air connectivity over Panama

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Competitive

Environment

1990’smanyairlinesNo connectionsGovernmentcontrolledOld fleetsNo real partners

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Many pieces were there but no could solve the puzzle

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“Vision is the art of seeing the invisible.”-Jonathan Swift (1667-1745)

“Success is the art of committing to a brilliant vision.”-Alvaro Villanueva (1985-)

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“To be the leading airline in Latin American aviation and the preferred connection through Panama uniting the principal cities in North, South, Central America and the Caribbean.”A New Vision

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We had a vision but also many obstacles

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Next Generation

“Game Changing" Fleet

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"The Hub of Americas" was born

BRIDGE

HUB

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A unique and successful strategic alliance with

Continental

A Strategic Alliance

Domestic Operations

Bigger Markets

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Capital to fuel aggressive growth

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Our vision had separated us from the pack

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A NEW LEADER EMERGED

COPA AIRLINES

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“There is nothing like a dream to create the future.”-Victor Hugo

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Competitive

Environment 2010

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LOREM & IPSUM

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Copa Airlines, a Latin-American Success Story

Copa Airlines connects the Americas with an industry leading performance and award winning service

Premier Latin-American Hub

Top Tier Operating Margins

Deutsche Banks:“…one of Latin America's best managed

and most profitable airlines…”

J.P.Morgan:“… Copa’s margins

continue to dwarf those of its US Legacy, US Discount, and Brazilian peers, both in

sheer magnitude and stability….”

Citigroup:“…Copa is poised for above-normal attractive growth…”

Credit Suisse:“… confirm our view of

Copa’s great competitive advantages, focus on

profitability, and ability to grow at a high pace …”

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The most complete network

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More Gates

More Destinations

More Frequencies

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Embraer:3.4 Yrs

Boeing:6.3 Yrs

A baby of a Fleet!!!Average Age of 5

<

Superior Customer Service

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The Largest Strategic Partner

The Best Customer Programs

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"In this bright future you can't forget your past.“

-Bob Marley (1945-1981)

A Global World in Need of Connectivity