EXHIBIT 12.1

Certification

I, Pedro Heilbron, certify that:

1. I have reviewed this annual report on Form 20-F/A of Copa Holdings, S.A.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Date: December 21, 2011

By:	/s/ Pedro Heilbron
	Pedro Heilbron
	Chief Executive Officer