-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T5M0RfFc3SPHJvEtDi7AU9lKayy2Qv3+qjp4F7h4vZxp7whw9dutxu0P9KNYeFcB hvVwjtGqoIL9kPxtWLChiw== <SEC-DOCUMENT>0001275287-06-000116.txt : 20060112 <SEC-HEADER>0001275287-06-000116.hdr.sgml : 20060112 <ACCEPTANCE-DATETIME>20060112113212 ACCESSION NUMBER: 0001275287-06-000116 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060112 FILED AS OF DATE: 20060112 DATE AS OF CHANGE: 20060112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Copa Holdings, S.A. CENTRAL INDEX KEY: 0001345105 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] IRS NUMBER: 000000000 STATE OF INCORPORATION: R1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32696 FILM NUMBER: 06526348 BUSINESS ADDRESS: STREET 1: AVENIDA PRINCIPAL, COSTA DEL ESTE STREET 2: COMPLEJO BUSINESS PARK, TORRE NORTE CITY: PANAMA CITY STATE: R1 ZIP: 00000 BUSINESS PHONE: 011 507 227 2522 MAIL ADDRESS: STREET 1: AVENIDA PRINCIPAL, COSTA DEL ESTE STREET 2: COMPLEJO BUSINESS PARK, TORRE NORTE CITY: PANAMA CITY STATE: R1 ZIP: 00000 </SEC-HEADER> <DOCUMENT> <TYPE>6-K <SEQUENCE>1 <FILENAME>ch4469.htm <DESCRIPTION>FORM 6-K <TEXT> <html> <head> <title></title> </head> <body bgcolor="white"> <hr size="4" width="100%" noshade color=black> <p align="center"><font size="5" face="Times New Roman"><b>SECURITIES AND EXCHANGE COMMISSION<br> </b></font> <font size="3"><b>Washington, D.C. 20549 </b></font></p> <hr size="2" width="21%" noshade color=black> <p align="center"> <font size="5" face="Times New Roman"><b>FORM 6-K </b></font></p> <hr size="2" width="21%" noshade color=black> <p align="center"> <font size="3" face="Times New Roman"><b>Report of Foreign Issuer </b></font></p> <p align="center"> <font size="3" face="Times New Roman"><b>Pursuant to Rule 13a-16 or 15d-16 of<br> the Securities Exchange Act of 1934 </b></font></p> <p align="center"> <font size="2" face="Times New Roman"><b>Report on Form 6-K dated For the month of January, 2006</b></font></p> <table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="100%" valign="top"> <hr size="2" width="21%" noshade color=black> </td> </tr> <tr> <td valign="top"> <p> <font size="1" face="Times New Roman"> </font></p> </td> </tr> <tr> <td valign="top"> <p align="center"> <font size="6" face="Times New Roman"><b>Copa Holdings, S.A.</b></font></p> </td> </tr> <tr> <td valign="top"> <p align="center"> <font size="2" face="Times New Roman"><i>(Translation of Registrant’s Name Into English)</i></font></p> </td> </tr> <tr> <td valign="top"> <p align="center"><font size=1 face="Times New Roman"> </font></p> </td> </tr> <tr> <td valign="top"> <hr size="2" width="21%" noshade color=black> </td> </tr> <tr> <td valign="top"> <p align="center"><font size=1 face="Times New Roman"> </font></p> </td> </tr> <tr> <td valign="top"> <p align="center"> <font size="2" face="Times New Roman"><b>Boulevard Costa del Este, Avenida Principal y Avenida de la Rotonda </b></font></p> </td> </tr> <tr> <td valign="top"> <p align="center"> <font size="2" face="Times New Roman"><b>Urbanización Costa del Este </b></font></p> </td> </tr> <tr> <td valign="top"> <p align="center"><font size="2" face="Times New Roman"><b>Complejo Business Park, Torre Norte </b></font></p> </td> </tr> <tr> <td valign="top"> <p align="center"> <font size="2" face="Times New Roman"><b>Parque Lefevre </b></font></p> </td> </tr> <tr> <td valign="top"> <p align="center"> <font size="2" face="Times New Roman"><b>Panama City, Panama</b></font></p> </td> </tr> <tr> <td valign="top"> <p align="center"> <font size="2" face="Times New Roman"><i>(Address of principal executive offices)</i></font></p> </td> </tr> <tr> <td valign="top"> <p align="center"><font size=1 face="Times New Roman"> </font></p> </td> </tr> <tr> <td valign="top"> <hr size="2" width="21%" noshade color=black> </td> </tr> </table> <p> <font size="2" face="Times New Roman"> (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.) </font></p> <table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="32%" valign="top"> <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman"> </font></p> </td> <td width="10%" valign="top"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Form 20-F</font></p> </td> <td width="6%" valign="top"> <p align="center"> <font size="2" face="Wingdings">x</font></p> </td> <td width="4%" valign="top"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td width="10%" valign="top"> <p> <font size="2" face="Times New Roman">Form 40-F</font></p> </td> <td width="6%" valign="top"> <p align="center"> <font size="2" face="Wingdings">o</font></p> </td> <td width="32%" valign="top"> <p> <font size="1" face="Times New Roman"> </font></p> </td> </tr> </table> <p><font size="2" face="Times New Roman"> (Indicate by check whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.) </font></p> <table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="32%" valign="top"> <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman"> </font></p> </td> <td width="10%" valign="top"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Yes</font></p> </td> <td width="6%" valign="top"> <p align="center"> <font size="2" face="Wingdings">o</font></p> </td> <td width="4%" valign="top"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td width="10%" valign="top"> <p> <font size="2" face="Times New Roman">No</font></p> </td> <td width="6%" valign="top"> <p align="center"> <font size="2" face="Wingdings">x</font></p> </td> <td width="32%" valign="top"> <p> <font size="1" face="Times New Roman"> </font></p> </td> </tr> </table> <p> <font size="2" face="Times New Roman"> (If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b);82- <u> </u>) </font></p> <hr size="4" width="100%" noshade color=black> <p> <font size="2" face="Times New Roman">Enclosure: Press Release - COPA HOLDINGS ANNOUNCES 25.4% TRAFFIC GROWTH FOR DECEMBER 2005</font></p> <div style="page-break-before:always"></div> <PAGE> <br> <p align="center"><font size="2" face="Times New Roman"><b>Copa Holdings Announces 25.4% Traffic Growth For December 2005</b></font></p> <p> <font size="2" face="Times New Roman"> PANAMA CITY, Jan. 12 /PRNewswire-FirstCall/ -- Copa Holdings, S.A. (NYSE: CPA), and its Copa Airlines and AeroRepublica operating subsidiaries, today released preliminary passenger traffic statistics for December 2005: </font></p> <table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="90%"> <tr> <td valign="bottom"> <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman"><b>Copa Holdings  (Consolidated)</b></font></p> </td> <td valign="bottom"> <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman"> </font></p> </td> <td colspan="2" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>December<br> 2005</b></font></p> </td> <td valign="bottom"> <p align="center"><font size=1 face="Times New Roman"> </font></p> </td> <td colspan="2" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>December<br> 2004*</b></font></p> </td> <td valign="bottom"> <p align="center"><font size=1 face="Times New Roman"> </font></p> </td> <td colspan="2" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>Change<br> (%)</b></font></p> </td> <td valign="bottom"> <p align="center"><font size=1 face="Times New Roman"> </font></p> </td> </tr> <tr> <td width="58%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td> <td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman"> </font></p> </td> <td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td> <td width="10%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td> <td width="2%" valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td> <td width="10%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td> <td width="2%" valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td> <td width="10%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td> <td width="3%" valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" > <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">ASM (mm) (1)</font></p> </td> <td valign="bottom" > <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p align=right> <font size="1" face="Times New Roman">552.9</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p align=right> <font size="1" face="Times New Roman">448.6</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p align=right> <font size="1" face="Times New Roman">23.3</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman">%</font></p> </td> </tr> <tr> <td valign="bottom"> <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">RPM (mm) (2)</font></p> </td> <td valign="bottom"> <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p align=right> <font size="1" face="Times New Roman">397.5</font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p align=right> <font size="1" face="Times New Roman">317.1</font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p align=right> <font size="1" face="Times New Roman">25.4</font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman">%</font></p> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" > <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">Load Factor (3)</font></p> </td> <td valign="bottom" > <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p align=right> <font size="1" face="Times New Roman">71.9</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman">%</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p align=right> <font size="1" face="Times New Roman">70.7</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman">%</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p align=right> <font size="1" face="Times New Roman">1.2 </font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman">p.p</font></p> </td> </tr> <tr> <td valign="bottom"> <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Copa Airlines</font></p> </td> <td valign="bottom"> <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p align=right><font size=1 face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p align=right><font size=1 face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p align=right><font size=1 face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" > <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">ASM (mm) (1)</font></p> </td> <td valign="bottom" > <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p align=right> <font size="1" face="Times New Roman">404.6</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p align=right> <font size="1" face="Times New Roman">333.7</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p align=right> <font size="1" face="Times New Roman">21.2</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman">%</font></p> </td> </tr> <tr> <td valign="bottom"> <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">RPM (mm) (2)</font></p> </td> <td valign="bottom"> <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p align=right> <font size="1" face="Times New Roman">308.4</font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p align=right> <font size="1" face="Times New Roman">239.1</font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p align=right> <font size="1" face="Times New Roman">29.0</font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman">%</font></p> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" > <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">Load Factor (3)</font></p> </td> <td valign="bottom" > <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p align=right> <font size="1" face="Times New Roman">76.2</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman">%</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p align=right> <font size="1" face="Times New Roman">71.7</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman">%</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p align=right> <font size="1" face="Times New Roman">4.5</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman">p.p</font></p> </td> </tr> <tr> <td valign="bottom"> <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">AeroRepublica</font></p> </td> <td valign="bottom"> <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p align=right><font size=1 face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p align=right><font size=1 face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p align=right><font size=1 face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" > <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">ASM (mm) (1)</font></p> </td> <td valign="bottom" > <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p align=right> <font size="1" face="Times New Roman">148.3</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p align=right> <font size="1" face="Times New Roman">114.9</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p align=right> <font size="1" face="Times New Roman">29.1</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman">%</font></p> </td> </tr> <tr> <td valign="bottom"> <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">RPM (mm) (2)</font></p> </td> <td valign="bottom"> <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p align=right> <font size="1" face="Times New Roman">89.2</font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p align=right> <font size="1" face="Times New Roman">78.0</font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom"> <p align=right> <font size="1" face="Times New Roman">14.4</font></p> </td> <td valign="bottom"> <p> <font size="1" face="Times New Roman">%</font></p> </td> </tr> <tr bgcolor="#cceeff"> <td valign="bottom" > <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">Load Factor (3)</font></p> </td> <td valign="bottom" > <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p align=right> <font size="1" face="Times New Roman">60.1</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman">%</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p align=right> <font size="1" face="Times New Roman">67.9</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman">%</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="bottom" > <p align=right> <font size="1" face="Times New Roman">-7.8</font></p> </td> <td valign="bottom" > <p> <font size="1" face="Times New Roman">p.p</font></p> </td> </tr> </table> <BR> <table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%"> <tr> <td colspan="3" valign="top"> <hr size="1" align="Left" width="25%" noshade color=black> </td> </tr> <tr> <td width="5%" valign="top"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td width="5%" valign="top"> <p> <font size="2" face="Times New Roman">*</font></p> </td> <td width="90%" valign="top"> <p> <font size="2" face="Times New Roman">Figures for 2004 are not comparable for Copa Holdings, due to our purchase of AeroRepublica on April 22, 2005.</font></p> </td> </tr> <tr> <td valign="top"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="top"> <p> <font size="2" face="Times New Roman">1.</font></p> </td> <td valign="top"> <p> <font size="2" face="Times New Roman">Available seat miles  - represents the aircraft seating capacity multiplied by the number of miles the seats are flown.</font></p> </td> </tr> <tr> <td valign="top"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="top"> <p> <font size="2" face="Times New Roman">2.</font></p> </td> <td valign="top"> <p> <font size="2" face="Times New Roman">Revenue passenger miles - represents the numbers of miles flown by revenue passengers</font></p> </td> </tr> <tr> <td valign="top"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="top"> <p> <font size="2" face="Times New Roman">3.</font></p> </td> <td valign="top"> <p> <font size="2" face="Times New Roman">Load factor  - represents the percentage of aircraft seating capacity that is actually utilized</font></p> </td> </tr> </table> <p> <font size="2" face="Times New Roman"> For the month of December 2005, Copa Holdings’ system-wide passenger traffic (RPM) increased 25.4%, while capacity (ASM) increased 23.3%. System load factor for December 2005 reached 71.9%, an increase of 1.2 p.p. when compared to December 2004. </font></p> <p><font size="2" face="Times New Roman"> Copa Airlines passenger traffic (RPM) for December increased 29.0%, while capacity (ASM) increased 21.2%. This resulted in a 4.5% increase in load factor when compared to December 2004. </font></p> <p> <font size="2" face="Times New Roman"> AeroRepublica passenger traffic (RPM) for December 2005 increased 14.4%, while capacity (ASM) increased 29.1%.  AeroRepublica´s load factor decreased 7.8 p.p when compared to December 2004.  </font></p> <p> <font size="2" face="Times New Roman"> Copa Holdings, through its Copa Airlines and AeroRepublica operating subsidiaries, is a leading Latin American provider of passenger and cargo service.  Copa Airlines currently offers approximately 80 daily scheduled flights to 30 destinations in 20 countries in North, Central and South America and the Caribbean.  In addition, Copa Airlines provides passengers with access to flights to more than 120 other international destinations through codeshare agreements with Continental Airlines and other airlines.  AeroRepublica, the second-largest domestic carrier in Colombia, provides service to 12 cities in Colombia as well as international connectivity with Copa Airlines’ Hub of the Americas through daily flights from Medellin and Cartagena.  </font></p> <p> <font size="2" face="Times New Roman"> This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates and expectations, and are not guarantees of future performance. They are based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this presentation include those described under the caption “Risk Factors” and “Special Note About Forward- Looking Statements” in the Company’s registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission. </font></p> <hr size="1" width="100%" noshade color=black> <div style="page-break-before:always"></div> <PAGE> <br> <p align="center"><font size="2" face="Times New Roman"><b>SIGNATURES</b></font></p> <p> <font size="2" face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. </font></p> <table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td colspan="2" valign="top"> <p> <font size="2" face="Times New Roman">Copa Holdings, S.A.</font></p> </td> </tr> <tr> <td valign="top"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td colspan="2" valign="top"> <hr size="1" width="100%" noshade color=black> </td> </tr> <tr> <td valign="top"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td colspan="2" valign="top"> <p> <font size="2" face="Times New Roman">(Registrant)</font></p> </td> </tr> <tr> <td width="60%" valign="top"> <p> <font size="2" face="Times New Roman">Date:  01/12/2006</font></p> </td> <td width="6%" valign="top"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td width="34%" valign="top"> <p> <font size="1" face="Times New Roman"> </font></p> </td> </tr> <tr> <td valign="top"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="top"> <p> <font size="2" face="Times New Roman">By:</font></p> </td> <td valign="top"> <p> <font size="2" face="Times New Roman"><b>/s/</b> Victor Vial</font></p> </td> </tr> <tr> <td valign="top"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="top"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="top"> <hr size="1" width="100%" noshade color=black> </td> </tr> <tr> <td valign="top"> <p> <font size="1" face="Times New Roman"> </font></p> </td> <td valign="top"> <p> <font size="2" face="Times New Roman">Name:</font></p> </td> <td valign="top"> <p> <font size="2" face="Times New Roman">Victor Vial</font></p> </td> </tr> <tr> <td valign="top"> <p><font size="1" face="Times New Roman"> </font></p> </td> <td valign="top"> <p><font size="2" face="Times New Roman">Title:</font></p> </td> <td valign="top"> <p><font size="2" face="Times New Roman">CFO</font></p> </td> </tr> </table> <BR> <hr size="1" width="100%" noshade color=black> </body> </html> </TEXT> </DOCUMENT> </SEC-DOCUMENT> -----END PRIVACY-ENHANCED MESSAGE-----