COPA AIRLINES REPORTS 90.30% ON-TIME PERFORMANCE RECORD FOR THIRD QUARTER 2002

COPA AIRLINES REPORTS 90.30% ON-TIME PERFORMANCE RECORD FOR THIRD QUARTER 2002

Airline ends third quarter with one of the industry's highest records


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PANAMA CITY, Panama–(BUSINESS WIRE)–Oct. 21, 2002–Copa Airlines once again has achieved a top-ranking on-time performance record in the airline industry worldwide, finishing the third quarter 2002 with a 90.30 percent record.

In the first three quarters of 2002, Copa Airlines consistently has attained high-ranking on-time performance records. The airline has completed the first three quarters of the year with an average on-time performance of 90.29 percent.

“Although 2002 has not been an easy year for the airline industry, Copa has consistently achieved its goals without losing sight of its daily objectives – getting our passengers to their destination in the fastest, safest and most comfortable way possible,” said Jorge García Icaza, Commercial Vice-President, Copa Airlines. “Our excellent on-time performance records are proof of our commitment to service, quality and growth.”

The airline measures its on-time performance utilizing the U.S. Department of Transportation (DOT) industry standard measure of a maximum 15-minute variation from the scheduled time of arrival. According to the DOT’s Air Travel Consumer report published in October 2002, the number one US carrier with the highest on-time performance record during the second quarter achieved an 85.2 percent record, putting Copa’s on-time performance ahead of all US carriers.

By the end of the year, Copa also will have received four new planes, making its fleet the youngest one in the region. On Aug. 26 Copa announced a new order for up to 12 new 737 Boeing Next Generation aircraft valued at $650 million. This investment guarantees the airline’s growth and that of the Hub of the Americas in Panama.

Copa’s strategic alliance with Continental Airlines has produced an interconnection of route systems on flights between the United States and Latin America. Both airlines participate in OnePass, the frequent flyer program of Continental Airlines and its affiliates, and share benefits of Presidents Clubs around the world.

With more than 55 years of experience, Copa Airlines (http://www.copaair.com) serves 29 destinations in 19 countries in North, Central and South America and the Caribbean. In September 2001, Copa was named to the “Excelencia 2001” (“Excellence 2001”) list in América Economía for “innovation, creativity and leadership in the field of aviation.” From its base at Tocumen International Airport in Panama City, Copa Airlines operates the Hub of the Americas, one of the most efficient and successful hubs in Latin America. In 2002, the airline expects to transport 1.2 million passengers.

–30–sg/sa*

CONTACT:

Copa Airlines

Carol Schliesinger-Cura, 210/619-2022 – U.S.A.

or

Patricia Roquebert, 507/225-7655 – Panama

COPA AIRLINES REPORTS 90.30% ON-TIME PERFORMANCE RECORD FOR THIRD QUARTER 2002