Statement of Changes in Beneficial Ownership

This filing details changes in the beneficial ownership of Copa Holdings, S.A. stock. Stanley Alberto Motta, a director, has indirect ownership of 1,867 shares of Class A Common Stock through his spouse. Additionally, he has indirect ownership of 95,815 shares of Class B Common Stock through Sunbury Corporation. The filing includes an exhibit of a Power of Attorney authorizing the signature on behalf of Mr. Motta.