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Mr. Jaime Arias has been one of the directors of Copa Airlines since 1983 and a director of Copa Holdings since it was established in 1998. He is a founding partner of Galindo Arias & Lopez the law firm passing on the validity of the shares offered by this prospectus. Mr. Arias holds a B.A. from Yale University a J.D. from Tulane University and legal studies at the University of Paris Sorbonne. He serves as an advisor to the President of the Republic of Panama and serves on the boards of directors of Televisora Nacional S.A. ASSA Compa��a de Seguros S.A. Empresa General de Inversiones S.A. Compa�ia General de Petr�leos S.A. Banco Continental de Panama S.A. and Bac International Bank Inc. | 