Copa Holdings, S.A.

Copa Holdings, S.A. was incorporated on May 6, 1998, as a *sociedad anónima* (stock corporation) under Panamanian law. The company's origins trace back to Copa, established in 1947 by Panamanian investors and Pan American World Airways. Initially, Copa operated domestically in Panama, serving three destinations with three Douglas C-47 aircraft. In the 1960s, Copa expanded internationally, offering three weekly flights to cities in Costa Rica, Jamaica, and Colombia using Avro 748s and Electra 188s. Pan American World Airways sold its stake in Copa in 1971 to Panamanian investors. During the 1980s, Copa ceased domestic service to concentrate on international flights. In 1986, CIASA acquired 99% of Copa. From 1992 to 1998, Copa was part of a commercial alliance with Grupo TACA's network. In 1997, Copa and Grupo TACA formed a strategic alliance with American Airlines, which was terminated by mutual consent after one year. In 1998, CIASA sold a 49% stake in Copa Holdings to Continental Airlines, leading to an alliance agreement for code-sharing, joint marketing, and technical exchanges. At Copa Holdings' initial public offering in December 2005, Continental reduced its ownership from 49% to approximately 27.3%. In a June 2006 follow-on offering, Continental further reduced its ownership to 10.0%, and in May 2008, sold its remaining shares. As of December 31, 2025, CIASA held 26.6% of Copa Holdings' total capital stock, having sold 4.2% of its interest in March 2010.