ARIAS, FABREGA & FABREGA acted as counsel to Morgan Stanley & Co. Incorporated and Goldman, Sach & Co. in connection with the US$362 million initial public offering of shares of common stock of Copa Holdings, S.A., a Panama-based airline, listed on the New York Sock Exchange.

Ricardo M. Arango, partner and head of the firm's Capital Markets and Banking practice group, and Rodrigo Cardoze, international associate, participated in this transaction.