Arias, Fábrega & Fábrega acted as counsel to Morgan Stanley & Co. Incorporated and UBS Securities LLC in connection with the sale by Continental Airlines Inc. of 4,375,000 shares of class A common stock of Copa Holdings, S.A. in an SEC-registered equity offering.

Continental Airlines Inc. sold its remaining interest in Copa Holdings, S.A. at a price of US$35.75 per share, resulting in net proceeds to Continental of US$149,758,875.

Morgan Stanley & Co. Incorporated acted as sole bookrunning manager and UBS Securities LLC acted as joint lead manager.

The underwriters reserved an over-allotment option for the purchase of 397,700 additional shares from Continental Airlines, Inc., which due to the high demand for shares of Copa Holdings, S.A., was exercised. Copa Holdings, S.A., through its Copa Airlines and AeroRepublica operating subsidiaries, is a leading Latin America provider of passenger and cargo services.