Page "Copa Airlines" Paragraph 7

In 1998, Continental Airlines acquired 49 percent of the airline, marking the beginning of a comprehensive marketing and operating alliance.

On 19 May 1999, Continental increased its stake to 51 percent.

Since then, Copa has adopted a livery and a corporate logo similar to Continental's.

Copa participated in the OnePass frequent flyer program until Continental's merger with United Airlines.

In connection with the initial public offering in December 2005, Continental reduced its investment to approximately 27. 3 percent and through a follow-on offering in 2006, further reduced its investment to approximately ten percent.