The following report is for informational purposes only. It does not represent the views of the author regarding COPA Holdings, nor an opinion regarding the possible performance of the shares during and after the upcoming IPO. The author is not responsible for errors or omissions. The interpretation of this report is the sole responsibility of the reader. This report is subject to revisions.

In this report

• A look at the numbers
• Benchmarking COPA
• Companies selected
• Profitability margins
• Financial efficiency
• Peer valuation an estimated fair price