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Mr. Ricardo Arias has been one of the directors of Copa Airlines since 1985 and a director of Copa Holdings since it was established in 1998. He is a founding partner of Galindo Arias & Lopez the law firm passing on the validity of the shares offered by this prospectus. Mr. Arias currently serves as Panama’s ambassador to the United Nations. Mr. Arias holds a B.A. in international relations from Georgetown University an LL.B. from the University of Puerto Rico and an LL.M. from The Yale Law School. He serves on the boards of directors of Banco General S.A. and Empresa General de Inversiones S.A. which is the holding company that owns Banco General S.A. and Empresa General de Petróleos S.A. Mr. Arias is also listed as a principal or alternate director of several subsidiary companies of Banco General S.A. and Empresa General de Inversiones S.A. | 