COPA HOLDINGS SA

Ticker: CPA CUSIP: P31076105 Class: CL A

ARGA Investment Management, LP's Holding History (CIK: 0001556915)

Note: Option positions (PUT/CALL) are excluded.

Q4 2015

Shares 32,300 Value ($000) $1,559 Avg Close $38.79 Range $30.13 - $46.01

Q3 2015

Shares 32,300 Value ($000) $1,354 Avg Close $46.14 Range $28.91 - $62.90

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2015	32,300	$1,559	$38.79	$30.13 - $46.01
Q3 2015	32,300	$1,354	$46.14	$28.91 - $62.90