COPA HOLDINGS SA

Ticker: CPA CUSIP: P31076105 Class: CL A

Formidable Asset Management, LLC's Holding History (CIK: 0001592613)

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

Q3 2015

Shares 35 Value ($000) $1 Avg Close $46.14 Range $28.91 - $62.90

Q2 2014

Shares 1,412 Value ($000) $201 Avg Close $98.21 Range $91.49 - $103.49

Q4 2013

Shares 1,412 Value ($000) $185 Avg Close $104.68 Range $94.55 - $112.08

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2015	35	$1	$46.14	$28.91 - $62.90
Q2 2014	1,412	$201	$98.21	$91.49 - $103.49
Q4 2013	1,412	$185	$104.68	$94.55 - $112.08