| NAME | JURISDICTION OF INCORPORATION | ||||
| COPA HOLDINGS, S.A | Panamá | ||||
| COMPAÑÍA PANAMEÑA DE AVIACIÓN, S.A. | Panamá | ||||
| ENTERPRISES SUPPORT, INC | Panamá | ||||
| LA NUEVA AEROLINEA, S.A. | Panamá | ||||
| AEROFINANCE CORPORATION | British Virgin Islands | ||||
| AERO CORPORATION ONE LTD | British Virgin Islands | ||||
| AERO CORPORATION TWO LTD | British Virgin Islands | ||||
| FINANCIAL LEASING HOLDINGS, INC | British Virgin Islands | ||||
| AEROREPUBLICA, S. A. | Colombia | ||||
| OVAL FINANCIAL LEASING LTD. | British Virgin Islands | ||||
| ALSACE HOLDINGS LTD | British Virgin Islands | ||||
| ANCON LEASING | British Virgin Islands | ||||
| NEW WINGS LEASING, INC. | Delaware | ||||
| INTERNATIONAL AVIATION LEASING GROUP LTD | British Virgin Islands | ||||
| INTERNATIONAL AVIATION LEASING GROUP TWO LTD | British Virgin Islands | ||||
| NEW TRIUMPH PACIFIC | British Virgin Islands | ||||
| NEW TRIUMPH ENGINE TWO | British Virgin Islands | ||||
| ONMAX ENTERPRISES LIMITED | British Virgin Islands | ||||
| REGIONAL AIRCRAFT HOLDINGS, LTD | British Virgin Islands | ||||
| LEASE MANAGEMENT SERVICES LLC | Delaware | ||||
| ASIAN AIRCRAFT LEAS. LTD. | Irlanda | ||||
| ASIAN AIRCRAFT LEAS. 2 LT | Irlanda | ||||
| ASIAN AIRCRAFT LEAS. 3 LT | Irlanda | ||||
| ASIAN AIRCRAFT LEA 4 LTD | Irlanda | ||||
| ASIAN AIRCRAFT LEA 5 LTD | Irlanda | ||||
| ASIAN AIRCRAFT LEA 6 LTD | Irlanda | ||||
| ASIAN AIRCRAFT LEA 7 LTD | Irlanda | ||||
| ASIAN AIRCRAFT LEA 8 LTD | Irlanda | ||||
| PANAMAX 20 LEASING LTD | Irlanda | ||||
| SMALL PLANES, INC | British Virgin Islands | ||||