EXHIBIT 4.24

CONFIDENTIAL TREATMENT

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL

Supplemental Agreement No. 21

to

Purchase Agreement No. 2191

between

The Boeing Company

and

COPA Holdings, S.A., Inc. Relating to

Boeing Model 737 Aircraft

THIS SUPPLEMENTAL AGREEMENT No. 21 (“Supplemental Agreement 21”) is entered into as of May 28, 2010 by and between THE BOEING COMPANY, a Delaware corporation with its principal office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A., INC. (Customer);

WHEREAS, the parties hereto entered into Purchase Agreement No. 2191 dated November 25, 1998, (as amended and supplemented and together with all exhibits, schedules and letter agreements pertaining thereto, the “Purchase Agreement”) relating to Boeing Model 737-7V3 and 737-8V3 aircraft (collectively, the “Aircraft” and each an “Aircraft”);

WHEREAS, Customer has exercised one (1) [***] Option Aircraft and one (1) [***] Option Aircraft; and

[***]

NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree as follows:

1. The one (1) [***] and one (1) [***] Aircraft that Customer has exercised will deliver one (1) [***] with serial number [***] and one (1) in [***]with serial number [***].

2. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement.

3. The “Table of Contents” of the Purchase Agreement is revised to reflect the changes made by this Supplemental Agreement 21 and to delete Restricted Letter Agreement “6-1162-LAJ-982R8. . . .Special Matters . . . .SA-20” from the Table of Contents since it was not included in SA-20. A copy of the revised Table of Contents is attached hereto.

4. The following changes are made to the Aircraft Delivery, Description, Price and Advance Payments Tables to incorporate the [***].

4.1. Tables 1-6, 1-9 and 1-10B are revised to change the features price and SPE price as discussed in paragraph 4 above. Tables 1-6, 1-9 and 1-10B as revised in accordance with this paragraph 4 are attached hereto.

PA No. 2191	Page 1	SA No. 21
		May 2010

CONFIDENTIAL

4.2. Table 1-8 is revised to change the features price and SPE price as discussed in paragraph 4 above for the August 2011 Aircraft only. Table 1-8, as revised, is attached hereto.

4.3. Table 1-10A is revised to create two Tables. Table 1-10A(1) lists only the [***] Aircraft which continue to have the features from Exhibit A-3. Table 1-10A(2) lists the remainder of the Aircraft from Table 1-10A and includes the revised features pricing and SPE estimate as discussed in paragraph 4 above. Table 1-10A(1) and Table 1-10A(2) are attached hereto.

4.4. Table 1-12, attached hereto, provides the pricing information for the exercised [***] Aircraft.

5. Exhibit A-4 entitled “Aircraft Configuration for Customer’s 737-8V3 Aircraft with Deliveries [***]”, attached hereto, provides the features for Aircraft with deliveries [***] including the [***]. These changes will be included in Customer’s Detail Specification number [***].

6. Supplemental Agreement BFE1, Buyer Furnished Equipment Variables, paragraph 2 is revised as stated below to add the preliminary on-dock dates for the [***] Aircraft. Preliminary On dock Dates for the [***] Aircraft are found in Supplemental Agreement 18.

	[***]     Aircraft
[***]		[***]
[***]		[***]
[***]		[***]
[***]		[***]
[***]		[***]
[***]		[***]
[***]		[***]
[***]		[***]
[***]		[***]
[***]		[***]

7. [***]

8. Letter Agreement 6-RLL-3958R2, Table 11 entitled “Option Aircraft Delivery, Description, Price and Advance Payments”, is revised to [***]. The revised Table 11 dated May 2010 is attached hereto

9. [***]

10. [***]

PA No. 2191	Page 2	SA No. 21
		May 2010

CONFIDENTIAL

11. At signing of this Supplemental Agreement                  is due.

The Purchase Agreement will be deemed to be supplemented and revised to the extent herein provided as of the date hereof and as so supplemented and revised will continue in full force and effect.

Boeing and Customer have each caused this Supplemental Agreement to be duly executed as of the day and year first written above.

	THE BOEING COMPANY		COPA HOLDINGS, S.A.
By		By:
	Its:         Attorney-In-Fact		Its: Chief Executive Officer

PA No. 2191	Page 3	SA No. 21
		May 2010

CONFIDENTIAL

TABLE OF CONTENTS

ARTICLES		SA NUMBER
1. Quantity, Model and Description			SA 3
2. Delivery Schedule
3. Price
4. Payment			SA 3
5. Miscellaneous
TABLE
1-1	Aircraft Information Table for Model 737-7V3 Aircraft		SA 4
1-2	Aircraft Information Table for Model 737-8V3 Aircraft		SA 5
1-3	Aircraft Information Table for Model 737-7V3 Aircraft		SA 7
1-4	Aircraft Information Table for Model 737-7V3 Aircraft		SA 13
1-5	Aircraft Information Table for Model 737-8V3 Aircraft		SA 13
1-6	Aircraft Information Table for Model 737-8V3 Aircraft		SA 21
1-7	Aircraft Information Table for Model 737-8V3 Aircraft Option Aircraft		SA 13
1-8	Aircraft Information Table for Model 737-8V3 Aircraft		SA 21
1-9	Aircraft Information Table for Model 737-8V3 Aircraft		SA 21
1-10	Aircraft Information Table for Model 737-8V3 Aircraft		SA 21
1-10A(1)	Aircraft Information Table for Model 737-8V3 Aircraft		SA 21
1-10A(2)	Aircraft Information Table for Model 737-8V3 Aircraft		SA 21
1-10B	Aircraft Information Table for Model 737-8V3 Aircraft		SA 21
1-11	Aircraft Information Table for Model 737-8V3 Option Aircraft		SA 21
1-12	Aircraft Information Table for Model 737-8V3 Aircraft		SA 21
EXHIBIT
A-1	Aircraft Configuration for Model 737-7V3 Aircraft		SA 3
A-2	Aircraft Configuration for Model 737-8V3 Aircraft		SA 3
A-3	Aircraft Configuration for Model 737-8V3 Aircraft		SA 18
A-4	Aircraft Configuration for Model 737-8V3 Aircraft		SA 21
	[***]
B.	Aircraft Delivery Requirements and Responsibilities		SA 3

PA No. 2191	i	SA No. 21
		May 2010

CONFIDENTIAL

SUPPLEMENTAL EXHIBITS

AE1.	Escalation Adjustment Airframe and Optional Features	SA 10
BFE1.	BFE Variables	SA 21
CS1.	Customer Support Variables	SA 3
EE1.	Engine Escalation/Engine Warranty and Patent Indemnity
SLP1.	Service Life Policy Components

LETTER AGREEMENTS

2191-01	Demonstration Flight Waiver
2191-02	Escalation Sharing
2191-03	Seller Purchased Equipment
2191-03R1	Seller Purchased Equipment	SA-20

RESTRICTED LETTER AGREEMENTS

6-1162-DAN-0123	[***]
6-1162-DAN-0124	Special Matters
6-1162-DAN-0155	Airframe Escalation Revision
6-1162-DAN-0156	Year 2000 Ready Software, Hardware and Firmware
6-1162-DAN-0157	Miscellaneous Matters
6-1162-MJB-0017	Special Matters
6-1162-MJB-0030	Special Matters
6-1162-LAJ-874R	Special Matters	SA 5
6-1162-LAJ-874R1	Special Matters	SA 6
6-1162-LAJ-874R2	Special Matters	SA 7
6-1162-LAJ-982	Special Matters	SA 8
6-1162-LAJ-982R3	Special Matters	SA 11
6-1162-RLL-3852	[***]	SA 9
6-1162-LAJ-982R4	Special Matters	SA 13
6-1162-RLL-3958	737-8V3 Option Aircraft	SA 13
6-1162-RLL-3958R1	737-8V3 Option Aircraft	SA 18
6-1162-RLL-3958R1	737-8V3 Option Aircraft	SA 18
6-1162-RLL-3958R2	737-8V3 Option Aircraft	SA 21
6-1162-LAJ-982R5	Special Matters	SA 16
6-1162-LAJ-982R6	Special Matters	SA 17
6-1162-LAJ-982R7	Special Matters	SA 18
6-1162-LAJ-982R8	Special Matters	SA 20
6-1162-RLL-4092	Advance Payment Matters for Aircraft Listed in Table 1-9	SA 17
6-1162-KSW-6417	Boeing Offer Related to New Interior	SA 18
6-1162-KSW-6419	[***]	SA 20
6-1162-KSW-6471	[***]
	[***]	SA 21
LA -1000842	Installation of Cabin Systems Equipment	SA 21

PA No. 2191	ii	SA No. 21
		May 2010

CONFIDENTIAL

SUPPLEMENTAL AGREEMENTS	DATED AS OF:
Supplemental Agreement No. 1		June 29, 2001
Supplemental Agreement No. 2		December 21, 2001
Supplemental Agreement No. 3		June 14, 2002
Supplemental Agreement No. 4		December 20, 1002
Supplemental Agreement No. 5		October 31, 2003
Supplemental Agreement No. 6		September 9, 2004
Supplemental Agreement No. 7		December 9, 2004
Supplemental Agreement No. 8		April 15, 2005
Supplemental Agreement No. 9		March 16, 2006
Supplemental Agreement No. 10		May 8, 2006
Supplemental Agreement No. 11		August 30, 2006
Supplemental Agreement No. 12		February 26, 2007
Supplemental Agreement No. 13		April 23, 2007
Supplemental Agreement No. 14		August 31, 2007
Supplemental Agreement No. 15		February 21, 2008
Supplemental Agreement No. 16		June 30, 2008
Supplemental Agreement No. 17		December 15, 2008
Supplemental Agreement No. 18		July 15, 2009
Supplemental Agreement No. 19		August 31, 2009
Supplemental Agreement No. 20		November 19, 2009

PA No. 2191	iii	SA No. 21
		May 2010

CONFIDENTIAL

Table 1-6

Aircraft Delivery, Description, Price and Advance Payments

(BSI Interior)

Airframe Model/MTOW: 737-800		[***]	Detail Specification:	[***]
Engine Model/Thrust: CFM56-7B26		[***]	Airframe Price Base Year/Escalation Formula:	[***]	[***]
Airframe Price:		[***]	Engine Price Base Year/Escalation Formula:	[***]	[***]
Optional Features:		[***]	[***]
Sub-Total of Airframe and Features:		[***]	Airframe Escalation Data:	[***]
Engine Price (Per Aircraft):	$	0	Base Year Index (ECI):	[***]
Aircraft Basic Price (Excluding BFE/SPE):		[***]	Base Year Index (CPI):	[***]
Buyer Furnished Equipment (BFE) Estimate:	$	0
Seller Purchased Equipment (SPE) Estimate:		[***]
Refundable Deposit/Aircraft at Proposal Accept:		[***]

Delivery Date

Number of Aircraft

Escalation Factor (Airframe)

Serial Number

Escalation Estimate Adv Payment Base Price Per A/P

Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):

[***] [***]

[***] [***]

[***] [***]

[***] [***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

Total:

4

COP-54041-1F.TXT PA No. 2191 SA-21 Boeing Proprietary May 2010 Page 1

CONFIDENTIAL

Table 1-8

Aircraft Delivery, Description, Price and Advance Payments

Airframe Model/MTOW: 737-800		[***]	Detail Specification: see PA 2191
Engine Model/Thrust: CFM56-7B26		[***]	Airframe Price Base Year/Escalation Formula:	[***]	[***]
Airframe Price*: see note below		[***]	Engine Price Base Year/Escalation Formula:	[***]	[***]
Optional Features:		[***]	[***]
Sub-Total of Airframe and Features:		[***]	Airframe Escalation Data:	[***]
Engine Price (Per Aircraft):	$	0	Base Year Index (ECI):	[***]
Aircraft Basic Price (Excluding BFE/SPE):		[***]	Base Year Index (CPI):	[***]
Buyer Furnished Equipment (BFE) Estimate:	$	0
Seller Purchased Equipment (SPE) Estimate:		[***]
Refundable Deposit/Aircraft at Proposal Accept:		[***]

Delivery Date

Number of Aircraft

Escalation Factor (Airframe)

Serial Number

Escalation Estimate Adv Payment Base Price Per A/P

Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):

[***] [***]

[***] [***]

[***] [***]

[***] [***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

Total:

2

[***]

[***]

COP-48720/54023-1F.TXT PA No. 2191 SA-21 Boeing Proprietary May 2010 Page 1

CONFIDENTIAL

Table 1-9

Aircraft Delivery, Description, Price and Advance Payments

(BSI Interior)

Airframe Model/MTOW: 737-800		[***]	Detail Specification:	[***]	[***]
Engine Model/Thrust: CFM56-7B26		[***]	Airframe Price Base Year/Escalation Formula:	[***]	[***]
Airframe Price:		[***]	Engine Price Base Year/Escalation Formula:	[***]	[***]
Optional Features:		[***]	[***]
Sub-Total of Airframe and Features:		[***]	Airframe Escalation Data:	[***]
Engine Price (Per Aircraft):	$	0	Base Year Index (ECI):	[***]
Aircraft Basic Price (Excluding BFE/SPE):		[***]	Base Year Index (CPI):	[***]
Buyer Furnished Equipment (BFE) Estimate:	$	0
Seller Purchased Equipment (SPE) Estimate:		[***]
Refundable Deposit/Aircraft at Proposal Accept:		[***]

Delivery Date

Number of Aircraft

Escalation Factor (Airframe)

Serial Number

Escalation Estimate Adv Payment Base Price Per A/P

Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):

[***] [***]

[***] [***]

[***] [***]

[***] [***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

Total:

2

COP-54021-1F.TXT PA No. 2191 SA-21 Boeing Proprietary May 2010 Page 1

CONFIDENTIAL

Table 1-10A(1)

Aircraft Delivery, Description, Price and Advance Payments

Airframe Model/MTOW: 737-800		[***]	Detail Specification:	[***]
Engine Model/Thrust: CFM56-7B26		[***]	Airframe Price Base Year/Escalation Formula:	[***]	[***]
Airframe Price:		[***]	Engine Price Base Year/Escalation Formula:	[***]	[***]
Optional Features:		[***]
Sub-Total of Airframe and Features:		[***]	Airframe Escalation Data:
Engine Price (Per Aircraft):	$	0	Base Year Index (ECI):	[***]
Aircraft Basic Price (Excluding BFE/SPE):		[***]	Base Year Index (CPI):	[***]
Buyer Furnished Equipment (BFE) Estimate:	$	0
Seller Purchased Equipment (SPE) Estimate:		[***]
Refundable Deposit/Aircraft at Proposal Accept:		[***]

Delivery Date

Number of Aircraft

Escalation Factor (Airframe)

Serial Number

Escalation

Escalation Estimate Adv Payment Base Price Per A/P

Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):

[***] [***]

[***] [***]

[***] [***]

[***] [***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

Total:

2

[***]

[***]

[***]

COP PA 2191 SA-20 51647, 52612 Boeing Proprietary 11/25/09 Page 1

CONFIDENTIAL

Table 1- 10A(2)

Aircraft Delivery, Description, Price and Advance Payments (BSI/Winglets)

Airframe Model/MTOW: 737-800		[***]	Detail Specification:	[***]
Engine Model/Thrust: CFM56-7B26		[***]	Airframe Price Base Year/Escalation Formula:	[***]	[***]
Airframe Price:		[***]	Engine Price Base Year/Escalation Formula:	[***]	[***]
Optional Features:		[***]
Sub-Total of Airframe and Features:		[***]	Airframe Escalation Data:
Engine Price (Per Aircraft):	$	0	Base Year Index (ECI):	[***]
Aircraft Basic Price (Excluding BFE/SPE):		[***]	Base Year Index (CPI):	[***]
Buyer Furnished Equipment (BFE) Estimate:	$	0
Seller Purchased Equipment (SPE) Estimate:		[***]
Refundable Deposit/Aircraft at Proposal Accept:		[***]

Delivery Date

Number of Aircraft

Escalation Factor (Airframe)

Serial Number

Fixed Escalation

Escalation Estimate Adv Payment Base Price Per A/P

Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):

[***] [***]

[***] [***]

[***] [***]

[***] [***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

Total:

10

[***]

[***]

COP- 54019-1F.TXT PA No. 2191 SA-21 Boeing Proprietary May 2010 Page 1

CONFIDENTIAL

Table 1-10B

Aircraft Delivery, Description, Price and Advance Payments

(BSI Interior)

Airframe Model/MTOW: 737-800		[***]	Detail Specification:	[***]
Engine Model/Thrust: CFM56-7B26		[***]	Airframe Price Base Year/Escalation Formula:	[***]	[***]
Airframe Price:		[***]	Engine Price Base Year/Escalation Formula:	[***]	[***]
Optional Features:		[***]
Sub-Total of Airframe and Features:		[***]	Airframe Escalation Data:
Engine Price (Per Aircraft):	$	0	Base Year Index (ECI):	[***]
Aircraft Basic Price (Excluding BFE/SPE):		[***]	Base Year Index (CPI):	[***]
Buyer Furnished Equipment (BFE) Estimate:	$	0
Seller Purchased Equipment (SPE) Estimate:		[***]
Option Deposit Paid		[***]

Delivery Date

Number of Aircraft

Escalation Factor (Airframe)

Serial Number

Escalation*

Escalation Estimate Adv Payment Base Price Per A/P

Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):

[***] [***]

[***] [***]

[***] [***]

[***] [***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

Total:

3

[***]

[***]

COP- 54022-1F.TXT PA No. 2191 SA-2 Boeing Proprietary May 2010 Page 1

CONFIDENTIAL

Table 1-12

Aircraft Delivery, Description, Price and Advance Payments

(BSI Interior)

Airframe Model/MTOW: 737-800		[***]	Detail Specification:	[***]
Engine Model/Thrust: CFM56-7B26		[***]	Airframe Price Base Year/Escalation Formula:	[***]	[***]
Airframe Price:		[***]	Engine Price Base Year/Escalation Formula:	[***]	[***]
Optional Features:		[***]
Sub-Total of Airframe and Features:		[***]	Airframe Escalation Data:
Engine Price (Per Aircraft):	$	0	Base Year Index (ECI):	[***]
Aircraft Basic Price (Excluding BFE/SPE):		[***]	Base Year Index (CPI):	[***]
Buyer Furnished Equipment (BFE) Estimate:	$	0
Seller Purchased Equipment (SPE) Estimate:		[***]
Option Deposit		[***]

Delivery Date	Number of Aircraft	Escalation Factor (Airframe)	Serial Numbers		Escalation Estimate Adv Payment Base Price Per A/P	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
						[***] [***]	[***] [***]	[***] [***]	[***] [***]
[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]
[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]
[***]	[***]

COP-54019-1F. TXT PA No. 2191 SA-21 Boeing Proprietary May 2010 Page 1

CONFIDENTIAL

Table 1-11

Aircraft Delivery, Description, Price and Advance Payments

(BSI Interior)

Airframe Model/MTOW: 737-800		[***]	Detail Specification:	[***]
Engine Model/Thrust: CFM56-7B26		[***]	Airframe Price Base Year/Escalation Formula:	[***]	[***]
Airframe Price:		[***]	Engine Price Base Year/Escalation Formula:	[***]	[***]
Optional Features:		[***]
Sub-Total of Airframe and Features:		[***]	Airframe Escalation Data:
Engine Price (Per Aircraft):	$	0	Base Year Index (ECI):	[***]
Aircraft Basic Price (Excluding BFE/SPE):		[***]	Base Year Index (CPI):	[***]
Buyer Furnished Equipment (BFE) Estimate:	$	0
Seller Purchased Equipment (SPE) Estimate:		[***]
Non-Refundable Deposit/Aircraft at Def Agreemt:		[***]

Delivery Date	Number of Aircraft	Escalation Factor (Airframe)			Escalation Estimate Adv Payment Base Price Per A/P	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):
						[***] [***]	[***] [***]	[***] [***]	[***] [***]
[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]
[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]
[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]
[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]
[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]
[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]
[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]
[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]

COP-54039-10.TXT PA No. 2191 SA-21 Boeing Proprietary May 2010 Page 1

CONFIDENTIAL

11-COP38W0003-06_0511010172 BOEING PROPRIETARY 4/11/2011

AIRCRAFT CONFIGURATION FOR AIRCRAFT

WITH DELIEVERIES [***]

Between

THE BOEING COMPANY

And

COPA HOLDINGS, S.A., INC.

Exhibit A-4 to Purchase Agreement Number 2191

PA No. 2191 SA-21	A-4
	BOEING PROPRIETARY

CONFIDENTIAL

Exhibit A-4 to

Purchase Agreement No. 2191

Page 2

AIRCRAFT CONFIGUARTION

WITH DELIEVERIES BEGINNING IN 2011

Dated May 2010

relating to

BOEING MODEL 737-8V3 AIRCRAFT

Exhibit A-4 provides the Options for Customer’s Aircraft [***]. These Aircraft will have the [***]. The Detail Specification will be [***]. Such Detail Specification will incorporate the Options listed below, including the [***]. The aircraft Basic Price reflects and includes all effects of such Options, except such Aircraft Basic Price does not include the price effects of any Buyer Furnished Equipment or Seller Purchased Equipment. Exhibit A-4 is [***] used in the pricing Tables.

P.A. No. 2191 SA-21	A-4
	BOEING PROPRIETARY

CONFIDENTIAL

11-COP38W0003-06_0511010172 BOEING PROPRIETARY 4/11/2011

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-06
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title		[***] Price Per A/C
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]

PA No. 2190 Boeing Proprietary May 2010 Page 1

CONFIDENTIAL

11-COP38W0003-06_0511010172 BOEING PROPRIETARY 4/11/2011

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-06
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title	[***] Price Per A/C
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]

		May 2010
PA No. 2190	BOEING PROPRIETARY	Page 2

CONFIDENTIAL

11-COP38W0003-06_0511010172 BOEING PROPRIETARY 4/11/2011

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-06
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title	[***] Price Per A/C
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]

		May 2010
PA No. 2190	BOEING PROPRIETARY	Page 3

CONFIDENTIAL

11-COP38W0003-06_0511010172 BOEING PROPRIETARY 4/11/2011

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-06
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title	[***] Price Per A/C
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]

		May 2010
PA No. 2190	BOEING PROPRIETARY	Page 4

CONFIDENTIAL

11-COP38W0003-060511010172 BOEING PROPRIETARY 4/11/2011

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-06
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title		[***] Price Per A/C
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]

May 2010

PA No. 2190 BOEING PROPRIETARY Page 5

CONFIDENTIAL

11-COP38W0003-06_0511010172 BOEING PROPRIETARY 4/11/2011

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-06
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title		[***] Price Per A/C
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]

PA No. 2190 BOEING PROPRIETARY May 2010 Page 6

CONFIDENTIAL

11-COP38W0003-06_0511010172 BOEING PROPRIETARY 4/11/2011

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-06
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title		[***] Price Per A/C
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]

PA No. 2190 BOEING PROPRIETARY May 2010 Page 7

CONFIDENTIAL

COP38W0003-07_051110101813.XLS BOEING PROPRIETARY

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-07
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title		[***] Price Per A/C
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]

PA No. 2191 SA-21 BOEING PROPRIETARY May 2010 Page 1

CONFIDENTIAL

12-COP38W0003-07_05110101813XLS BOEING PROPRIETARY 4/11/2011

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-07
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title		[***] Price Per A/C
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]

PA 2190 SA-21 Boeing Proprietary May 2010 Page 2

CONFIDENTIAL

12-COP38W0003-07_05110101813XLS BOEING PROPRIETARY 4/11/2011

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-07
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title		[***] Price Per A/C
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]

PA 2190 SA-21 Boeing Proprietary May 2010 Page 3

CONFIDENTIAL

12-COP38W0003-07_05110101813XLS BOEING PROPRIETARY 4/11/2011

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-07
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title		[***] Price Per A/C
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]

PA 2190 SA-21 Boeing Proprietary May 2010 Page 4

CONFIDENTIAL

12-COP38W0003-07_05110101813XLS BOEING PROPRIETARY 4/11/2011

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-07
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title		[***] Price Per A/C
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]

		May 2010
PA 2190 SA-21	Boeing Proprietary	Page 5

CONFIDENTIAL

12-COP38W0003-07_05110101813XLS BOEING PROPRIETARY 4/11/2011

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-07
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title		[***] Price Per A/C
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]

		May 2010
PA 2190 SA-21	Boeing Proprietary	Page 6

CONFIDENTIAL

12-COP38W0003-07_05110101813XLS BOEING PROPRIETARY 4/11/2011

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-07
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title		[***] Price Per A/C
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]

		May 2010
PA 2190 SA-21	Boeing Proprietary	Page 7

CONFIDENTIAL

COP38W0003-08_051110095538.XLS BOEING PROPRIETARY

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-08
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title		[***] Price Per A/C
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]

PA No. 2191 Page 1 SA No. 7

CONFIDENTIAL

13-COP38W0003-08_05110095538.3XLS BOEING PROPRIETARY 4/11/2011

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-08
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title		[***] Price Per A/C
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
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[***]		[***]		[***]
[***]		[***]		[***]

PA No. 2191 SA-21	BOEING PROPRIETARY	SS10-0226
AERO-B-BBA4-M10-0377

CONFIDENTIAL

13-COP38W0003-08_05110095538.3XLS BOEING PROPRIETARY 4/11/2011

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-08
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title		[***] Price Per A/C
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
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[***]		[***]		[***]
[***]		[***]		[***]

PA No. 2191 SA-21	BOEING PROPRIETARY	SS10-0226
AERO-B-BBA4-M10-0377

CONFIDENTIAL

13-COP38W0003-08_05110095538.3XLS BOEING PROPRIETARY 4/11/2011

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-08
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title		[***] Price Per A/C
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
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[***]		[***]		[***]

PA No. 2191 SA-21	BOEING PROPRIETARY	SS10-0226
AERO-B-BBA4-M10-0377

CONFIDENTIAL

13-COP38W0003-08_05110095538.3XLS BOEING PROPRIETARY 4/11/2011

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-08
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title		[***] Price Per A/C
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
[***]		[***]		[***]
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[***]		[***]		[***]

PA No. 2191 SA-21	BOEING PROPRIETARY	SS10-0226
AERO-B-BBA4-M10-0377

CONFIDENTIAL

13-COP38W0003-08_05110095538.3XLS BOEING PROPRIETARY 4/11/2011

Exhibit A To

Boeing Purchase Agreement

Customer Log:	COP38W0003-08
Customer:	COP — COPA Airlines
Model:	737-800
Base Date:	[***]
Qty of A/C:	[***]

CR	Title			[***] Price Per A/C
[***]		[***]			[***]
[***]		[***]			[***]
[***]		[***]			[***]
[***]		[***]			[***]
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[***]		[	***]		[	***]
[***]		[	***]		[	***]
[***]		[	***]		[	***]

PA No. 2191 SA-21	BOEING PROPRIETARY	SS10-0226
AERO-B-BBA4-M10-0377

CONFIDENTIAL

13-COP38W0003-08_05110095538.3XLS BOEING PROPRIETARY 4/11/2011

Exhibit A To

Boeing Purchase Agreement

Customer Log: Customer: Model: Base Date: Qty of A/C: COP38W0003-08 COP — COPA Airlines 737-800 [***] [***]

CR	Title	[***] Price Per A/C
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
[***]	[***]	[***]
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[***]	[***]	[***]
[***]	[***]	[***]

PA No. 2191 SA-21	BOEING PROPRIETARY	SS10-0226
AERO-B-BBA4-M10-0377

CONFIDENTIAL

Attachment to Letter Agreement

No. 6-1162-KSW-6471

CFM56-7B26 Engines

Page 1

MODEL 737-8V3 [***]

FOR COPA (COPA HOLDINGS, S.A. INC.)

SECTION	CONTENTS
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PA No. 2191 SA-21	BOEING PROPRIETARY	SS10-0226
AERO-B-BBA4-M10-0377

CONFIDENTIAL

Attachment to Letter Agreement

No. 6-1162-KSW-6471

CFM56-7B26 Engines

Page 2

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PA No. 2191 SA-21	BOEING PROPRIETARY	SS10-0226
AERO-B-BBA4-M10-0377

CONFIDENTIAL

Attachment to Letter Agreement

No. 6-1162-KSW-6471

CFM-56-7B26 Engines

Page 3

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PA No. 2191 SA-21	BOEING PROPRIETARY	SS10-0226
AERO-B-BBA4-M10-0377

CONFIDENTIAL

Attachment to Letter Agreement

No. 6-1162-KSW-6471

CFM56-7B26 Engines

Page 4

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PA No. 2191 SA-21	BOEING PROPRIETARY	SS10-0226
AERO-B-BBA4-M10-0377

CONFIDENTIAL

The Boeing Company

P.O. Box 3707

Seattle, WA 98124-2207

LA-1000842

COPA HOLDINGS, S.A.

Apartado 1572

Avenida Justo Arosemena y Calle 390

Panama 1, Paname

Subject: Installation of Cabin Systems Equipment

Reference: Purchase Agreement No. 2191 (Purchase Agreement) between The Boeing Company (Boeing) and COPA HOLDINGS, S.A (Customer) relating to Model 737-8V3 Aircraft [***]

This letter agreement (Letter Agreement) amends and supplements the Purchase Agreement. All terms used but not defined in this Letter Agreement will have the same meaning as in the Purchase Agreement.

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CONFIDENTIAL

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PA No. 2191 1 SA No. 7

CONFIDENTIAL

COPA HOLDINGS, S.A.,INC.

LA-1 000842

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P.A. No. 2190 SA-21 2 May 2010

CONFIDENTIAL

COPA HOLDINGS, S.A.,INC.

LA-1 000842

Very truly yours,

THE BOEING COMPANY

By
	Its     Attorney-In-Fact

ACCEPTED AND AGREED TO this

Date: May         , 2010

COPA (COPA HOLDINGS, S.A., INC.

By
	Its

PA 2190 SA-21 3 May 2010

CONFIDENTIAL

COPA HOLDINGS, S.A.,INC.

LA-1 000842

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P.A. No. 2190 SA-20 4 May 2010

CONFIDENTIAL

COPA HOLDINGS, S.A.,INC.

LA-1 000842

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P.A. No. 2190 SA-21 5 May 2010