| PA No. 2191 | Page 1 | SA No. 22September 2010 |
|-------------|--------|-------------------------|

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| PA No. 2191 | Page 2 | SA No. 22September 2010 |
|-------------|--------|-------------------------|

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|   | THE BOEING COMPANY |   |   | COPA HOLDINGS, S.A.     |
|--------|--------------------|--------|--------|-------------------------|
|   |               |   |   |                    |
| By:    | /s/ Kathie Wiebel  |   | By:    | /s/ Pedro Heilbron      |
|   |               |   |   |                    |
| Its:   | Attorney-In-Fact   |   | Its:   | Chief Executive Officer |

| PA No. 2191 | Page 3 | SA No. 22September 2010 |
|-------------|--------|-------------------------|

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|     |     |   | SA                                                                    |
|----------|----------|--------|-----------------------------------------------------------------------|
| ARTICLES |     |   | 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 22 |
|     | 1-12     |   | Aircraft Information Table for Model 737-8V3 Aircraft                 | SA 21 |
|     |     |   |                                                                  |   |
|     | 1-13     |   | Aircraft Information Table for Model 737-8V3 Aircraft                 | SA 22 |
|     |     |   |                                                                  |   |
|     | 1-14     |   | Aircraft Information Table for Model 737-8V3 Option Aircraft          | SA 22 |
|     |     |   |                                                                  |   |
| EXHIBIT  |     |   |                                                                  |
|     |     |   |                                                                  |   |
|     | A-1      |   | Aircraft Configuration for Model 737-7V3 Aircraft                     | SA 3 |
|     | A-2      |   | Aircraft Configuration for Model 737-8V3 Aircraft                     | SA 3 |

| PA No. 2191 | i | SA No. 22September 2010 |
|-------------|---|-------------------------|

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|                  | A-3    |   | Aircraft Configuration for Model 737-8V3 Aircraft       | SA 18  |
|-----------------------|--------|--------|---------------------------------------------------------|--------|
|                  | A-4    |   | Aircraft Configuration for Model 737-8V3 Aircraft [***] | SA 22  |
|                  |   |   |                                                    |   |
|                  | B.     |   | Aircraft Delivery Requirements and Responsibilities     | SA 3   |
|                  |   |   |                                                    |   |
| SUPPLEMENTAL EXHIBITS |   |
|                  |   |   |                                                    |   |
|                  | AE1.   |   | Escalation Adjustment Airframe and Optional Features    | SA 10  |
|                  |   |   |                                                    |   |
|                  | BFE1.  |   | BFE Variables                                           | SA 22  |
|                  |   |   |                                                    |   |
|                  | 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   |   | [***] |   |
|                         | 2191-03   |   | Seller Purchased Equipment |   |
|                         | 2191-03R1 |   | Seller Purchased Equipment | SA-20 |
|                         |      |   |   |   |
| RESTRICTED LETTER AGREEMENTS |      |
|                         |      |   |   |
| 6-1162-DAN-0123              |      | Performance Guarantees |   |
| 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              |      | 737-800 Performance Guarantees | 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-3958R2            |      | 737-8V3 Option Aircraft | SA 21 |
| 6-1162-RLL-3958R3            |      | 737-8V3 Option Aircraft | SA 22 |

| PA No. 2191 | ii | SA No. 22September 2010 |
|-------------|----|-------------------------|

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| 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 22  |
| 6-1162-RLL-4092   |   | Advance Payment Matters for Aircraft Listed in Table 1-9 | SA 17  |
| 6-1162-KSW-6417   |   | [***]                                                    | SA 18  |
| 6-1162-KSW-6419   |   | [***]                                                    | SA 20  |
| 6-1162-KSW-6419R1 |   | [***]                                                    | SA 22  |
| 6-1162-KSW-6471   |   | [***]                                                    |   |
|              |   | [***]                                                    | SA 22  |
| LA-1000842        |   | Installation of Cabin Systems Equipment                  | SA 21  |
| LA-10001606       |   | [***]                                                    | SA 22  |

| PA No. 2191 | iii | SA No. 22September 2010 |
|-------------|-----|-------------------------|

----

| 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 |
| Supplemental Agreement No. 21 | May 28, 2010      |

| PA No. 2191 | iv | SA No. 22September 2010 |
|-------------|----|-------------------------|

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| 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: | [***]      |   |                                       |                                         |   |

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

| PA 2191 SA 22 | Boeing Proprietary | 9/2010 |
|---------------|--------------------|--------|
| 54965 54958   |               | 2      |

----

| [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] |
|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|
| [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] |
| [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] |
| [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] |
| [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] |
| [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] |
| [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] |
| [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] |
| [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] |
| [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] |

| PA 2191 SA 22 | Boeing Proprietary | 9/2010 |
|---------------|--------------------|--------|
| 54965 54958   |               | 2      |

----

|   | Boeing Commercial Airplanes       |   |
|--------|-----------------------------------|--------|
|   | P.O. Box 3707                     |   |
|   | Seattle, WA  98124-2207 |   |

| Subject:   | Special Matters                                                                                                                                                                                                                                                                                    |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|       |                                                                                                                                                                                                                                                                                               |
| Reference: | Purchase Agreement No. 2191 as amended to date, including without limitation all exhibits, attachments, schedules and letter agreements thereto (the Purchase Agreement) between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer) relating to Model 737 aircraft (the Aircraft) |

| PA 2191 SA 22 | 9/2010 |
|---------------|--------|

----

| PA 2191 SA-22 | 2 | 9/2010 |
|---------------|---|--------|

----

| [***]                          | [***]                           |
|--------------------------------|---------------------------------|
| [***]                          | [***]    % [***] |
| [***] Months Prior to Delivery | [***] %                         |
| [***] Months Prior to Delivery | [***] %                         |
| [***] Months Prior to Delivery | [***] %                         |
| [***] Months Prior to Delivery | [***] %                         |
| [***] Months Prior to Delivery | [***] %                         |
| [***] Months Prior to Delivery | [***] %                         |
| Total                          | [***] %                         |

| PA 2191 SA-22 | 3 | 9/2010 |
|---------------|---|--------|

----

| [***]                          | [***]                      |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|
| [***]                          | [***] % [***]                                                                                                                       |
| [***] Months Prior to Delivery | [***] %                                                                                                                             |
| [***] Months Prior to Delivery | [***] %                                                                                                                             |
| [***] Months Prior to Delivery | [***] %                                                                                                                             |
| [***] Months Prior to Delivery | [***] %                                                                                                                             |
| [***] Months Prior to Delivery | [***] %                                                                                                                             |
| Total                          | [***] %                                                                                                                             |

| PA 2191 SA-22 | 4 | 9/2010 |
|---------------|---|--------|

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| PA 2191 SA-22 | 5 | 9/2010 |
|---------------|---|--------|

----

| 13. | Confidentiality.  The information contained herein represents confidential business information and has value precisely because it is not available generally or to other parties.  Except as otherwise required by applicable law, regulation or legal process, Customer will limit the disclosure of its contents to employees, counsel and auditors of Customer with a need to know the contents for purposes of helping Customer perform its obligations under the Purchase Agreement or advising Customer with respect thereto and who understand they are not to disclose its contents to any other person or entity in violation of the provisions of this Paragraph 13. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Very truly yours,                          |                    |
|--------------------------------------------|-------------------------|
|                                       |                    |
| THE BOEING COMPANY                         |                    |
|                                       |                    |
| By                                         | /s/ Kathie Wiebel       |   |
|                                       |                    |
| Its                                        | Attorney-In-Fact        |   |
|                                       |                    |
| ACCEPTED AND AGREED TO this                |                    |
|                                       |                    |
| Date: ______________________________, 2010 |                    |
|                                       |                    |
| COPA HOLDINGS, S.A.                        |                    |
|                                       |                    |
| By                                         | /s/ Pedro Heilbron      |   |
|                                       |                    |
| Its                                        | Chief Executive Officer |   |

| PA 2191 SA-22 | 6 | 9/2010 |
|---------------|---|--------|

----

|   | Boeing Commercial Airplanes       |   |
|--------|-----------------------------------|--------|
|   | P.O. Box 3707                     |   |
|   | Seattle, WA  98124-2207 |   |

| Subject:   | Option Aircraft                                                                                                                                                                                                                                                                                    |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|       |                                                                                                                                                                                                                                                                                               |
| Reference: | Purchase Agreement No. 2191 as amended to date, including without limitation all exhibits, attachments, schedules and letter agreements thereto (the Purchase Agreement) between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer) relating to Model 737 aircraft (the Aircraft) |

|   | (i) | [***] |
|--------|-----|-------|

|   | (ii) | [***] and |
|--------|------|-----------|

|   | (iii) | [***] |
|--------|-------|-------|

| PA No. 2191     | SA-22 |
|-----------------|-------|
| Option Aircraft | 9/10  |

----

| 2.  | Price |
|----------|-------|

|   | 2.1  | [***] |
|--------|-----------|-------|

|   | 2.2  | [***]. |
|--------|-----------|--------|

| 3.  | Payment. |
|----------|----------|

| PA No. 2191     | SA-22 |
|-----------------|-------|
| Option Aircraft | 9/10  |

----

| P.A. 2191       | SA-22 |
|-----------------|-------|
| Option Aircraft | 9/10  |

----

| THE BOEING COMPANY                                                                                                                                                          |                    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|
|                                                                                                                                                                        |                    |   |
| By                                                                                                                                                                          | /s/ Kathie Weibel       |   |
|                                                                                                                                                                        |                    |   |
| Its                                                                                                                                                                         | Attorney-In-Fact        |   |
|                                                                                                                                                                        |                    |   |
| ACCEPTED AND AGREED TO this                                                                                                                                                 |                    |
|                                                                                                                                                                        |                    |
| Date: September                         , 2010 |                    |
|                                                                                                                                                                        |                    |
| COPA HOLDINGS, S.A.                                                                                                                                                         |                    |
|                                                                                                                                                                        |                    |   |
| By                                                                                                                                                                          | /s/ Pedro Heilbron      |   |
|                                                                                                                                                                        |                    |   |
| Its                                                                                                                                                                         | Chief Executive Officer |   |
|                                                                                                                                                                        |                    |   |
| Attachment – Table 1-11 and 1-14                                                                                                                                      |                    |

| P.A. 2191       | SA-22 |
|-----------------|-------|
| Option Aircraft | 9/10  |

----

| 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: | [***]      |   |                                       |                                         |   |

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

| [***] | [***] |
|-------|-------|

| COP-54039-10.TXT  | Boeing Proprietary | Sep 2010 |
|-------------------|--------------------|----------|
| PA No. 2191 SA-22 |               | Page 1   |

----

| 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: | [***]      |   |                                       |                                         |   |

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

| COP{ PA 2191 SA-22 | Boeing Proprietary | 9/2010 |
|--------------------|--------------------|--------|
| 54695-1O.TXT       |               | Page 1 |

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| Boeing Survey (continued) | Page 2 |
|---------------------------|--------|

| [***] | [***] | [***] |   |   | [***] | [***] | [***] | [***] | [***] |
|-------|-------|-------|--------|--------|-------|-------|-------|-------|-------|

----

|   | Boeing Commercial Airplanes       |
|--------|-----------------------------------|
|   | P.O. Box 3707                     |
|   | Seattle, WA  98124-2207 |

| Subject:  | [***] |
|----------------|-------|

| Reference: | Purchase Agreement No. 2191, as amended to date, including without limitation all exhibits, attachments, schedules and letter agreements thereto (the Purchase Agreement), between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer) relating to Model 737-8V3 aircraft (the Aircraft) |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| THE BOEING COMPANY                                                                                                                                                                                                                                                                                          |                    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|
|                                                                                                                                                                                                                                                                                                        |                    |   |
| By                                                                                                                                                                                                                                                                                                          | /s/ Kathie Weibel       |   |
|                                                                                                                                                                                                                                                                                                        |                    |   |
| Its                                                                                                                                                                                                                                                                                                         | Attorney-In-Fact        |   |
|                                                                                                                                                                                                                                                                                                        |                    |   |
| ACCEPTED AND AGREED TO this                                                                                                                                                                                                                                                                                 |                    |
|                                                                                                                                                                                                                                                                                                        |                    |
| Date:                                                , 2010 |                    |
|                                                                                                                                                                                                                                                                                                        |                    |   |
| COPA HOLDINGS, S.A.                                                                                                                                                                                                                                                                                         |                    |
|                                                                                                                                                                                                                                                                                                        |                    |   |
| By                                                                                                                                                                                                                                                                                                          | Pedro Heilbron          |   |
|                                                                                                                                                                                                                                                                                                        |                    |   |
| Its                                                                                                                                                                                                                                                                                                         | Chief Executive Officer |   |

| P.A. No. 2191 | SA-22              |
|---------------|--------------------|
| [***]         |               |
| 09/10         | Boeing Proprietary |

----

| Airframe Model           | 737-800    |
|--------------------------|------------|
|                     |       |
| Engine Model:            | CFM56-7B26 |
|                     |       |
| Airframe Price Base Year | [***]      |
|                     |       |
| Engine Price Base Year   | [***]      |

| DeliveryMonth andYear | Subject AircraftSerial Number | ApplicableCombinedAirframe/EngineEscalationProvisions | Election Period |
|----------------------------|-----------------------------------------|-------------------------------------------------------|----------------------|
| [***]                      | [***]                                   | [***]                                                 | [***]                |
| [***]                      | [***]                                   | [***]                                                 | [***]                |
| [***]                      | [***]                                   | [***]                                                 | [***]                |
| [***]                      | [***]                                   | [***]                                                 | [***]                |
| [***]                      | [***]                                   | [***]                                                 | [***]                |
| [***]                      | [***]                                   | [***]                                                 | [***]                |
| [***]                      | [***]                                   | [***]                                                 | [***]                |
| [***]                      | [***]                                   | [***]                                                 | [***]                |
| [***]                      | [***]                                   | [***]                                                 | [***]                |
| [***]                      | [***]                                   | [***]                                                 | [***]                |
| [***]                      | [***]                                   | [***]                                                 | [***]                |
| [***]                      | [***]                                   | [***]                                                 | [***]                |
| [***]                      | [***]                                   | [***]                                                 | [***]                |
| [***]                      | [***]                                   | [***]                                                 | [***]                |
| [***]                      | [***]                                   | [***]                                                 | [***]                |
| [***]                      | [***]                                   | [***]                                                 | [***]                |
| [***]                      | [***]                                   | [***]                                                 | [***]                |

| P.A. No. 2191 |               | SA-22  |
|---------------|--------------------|--------|
|          |               | 09/10  |
|          | Boeing Proprietary |   |

----

| [***] | [***] | [***] | [***] |
|-------|-------|-------|-------|
| [***] | [***] | [***] | [***] |
| [***] | [***] | [***] | [***] |
| [***] | [***] | [***] | [***] |
| [***] | [***] | [***] | [***] |
| [***] | [***] | [***] | [***] |
| [***] | [***] | [***] | [***] |
| [***] | [***] | [***] | [***] |
| [***] | [***] | [***] | [***] |
| [***] | [***] | [***] | [***] |
| [***] | [***] | [***] | [***] |
| [***] | [***] | [***] | [***] |

| P.A. No. 2191 |               | SA-22  |
|---------------|--------------------|--------|
|          |               | 09/10  |
|          | Boeing Proprietary |   |

----

| Reference: | Purchase Agreement No. 2191 dated as of November 25, 1998, as amended to date, including all exhibits, attachments, schedules and letter agreements thereto, between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (the Purchase Agreement) |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Attention: | Vice President – ContractsMail Code 21-34 |
|------------|-------------------------------------------------|

| Airframe Model: | Airframe Price Base Year: |   |
|-----------------|---------------------------|--------|
|            |                      |   |
| Engine Model:   | Engine Price Base Year:   | [***]  |

| Delivery Month and Year | Candidate AircraftSerial Number | CombinedAirframe/EngineEscalation Factor |
|----------------------------------------|-------------------------------------------|-----------------------------------------------|
|                                   |                                      |                                          |
|                                   |                                      |                                          |

| COPA HOLDINGS, S.A. |             |
|---------------------|------------------|
|                |             |   |
| By                  |             |   |
|                |             |   |
| Its                 |             |   |
|                |             |   |
| Dated               |             |   |
|                |             |   |
| [***]               |             |   |
|                |             |   |
| THE BOEING COMPANY  |             |
|                |             |   |
| By                  |             |   |
|                |             |   |
| Its                 | Attorney-in-Fact |   |
|                |             |   |
| Dated               |             |   |

| P.A. No. 2191 |               | SA-22  |
|---------------|--------------------|--------|
|          |               | 09/10  |
|          | Boeing Proprietary |   |

----

|        | The Boeing CompanyP.O. Box 3707Seattle, WA 98124-2207 |
|--------|-------------------------------------------------------|
|   |                                                  |

| Subject: | [***] |
|----------|-------|

| Reference: | Purchase Agreement No. PA-2191 as amended to date, including without limitation all exhibits, attachments, schedules and letter agreements thereto (Purchase Agreement) between The Boeing Company (Boeing) and COPA Holdings S.A. (Customer) relating to Model 737-800 aircraft (Aircraft) |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| COP-PA-2191-LA-1001606 |               | SA-22     |
|------------------------|--------------------|-----------|
| [***]                  |               | LA Page 1 |
|                   | Boeing Proprietary |      |

----

| 4. | Confidential Treatment. |
|----|-------------------------|

| COP-PA-2191-LA-1001606 |               | SA-22     |
|------------------------|--------------------|-----------|
| [***]                  |               | LA Page 2 |
|                   | Boeing Proprietary |      |

----

| Very truly yours,           |                    |
|-----------------------------|-------------------------|
|                        |                    |
| THE BOEING COMPANY          |                    |
|                        |                    |   |
| By                          | /s/ Kathie Weibel       |   |
|                        |                    |   |
| Its                         | Attorney-in-Fact        |   |
|                        |                    |   |
| ACCEPTED AND AGREED TO this |                    |
|                        |                    |   |
| Date:                       |                    |   |
|                        |                    |   |
| COPA Holdings, S.A.         |                    |
|                        |                    |   |
| By                          | /s/ Pedro Heilbron      |   |
|                        |                    |   |
| Its                         | Chief Executive Officer |   |

| COP-PA-2191-LA-1001606 |               | SA-22     |
|------------------------|--------------------|-----------|
| [***]                  |               | LA Page 3 |
|                   | Boeing Proprietary |      |

----