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CONFIDENTIAL TREATMENT
    
    EXHIBIT 10.48
 
         
     1.1.
    
    Table of Contents and Tables:
 1.2.
    
    Remove and replace, in its entirety the Table of Contents, with the
Table of Contents attached hereto and hereby made a part of the Agreement, to
reflect the changes made by this Supplemental Agreement.
 1.3.
    
    Table 1-4 entitled Aircraft Information Table for Model 737-7V3 Aircraft is
attached hereto to reflect **Material Redacted** 737-7V3 aircraft from this table.
 1.4.
    
    Table 1-5 entitled Aircraft Information Table for Model 737-8V3 Aircraft is
attached hereto to reflect **Material Redacted** 737-8V3 aircraft to this table.
 PA No. 2191
    
    
    
    SA No. 15
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CONFIDENTIAL TREATMENT
    
    EXHIBIT 10.48
   THE BOEING COMPANY
    
    
    
    COPA HOLDINGS, S.A.By
    
    **Material Redacted**
    
    
    
    By:Its:
    
    Attorney-In-Fact
    
    
    
    Its:
    
    Chief Executive Officer
 PA No. 2191
    
    
    
    SA No. 15
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CONFIDENTIAL TREATMENT
    
    EXHIBIT 10.48
  SAARTICLES
    
    NUMBER1. Quantity, Model and Description
    
    SA 32. Delivery Schedule3. Price4. Payment
    
    SA 35. MiscellaneousTABLE1-1 Aircraft Information Table for Model 737-7V3 Aircraft
    
    SA 41-2 Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 51-3 Aircraft Information Table for Model 737-7V3 Aircraft
    
    SA 71-4 Aircraft Information Table for Model 737-7V3 Aircraft
    
    SA 151-5 Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 151-6 Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 131-7 Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 13Option AircraftEXHIBITA-1 Aircraft Configuration for Model 737-7V3 Aircraft
    
    SA 3A-2 Aircraft Configuration for Model 737-8V3 Aircraft
    
    SA 3B. Aircraft Delivery Requirements and Responsibilities
    
    SA 3SUPPLEMENTAL EXHIBITSAE1. Escalation Adjustment Airframe and Optional Features
    
    SA 10BFE1. BFE Variables
    
    SA 3CS1. Customer Support Variables
    
    SA 3EE1. Engine Escalation/Engine Warranty and Patent IndemnitySLP1. Service Life Policy Components
 PA No. 2191
    
    
    
    SA No. 15
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CONFIDENTIAL TREATMENT
    
    EXHIBIT 10.48
 SAARTICLES
    
    NUMBERLETTER AGREEMENTS2191-01 Demonstration Flight Waiver2191-02 Escalation Sharing2191-03 Seller Purchased EquipmentRESTRICTED LETTER AGREEMENTS6-1162-DAN-0123 Performance Guarantees6-1162-DAN-0124 Special Matters6-1162-DAN-0155 Airframe Escalation Revision6-1162-DAN-0156 Year 2000 Ready Software, Hardware and Firmware6-1162-DAN-0157 Miscellaneous Matters6-1162-MJB-0017 Special Matters6-1162-MJB-0030 Special Matters6-1162-LAJ-874R Special Matters
    
    SA 56-1162-LAJ-874R1 Special Matters
    
    SA 66-1162-LAJ-874R2 Special Matters
    
    SA 76-1162-LAJ-982 Special Matters
    
    SA 86-1162-RLL-3852 737-800 Performance Guarantees
    
    SA 96-1162-LAJ-982R4 Special Matters
    
    SA 136-1162-RLL-3958 737-8V3 Option Aircraft
    
    SA 13
 SUPPLEMENTAL AGREEMENTS
    
    DATED AS OF:Supplemental Agreement No. 1
    
    June 29, 2001Supplemental Agreement No. 2
    
    December 21, 2001Supplemental Agreement No. 3
    
    June 14, 2002Supplemental Agreement No. 4
    
    December 20, 1002Supplemental Agreement No. 5
    
    October 31, 2003Supplemental Agreement No. 6
    
    September 9, 2004Supplemental Agreement No. 7
    
    December 9, 2004Supplemental Agreement No. 8
    
    April 15, 2005Supplemental Agreement No. 9
    
    March 16, 2006Supplemental Agreement No. 10
    
    May 8, 2006Supplemental Agreement No. 11
    
    August 30 , 2006Supplemental Agreement No. 12
    
    February 26, 2007Supplemental Agreement No. 13
    
    April 23, 2007(2 typographical errors in SA 13 have been corrected in SA 14)Supplemental Agreement No. 14
    
    August 31, 2007Supplemental Agreement No. 15
    

February,
2008
 PA No. 2191
    
    
    
    SA No. 15
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CONFIDENTIAL TREATMENT
    
    EXHIBIT 10.48
 Table 1-4
Aircraft Information Table Model 737-7V3 Aircraft
Aircraft Delivery, Description, Price and Advance Payments
 Airframe Model/MTOW:
    
    737-700
    
    154,500Engine Model:
    
    CFM56-7B22Airframe Price:
    
    
    
    **Material Redacted**Optional Features:
    
    
    
    **Material Redacted**Sub-Total of Airframe and Features:
    
    
    
    **Material Redacted**Engine Price (Per Aircraft):
    
    
    
    **Material Redacted**Aircraft Basic Price (Excluding BFE/SPE):
    
    
    
    **Material Redacted**Buyer
Furnished Equipment (BFE) Estimate:
    
    
    
    **Material Redacted**Seller
Purchased Equipment (SPE) Estimate:
    
    
    
    **Material Redacted**Refundable Deposit/Aircraft at Proposal Accept:
    
    
    
    **Material Redacted**Detail Specification:
    
    D6-38808-42-1 (4/30/2004)Airframe
Price Base Year/Escalation Formula:
    
    Jul-04
    
    ECI-MFG/CPIEngine
Price Base Year/Escalation Formula:
    
    N/A
    
    N/AAirframe
Escalation Data:
    
    
    
    
    

Base Year Index (ECI):
    
    
    
    **Material Redacted**Base Year Index (CPI):
    
    
    
    **Material Redacted**
 Escalation
    
    
    
    
    
    
    Escalation Estimate
    
    
    Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):Delivery
    
    Number of
    
    
    Factor
    
    
    Manufacturer
    
    
    Adv Payment Base
    
    
    At Signing
    
    
    24 Mos.
    
    
    21/18/12/9/6 Mos.
    
    
    TotalDate
    
    Aircraft
    
    
    (Airframe)
    
    
    Serial Number
    
    
    Price Per A/P
    
    
    1%
    
    
    4%
    
    
    5%
    
    
    30%Total:
    
    
    0
 **
    
    Material Redacted** PA No. 2191
    
    SA No. 15
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CONFIDENTIAL TREATMENT
    
    EXHIBIT 10.48
 Table 1-5
Aircraft Information Table Model 737-8V3 Aircraft
Delivery, Description, Price and Advance Payments
 Airframe Model/MTOW:
    
    737-8V3
    
    174,200  poundsEngine Model/Thrust:
    
    CFM56-7B26
    
    26,400  poundsAirframe Price:
    
    
    
    **Material Redacted**Optional Features:
    
    
    
    **Material Redacted**Sub-Total of Airframe and Features:
    
    
    
    **Material Redacted**Engine Price (Per Aircraft):
    
    
    
    **Material Redacted**Aircraft Basic Price (Excluding BFE/SPE):
    
    
    
    **Material Redacted**Buyer Furnished Equipment (BFE) Estimate:
    
    
    
    **Material Redacted**Seller Purchased Equipment (SPE) Estimate:
    
    
    
    **Material Redacted**Refundable Deposit/Aircraft at Proposal Accept:
    
    
    
    **Material Redacted**Detail Specification:
    
    D6-38808-1 Rev C, dated 5-4-05Airframe Price Base Year/Escalation Formula:
    
    Jul-04
    
    ECI-MFG/CPIEngine Price Base Year/Escalation Formula:
    
    N/A
    
    N/AAirframe
Escalation Data:MBase Year Index (ECI):
    
    
    
    **Material Redacted**Base Year Index (CPI):
    
    
    
    **Material Redacted**
 Escalation
    
    
    
    Escalation Estimate
    
    Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):Delivery
    
    Number of
    
    Factor
    
    Manufacturer
    
    Adv Payment Base
    
    At Signing
    
    24 Mos.
    
    21/18/12/9/6 Mos.
    
    TotalDate
    
    Aircraft
    
    (Airframe)
    
    Serial Number
    
    Price Per A/P
    
    1%
    
    4%
    
    5%
    
    30%**Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted****Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted****Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted****Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted****Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted****Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**
    
    **Material Redacted**Total:
    
    6
 PA No. 2191
    
    SA No. 15
  ii