EXHIBIT 10.49
 CONFIDENTIAL TREATMENT
 
         
     1.1.
    
    Table of Contents, Tables and Letter Agreements: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 1-8 entitled Aircraft Information Table for Model 737-8V3 Aircraft is
attached hereto to reflect **Material Redacted**.1.4.
    
    Letter Agreement No. 6-1162-LAJ-982R5 entitled Special Matters has been revised to
**Material Redacted**.
 PA No. 2191
    
    
    
    SA No. 16




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THE BOEING COMPANY
    
    
    
    COPA HOLDINGS, S.A.By
    
    
    
    
    
    By:Its:

    Attorney-In-Fact
    
    
    
    
    Its:

    Chief Executive Officer
 PA No. 2191
    
    Page 2
    
    SA No. 16




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SANUMBERARTICLES1. 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 131-5 Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 131-6 Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 131-7 Aircraft Information Table for Model 737-8V3 Aircraft Option Aircraft
    
    SA 131-8 Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 16EXHIBITA-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. 16




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SANUMBERLETTER 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-LAJ-982R3 Special Matters
    
    SA 116-1162-RLL-3852 737-800 Performance Guarantees
    
    SA 96-1162-LAJ-982R4 Special Matters
    
    SA 136-1162-RLL-3958 737-8V3 Option Aircraft
    
    SA 136-1162-LAJ-982R5 Special Matters
    
    SA 16
 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, 2007Supplemental Agreement No. 14
    
    August 31, 2007Supplemental Agreement No. 15
    
    February 21, 2008Supplemental Agreement No. 16
    
    
    , 2008
 PA No. 2191
    
    
    
    SA No. 16




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Table 1-8
Aircraft Information Table for 737-8V3
Delivery, Description, Price and Advance Payments


Airframe Model/MTOW:
    
    
    737-800
    
    
    174200 poundsEngine Model/Thrust:
    
    CFM56-7B26
    
    
    26400 poundsAirframe Price:
    
    
    
    
    
    **Material Redacted**Optional Features:
    
    
    
    
    
    **Material Redacted**Sub-Total of Airframe and Features:
    
    
    
    
    
    **Material Redacted**Engine Price (Per Aircraft):Aircraft Basic Price (Excluding BFE/SPE):
    
    
    
    
    
    **Material Redacted**Buyer Furnished Equipment (BFE) Estimate:Seller Purchased Equipment (SPE) Estimate:
    
    
    
    
    
    **Material Redacted**Refundable Deposit/Aircraft at Proposal Accept:
    
    
    
    
    
    **Material Redacted**Detail Specification:
    
    
    D6-38808-43-1
    
    
    
    (5/4/2005
    )Airframe Price Base Year/Escalation Formula:
    
    
    
    
    
    Jul-07
    
    
    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**
 Advance Payment Per Aircraft (Amts. Due/Mos. Priorto Delivery):21/18/12Escalation
    
    
    Escalation Estimate
    
    
    
    
    
    
    
    
    
    
    /9/6Delivery
    
    Number of
    
    
    Factor
    
    
    Adv Payment Base
    
    
    At Signing
    
    
    24 Mos.
    
    
    Mos.
    
    
    TotalDate
    
    Aircraft
    
    
    (Airframe)
    
    
    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**TOTAL:
    
    **Material Redacted**
 PA No. 2191
    
    
    
    SA No. 16







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1.
    
    **Material Redacted**2.
    
    **Material Redacted**3.
    
    **Material Redacted**4.
    
    **Material Redacted**5.
    
    **Material Redacted**6.
    
    **Material Redacted**7.
    
    **Material Redacted**8.
    
    **Material Redacted**9.
    
    **Material Redacted**10.
    
    **Material Redacted**11.
    
    **Material Redacted**12.
    
    Confidentiality. Customer understands that certain commercial and financial
information contained in this Letter Agreement are considered by Boeing as confidential.
Customer agrees that it will treat this Letter Agreement and the information contained herein
as confidential and will not, without the prior written consent of Boeing, disclose this
Letter
 PA No. 2191
    
    
    
    SA No. 16




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Date:
    
    
    ,
    2008
 THE BOEING COMPANYByIts Attorney-In-Fact
  ByIts Chief Executive Officer
 PA No. 2191
    
    
    
    SA No. 16