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

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

| PA No. 2191 | Page 2 | SA No. 22      |
|-------------|--------|----------------|
|        |   | September 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 |
|     | A-3      |   | Aircraft Configuration for Model 737-8V3 Aircraft                     | SA 18 |

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

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|                  | 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   |   | Escalation Sharing |   |
|                         | 2191-03   |   | Seller Purchased Equipment |   |
|                         | 2191-03R1 |   | Seller Purchased Equipment | SA-20 |
|                         |      |   |   |   |
| RESTRICTED LETTER AGREEMENTS |      |
|                         |      |   |   |   |
| 6-1162-DAN-01                |      | 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 |
| 6-1162-LAJ-982R5             |      | Special Matters | SA 16 |
| 6-1162-LAJ-982R6             |      | Special Matters | SA 17 |

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

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| 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. 22      |
|-------------|--------|----------------|
|        |   | September 2010 |

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| 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 , 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. 22      |
|-------------|--------|----------------|
|        |   | September 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: | [***]      |   |                                       |                                         |

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

| COP-54019-1F.TXT  |               | Oct. 2010 |
|-------------------|--------------------|-----------|
| PA No. 2191 SA-23 | Boeing Proprietary | Page 1    |

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| [***]  | [***] | [***]  | [***]  | [***]  | [***]  | [***]  | [***]  | [***]  | [***]  |
|--------|-------|--------|--------|--------|--------|--------|--------|--------|--------|
| [***]  | [***] | [***]  | [***]  | [***]  | [***]  | [***]  | [***]  | [***]  | [***]  |
| [***]  | [***] | [***]  | [***]  | [***]  | [***]  | [***]  | [***]  | [***]  | [***]  |
| [***]  | [***] | [***]  | [***]  | [***]  | [***]  | [***]  | [***]  | [***]  | [***]  |
| Total: | 10    |   |   |   |   |   |   |   |   |

| COP-54019-1F.TXT  |               | Oct. 2010 |
|-------------------|--------------------|-----------|
| PA No. 2191 SA-23 | Boeing Proprietary | Page 2    |

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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: | [***]      |   |                                       |                                         |
|                                       |       |   |                                       |                                         |
| Option Deposit Paid                        | [***]      |   |                                       |                                         |

|    |      | Escalation |   |        | Escalation Estimate | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): |
|--------------|-----------|------------|--------|-------------|---------------------|------------------------------------------------------------------|
| Delivery     | Number of | Factor     | Serial |        | Adv Payment Base    | [***]                                                            | [***] | [***] | [***] |
| Date         | Aircraft  | (Airframe) | Number | Escalation* | Price Per A/P       | [***]                                                            | [***] | [***] | [***] |
| [***]        | [***]     | [***]      | [***]  | [***]       | [***]               | [***]                                                            | [***] | [***] | [***] |
| [***]        | [***]     | [***]      | [***]  | [***]       | [***]               | [***]                                                            | [***] | [***] | [***] |
| [***]        | [***]     | [***]      | [***]  | [***]       | [***]               | [***]                                                            | [***] | [***] | [***] |
| Total:       | 3         |       |   |        |                |                                                             |   |   |   |

| COP-54019-1F.TXT  |               | 10/10  |
|-------------------|--------------------|--------|
| PA No. 2191 SA-23 | Boeing Proprietary | Page 1 |

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

| DeliveryMonth andYear | SubjectAircraftSerialNumber | ApplicableCombinedAirframe/EngineEscalationProvisions | Election Period |
|-----------------------|-----------------------------|-------------------------------------------------------|-----------------|
| [***]                 | [***]                       | [***]                                                 | [***]           |
| [***]                 | [***]                       | [***]                                                 | [***]           |
| [***]                 | [***]                       | [***]                                                 | [***]           |
| [***]                 | [***]                       | [***]                                                 | [***]           |
| [***]                 | [***]                       | [***]                                                 | [***]           |
| [***]                 | [***]                       | [***]                                                 | [***]           |
| [***]                 | [***]                       | [***]                                                 | [***]           |
| [***]                 | [***]                       | [***]                                                 | [***]           |
| [***]                 | [***]                       | [***]                                                 | [***]           |
| [***]                 | [***]                       | [***]                                                 | [***]           |

| PA No. 2191 SA23 |   | 10/10 |
|------------------|--------|-------|

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