##### 



EXHIBIT 10.45
 
              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 the deletion of the May 2008 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 the addition of the May 2008 737-8V3 aircraft to this table.
   PA No. 2191
    
    Page 1
    
    SA No. 12




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THE BOEING COMPANY
    
    COPA HOLDINGS, S.A.**Material Redacted**By:
    
    
    
    By:Its:
    
    Attorney-In-Fact
    
    Its:
    
    Chief Executive Officer
  PA No. 2191
    
    Page 2
    
    SA No. 12




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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 121-5
    
    
    Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 12EXHIBITA-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. 12




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LETTER 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 9
 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
    
    _____, 2007
  PA No. 2191
    
    SA No. 12




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Table 1-4
Aircraft Information Table for 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
    
    Advance Payment Per AircraftEstimate
    
    (Amts. Due/Mos. Prior to Delivery):Escalation
    
    
    
    
    
    Adv Payment
    
    
    
    
    
    21/18/12/9/6Delivery
    
    Number of
    
    Factor
    
    Manufacturer
    
    
    
    Base
    
    At Signing
    
    24 Mos.
    
    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**Total:
    
    
    2
  COP  SA 12May 08  Sub from -700 to a -800
    
    Boeing Proprietary
    
    Page 1




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Table 1-5
Aircraft Information Table for 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:Base Year Index (ECI):
    
    **Material Redacted**Base Year Index (CPI):
    
    **Material Redacted**
  Escalation
    
    Advance Payment Per AircraftEstimate
    
    (Amts. Due/Mos. Prior to Delivery):Escalation
    
    
    
    
    
    
    
    Adv Payment
    
    
    
    
    
    
    
    
    
    21/18/12/9/6Delivery
    
    Number of
    
    Factor
    
    Manufacturer
    
    
    
    
    
    Base
    
    At Signing
    
    24 Mos.
    
    Mos.
    
    TotalDate
    
    Aircraft
    
    (Airframe)
    
    Serial Number
    
    
    
    Price Per A/P
    
    1%
    
    4%
    
    5%
    
    30%**Material
Redacted**
    
    **Material
Redacted**
    
    
    1.1101
    
    
    
    35068
    
    
    
    
    
    
    $
    71,479,000
    
    
    $
    624,790
    
    
    $
    2,859,160
    
    
    $
    3,573,950
    
    
    $
    21,443,700**Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    
    
    
    
    **Material
Redacted**
    
    $
    629,620
    
    
    **Material
Redacted**
    
    **MaterialRedacted**
    
    **MaterialRedacted****Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    
    
    
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **MaterialRedacted**
    
    **MaterialRedacted****Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    
    
    
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **MaterialRedacted**
    
    **MaterialRedacted**Total:
    
    
    4
  COP  SA 1244193-May 08 Sub to-700 to a -800
    
    Boeing Proprietary
    
    Page 1