EXHIBIT 10.54
 CONFIDENTIAL TREATMENT
                Table of Contents
 Aircraft Delivery, Description, Price and Advance
Payments Tables
  PA No. 2191
    
    Page 1
    
    SA No. 21May 2010




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##### 



CONFIDENTIAL
      [***]Aircraft[***]
    
    
    [***][***]
    
    
    [***][***]
    
    
    [***][***]
    
    
    [***][***]
    
    
    [***][***]
    
    
    [***][***]
    
    
    [***][***]
    
    
    [***][***]
    
    
    [***][***]
    
    
    [***]
  Option Aircraft Delivery, Description,
Price and Advance Payments
   PA No. 2191
    
    Page 2
    
    SA No. 21May 2010




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##### 



CONFIDENTIAL
    THE BOEING COMPANY
    
    COPA HOLDINGS, S.A.(SIGNATURE)By
    
    
    
    By:Its:
    Attorney-In-Fact
    
    
    Its:
    Chief Executive Officer
 PA No. 2191
    
    Page 3
    
    SA No. 21May 2010




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##### 



CONFIDENTIAL
  SAARTICLES
    
    NUMBER1. Quantity, Model and Description
    
    SA 32. Delivery Schedule3. Price4. Payment
    
    SA 35. Miscellaneous
 TABLE1-1
    
    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 211-7
    
    Aircraft Information Table for Model 737-8V3 Aircraft Option Aircraft
    
    SA 131-8
    
    Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 211-9
    
    Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 211-10
    
    Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 211-10A(1)
    
    Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 211-10A(2)
    
    Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 211-10B
    
    Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 211-11
    
    Aircraft Information Table for Model 737-8V3 Option Aircraft
    
    SA 211-12
    
    Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 21
 EXHIBITA-1
    
    Aircraft Configuration for Model 737-7V3 Aircraft
    
    SA 3A-2
    
    Aircraft Configuration for Model 737-8V3 Aircraft
    
    SA 3A-3
    
    Aircraft Configuration for Model 737-8V3 Aircraft
    
    SA 18A-4
    
    Aircraft Configuration for Model 737-8V3 Aircraft
    
    SA 21[***]B.
    
    Aircraft Delivery Requirements and Responsibilities
    
    SA 3
 PA No. 2191
    
    i
    
    SA No. 21May 2010




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##### 



CONFIDENTIAL
 SUPPLEMENTAL EXHIBITS
 AE1.
    
    Escalation Adjustment Airframe and Optional Features
    
    SA 10BFE1.
    
    BFE Variables
    
    SA 21CS1.
    
    Customer Support Variables
    
    SA 3EE1.
    
    Engine Escalation/Engine Warranty and Patent IndemnitySLP1.
    
    Service Life Policy Components
 LETTER AGREEMENTS
 2191-01
    
    Demonstration Flight Waiver2191-02
    
    Escalation Sharing2191-03
    
    Seller Purchased Equipment2191-03R1
    
    Seller Purchased Equipment
    
    SA-20
 RESTRICTED LETTER AGREEMENTS
 6-1162-DAN-0123
    
    [***]6-1162-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
    
    [***]
    
    SA 96-1162-LAJ-982R4
    
    Special Matters
    
    SA 136-1162-RLL-3958
    
    737-8V3 Option Aircraft
    
    SA 136-1162-RLL-3958R1
    
    737-8V3 Option Aircraft
    
    SA 186-1162-RLL-3958R1
    
    737-8V3 Option Aircraft
    
    SA 186-1162-RLL-3958R2
    
    737-8V3 Option Aircraft
    
    SA 216-1162-LAJ-982R5
    
    Special Matters
    
    SA 166-1162-LAJ-982R6
    
    Special Matters
    
    SA 176-1162-LAJ-982R7
    
    Special Matters
    
    SA 186-1162-LAJ-982R8
    
    Special Matters
    
    SA 206-1162-RLL-4092
    
    Advance Payment Matters for Aircraft Listed in Table 1-9
    
    SA 176-1162-KSW-6417
    
    Boeing Offer Related to New Interior
    
    SA 186-1162-KSW-6419
    
    [***]
    
    SA 206-1162-KSW-6471
    
    [***][***]
    
    SA 21LA-1000842
    
    Installation of Cabin Systems Equipment
    
    SA 21
 PA No. 2191
    
    ii
    
    SA No. 21May 2010




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##### 



CONFIDENTIAL
 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
    
    June 30, 2008Supplemental Agreement No. 17
    
    December 15, 2008Supplemental Agreement No. 18
    
    July 15, 2009Supplemental Agreement No. 19
    
    August 31, 2009Supplemental Agreement No. 20
    
    November 19, 2009
 PA No. 2191
    
    iii
    
    SA No. 21May 2010




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##### 



CONFIDENTIAL
 Table 1-6
Aircraft Delivery, Description, Price and Advance Payments
(BSI Interior)
 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:
    
    $
    0Seller Purchased Equipment (SPE) Estimate:
    
    
    [***]Refundable Deposit/Aircraft at Proposal Accept:
    
    
    [***]
 EscalationEstimateEscalation
    
    
    
    
    
    Adv Payment
    
    Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):Delivery
    
    Number of
    
    Factor
    
    Serial
    
    
    
    Base
    
    [***]
    
    [***]
    
    [***]
    
    [***]Date
    
    Aircraft
    
    (Airframe)
    
    Number
    
    
    
    Price Per A/P
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    
    [***]
    
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    
    [***]
    
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    
    [***]
    
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    
    [***]
    
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]Total:
    
    
    4
 COP-54041-1F.TXT
    
    
    
    May 2010PA No. 2191 SA-21
    
    Boeing Proprietary
    
    Page 1




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##### 



CONFIDENTIAL
 Table 1-8
Aircraft Delivery, Description, Price and Advance Payments
 Airframe Model/MTOW:737-800
    
    
    [***]
    
    
    Detail Specification:see PA 2191Engine Model/Thrust:CFM56-7B26
    
    
    [***]
    
    
    Airframe Price Base Year/Escalation Formula:
    
    
    [***]
    
    
    
    [***]Airframe Price*: see note below
    
    
    [***]
    
    
    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:
    
    $
    0Seller Purchased Equipment (SPE) Estimate:
    
    
    [***]Refundable Deposit/Aircraft at Proposal Accept:
    
    
    [***]
 EscalationEstimate
    
    Advance Payment Per Aircraft (Amts. Due/Mos. Prior toNumber
    
    Escalation
    
    
    
    
    
    Adv Payment
    
    Delivery):Delivery
    
    of
    
    Factor
    
    Serial
    
    
    
    Base
    
    [***]
    
    [***]
    
    [***]
    
    [***]Date
    
    Aircraft
    
    (Airframe)
    
    Number
    
    
    
    Price Per A/P
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]Total:
    
    2[***][***]
 COP-48720/54023-1F.TXT
    
    
    
    May 2010PA No. 2191 SA-21
    
    Boeing Proprietary
    
    Page 1




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##### 



CONFIDENTIAL
 Table 1-9
Aircraft Delivery, Description, Price and Advance Payments
(BSI Interior)
 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:
    
    $
    0Seller Purchased Equipment (SPE) Estimate:
    
    
    [***]Refundable Deposit/Aircraft at Proposal Accept:
    
    
    [***]
 EscalationEstimateEscalation
    
    
    
    
    
    Adv Payment
    
    Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):Delivery
    
    Number of
    
    Factor
    
    Serial
    
    
    
    Base
    
    [***]
    
    [***]
    
    [***]
    
    [***]Date
    
    Aircraft
    
    (Airframe)
    
    Number
    
    
    
    Price Per A/P
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]Total:
    
    2
 COP-54021-1F.TXT
    
    
    
    May 2010PA No. 2191 SA-21
    
    Boeing Proprietary
    
    Page 1




---



##### 



CONFIDENTIAL
 Table 1-10A(1)
Aircraft Delivery, Description, Price and Advance Payments
 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:
    
    $
    0Seller Purchased Equipment (SPE) Estimate:
    
    
    [***]Refundable Deposit/Aircraft at Proposal Accept:
    
    
    [***]
 EscalationEstimate
    
    Advance Payment Per Aircraft (Amts. Due/Mos. Prior toEscalation
    
    
    
    
    
    Adv Payment
    
    Delivery):Delivery
    
    Number of
    
    Factor
    
    Serial
    
    
    
    Base
    
    [***]
    
    [***]
    
    [***]
    
    [***]Date
    
    Aircraft
    
    (Airframe)
    
    Number
    
    Escalation
    
    Price Per A/P
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    
    [***]
    
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    
    [***]
    
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]Total:
    
    
    2[***][***][***]
 COP PA 2191 SA-20
    
    
    
    11/25/0951647, 52612
    
    Boeing Proprietary
    
    Page 1




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##### 



CONFIDENTIAL
 Table 1-10A(2)  Aircraft Delivery, Description, Price and Advance Payments (BSI/Winglets)
 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:
    
    $
    0Seller Purchased Equipment (SPE) Estimate:
    
    
    [***]Refundable Deposit/Aircraft at Proposal Accept:
    
    
    [***]
 EscalationEstimate
    
    Advance Payment Per Aircraft (Amts. Due/Mos. Prior toEscalation
    
    
    
    
    
    Adv Payment
    
    Delivery):Delivery
    
    Number of
    
    Factor
    
    Serial
    
    Fixed
    
    Base
    
    [***]
    
    [***]
    
    [***]
    
    [***]Date
    
    Aircraft
    
    (Airframe)
    
    Number
    
    Escalation
    
    Price Per A/P
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    
    [***]
    
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    
    [***]
    
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    
    [***]
    
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    
    [***]
    
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    
    [***]
    
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    
    [***]
    
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    
    [***]
    
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    
    [***]
    
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    
    [***]
    
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    
    [***]
    
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]Total:
    
    
    10[***][***]
 COP- 54019-1F.TXT
    
    
    
    May 2010PA No. 2191 SA-21
    
    Boeing Proprietary
    
    Page 1




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##### 



CONFIDENTIAL
 Table 1-10B
Aircraft Delivery, Description, Price and Advance Payments
(BSI Interior)
 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:
    
    $
    0Seller Purchased Equipment (SPE) Estimate:
    
    
    [***]Option Deposit Paid
    
    
    [***]
 EscalationEstimate
    
    Advance Payment Per Aircraft (Amts. Due/Mos. Prior toEscalation
    
    
    
    
    
    Adv Payment
    
    Delivery):Delivery
    
    Number of
    
    Factor
    
    Serial
    
    
    
    Base
    
    [***]
    
    [***]
    
    [***]
    
    [***]Date
    
    Aircraft
    
    (Airframe)
    
    Number
    
    Escalation*
    
    Price Per A/P
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    
    [***]
    
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    
    [***]
    
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    
    [***]
    
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]Total:
    
    
    3[***][***]
 COP- 54022-1F.TXT
    
    
    
    May 2010PA No. 2191 SA-2
    
    Boeing Proprietary
    
    Page 1




---



##### 



CONFIDENTIAL
 Table 1-12
Aircraft Delivery, Description, Price and Advance Payments
(BSI Interior)
 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:
    
    $
    0Seller Purchased Equipment (SPE) Estimate:
    
    
    [***]Option Deposit
    
    
    [***]
 EscalationEstimateEscalation
    
    
    
    
    
    Adv Payment
    
    Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):Delivery
    
    Number of
    
    Factor
    
    Serial
    
    
    
    Base
    
    [***]
    
    [***]
    
    [***]
    
    [***]Date
    
    Aircraft
    
    (Airframe)
    
    Numbers
    
    
    
    Price Per A/P
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    [***]
 COP-54019-1F. TXT
    
    
    
    May 2010PA No. 2191 SA-21
    
    Boeing Proprietary
    
    Page 1




---



##### 



CONFIDENTIAL
 Table 1-11
Aircraft Delivery, Description, Price and Advance Payments
(BSI Interior)
 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:
    
    $
    0Seller Purchased Equipment (SPE) Estimate:
    
    
    [***]Non-Refundable Deposit/Aircraft at Def Agreemt:
    
    
    [***]
 EscalationEstimateEscalation
    
    
    
    
    
    Adv Payment
    
    Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):Delivery
    
    Number of
    
    Factor
    
    
    
    
    
    Base
    
    [***]
    
    [***]
    
    [***]
    
    [***]Date
    
    Aircraft
    
    (Airframe)
    
    
    
    
    
    Price Per A/P
    
    [***]
    
    [***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
    
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    [***][***]
    
    [***]
    
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    [***][***]
    
    [***]
    
    [***]
    
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    [***]
    
    [***]
    
    [***]
    
    [***]
    
    [***]
 COP- 54039-10.TXT
    
    
    
    May 2010PA No. 2191 SA-21
    
    Boeing Proprietary
    
    Page 1




---



##### 



CONFIDENTIAL
 11-COP38W0003-06_0511010172
    
    BOEING PROPRIETARY
    
    4/11/2011
 
      PA No. 2191 SA-21
    
    A-4BOEING PROPRIETARY




---



##### 



CONFIDENTIAL
 
 
     P.A. No. 2191 SA-21
    
    A-4BOEING PROPRIETARY




---



##### 



CONFIDENTIAL
 11-COP38W0003-06_0511010172
    
    BOEING PROPRIETARY
    
    4/11/2011
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-06Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
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    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
 May 2010PA No. 2190
    
    BOEING PROPRIETARY
    
    Page 1




---



##### 



CONFIDENTIAL
 11-COP38W0003-06_0511010172
    
    BOEING PROPRIETARY
    
    4/11/2011
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-06Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
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    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
 May 2010PA No. 2190
    
    BOEING PROPRIETARY
    
    Page 2




---



##### 



CONFIDENTIAL
 11-COP38W0003-06_0511010172
    
    BOEING PROPRIETARY
    
    4/11/2011
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-06Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
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    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
 May 2010PA No. 2190
    
    BOEING PROPRIETARY
    
    Page 3




---



##### 



CONFIDENTIAL
 11-COP38W0003-06_0511010172
    
    BOEING PROPRIETARY
    
    4/11/2011
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-06Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
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    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
 May 2010PA No. 2190
    
    BOEING PROPRIETARY
    
    Page 4




---



##### 



CONFIDENTIAL
 11-COP38W0003-060511010172
    
    BOEING PROPRIETARY
    
    4/11/2011
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-06Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
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    [***]
    
    [***][***]
    
    [***]
    
    [***]
 May 2010PA No. 2190
    
    BOEING PROPRIETARY
    
    Page 5




---



##### 



CONFIDENTIAL
 11-COP38W0003-06_0511010172
    
    BOEING PROPRIETARY
    
    4/11/2011
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-06Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
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    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
 May 2010PA No. 2190
    
    BOEING PROPRIETARY
    
    Page 6




---



##### 



CONFIDENTIAL
 11-COP38W0003-06_0511010172
    
    BOEING PROPRIETARY
    
    4/11/2011
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-06Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
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    [***][***]
    
    [***]
    
    [***]
 May 2010PA No. 2190
    
    BOEING PROPRIETARY
    
    Page 7




---



##### 



CONFIDENTIAL
 COP38W0003-07_051110101813.XLS
    
    BOEING PROPRIETARY
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-07Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
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    [***]
    
    [***][***]
    
    [***]
    
    [***]
 PA No. 2191 SA-21
    
    BOEING PROPRIETARY
    
    May 2010Page 1




---



##### 



CONFIDENTIAL
 12-COP38W0003-07_05110101813XLS
    
    BOEING PROPRIETARY
    
    4/11/2011
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-07Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
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    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
 May 2010PA 2190 SA-21
    
    Boeing Proprietary
    
    Page 2




---



##### 



CONFIDENTIAL
 12-COP38W0003-07_05110101813XLS
    
    BOEING PROPRIETARY
    
    4/11/2011
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-07Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
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    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
 May 2010PA 2190 SA-21
    
    Boeing Proprietary
    
    Page 3




---



##### 



CONFIDENTIAL
 12-COP38W0003-07_05110101813XLS
    
    BOEING PROPRIETARY
    
    4/11/2011
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-07Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
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    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
 May 2010PA 2190 SA-21
    
    Boeing Proprietary
    
    Page 4




---



##### 



CONFIDENTIAL
 12-COP38W0003-07_05110101813XLS
    
    BOEING PROPRIETARY
    
    4/11/2011
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-07Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
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    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
 May 2010PA 2190 SA-21
    
    Boeing Proprietary
    
    Page 5




---



##### 



CONFIDENTIAL
 12-COP38W0003-07_05110101813XLS
    
    BOEING PROPRIETARY
    
    4/11/2011
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-07Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
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    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
 May 2010PA 2190 SA-21
    
    Boeing Proprietary
    
    Page 6




---



##### 



CONFIDENTIAL
 12-COP38W0003-07_05110101813XLS
    
    BOEING PROPRIETARY
    
    4/11/2011
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-07Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
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    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
 May 2010PA 2190 SA-21
    
    Boeing Proprietary
    
    Page 7




---



##### 



CONFIDENTIAL
 COP38W0003-08_051110095538.XLS
    
    BOEING PROPRIETARY
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-08Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
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    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
 PA No. 2191
    
    Page 1
    
    SA No. 7




---



##### 



CONFIDENTIAL
 13-COP38W0003-08_05110095538.3XLS
    
    BOEING PROPRIETARY
    
    4/11/2011
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-08Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
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    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
 PA No. 2191 SA-21
    
    BOEING PROPRIETARY
    
    SS10-0226AERO-B-BBA4-M10-0377




---



##### 



CONFIDENTIAL
 13-COP38W0003-08_05110095538.3XLS
    
    BOEING PROPRIETARY
    
    4/11/2011
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-08Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
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    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
 PA No. 2191 SA-21
    
    BOEING PROPRIETARY
    
    SS10-0226AERO-B-BBA4-M10-0377




---



##### 



CONFIDENTIAL
 13-COP38W0003-08_05110095538.3XLS
    
    BOEING PROPRIETARY
    
    4/11/2011
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-08Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
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    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
 PA No. 2191 SA-21
    
    BOEING PROPRIETARY
    
    SS10-0226AERO-B-BBA4-M10-0377




---



##### 



CONFIDENTIAL
 13-COP38W0003-08_05110095538.3XLS
    
    BOEING PROPRIETARY
    
    4/11/2011
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-08Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
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    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
 PA No. 2191 SA-21
    
    BOEING PROPRIETARY
    
    SS10-0226AERO-B-BBA4-M10-0377




---



##### 



CONFIDENTIAL
 13-COP38W0003-08_05110095538.3XLS
    
    BOEING PROPRIETARY
    
    4/11/2011
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-08Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
    Per A/C[***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
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    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***][***]
    
    [***]
    
    [***]
 PA No. 2191 SA-21
    
    BOEING PROPRIETARY
    
    SS10-0226AERO-B-BBA4-M10-0377




---



##### 



CONFIDENTIAL
 13-COP38W0003-08_05110095538.3XLS
    
    BOEING PROPRIETARY
    
    4/11/2011
 Exhibit A To
Boeing Purchase Agreement
 Customer Log:
    
    COP38W0003-08Customer:
    
    COP  COPA AirlinesModel:
    
    737-800Base Date:
    
    [***]Qty of A/C:
    
    [***]
 [***]PriceCR
    
    Title
    
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 PA No. 2191 SA-21
    
    BOEING PROPRIETARY
    
    SS10-0226AERO-B-BBA4-M10-0377




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CONFIDENTIAL
 
 MODEL 737-8V3 [***]
 FOR COPA (COPA HOLDINGS, S.A. INC.)
 SECTION
    
    CONTENTS[***][***][***][***][***][***][***]
 PA No. 2191 SA-21
    
    BOEING PROPRIETARY
    
    SS10-0226AERO-B-BBA4-M10-0377




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CONFIDENTIAL
 
 [***][***][***][***][***][***][***][***][***][***][***][***][***][***][***][***][***][***][***]
 PA No. 2191 SA-21
    
    BOEING PROPRIETARY
    
    SS10-0226AERO-B-BBA4-M10-0377




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CONFIDENTIAL
 
 [***][***][***][***][***][***][***][***][***][***][***][***][***][***][***][***][***]
 PA No. 2191 SA-21
    
    BOEING PROPRIETARY
    
    SS10-0226AERO-B-BBA4-M10-0377




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CONFIDENTIAL
 
 [***][***][***][***][***][***][***][***][***][***][***][***][***][***][***][***][***]
 PA No. 2191 SA-21
    
    BOEING PROPRIETARY
    
    SS10-0226AERO-B-BBA4-M10-0377




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CONFIDENTIAL
 
 
 
 Subject:
    
    Installation of Cabin Systems EquipmentReference:
    
    Purchase Agreement No. 2191 (Purchase Agreement) between The
Boeing Company (Boeing) and COPA HOLDINGS, S.A (Customer)
relating to Model 737-8V3 Aircraft [***]
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CONFIDENTIAL
 
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 PA No. 2191
    
    1
    
    SA No. 7




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CONFIDENTIAL
 [***]
    
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 PA 2190 SA-21
    
    2
    
    May 2010




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CONFIDENTIAL
  THE BOEING COMPANYBy
    (signature)Its
    Attorney-In-FactACCEPTED AND AGREED TO thisDate: May ____, 2010COPA (COPA HOLDINGS, S.A., INC.ByIts
 PA 2190 SA-21
    
    3
    
    May 2010




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CONFIDENTIAL
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 PA 2190 SA-21
    
    4
    
    May 2010




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CONFIDENTIAL
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 PA 2190 SA-21
    
    5
    
    May 2010