##### 



EXHIBIT 10.44
 
            
 1.1.
    
    Table of Contents, Tables and Exhibits: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 November 2007 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 November 2007 737-8V3 aircraft to this
table.
  PA No. 2191
    
    Page 1
    
    SA No. 10




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##### 



EXHIBIT 10.44
 1.5.
    
    Letter Agreements: No. 6-1162-LAJ-982R3, entitled Special Matters
Article 14 has been updated to correct various manufacturers serial numbers and to include
our agreement on **Material Redacted** for certain future aircraft.
 
 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. 10




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##### 



EXHIBIT 10.44
  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 111-5
    
    Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 11EXHIBITA-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. 10




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##### 



EXHIBIT 10.44
 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 , 2006
  PA No. 2191
    
    SA No. 10




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##### 



Table 1-4
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)
    
    4th Qtr 2004Forecast (F)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**
   EscalationEstimateAdv
    
    Advance Payment Per AircraftPayment
    
    (Amts. Due/Mos. Prior to Delivery):Escalation
    
    Manufacturer
    
    
    
    Base
    
    
    
    
    
    21/18/12/9/6Delivery
    
    Number of
    
    Factor
    
    Serial
    
    
    
    Price Per
    
    At Signing
    
    24 Mos.
    
    Mos.
    
    TotalDate
    
    Aircraft
    
    (Airframe)
    
    Number
    
    
    
    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**Total:
    
    
    3
 COP  SA 11Nov 07  Sub from -700 to a -800
    
    Boeing Proprietary
    
    Page 1




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##### 



Table 1-5
Aircraft Delivery, Description, Price and Advance Payments
  Airframe Model/MTOW:
    
    737-8V3
    
    174,200poundsEngine Model/Thrust:
    
    CFM56-7B26
    
    26,400poundsAirframe 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 5-4-05
    
    4th Qtr 2005Forecast (F)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**
   EscalationEstimate
    
    Advance Payment Per AircraftAdv Payment
    
    (Amts. Due/Mos. Prior to Delivery):Escalation
    
    Manufacturer
    
    
    
    Base
    
    
    
    
    
    21/18/12/9/6Delivery
    
    Number of
    
    Factor
    
    Serial
    
    
    
    Price Per
    
    At Signing
    
    24 Mos.
    
    Mos.
    
    TotalDate
    
    Aircraft
    
    (Airframe)
    
    Number
    
    
    
    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**Total:
    
    
    3
 COP  SA 11Nov 07  Sub from -700 to a -800
    
    Boeing Proprietary
    
    Page 2




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##### 



The Boeing Company
  
 Subject:
    
    Special MattersReference:
    
    Purchase Agreement No. 2191 (the Purchase Agreement) between
The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer)
relating to Model 737 aircraft (the Aircraft)
  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**
  PA 2191
    
    SA 11




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##### 



12.
    
    **Material Redacted**13.
    
    **Material Redacted**14.
    
    **Material Redacted**15.
    
    **Material Redacted**16.
    
    **Material Redacted**17.
    
    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 Agreement or any information contained herein to any other person or entity.
  Date:
    
    
    
    , 2006
  **Material Redacted**ByIts
    
    Attorney-In-FactCOPA HOLDINGS, S.A.ByIts
    
    Chief Executive Officer
  PA 2191
    
    SA 11