| PA No. 2191 | Page 1 | SA No. 21 |
|-------------|--------|-----------|
|        |   | May 2010  |

----

|   | [***]    |
|--------|----------|
|   | Aircraft |
| [***]  | [***]    |
| [***]  | [***]    |
| [***]  | [***]    |
|   |     |
| [***]  | [***]    |
| [***]  | [***]    |
| [***]  | [***]    |
|   |     |
| [***]  | [***]    |
| [***]  | [***]    |
| [***]  | [***]    |
| [***]  | [***]    |

| PA No. 2191 | Page 2 | SA No. 21 |
|-------------|--------|-----------|
|        |   | May 2010  |

----

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

| PA No. 2191 | Page 3 | SA No. 21 |
|-------------|--------|-----------|
|        |   | May 2010  |

----

|     |   | 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 21 |
| 1-12     |   | Aircraft Information Table for Model 737-8V3 Aircraft                 |   | SA 21 |
|     |   |                                                                  |
| 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 |
| A-4      |   | Aircraft Configuration for Model 737-8V3 Aircraft                     |   | SA 21 |
| [***]    |   |                                                                  |   |   |
|     |   |                                                                  |   |   |
| B.       |   | Aircraft Delivery Requirements and Responsibilities                   |   | SA 3 |

| PA No. 2191 | i      | SA No. 21 |
|-------------|--------|-----------|
|        |   | May 2010  |

----

| SUPPLEMENTAL EXHIBITS        |   |                                                     |
|------------------------------|--------|----------------------------------------------------------|
|                         |   |                                                     |
| AE1.                         |   | Escalation Adjustment Airframe and Optional Features     |   | SA 10 |
|                         |   |                                                     |   |   |
| BFE1.                        |   | BFE Variables                                            |   | SA 21 |
|                         |   |                                                     |   |   |
| 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-0123              |   | [***]                                                    |   |   |
| 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              |   | [***]                                                    |   | 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-3958R1            |   | 737-8V3 Option Aircraft                                  |   | SA 18 |
| 6-1162-RLL-3958R2            |   | 737-8V3 Option Aircraft                                  |   | SA 21 |
| 6-1162-LAJ-982R5             |   | Special Matters                                          |   | SA 16 |
| 6-1162-LAJ-982R6             |   | Special Matters                                          |   | SA 17 |
| 6-1162-LAJ-982R7             |   | Special Matters                                          |   | SA 18 |
| 6-1162-LAJ-982R8             |   | Special Matters                                          |   | SA 20 |
| 6-1162-RLL-4092              |   | Advance Payment Matters for Aircraft Listed in Table 1-9 |   | SA 17 |

| PA No. 2191 | ii     | SA No. 21 |
|-------------|--------|-----------|
|        |   | May 2010  |

----

| 6-1162-KSW-6417 |   | Boeing Offer Related to New Interior    |   | SA 18  |
|-----------------|--------|-----------------------------------------|--------|--------|
| 6-1162-KSW-6419 |   | [***]                                   |   | SA 20  |
| 6-1162-KSW-6471 |   | [***]                                   |   |   |
|            |   | [***]                                   |   | SA 21  |
| LA-1000842      |   | Installation of Cabin Systems Equipment |   | SA 21  |

| PA No. 2191 | iii    | SA No. 21 |
|-------------|--------|-----------|
|        |   | May 2010  |

----

| 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 23, 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 |

| PA No. 2191 | iv     | SA No. 21 |
|-------------|--------|-----------|
|        |   | May 2010  |

----

| 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: |       |  [***] |   |                                         |   |   |

|    |                |       |   |   | EscalationEstimate | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): |
|--------------|---------------------|------------|--------|--------|--------------------|------------------------------------------------------------------|
| Delivery     | EscalationNumber of | Factor     | Serial |   | Adv PaymentBase    | [***]                                                            | [***] | [***] | [***] |
| Date         | Aircraft            | (Airframe) | Number |   | Price Per A/P      | [***]                                                            | [***] | [***] | [***] |
| [***]        | [***]               | [***]      | [***]  | [***]  | [***]              | [***]                                                            | [***] | [***] | [***] |
| [***]        | [***]               | [***]      | [***]  | [***]  | [***]              | [***]                                                            | [***] | [***] | [***] |
| [***]        | [***]               | [***]      | [***]  | [***]  | [***]              | [***]                                                            | [***] | [***] | [***] |
| [***]        | [***]               | [***]      | [***]  | [***]  | [***]              | [***]                                                            | [***] | [***] | [***] |
| Total:       | 4                   |       |   |   |               |                                                             |   |   |   |

| COP-54041-1F.TXT  |               | May 2010    |
|-------------------|--------------------|-------------|
| PA No. 2191 SA-21 | Boeing Proprietary | Page 1 |

----

| Airframe Model/MTOW:                            | 737-800              | [***]  |   | Detail Specification:                        | see PA 2191 |
|-------------------------------------------------|----------------------|--------|--------|----------------------------------------------|-------------|
| Engine 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:       |                 | $0     |   |                                         |        |   |   |
| Seller Purchased Equipment (SPE) Estimate:      |                 | [***]  |   |                                         |        |   |   |
|                                            |                 |   |   |                                         |        |   |   |
| Refundable Deposit/Aircraft at Proposal Accept: |                 | [***]  |   |                                         |        |   |   |

|     |     |             |   |   | EscalationEstimate | Advance Payment Per Aircraft (Amts. Due/Mos. Prior toDelivery): |
|----------|----------|------------------|--------|--------|--------------------|-----------------------------------------------------------------|
| Delivery | Numberof | EscalationFactor | Serial |   | Adv PaymentBase    | [***]                                                           | [***] | [***] | [***] |
| Date     | Aircraft | (Airframe)       | Number |   | Price Per A/P      | [***]                                                           | [***] | [***] | [***] |
| [***]    | [***]    | [***]            | [***]  | [***]  | [***]              | [***]                                                           | [***] | [***] | [***] |
| [***]    | [***]    | [***]            | [***]  | [***]  | [***]              | [***]                                                           | [***] | [***] | [***] |
| Total:   | 2        |             |   |   |               |                                                            |   |   |   |
| [***]    |     |             |   |   |               |                                                            |   |   |   |
| [***]    |     |             |   |   |               |                                                            |   |   |   |

| COP-48720/54023-1F.TXT |               | May 2010 |
|------------------------|--------------------|----------|
| PA No. 2191 SA-21      | Boeing Proprietary | Page 1   |

----

| 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: |             | [***]  |    |                                         |   |   |

|     |     |             |   |   | EscalationEstimate | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): |
|----------|----------|------------------|--------|--------|--------------------|------------------------------------------------------------------|
| Delivery | Numberof | EscalationFactor | Serial |   | Adv PaymentBase    | [***]                                                            | [***] | [***] | [***] |
| Date     | Aircraft | (Airframe)       | Number |   | Price Per A/P      | [***]                                                            | [***] | [***] | [***] |
| [***]    | [***]    | [***]            | [***]  | [***]  | [***]              | [***]                                                            | [***] | [***] | [***] |
| [***]    | [***]    | [***]            | [***]  | [***]  | [***]              | [***]                                                            | [***] | [***] | [***] |
| Total:   | 2        |             |   |   |               |                                                             |   |   |   |

| COP-54023-1F.TXT  |               | May 2010 |
|-------------------|--------------------|----------|
| PA No. 2191 SA-21 | Boeing Proprietary | Page 1   |

----

| 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: |       | [***]        |    |                                         |   |   |

|     |     |             |   |       |                                | Advance Payment Per Aircraft (Amts. Due/Mos. Prior toDelivery): |
|----------|----------|------------------|--------|------------|-------------------------------------|-----------------------------------------------------------------|
| Delivery | Numberof | EscalationFactor | Serial |       | Escalation EstimateAdv Payment Base | [***]                                                           | [***] | [***] | [***] |
| Date     | Aircraft | (Airframe)       | Number | Escalation | Price Per A/P                       | [***]                                                           | [***] | [***] | [***] |
| [***]    | [***]    | [***]            | [***]  | [***]      | [***]                               | [***]                                                           | [***] | [***] | [***] |
| [***]    | [***]    | [***]            | [***]  | [***]      | [***]                               | [***]                                                           | [***] | [***] | [***] |

| Total: | 2      |   |   |   |   |   |   |   |   |
|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| [***]  |   |   |   |   |   |   |   |   |   |
| [***]  |   |   |   |   |   |   |   |   |   |
| [***]  |   |   |   |   |   |   |   |   |   |

| COP PA 2191 SA-20 |               | 11/25/09 |
|-------------------|--------------------|----------|
| 51647, 52612      | Boeing Proprietary | Page 1   |

----

| 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 toDelivery): |
|--------------|-----------|------------|--------|------------|---------------------|-----------------------------------------------------------------|
| Delivery     | Number of | Factor     | Serial | Fixed      | Adv Payment Base    | [***]                                                           | [***] | [***] | [***] |
| Date         | Aircraft  | (Airframe) | Number | Escalation | Price Per A/P       | [***]                                                           | [***] | [***] | [***] |
| [***]        | [***]     | [***]      | [***]  | [***]      | [***]               | [***]                                                           | [***] | [***] | [***] |
| [***]        | [***]     | [***]      | [***]  | [***]      | [***]               | [***]                                                           | [***] | [***] | [***] |
| [***]        | [***]     | [***]      | [***]  | [***]      | [***]               | [***]                                                           | [***] | [***] | [***] |
| [***]        | [***]     | [***]      | [***]  | [***]      | [***]               | [***]                                                           | [***] | [***] | [***] |
| [***]        | [***]     | [***]      | [***]  | [***]      | [***]               | [***]                                                           | [***] | [***] | [***] |
| [***]        | [***]     | [***]      | [***]  | [***]      | [***]               | [***]                                                           | [***] | [***] | [***] |
| [***]        | [***]     | [***]      | [***]  | [***]      | [***]               | [***]                                                           | [***] | [***] | [***] |
| [***]        | [***]     | [***]      | [***]  | [***]      | [***]               | [***]                                                           | [***] | [***] | [***] |
| [***]        | [***]     | [***]      | [***]  | [***]      | [***]               | [***]                                                           | [***] | [***] | [***] |
| [***]        | [***]     | [***]      | [***]  | [***]      | [***]               | [***]                                                           | [***] | [***] | [***] |
| Total:       | 10        |       |   |       |                |                                                            |   |   |   |
| [***]        |      |       |
| [***]        |

| COP- 54019-1F.TXT |               | May 2010 |
|-------------------|--------------------|----------|
| PA No. 2191 SA-21 | Boeing Proprietary | Page 1   |

----

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

| COP- 54019-1F.TXT |               | May 2010 |
|-------------------|--------------------|----------|
| PA No. 2191 SA-21 | Boeing Proprietary | Page 1   |

----

| 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                             | [***]      |   |                                       |                                         |   |

|    |      |             |    |   | EscalationEstimate | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): |
|--------------|-----------|------------------|---------|--------|--------------------|------------------------------------------------------------------|
| Delivery     | Number of | EscalationFactor | Serial  |   | Adv PaymentBase    | [***]                                                            | [***] | [***] | [***] |
| Date         | Aircraft  | (Airframe)       | Numbers |   | Price Per A/P      | [***]                                                            | [***] | [***] | [***] |
| [***]        | [***]     | [***]            | [***]   | [***]  | [***]              | [***]                                                            | [***] | [***] | [***] |
| [***]        | [***]     | [***]            | [***]   | [***]  | [***]              | [***]                                                            | [***] | [***] | [***] |
| [***]        | [***]     |             |    |   |               |                                                             |   |   |   |

| COP- 54019-1F.TXT |               | May 2010 |
|-------------------|--------------------|----------|
| PA No. 2191 SA-21 | Boeing Proprietary | Page 1   |

----

| 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:      | [***]      |   |                      |                                         |   |
|                                            |       |   |                      |                                         |   |
| Non-Refundable Deposit/Aircraft at Def Agreemt: | [***]      |   |                      |                                         |   |

|    |     |             |   |   | EscalationEstimate | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): |
|--------------|----------|------------------|--------|--------|--------------------|------------------------------------------------------------------|
| Delivery     | Numberof | EscalationFactor |   |   | Adv PaymentBase    | [***]                                             | [***] | [***] | [***] |
| Date         | Aircraft | (Airframe)       |   |   | Price Per A/P      | [***]                                                            | [***] | [***] | [***] |
| [***]        | [***]    | [***]            | [***]  | [***]  | [***]              | [***]                                                            | [***] | [***] | [***] |
| [***]        | [***]    | [***]            | [***]  | [***]  | [***]              | [***]                                                            | [***] | [***] | [***] |
| [***]        | [***]    | [***]            | [***]  | [***]  | [***]              | [***]                                                            | [***] | [***] | [***] |
| [***]        | [***]    | [***]            | [***]  | [***]  | [***]              | [***]                                                            | [***] | [***] | [***] |
| [***]        | [***]    | [***]            | [***]  | [***]  | [***]              | [***]                                                            | [***] | [***] | [***] |
| [***]        | [***]    | [***]            | [***]  | [***]  | [***]              | [***]                                                            | [***] | [***] | [***] |
| [***]        | [***]    | [***]            | [***]  | [***]  | [***]              | [***]                                                            | [***] | [***] | [***] |
| [***]        | [***]    | [***]            | [***]  | [***]  | [***]              | [***]                                                            | [***] | [***] | [***] |

| COP- 54019-1F.TXT |               | May 2010 |
|-------------------|--------------------|----------|
| PA No. 2191 SA-21 | Boeing Proprietary | Page 1   |

----

| 11-COP38W0003-06_0511010172 | BOEING PROPRIETARY | 4/11/2011 |
|-----------------------------|--------------------|-----------|

| PA No. 2191 SA-21 | A-4                |   |
|-------------------|--------------------|--------|
|              | BOEING PROPRIETARY |   |

----

| PA No. 2191 SA-21 | A-4                |   |
|-------------------|--------------------|--------|
|              | BOEING PROPRIETARY |   |

----

| 11-COP38W0003-06_0511010172 | BOEING PROPRIETARY | 4/11/2011 |
|-----------------------------|--------------------|-----------|

| Customer Log: | COP38W0003-06             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

|   |   |    |
|--------|--------|---------|
|   |   | [***]   |
|   |   | Price   |
| CR     | Title  | Per A/C |
| [***]  | [***]  | [***]   |
| [***]  | [***]  | [***]   |
| [***]  | [***]  | [***]   |
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|        |               | May 2010 |
|-------------|--------------------|----------|
| PA No. 2190 | BOEING PROPRIETARY | Page 1   |

----

| 11-COP38W0003-06_0511010172 | BOEING PROPRIETARY | 4/11/2011 |
|-----------------------------|--------------------|-----------|

| Customer Log: | COP38W0003-06             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

| [***] | [***] | [***] |
|-------|-------|-------|
| [***] | [***] | [***] |
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|        |               | May 2010 |
|-------------|--------------------|----------|
| PA No. 2190 | BOEING PROPRIETARY | Page 2   |

----

| 11-COP38W0003-06_0511010172 | BOEING PROPRIETARY | 4/11/2011 |
|-----------------------------|--------------------|-----------|

| Customer Log: | COP38W0003-06             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

| [***] | [***] | [***] |
|-------|-------|-------|
| [***] | [***] | [***] |
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|        |               | May 2010 |
|-------------|--------------------|----------|
| PA No. 2190 | BOEING PROPRIETARY | Page 3   |

----

| 11-COP38W0003-06_0511010172 | BOEING PROPRIETARY | 4/11/2011 |
|-----------------------------|--------------------|-----------|

| Customer Log: | COP38W0003-06             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

| [***] | [***] | [***] |
|-------|-------|-------|
| [***] | [***] | [***] |
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|        |               | May 2010 |
|-------------|--------------------|----------|
| PA No. 2190 | BOEING PROPRIETARY | Page 4   |

----

| 11-COP38W0003-06_0511010172 | BOEING PROPRIETARY | 4/11/2011 |
|-----------------------------|--------------------|-----------|

| Customer Log: | COP38W0003-06             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

| [***] | [***] | [***] |
|-------|-------|-------|
| [***] | [***] | [***] |
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|        |               | May 2010 |
|-------------|--------------------|----------|
| PA No. 2190 | BOEING PROPRIETARY | Page 5   |

----

| 11-COP38W0003-06_0511010172 | BOEING PROPRIETARY | 4/11/2011 |
|-----------------------------|--------------------|-----------|

| Customer Log: | COP38W0003-06             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

| [***] | [***] | [***] |
|-------|-------|-------|
| [***] | [***] | [***] |
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|        |               | May 2010 |
|-------------|--------------------|----------|
| PA No. 2190 | BOEING PROPRIETARY | Page 6   |

----

| 11-COP38W0003-06_0511010172 | BOEING PROPRIETARY | 4/11/2011 |
|-----------------------------|--------------------|-----------|

| Customer Log: | COP38W0003-06             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

| [***] | [***] | [***] |
|-------|-------|-------|
| [***] | [***] | [***] |
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|        |               | May 2010 |
|-------------|--------------------|----------|
| PA No. 2190 | BOEING PROPRIETARY | Page 7   |

----

| COP38W0003-07_051110101813.XLS | BOEING PROPRIETARY |   |
|--------------------------------|--------------------|--------|

| Customer Log: | COP38W0003-07             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800`                  |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

|   |   |    |
|--------|--------|---------|
|   |   | [***]   |
|   |   | Price   |
| CR     | Title  | Per A/C |
| [***]  | [***]  | [***]   |
| [***]  | [***]  | [***]   |
| [***]  | [***]  | [***]   |
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| PA No. 2191 SA-21 | BOEING PROPRIETARY | May 2010 |
|-------------------|--------------------|----------|
|              |               | Page 1   |

----

| 12-COP38W0003-07_05110101813XLS | BOEING PROPRIETARY | 4/11/2011 |
|---------------------------------|--------------------|-----------|

| Customer Log: | COP38W0003-07             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

| [***] | [***] | [***] |
|-------|-------|-------|
| [***] | [***] | [***] |
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| PA No. 2191 SA-21 | BOEING PROPRIETARY | May 2010 |
|-------------------|--------------------|----------|
|              |               | Page 2   |

----

| 12-COP38W0003-07_05110101813XLS | BOEING PROPRIETARY | 4/11/2011 |
|---------------------------------|--------------------|-----------|

| Customer Log: | COP38W0003-07             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

| [***] | [***] | [***] |
|-------|-------|-------|
| [***] | [***] | [***] |
| [***] | [***] | [***] |
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| PA No. 2191 SA-21 | BOEING PROPRIETARY | May 2010 |
|-------------------|--------------------|----------|
|              |               | Page 3   |

----

| 12-COP38W0003-07_05110101813XLS | BOEING PROPRIETARY | 4/11/2011 |
|---------------------------------|--------------------|-----------|

| Customer Log: | COP38W0003-07             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

| [***] | [***] | [***] |
|-------|-------|-------|
| [***] | [***] | [***] |
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| PA No. 2191 SA-21 | BOEING PROPRIETARY | May 2010 |
|-------------------|--------------------|----------|
|              |               | Page 4   |

----

|                            |               | CONFIDENTIAL |
|---------------------------------|--------------------|--------------|
| 12-COP38W0003-07_05110101813XLS | BOEING PROPRIETARY | 4/11/2011    |

| Customer Log: | COP38W0003-07             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

| [***] | [***] | [***] |
|-------|-------|-------|
| [***] | [***] | [***] |
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| PA No. 2191 SA-21 | BOEING PROPRIETARY | May 2010 |
|-------------------|--------------------|----------|
|              |               | Page 5   |

----

| 12-COP38W0003-07_05110101813XLS | BOEING PROPRIETARY | 4/11/2011 |
|---------------------------------|--------------------|-----------|

| Customer Log: | COP38W0003-07             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

| [***] | [***] | [***] |
|-------|-------|-------|
| [***] | [***] | [***] |
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| PA No. 2191 SA-21 | BOEING PROPRIETARY | May 2010 |
|-------------------|--------------------|----------|
|              |               | Page 6   |

----

| 12-COP38W0003-07_05110101813XLS | BOEING PROPRIETARY | 4/11/2011 |
|---------------------------------|--------------------|-----------|

| Customer Log: | COP38W0003-07             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

| [***] | [***] | [***] |
|-------|-------|-------|
| [***] | [***] | [***] |
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| PA No. 2191 SA-21 | BOEING PROPRIETARY | May 2010 |
|-------------------|--------------------|----------|
|              |               | Page 7   |

----

| 12-COP38W0003-07_05110101813XLS | BOEING PROPRIETARY | 4/11/2011 |
|---------------------------------|--------------------|-----------|

| Customer Log: | COP38W0003-07             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

| [***] | [***] | [***] |
|-------|-------|-------|
| [***] | [***] | [***] |

| PA No. 2191 SA-21 | BOEING PROPRIETARY | May 2010 |
|-------------------|--------------------|----------|
|              |               | Page 8   |

----

| COP38W0003-08_051110095538.XLS | BOEING PROPRIETARY |   |
|--------------------------------|--------------------|--------|

| Customer Log: | COP38W0003-08             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

|   |   |    |
|--------|--------|---------|
|   |   | [***]   |
|   |   | Price   |
| CR     | Title  | Per A/C |
| [***]  | [***]  | [***]   |
| [***]  | [***]  | [***]   |
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| PA No. 2191 | Page 1 | SA No. 7 |
|-------------|--------|----------|

----

| 13-COP38W0003-08_05110095538.3XLS | BOEING PROPRIETARY | 4/11/2011 |
|-----------------------------------|--------------------|-----------|

| Customer Log: | COP38W0003-08             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

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

----

| 13-COP38W0003-08_05110095538.3XLS | BOEING PROPRIETARY | 4/11/2011 |
|-----------------------------------|--------------------|-----------|

| Customer Log: | COP38W0003-08             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

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

----

| 13-COP38W0003-08_05110095538.3XLS | BOEING PROPRIETARY | 4/11/2011 |
|-----------------------------------|--------------------|-----------|

| Customer Log: | COP38W0003-08             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

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

----

| 13-COP38W0003-08_05110095538.3XLS | BOEING PROPRIETARY | 4/11/2011 |
|-----------------------------------|--------------------|-----------|

| Customer Log: | COP38W0003-08             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

| [***] | [***] | [***] |
|-------|-------|-------|
| [***] | [***] | [***] |
| [***] | [***] | [***] |
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| [***] | [***] | [***] |

| PA No. 2191 SA-21    | BOEING PROPRIETARY | SS10-0226 |
|----------------------|--------------------|-----------|
| AERO-B-BBA4-M10-0377 |               |      |

----

| 13-COP38W0003-08_05110095538.3XLS | BOEING PROPRIETARY | 4/11/2011 |
|-----------------------------------|--------------------|-----------|

| Customer Log: | COP38W0003-08             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

| [***] | [***] | [***] |
|-------|-------|-------|
| [***] | [***] | [***] |
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| [***] | [***] | [***] |

| PA No. 2191 SA-21    | BOEING PROPRIETARY | SS10-0226 |
|----------------------|--------------------|-----------|
| AERO-B-BBA4-M10-0377 |               |      |

----

| 13-COP38W0003-08_05110095538.3XLS | BOEING PROPRIETARY | 4/11/2011 |
|-----------------------------------|--------------------|-----------|

| Customer Log: | COP38W0003-08             |
|---------------|---------------------------|
| Customer:     | COP – COPA Airlines |
| Model:        | 737-800                   |
| Base Date:    | [***]                     |
| Qty of A/C:   | [***]                     |

| [***] | [***] | [***] |
|-------|-------|-------|
| [***] | [***] | [***] |
| [***] | [***] | [***] |
| [***] | [***] | [***] |
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| [***] | [***] | [***] |

| PA No. 2191 SA-21    | BOEING PROPRIETARY | SS10-0226 |
|----------------------|--------------------|-----------|
| AERO-B-BBA4-M10-0377 |               |      |

----

|   | 1 | [***] |
|--------|---|-------|

|   | 2 | [***] |
|--------|---|-------|

|   | 3 | [***] |
|--------|---|-------|

|   | 4 | [***] |
|--------|---|-------|

|   | 5 | [***] |
|--------|---|-------|

|   | 6 | [***] |
|--------|---|-------|

|   | 7 | [***] |
|--------|---|-------|

| PA No. 2191 SA-21    | BOEING PROPRIETARY | SS10-0226 |
|----------------------|--------------------|-----------|
| AERO-B-BBA4-M10-0377 |               |      |

----

| 1 | AIRCRAFT MODEL APPLICABILITY |
|---|------------------------------|

| 2 | FLIGHT PERFORMANCE |
|---|--------------------|

|   | Cruise Range |
|--------|--------------|

| NOMINAL:   | [***] |
|------------|-------|
| TOLERANCE: | [***] |
| GUARANTEE: | [***] |

| 3 | MANUFACTURER'S EMPTY WEIGHT |
|---|-----------------------------|

| 4 | AIRCRAFT CONFIGURATION |
|---|------------------------|

| 4.1 | The guarantees contained in this Attachment are based on the Aircraft configuration as defined in [***] Appropriate adjustment shall be made for changes in such Detail Specification approved by the Customer and Boeing or otherwise allowed by the Purchase Agreement which cause changes to the flight performance and/or weight and balance of the Aircraft.  Such adjustment shall be accounted for by Boeing in its evidence of compliance with the guarantees. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| PA No. 2191 SA-21    | BOEING PROPRIETARY | SS10-0226 |
|----------------------|--------------------|-----------|
| AERO-B-BBA4-M10-0377 |               |      |

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| 4.2 | The Manufacturer's Empty Weight guarantee of Section 3 will be adjusted by Boeing for the following in its evidence of compliance with the guarantees: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | GUARANTEE CONDITIONS |
|---|----------------------|

| 5.1 | All guaranteed performance data are based on [***] altitudes are pressure altitudes. |
|-----|--------------------------------------------------------------------------------------|

| 5.2 | The Federal Aviation Administration (FAA) regulations referred to in this Attachment are, unless otherwise specified, [***] |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

| 5.3 | In the event a change is made to any law, governmental regulation or requirement, or in the interpretation of any such law, governmental regulation or requirement that affects the certification basis for the Aircraft as described in Paragraph 5.2, and as a result thereof, a change is made to the configuration and/or the performance of the Aircraft in order to obtain certification, the guarantees set forth in this Attachment shall be appropriately modified to reflect any such change. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | The cruise range guarantee includes [***] Normal operation of the air conditioning system shall be defined [***] This operation allows a maximum cabin pressure differential of [***] |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.5 | The cruise range guarantee is based on [***] |
|-----|----------------------------------------------|

| PA No. 2191 SA-21    | BOEING PROPRIETARY | SS10-0226 |
|----------------------|--------------------|-----------|
| AERO-B-BBA4-M10-0377 |               |      |

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| 5.6 | Performance, where applicable, is based on  [***] |
|-----|-------------------------------------------------------------|

| 6 | GUARANTEE COMPLIANCE |
|---|----------------------|

| 6.1 | Compliance with the guarantees of Sections 2 and 3 shall be based on [***] |
|-----|----------------------------------------------------------------------------|

| 6.2 | Compliance with the cruise range guarantee shall be established by [***] |
|-----|--------------------------------------------------------------------------|

| 6.3 | Compliance with the Manufacturer's Empty Weight guarantee shall be based on [***] |
|-----|-----------------------------------------------------------------------------------|

| 6.4 | The data derived from tests shall be adjusted as required by conventional methods of correction, interpolation or extrapolation in accordance with established engineering practices to show compliance with these guarantees. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.5 | Compliance shall be based on [***] |
|-----|------------------------------------|

| 7 | EXCLUSIVE GUARANTEES |
|---|----------------------|

| PA No. 2191 SA-21    | BOEING PROPRIETARY | SS10-0226 |
|----------------------|--------------------|-----------|
| AERO-B-BBA4-M10-0377 |               |      |

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|   | The Boeing Company     |
|--------|------------------------|
|   | P.O. Box 3707          |
|   | Seattle, WA 98124-2207 |

| Subject: | Installation of Cabin Systems Equipment |
|----------|-----------------------------------------|

| Reference: | Purchase Agreement No. 2191 (Purchase Agreement) between The Boeing Company (Boeing) and COPA HOLDINGS, S.A (Customer) relating to Model 737-8V3 Aircraft [***] |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.1.1 | [***] |
|--------|-------|-------|

|   | 1.1.2  | [***] |
|--------|-------------|-------|

|   | 1.1.3  | [***] |
|--------|-------------|-------|

| [***] | [***] |
|-------|-------|

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| 2. | Software. |
|----|-----------|

| PA No. 2191 | 1 | SA No. 7 |
|-------------|---|----------|

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| 3. | Changes. |
|----|----------|

| 4. | [***] |
|----|-------|

| 5. | [***] |
|----|-------|

| 6. | [***] |
|----|-------|

| 7. | [***] |
|----|-------|

| 8. | [***] |
|----|-------|

| 9. | [***] |
|----|-------|

| PA 2190 SA-21 | 2 |   |
|---------------|---|--------|

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| PA 2190 SA-21 | 3 |   |
|---------------|---|--------|

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| THE BOEING COMPANY              |                          |
|---------------------------------|-------------------------------|
|                            |                          |   |   |
| By                              | /s/ Kathie Weibel             |   |
|                            |                          |   |   |
| Its                             | Attorney-In-Fact              |   |
|                            |                          |   |   |
| ACCEPTED AND AGREED TO this     |                          |
|                            |                          |   |   |
| Date:                           |                          | May     , 2010 |    |
|                            |                          |   |   |
| COPA (COPA HOLDINGS, S.A., INC. |                          |
|                            |                          |   |   |
| By                              | /s/  Pedro Heilbron |   |
|                            |                          |   |   |
| Its                             | Chief Executive Officer       |   |

| PA 2190 SA-21 | 4 |   |
|---------------|---|--------|

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| PA 2190 SA-21 | 5 |   |
|---------------|---|--------|

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| 1.  | [***] |
|----------|-------|

|   | (i) | Managing [***] |
|--------|-----|----------------|

|   | (ii) | Evaluating and approving [***] |
|--------|------|--------------------------------|

|   | (iii) | Defining [***] |
|--------|-------|----------------|

|   | (iv) | Scheduling and conducting [***] |
|--------|------|---------------------------------|

|   | (v) | Scheduling and conducting [***] |
|--------|-----|---------------------------------|

|   | (vi) | Monitoring [***] |
|--------|------|------------------|

|   | (vii) | Evaluating and approving [***] |
|--------|-------|--------------------------------|

|   | (viii) | Leading the development of [***] |
|--------|--------|----------------------------------|

|   | (ix) | Managing [***] |
|--------|------|----------------|

| 2.  | [***] |
|----------|-------|

|   | (x) | As required, assist [***] approve such [***]   and develop [***] |
|--------|-----|---------------------------------------------------------------------------------|

|   | (xi) | Coordinate Boeing, Customer and Supplier teams to ensure [***] and |
|--------|------|--------------------------------------------------------------------|

|   | (xii) | Organize and conduct [***] with Customer and [***] to review [***] |
|--------|-------|--------------------------------------------------------------------|

| 3.  | [***] |
|----------|-------|

|   | (xiii) | Boeing will coordinate [***] |
|--------|--------|------------------------------|

| PA 2190 SA-21 | 6 |   |
|---------------|---|--------|

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|   | (xiv) | The [***] will be required to [***] |
|--------|-------|-------------------------------------|

|   | (xv) | The [***] will assist [***] |
|--------|------|-----------------------------|

| PA 2190 SA-21 | 7 |   |
|---------------|---|--------|

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