##### 



EXHIBIT 10.46
 
            
 1.1.
    
    Table of Contents, Tables and Letter Agreements: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 **Material Redacted** for the **Material Redacted** 737-7V3
Aircraft.1.4.
    
    Table 1-5 entitled Aircraft Information Table for Model 737-8V3 Aircraft is
attached hereto to reflect the **Material Redacted** 737-8V3 Aircraft.
 PA No. 2191
    
    Page 1
    
    SA No. 13




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##### 



1.5.
    
    Table 1-6 entitled Aircraft Information Table for Model 737-8V3 Aircraft is
attached hereto to reflect the scheduled delivery months for the 737-8V3 Aircraft of
**Material Redacted**1.6.
    
    Table 1-7 entitled RLL-3958 Option Aircraft  Aircraft Information Table for
Model 737-8V3 Aircraft is attached hereto to reflect the scheduled delivery months for
the 737-8V3 Option Aircraft of **Material Redacted**.1.7.
    
    Letter Agreement No. 6-1162-LAJ-982R4 entitled Special Matters to include a revision
to Article 6 entitled **Material Redacted** and Confidentiality.1.8.
    
    Letter Agreement No. 6-1162-RLL-3958 entitled Option Aircraft is attached
hereto and hereby made a part of the Agreement.
 
 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. 13




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##### 



SAARTICLES
    
    
    
    NUMBER1.
    
    Quantity, Model and Description
    
    SA 32.
    
    Delivery Schedule3.
    
    Price4.
    
    Payment SA 35.
    
    MiscellaneousTABLE1-1
    
    Aircraft Information Table for Model 737-7V3 Aircraft
    
    SA 41-2
    
    Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 51-3
    
    Aircraft Information Table for Model 737-7V3 Aircraft
    
    SA 71-4
    
    Aircraft Information Table for Model 737-7V3 Aircraft
    
    SA 131-5
    
    Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 131-6
    
    Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 131-7
    
    Aircraft Information Table for Model 737-8V3 Aircraft
    
    SA 13Option AircraftEXHIBITA-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. 13




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##### 



LETTER AGREEMENTS2191-01
    
    Demonstration Flight Waiver2191-02
    
    Escalation Sharing2191-03
    
    Seller Purchased EquipmentRESTRICTED LETTER AGREEMENTS6-1162-DAN-0123
    
    Performance Guarantees6-1162-DAN-0124
    
    Special Matters6-1162-DAN-0155
    
    Airframe Escalation Revision6-1162-DAN-0156
    
    Year 2000 Ready Software, Hardware and Firmware6-1162-DAN-0157
    
    Miscellaneous Matters6-1162-MJB-0017
    
    Special Matters6-1162-MJB-0030
    
    Special Matters6-1162-LAJ-874R
    
    Special Matters
    
    SA 56-1162-LAJ-874R1
    
    Special Matters
    
    SA 66-1162-LAJ-874R2
    
    Special Matters
    
    SA 76-1162-LAJ-982
    
    Special Matters
    
    SA 86-1162-LAJ-982R3
    
    Special Matters
    
    SA 116-1162-RLL-3852
    
    737-800 Performance Guarantees
    
    SA 96-1162-LAJ-982R4
    
    Special Matters
    
    SA 136-1162-RLL-3958
    
    737-8V3 Option Aircraft
    
    SA 13
 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
    
    ,2007
 PA No. 2191
    
    SA No. 13




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##### 



Table 1-4
Aircraft Information Table Model 737-7V3 Aircraft
Aircraft Delivery, Description, Price and Advance Payments
  Airframe Model/MTOW:
    
    737-700
    
    154,500Engine Model:
    
    CFM56-7B22Airframe Price:
    
    
    
    **Material
Redacted**Optional Features:
    
    
    
    **Material
Redacted**Sub-Total of Airframe and Features:
    
    
    
    **Material
Redacted**Engine Price (Per Aircraft):
    
    
    
    **Material
Redacted**Aircraft Basic Price (Excluding BFE/SPE):
    
    
    
    **Material
Redacted**Buyer Furnished Equipment (BFE) Estimate:
    
    
    
    **Material
Redacted**Seller Purchased Equipment (SPE) Estimate:
    
    
    
    **Material
Redacted**Refundable Deposit/Aircraft at Proposal Accept:
    
    
    
    **Material
Redacted**
 Detail Specification:
    
    D6-38808-42-1 (4/30/2004)Airframe Price Base Year/Escalation Formula:
    
    Jul-04
    
    ECI-MFG/CPIEngine Price Base Year/Escalation Formula:
    
    N/A
    
    N/AAirframe Escalation Data:Base Year Index (ECI):
    
    **Material
Redacted**Base Year Index (CPI):
    
    **Material
Redacted**
   Escalation
    
    
    
    
    
    Escalation Estimate
    
    Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):Delivery
    
    Number of
    
    Factor
    
    Manufacturer
    
    
    
    Adv Payment Base
    
    At Signing
    
    24 Mos.
    21/18/12/9/6 Mos.
    TotalDate
    
    Aircraft
    
    (Airframe)
    
    Serial Number
    
    
    
    Price Per A/P
    
    1%
    
    4%
    
    5%
    
    30%**Material 
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted****Material 
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**Total:
    
    
    2
 COP  SA 1344824
    
    Boeing Proprietary
    
    Page 1




---



##### 



Table 1-5
Aircraft Information Table Model 737-8V3 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 5-4-05Airframe Price Base Year/Escalation Formula:
    
    Jul-04
    
    ECI-MFG/CPIEngine Price Base Year/Escalation Formula:
    
    N/A
    
    N/AAirframe Escalation Data:Base Year Index (ECI):
    
    **Material
Redacted**Base Year Index (CPI):
    
    **Material
Redacted**
   Escalation
    
    
    
    
    
    Escalation Estimate
    
    Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):Delivery
    
    Number of
    
    Factor
    
    Manufacturer
    
    
    
    Adv Payment Base
    
    At Signing
    
    24 Mos.
    
    21/18/12/9/6 Mos.
    
    TotalDate
    
    Aircraft
    
    (Airframe)
    
    Serial Number
    
    
    
    Price Per A/P
    
    1%
    
    4%
    
    5%
    
    30%**Material 
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted****Material 
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted****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:
    
    
    4
 COP  SA 1344824
    
    Boeing Proprietary
    
    Page 1




---



##### 



Table 1-6
Aircraft Information Table for Model 737-8V3
Delivery, Description, Price and Advance Payments
  Airframe Model/MTOW:
    
    737-8V3
    
    174,200poundsEngine Model/Thrust:
    
    CFM56-7B26
    
    26,400poundsAirframe Price:
    
    
    
    **Material
Redacted**Optional Features:
    
    
    
    **MaterialRedacted**Sub-Total of Airframe and Features:
    
    
    
    **Material
Redacted**Engine Price (Per Aircraft):
    
    
    
    **Material
Redacted**Aircraft Basic Price (Excluding BFE/SPE):
    
    
    
    **Material
Redacted**Buyer Furnished Equipment (BFE) Estimate:
    
    
    
    **Material
Redacted**Seller Purchased Equipment (SPE) Estimate:
    
    
    
    **Material
Redacted**Refundable Deposit/Aircraft at Proposal Accept:
    
    
    
    **Material
Redacted**
 Detail Specification:
    
    D6-38808-1 Rev C, dated 5-4-05Airframe Price Base Year/Escalation Formula:
    
    Jul-06
    
    ECI-MFG/CPIEngine Price Base Year/Escalation Formula:
    
    N/A
    
    N/AAirframe Escalation Data:Base Year Index (ECI):
    
    **Material
Redacted**Base Year Index (CPI):
    
    **Material
Redacted**
   Escalation
    
    
    
    
    
    Escalation Estimate
    
    Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):Delivery
    
    Number of
    
    Factor
    
    Manufacturer
    
    
    
    Adv Payment Base
    
    At Signing
    
    24 Mos.
    
    21/18/12/9/6 Mos.
    
    TotalDate
    
    Aircraft
    
    (Airframe)
    
    Serial Number
    
    
    
    Price Per A/P
    
    1%
    
    4%
    
    5%
    
    30%**Material 
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted****Material 
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted****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:
    
    
    4
 COP  SA  1343715
    
    Boeing Proprietary
    
    Page 1




---



##### 



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**12.
    
    **Material Redacted**
   PA 2191
    
    SA 13




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##### 



13.
    
    **Material Redacted**14.
    
    **Material Redacted**15.
    
    **Material Redacted**16.
    
    **Material Redacted**17.
    
    **Material Redacted**18.
    
    **Material Redacted**19.
    
    **Material Redacted**20.
    
    **Material Redacted**
   PA 2191
    
    SA 13




---



##### 



Date:
    
    
    
    , 2007
  **Material Redacted**ByIts
    
    Attorney-In-FactCOPA HOLDINGS, S.A.ByIts
    
    Chief Executive Officer




---



##### 



The Boeing Company
  
 Subject:
    
    Option AircrraftReference:
    
    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)
  Option Aircraft
 1.
    
    Aircraft Description and Changes**Material Redacted**2.
    
    Price**Material Redacted**
   PA 2191
    
    SA 13




---



##### 



2.2
    
    Price Adjustments.**
    
    Material Redacted**
 3.
    
    Payment.
   4.
    
    Option Exercise.**Material Redacted**5.
    
    Contract Terms.
   Date:
    
    
    
    , 2007
   PA 2191
    
    SA 13




---



##### 



By
    
    **Material Redacted**Its
    
    Attorney-In-FactCOPA HOLDINGS, S.A.ByIts
    
    Chief Executive Officer




---



##### 



Table 1-7
RLL-3958  Option Aircraft
Aircraft Information Table for Model 737-8V3
Delivery, Description, Price and Advance Payments
  Airframe Model/MTOW:
    
    737-8V3
    
    174,200 poundsEngine Model/Thrust:
    
    CFM56-7B26
    
    26,400 poundsAirframe Price:
    
    
    
    **Material
Redacted**Optional Features:
    
    
    
    **Material
Redacted**Sub-Total of Airframe and Features:
    
    
    
    **Material
Redacted**Engine Price (Per Aircraft):
    
    
    
    **Material
Redacted**Aircraft Basic Price (Excluding BFE/SPE):
    
    
    
    **Material
Redacted**Buyer Furnished Equipment (BFE) Estimate:
    
    
    
    **Material
Redacted**Seller Purchased Equipment (SPE) Estimate:
    
    
    
    **Material
Redacted**Refundable Deposit/Aircraft at Proposal Accept:
    
    
    
    **Material
Redacted**
 Detail Specification:
    
    D6-38808-1 Rev C, dated 5-4-05Airframe Price Base Year/Escalation Formula:
    
    Jul-06
    
    ECI-MFG/CPIEngine Price Base Year/Escalation Formula:
    
    N/A
    
    N/AAirframe Escalation Data:Base Year Index (ECI):
    
    **Material
Redacted**Base Year Index (CPI):
    
    **Material
Redacted**
   Escalation
    
    
    
    
    
    Escalation Estimate
    
    Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):Delivery
    
    Number of
    
    Factor
    
    Manufacturer
    
    
    
    Adv Payment Base
    
    At Signing
    
    24 Mos.
    
    21/18/12/9/6 Mos.
    
    TotalDate
    
    Aircraft
    
    (Airframe)
    
    Serial Number
    
    
    
    Price Per A/P
    
    1%
    
    4%
    
    5%
    
    30%**Material 
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted****Material 
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted****Material 
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**
    
    **Material
Redacted**Total:
    
    
    3
 COP  SA  1343715
    
    Boeing Proprietary
    
    Page 1