EX-4.19





 EXHIBIT 4.19 

CONFIDENTIAL TREATMENT 
 CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT 
 BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT 

TREATS AS PRIVATE OR CONFIDENTIAL 

Supplemental Agreement No. 16 

to 
 Purchase Agreement
No. 2191 
 between 
 The
Boeing Company 
 and 
 COPA
Holdings, S.A., Inc. Relating to 
 Boeing Model 737 Aircraft 

THIS SUPPLEMENTAL AGREEMENT entered into as of
                        , 2008 by and between THE BOEING COMPANY, a Delaware corporation with its principal office
in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A., INC. (Customer); 
 WHEREAS, the parties hereto entered into Purchase Agreement
No. 2191 dated November 25, 1998 (the Agreement), as amended and supplemented, relating to Boeing Model 737-7V3 and 737-8V3 aircraft (the Aircraft); and 

WHEREAS, Customer and Boeing have come to agreement on the **Material Redacted**; and 

WHEREAS, Boeing and Buyer have mutually agreed to amend the Agreement to incorporate the effect of these and certain other changes; 

NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree to amend the Agreement as follows: 

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 1-8 entitled
“Aircraft Information Table for Model 737- 8V3 Aircraft ” is attached hereto to reflect **Material Redacted**. 
 1.4.
Letter Agreement No. 6-1162-LAJ-982R5 entitled “Special Matters” has been revised to **Material Redacted**. 

  

					
	PA No. 2191	 		 	SA No. 16














 The Purchase Agreement will be deemed to be supplemented to the extent herein provided as of the date hereof
and as so supplemented will continue in full force and effect. 
 Boeing and Customer have each caused this Supplemental Agreement to be duly executed as of
the day and year first written above. 
  

									
					
		 	THE BOEING COMPANY	 		 		 	COPA HOLDINGS, S.A.
					
	By	 	  
	 		 	By:	 	  

					
	Its:	 	 Attorney-In-Fact
	 		 	Its:	 	 Chief Executive Officer



  

					
	PA No. 2191	 	 Page 2
	 	SA No. 16














 TABLE OF CONTENTS 
  

							
	 ARTICLES
	  	 
	SA
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 13	 
	 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 16	 
		
	 EXHIBIT
	  			
	 A-1
	  	Aircraft Configuration for Model 737-7V3 Aircraft	  	 	SA 3	 
	 A-2
	  	Aircraft Configuration for Model 737-8V3 Aircraft	  	 	SA 3	 
	 B.    
	  	Aircraft Delivery Requirements and Responsibilities	  	 	SA 3	 
		
	 SUPPLEMENTAL EXHIBITS
	  			
	 AE1.  
	  	Escalation Adjustment Airframe and Optional Features	  	 	SA 10	 
			
	 BFE1.
	  	BFE Variables	  	 	SA 3	 
			
	 CS1.  
	  	Customer Support Variables	  	 	SA 3	 
			
	 EE1.  
	  	Engine Escalation/Engine Warranty and Patent Indemnity	  			
			
	 SLP1.
	  	Service Life Policy Components	  			


  

					
	PA No. 2191	 		 	SA No. 16















							
		
	 LETTER AGREEMENTS
	  	 
	SA
NUMBER	
 
			
	 2191-01
	    	Demonstration Flight Waiver	  			
	 2191-02
	    	Escalation Sharing	  			
	 2191-03
	    	Seller Purchased Equipment	  			
		
	 RESTRICTED LETTER AGREEMENTS
	  			
			
	
6-1162-DAN 
-0123
	    	Performance Guarantees	  			
	 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  
	    	737-800 Performance Guarantees	  	 	SA 9	 
	 6-1162-LAJ-982R4
	    	Special Matters	  	 	SA 13	 
	 6-1162-RLL-3958
	    	737-8V3 Option Aircraft	  	 	SA 13	 
	 6-1162-LAJ-982R5
	    	Special Matters	  	 	SA 16	 
		
	 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
	  	 	                    , 2008	 


  

					
	PA No. 2191	 		 	SA No. 16














 Table 1-8 

Aircraft Information Table for 737-8V3 

Delivery, Description, Price and Advance Payments 
  

							
	Airframe Model/MTOW:	  	737-800	  	174200 pounds	  	
	Engine Model/Thrust:	  	CFM56-7B26	  	26400 pounds	  	
	Airframe Price:	  		  	**Material Redacted**	  	
	Optional Features:	  		  	**Material Redacted**	  	
	Sub -Total of Airframe and Features:	  		  	**Material Redacted**	  	
	Engine Price (Per Aircraft):	  		  		  	
	Aircraft Basic Price (Excluding BFE/SPE):	  		  	**Material Redacted**	  	
	Buyer Furnished Equipment (BFE) Estimate:	  		  		  	
	Seller Purchased Equipment (SPE) Estimate:	  		  	**Material Redacted**	  	
	Refundable Deposit/Aircraft at Proposal Accept:	  		  	**Material Redacted**	  	
	Detail Specification:	  	D6-38808-43-1	  	(5/4/2005)	  	
	Airframe Price Base Year/Escalation Formula:	  		  	Jul -07	  	ECI-MFG/CPI
	Engine Price Base Year/Escalation Formula:	  		  	N/A	  	N/A
	Airframe Escalation Data:	  		  		  	
	Base Year Index (ECI):	  		  	**Material Redacted**	  	
	Base Year Index (CPI):	  		  	**Material Redacted**	  	

  

																													
	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	Advance Payment Per
Aircraft (Amts. Due/Mos.
Prior to Delivery):	 
	Delivery
Date	  	Number of
Aircraft	 	  	Escalation
Factor
(Airframe)	 	  	Escalation Estimate
Adv Payment Base
Price Per A/P	 	  	At Signing
1%	 	  	24 Mos.
4%	 	  	21/18/12
/9/6
Mos.
5%	 	  	Tota
30%	 
		  	 	**Material	 	  	 	**Material	 	  	 	**Material	 	  	 	**Material	 	  	 	**Material	 	  	 	**Material	 	  	 	**Material	 
	 **Material Redacted**
	  	 	Redacted**	 	  	 	Redacted**	 	  	 	Redacted**	 	  	 	Redacted**	 	  	 	Redacted**	 	  	 	Redacted**	 	  	 	Redacted**	 
		  	 	**Material	 	  	 	**Material	 	  	 	**Material	 	  	 	**Material	 	  	 	**Material	 	  	 	**Material	 	  	 	**Material	 
	 **Material Redacted**
	  	 	Redacted**	 	  	 	Redacted**	 	  	 	Redacted**	 	  	 	Redacted**	 	  	 	Redacted**	 	  	 	Redacted**	 	  	 	Redacted**	 
	 TOTAL:
	  	 
 
	**Material
 Redacted**
	 
  
	  				  				  				  				  				  			


  

					
	PA No. 2191	 		 	SA No. 16














 6-1162-LAJ-982R5 

COPA HOLDINGS, S.A. 
 Apartado 1572 

Avenida Justo Arosemena y Calle 39 
 Panama 1, Panama 

Subject: Special Matters 

Reference: 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) 
 This Letter Agreement amends and supplements the Purchase Agreement. This Letter Agreement supersedes and
replaces in its entirety Letter Agreement 6-1162-MJB-0017. All terms used but not defined in this Letter Agreement have the same meaning as in the Purchase Agreement. In consideration of the Aircraft orders, Boeing provides the following to
Customer. 
  

	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.	 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 



  

					
	 PA No. 2191
	 		 	SA No. 16














 Agreement or any information contained herein to any other person or entity except its counsel and/or
auditors or as otherwise required by law or legal process. 
 ACCEPTED AND AGREED TO this 

Date:
                                         
               , 2008 
 THE BOEING COMPANY 

By
                                         
                                      

        Its Attorney-In-Fact 

COPA HOLDINGS, S.A. 
 By
                                         
                                      

        Its Chief Executive Officer 

  

					
	PA No. 2191	 		 	SA No. 16