<PAGE>

          CERTAIN PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND FILED
        SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT
                     TO A REQUEST FOR CONFIDENTIAL TREATMENT

                                                                   Exhibit 10.24

                          Supplemental Agreement No. 2

                                       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 December 21, 2001,
by and between THE BOEING COMPANY, a Delaware corporation with its principal
office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A., INC.;

            WHEREAS, the parties hereto entered into Purchase Agreement No.
2191, dated November 25, 1998 (the Agreement), as amended and supplemented,
relating to Boeing Model 737-700 aircraft (the Aircraft); and

            **Material Redacted**

            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.    Table of Contents Tables and Exhibits:

            1.1 Remove and replace, in its entirety, the "Table of Contents"
with the Table of Contents attached hereto, to reflect the changes made by this
Supplemental Agreement No. 2.

            1.3 **Material Redacted**

2.    Letter Agreement:

The 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.

                                       1
<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                             SA
                                                                                            NUMBER
                                                                                            ------
<S>                        <C>                                                              <C>
     ARTICLES
     --------
         1.                Quantity, Model and Description

         2.                Delivery Schedule

         3.                Price

         4.                Payment

         5.                Miscellaneous

       TABLE

         1.                Aircraft Information Table                                       SA 1

      EXHIBIT

         A.                Aircraft Configuration

         B.                Aircraft Delivery Requirements and Responsibilities

SUPPLEMENTAL EXHIBITS

         BFE1.             BFE Variables

         CS1.              Customer Support Variables

         EE1.              Engine Escalation/Engine Warranty and Patent Indemnity

         SLP1.             Service Life Policy Components

LETTER AGREEMENTS

         2191-01               Demonstration Flight Waiver

         2191-02               **Material Redacted**

         2191-03               Seller Purchased Equipment

         6-1162-DAN-0123       Performance Guarantees

         6-1162-DAN-0124       Special Matters
</TABLE>

                                        i
<PAGE>

<TABLE>
<S>                   <C>
6-1162-DAN-0155       **Material Redacted**

6-1162-DAN-0156       Year 2000 Ready Software, Hardware and Firmware

6-1162-DAN-0157       Miscellaneous Matters
</TABLE>

<TABLE>
<CAPTION>
  SUPPLEMENTAL AGREEMENTS                DATED AS OF:
----------------------------          -----------------
<S>                                   <C>
Supplemental Agreement No. 1              June 29, 2001
Supplemental Agreement No. 2          December 21, 2001
</TABLE>

                                       ii
<PAGE>

                                   TABLE 1 TO
                           PURCHASE AGREEMENT NO. 2191
           AIRCRAFT DELIVERY, DESCRIPTION, PRICE AND ADVANCE PAYMENTS

<TABLE>
<S>                                <C>               <C>      <C>           <C>                      <C>
Airframe Model/MTGW:                  737-800        154,500                Detail Specifications:   D6-38868-42-1 (11/25/1998)

Engine Model:                      CFM56-7B26                               Price Base Year:         Jul-97    ECI-MFG/CPI

Airframe Price                                                $ 36,374,000

Optional Features:                                            $  3,279,619  Airframe and Engine
                                                              ------------

                                                                            Escalation Data:

Sub-Total of Airframe and Features:                           $ 39,653,619  Base Year Index (ECI):                       137.30

Engine Price (Per Aircraft):                                  $          0  Base Year Index (CPI):                       129.50

Aircraft Basic Price (Excluding BFE/SPE):                     $ 39,653,619
                                                              ============

Buyer Furnished Equipment (BFE) Estimate:                     $  2,750,000

Seller Purchased Equipment (SPE) Estimate:                    $    400,000

Refundable Deposit/Aircraft at Proposal Acceptance:           $     75,000
</TABLE>

<TABLE>
<CAPTION>
                                                   ESCALATION    ADVANCE PAYMENT PER AIRCRAFT (AMTS. DUE/MOS. PRIOR TO DELIVERY):
                NUMBER   ESCALATION   ESCALATION  ESTIMATE ADV   ----------------------------------------------------------------
                  OF       FACTOR       CREDIT    PAYMENT BASE   AT SIGNING   24 MOS.     21/18/12/9/6/ MOS             TOTAL
DELIVERY DATE  AIRCRAFT  (AIRFRAME)   MEMORANDUM  PRICE PER A/P     1%          4%               5%                      30%
-------------  --------  ----------   ----------  -------------  ----------   ----------  -----------------         -------------
<S>            <C>       <C>          <C>         <C>            <C>          <C>         <C>                       <C>
Jan-2000          1        1.0514     -$ 468,000  $  41,674,000  $  341,740   $1,666,960  $       2,083,700         $  12,502,200
Feb-2000          1        1.0541     -$ 472,000  $  41,777,000  $  342,770   $1,671,080  $       2,088,850         $  12,533,100
May-2000          2        1.0696     -$ 476,000  $  42,388,000  $  348,880   $1,695,520  $       2,119,400         $  12,716,400
*Jun-2002         1        1.1299     -$ 504,000  $  44,801,000  $  373,010   $1,792,040  $       2,240,050         $  13,440,300
**Jul-2002        1        1.1327     -$ 508,000  $  44,908,000  $  374,080   $1,796,320  $       2,245,400         $  13,472,400
Nov-2002          1          1.14     -$ 508,000  $  45,197,000  $  376,970   $1,807,880  $       2,259,850         $  13,559,100
Dec-2002          1        1.1425     -$ 512,000  $  45,292,000  $  377,920   $1,811,680  $       2,264,600         $  13,587,600
</TABLE>

----------
*     **Material Redacted**

**    **Material Redacted**

<PAGE>

                      TABLE 1 TO PURCHASE AGREEMENT - 1951
                      AIRCRAFT DELIVERIES AND DESCRIPTIONS
                             MODEL 737-800 AIRCRAFT

<TABLE>
<CAPTION>
                                                   ESCALATION    ADVANCE PAYMENT PER AIRCRAFT (AMTS. DUE/MOS. PRIOR TO DELIVERY)
                          ESCALATION  ESCALATION  ESTIMATE ADV   ----------------------------------------------------------------
               NUMBER OF    FACTOR      CREDIT    PAYMENT BASE   AT SIGNING (1)   24 MOS.    21/18/12/9/6 MOS.          TOTAL
DELIVERY DATE  AIRCRAFT   (AIRCRAFT)  MEMORANDUM  PRICE PER A.P      1%              4%              5                   30%
-------------  ---------  ----------  ----------  -------------  --------------  ----------  -----------------      -------------
<S>            <C>        <C>         <C>         <C>            <C>             <C>         <C>                    <C>
Sep-2004           1        1.2987    -$882,000   $  56,397,000  $  563,970      $2,255,880     $2,819,850          $  16,919,100
Nov-2004           1        1.3044    -$887,000   $  56,644,000  $  566,440      $2,265,760     $2,832,200          $  16,993,200
Dec-2004           1        1.3073    -$887,000   $  56,772,000  $  567,720      $2,270,880     $2,838,600          $  17,031,600
Mar-2005           1        1.3163    -$895,000   $  57,161,000  $  571,610      $2,286,440     $2,858,050          $  17,148,300
Apr-2005           1         1.319    -$895,000   $  57,280,000  $  572,800      $2,291,200     $2,854,800          $  17,184,000
Jan-2005           1        1.3256    -$900,000   $  57,566,000  $  575,660      $2,302,600     $2,878,300          $  17,269,800
Aug-2005           1         1.334    -$909,000   $  57,927,000  $  579,270      $2,317,000     $2,896,350          $  17,378,100
Oct-2005           1        1.3429    -$913,000   $  58,316,000  $  583,160      $2,332,640     $2,915,800          $  17,494,800
Dec-2005           1        1.3525    -$917,000   $  58,735,000  $  587,350      $2,349,400     $2,936,750          $  17,620,500
Jan-2007           1        1.4187    -$966,000   $  61,606,000  $  616,060      $2,464,240     $3,080,300          $  18,481,800
Jul-2007           1        1.4224    -$966,000   $  61,769,000  $  617,690      $2,470,760     $3,088,450          $  18,539,700
Aug-2007           1        1.4264    -$970,000   $  61,942,000  $  619,420      $2,477,680     $3,097,100          $  18,582,600
Sep-2007           1        1.4305    -$975,000   $  62,117,000  $  621,170      $2,484,680     $3,105,850          $  18,635,100
Oct-2007           1        1.4342    -$975,000   $  62,281,000  $  622,810      $2,491,240     $3,114,050          $  18,684,380
Nov 2007           1        1.4381    -$979,000   $  62,449,000  $  624,490      $2,497,960     $3,122,450          $  18,734,700
Dec-2007           1        1.4422    -$979,000   $  62,629,000  $  626,290      $2,505,160     $3,131,450          $  18,788,700
Jan-2008           1        1.4461    -$984,000   $  62,796,000  $  627,960      $2,511,840     $3,139,800          $  18,838,800
Feb-2008           1        1.4502    -$984,000   $  62,977,000  $  629,770      $2,519,000     $3,148,850          $  18,893,100
Mar 2008           1        1.4541    -$988,000   $  63,145,000  $  631,450      $2,525,800     $3,157,250          $  18,963,500
Apr-2008           1        1.4578    -$992,000   $  63,384,000  $  633,040      $2,532,160     $3,165,200          $  18,991,200
</TABLE>