Document:

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                                                                   Exhibit 10.21

                        AIRCRAFT GENERAL TERMS AGREEMENT

                                    AGTA-COP

                                     BETWEEN

                               THE BOEING COMPANY

                                       AND

                               COPA HOLDINGS, S.A.

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                                TABLE OF CONTENTS

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<CAPTION>
                                                                                                                              PAGE
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<S>             <C>                                                                                                           <C>
Article 1.      Subject Matter of Sale................................................................................          1

Article 2.      Price, Taxes, and Payment.............................................................................          1

Article 3.      Regulatory Requirements and Certificates..............................................................          3

Article 4.      Detail Specification; Changes.........................................................................          4

Article 5.      Representatives, Inspection, Demonstration Flights, Test Data and Performance Guarantee Compliance....          4

Article 6.      Delivery..............................................................................................          5

Article 7.      Excusable Delay.......................................................................................          5

Article 8.      Risk Allocation/Insurance.............................................................................          7

Article 9.      Assignment, Resale, or Lease..........................................................................          8

Article 10.     Termination of Purchase Agreements for Certain Events.................................................          9

Article 11.     Notices...............................................................................................          9

Article 12.     Miscellaneous........................................................................................          10
</TABLE>

EXHIBITS

   A     Buyer Furnished Equipment Provisions Document
   B     Customer Support Document
   C     Product Assurance Document
   D     Escalation Adjustment

APPENDICES

   I     Insurance Certificate
   II    Purchase Agreement Assignment
   III   Post-Delivery Sale Notice
   IV    Post-Delivery Lease Notice
   V     Purchaser's/Lessee's Agreement
   VI    Owner Appointment of Agent - Warranties
   VII   Contractor Confidentiality Agreement

                                       i

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                AIRCRAFT GENERAL TERMS AGREEMENT NUMBER AGTA-COP

                                     between

                               The Boeing Company

                                       and

                               COPA HOLDINGS, S.A.

                                   Relating to

                                 BOEING AIRCRAFT

      This Aircraft General Terms Agreement Number AGTA-COP (AGTA) between The
Boeing Company, including its wholly-owned subsidiary McDonnell Douglas
Corporation (BOEING) and COPA HOLDINGS, S.A. (CUSTOMER) will apply to all Boeing
aircraft contracted for purchase from Boeing by Customer after the effective
date of this AGTA.

Article 1. Subject Matter of Sale.

            1.1 Aircraft. Boeing will manufacture and sell to Customer and
Customer will purchase from Boeing aircraft under purchase agreements that
incorporate the terms and conditions of this AGTA.

            1.2 Buyer Furnished Equipment. Exhibit A, Buyer Furnished Equipment
Provisions Document to the AGTA, contains the obligations of Customer and Boeing
with respect to equipment purchased and provided by Customer, which Boeing will
receive, inspect, store, and install in an aircraft before delivery to Customer.
This equipment is defined as BUYER FURNISHED EQUIPMENT (BFE).

            1.3 Customer Support. Exhibit B, Customer Support Document to the
AGTA, contains the obligations of Boeing relating to Materials (as defined in
Part 3 thereof), training, services, and other things in support of aircraft.

            1.4 Product Assurance. Exhibit C, Product Assurance Document to the
AGTA, contains the obligations of Boeing and the suppliers of equipment
installed in each aircraft at delivery relating to warranties, patent
indemnities, software copyright indemnities, and service life policies.

Article 2. Price, Taxes, and Payment.

            2.1 Price.

                  2.1.1 AIRFRAME PRICE is defined as the price of the airframe
for a specific model of aircraft described in a purchase agreement. (For Models
717-200, 737-600, 737-700, 737-800 and 737-900, the Airframe Price includes the
engine price at its basic thrust level.)

                                      -1-

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                  2.1.2 OPTIONAL FEATURES PRICES are defined as the prices for
optional features selected by Customer for a specific model of aircraft
described in a purchase agreement.

                  2.1.3 ENGINE PRICE is defined as the price set by the engine
manufacturer for a specific engine to be installed on the model of aircraft
described in a purchase agreement (not applicable to Models 717-200, 737-600,
737-700, 737-800 and 737-900).

                  2.1.4 AIRCRAFT BASIC PRICE is defined as the sum of the
Airframe Price, Optional Features Prices, and the Engine Price, if applicable.

                  2.1.5 ESCALATION ADJUSTMENT is defined as the price adjustment
to the Airframe Price (which includes the basic engine price for Models 717-200,
737-600, 737-700 and 737-800) and the Optional Features Prices resulting from
the calculation using the economic price formula contained in Exhibit D,
Escalation Adjustment to the AGTA. The price adjustment to the Engine Price for
all other models of aircraft will be calculated using the economic price formula
in the Engine Escalation Adjustment to the applicable purchase agreement.

                  2.1.6 ADVANCE PAYMENT BASE PRICE is defined as the estimated
price of an aircraft, as of the date of signing a purchase agreement, for the
scheduled month of delivery of such aircraft using commercial forecasts of the
Escalation Adjustment.

                  2.1.7 AIRCRAFT PRICE is defined as the total amount Customer
is to pay for an aircraft at the time of delivery, which is the sum of the
Aircraft Basic Price, the Escalation Adjustment, and other price adjustments
made pursuant to the purchase agreement.

            2.2 Taxes.

                  2.2.1 Taxes. TAXES are defined as all taxes, fees, charges, or
duties and any interest, penalties, fines, or other additions to tax, including,
but not limited to sales, use, value added, gross receipts, stamp, excise,
transfer, and similar taxes imposed by any domestic or foreign taxing authority,
arising out of or in connection with the performance of the applicable purchase
agreement or the sale, delivery, transfer, or storage of any aircraft, BFE, or
other things furnished under the applicable purchase agreement. Except for U.S.
federal or California State income taxes imposed on Boeing or Boeing's assignee,
and Washington State business and occupation taxes imposed on Boeing or Boeing's
assignee, Customer will be responsible for and pay all Taxes. Customer is
responsible for filing all tax returns, reports, declarations and payment of any
taxes related to or imposed on BFE.

                  2.2.2 Reimbursement of Boeing. Customer will promptly
reimburse Boeing on demand, net of additional taxes thereon, for any Taxes that
are imposed on and paid by Boeing or that Boeing is responsible for collecting.

            2.3 Payment.

                  2.3.1 Advance Payment Schedule. Customer will make advance
payments to Boeing for each aircraft in the amounts and on the dates indicated
in the schedule set forth in the applicable purchase agreement.

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                  2.3.2 Payment at Delivery. Customer will pay any unpaid
balance of the Aircraft Price at the time of delivery of each aircraft.

                  2.3.3 Form of Payment. Customer will make all payments to
Boeing by unconditional wire transfer of immediately available funds in United
States Dollars in a bank account in the United States designated by Boeing.

                  2.3.4 Monetary and Government Regulations. Customer is
responsible for complying with all monetary control regulations and for
obtaining necessary governmental authorizations related to payments.

Article 3. Regulatory Requirements and Certificates.

            3.1 Certificates. Boeing will manufacture each aircraft to conform
to the appropriate Type Certificate issued by the United States Federal Aviation
Administration (FAA) for the specific model of aircraft and will obtain from the
FAA and furnish to Customer at delivery of each aircraft either a Standard
Airworthiness Certificate or an Export Certificate of Airworthiness issued
pursuant to Part 21 of the Federal Aviation Regulations.

            3.2 FAA or Applicable Regulatory Authority Manufacturer Changes.

                  3.2.1 A MANUFACTURER CHANGE is defined as any change to an
aircraft, data relating to an aircraft, or testing of an aircraft required by
the FAA to obtain a Standard Airworthiness Certificate, or by the country of
import and/or registration to obtain an Export Certificate of Airworthiness.

                  3.2.2 Boeing will bear the cost of incorporating all
Manufacturer Changes into the aircraft:

                    (i) resulting from requirements issued by the FAA prior to
the date of the Type Certificate for the applicable aircraft;

                    (ii) resulting from requirements issued by the FAA prior to
the date of the applicable purchase agreement; and

                    (iii) for any aircraft delivered during the 18 month period
immediately following the date of the applicable purchase agreement (regardless
of when the requirement for such change was issued by the FAA).

                  3.2.3 Customer will pay Boeing's charge for incorporating all
other Manufacturer Changes into the aircraft, including all changes for
validation of an aircraft required by any governmental agency of the country of
import and/or registration.

            3.3 FAA Operator Changes.

                  3.3.1 An OPERATOR CHANGE is defined as a change in equipment
that is required by Federal Aviation Regulations which (i) is generally
applicable to transport category

                                      -3-
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aircraft to be used in United States certified air carriage and (ii) the
required compliance date is on or before the scheduled delivery month of the
aircraft.

                  3.3.2 Boeing will deliver each aircraft with Operator Changes
incorporated or, at Boeing's option, with suitable provisions for the
incorporation of such Operator Changes, and Customer will pay Boeing's
applicable charges.

            3.4 Export License. If an export license is required by United
States law or regulation for any aircraft or any other things delivered under
the purchase agreement, it is Customer's obligation to obtain such license. If
requested, Boeing will assist Customer in applying for any such export license.
Customer will furnish any required supporting documents.

Article 4. Detail Specification; Changes.

            4.1 Configuration Changes. The DETAIL SPECIFICATION is defined as
the Boeing document that describes the configuration of each aircraft purchased
by Customer. The Detail Specification for each aircraft may be amended (i) by
Boeing to reflect the incorporation of Manufacturer Changes and Operator Changes
or (ii) by the agreement of the parties. In either case the amendment will
describe the particular changes to be made and any effect on design,
performance, weight, balance, scheduled delivery month, Aircraft Basic Price,
Aircraft Price, and/or Advance Payment Base Price.

            4.2 Development Changes. DEVELOPMENT CHANGES are defined as changes
to aircraft that do not affect the Aircraft Price or scheduled delivery month,
and do not adversely affect guaranteed weight, guaranteed performance, or
compliance with the interchangeability or replaceability requirements set forth
in the applicable Detail Specification. Boeing may, at its option, incorporate
Development Changes into the Detail Specification and into an aircraft prior to
delivery to Customer.

            4.3 Notices. Boeing will promptly notify Customer of any amendments
to a Detail Specification.

Article 5. Representatives, Inspection, Demonstration Flights, Test Data and
           Performance Guarantee Compliance.

            5.1 Office Space. Twelve months before delivery of the first
aircraft purchased, and continuing until the delivery of the last aircraft on
firm order, Boeing will furnish, free of charge, suitable office space and
equipment for the accommodation of up to three representatives of Customer in or
conveniently located near the assembly plant.

            5.2 Inspection. Customer's representatives may inspect each aircraft
at any reasonable time, provided such inspection does not interfere with
Boeing's performance.

            5.3 Demonstration Flights. Prior to delivery, Boeing will fly each
aircraft up to 4 hours to demonstrate to Customer the function of the aircraft
and its equipment using Boeing's production flight test procedures. Customer may
designate up to five representatives to participate as observers.

                                      -4-
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            5.4 Test Data; Performance Guarantee Compliance. PERFORMANCE
GUARANTEES are defined as the written guarantees in a purchase agreement
regarding the operational performance of an aircraft. Boeing will furnish to
Customer flight test data obtained on an aircraft of the same model to evidence
compliance with the Performance Guarantees. Performance Guarantees will be met
if reasonable engineering interpretations and calculations based on the flight
test data establish that the particular aircraft being delivered under the
applicable purchase agreement would, if actually flown, comply with the
guarantees.

            5.5 Special Aircraft Test Requirements. Boeing may use an aircraft
for flight and ground tests prior to delivery, without reduction in the Aircraft
Price, if the tests are considered necessary by Boeing (i) to obtain or maintain
the Type Certificate or Certificate of Airworthiness for the aircraft or (ii) to
evaluate potential improvements that may be offered for production or retrofit
incorporation.

Article 6. Delivery.

            6.1 Notices of Delivery Dates. Boeing will notify Customer of the
approximate delivery date of each aircraft at least 30 days before the scheduled
month of delivery and again at least 14 days before the scheduled delivery date.

            6.2 Place of Delivery. Each aircraft will be delivered at a facility
selected by Boeing in the same state as the primary assembly plant for the
aircraft.

            6.3 Bill of Sale. At delivery of an aircraft, Boeing will provide
Customer a bill of sale conveying good title, free of encumbrances.

            6.4 Delay. If Customer delays acceptance of an aircraft beyond the
scheduled delivery date, Customer will reimburse Boeing for all costs incurred
by Boeing as a result of the delay.

Article 7. Excusable Delay.

            7.1 General. Boeing will not be liable for any delay in the
scheduled delivery month of an aircraft or other performance under a purchase
agreement caused by (i) acts of God; (ii) war or armed hostilities; (iii)
government acts or priorities; (iv) fires, floods, or earthquakes; (v) strikes
or labor troubles causing cessation, slowdown, or interruption of work; (vi)
inability, after due and timely diligence, to procure materials, systems,
accessories, equipment or parts; or (vii) any other cause to the extent such
cause is beyond Boeing's control and not occasioned by Boeing's fault or
negligence. A delay resulting from any such cause is defined as an EXCUSABLE
DELAY.

            7.2 Notice. Boeing will give written notice to Customer (i) of a
delay as soon as Boeing concludes that an aircraft will be delayed beyond the
scheduled delivery month due to an Excusable Delay and, when known, (ii) of a
revised delivery month based on Boeing's appraisal of the facts.

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            7.3 Delay in Delivery of Twelve Months or Less. If the revised
delivery month is 12 months or less after the scheduled delivery month, Customer
will accept such aircraft when tendered for delivery, subject to the following:

                  7.3.1 The calculation of the Escalation Adjustment will be
based on the previously scheduled delivery month.

                  7.3.2 The advance payment schedule will be adjusted to reflect
the revised delivery month.

                  7.3.3 All other provisions of the applicable purchase
agreement, including the BFE on-dock dates for the delayed aircraft, are
unaffected by an Excusable Delay.

            7.4 Delay in Delivery of More Than Twelve Months. If the revised
delivery month is more than 12 months after the scheduled delivery month, either
party may terminate the applicable purchase agreement with respect to such
aircraft within 30 days of the notice. If either party does not terminate the
applicable purchase agreement with respect to such aircraft, all terms and
conditions of the applicable purchase agreement will remain in effect.

            7.5 Aircraft Damaged Beyond Repair. If an aircraft is destroyed or
damaged beyond repair for any reason before delivery, Boeing will give written
notice to Customer specifying the earliest month possible, consistent with
Boeing's other contractual commitments and production capabilities, in which
Boeing can deliver a replacement. Customer will have 30 days from receipt of
such notice to elect to have Boeing manufacture a replacement aircraft under the
same terms and conditions of purchase, except that the calculation of the
Escalation Adjustment will be based upon the scheduled delivery month in effect
immediately prior to the date of such notice, or, failing such election, the
applicable purchase agreement will terminate with respect to such aircraft.
Boeing will not be obligated to manufacture a replacement aircraft if
reactivation of the production line for the specific model of aircraft would be
required.

            7.6 Termination. Termination under this Article will discharge all
obligations and liabilities of Boeing and Customer with respect to any aircraft
and all related undelivered Materials (as defined in Exhibit B, Customer Support
Document), training, services, and other things terminated under the applicable
purchase agreement, except that Boeing will return to Customer, without
interest, an amount equal to all advance payments paid by Customer for the
aircraft. If Customer terminates the applicable purchase agreement as to any
aircraft, Boeing may elect, by written notice to Customer within 30 days, to
purchase from Customer any BFE related to the aircraft at the invoice prices
paid, or contracted to be paid, by Customer.

            7.7 Exclusive Rights. The termination rights in this Article are in
substitution for all other rights of termination or any claim arising by
operation of law due to delays in performance covered by this Article.

                                      -6-
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Article 8. Risk Allocation/Insurance.

            8.1 Title and Risk with Boeing.

                  8.1.1 Boeing's Indemnification of Customer. Until transfer of
title to an aircraft to Customer, Boeing will indemnify and hold harmless
Customer and Customer's observers from and against all claims and liabilities,
including all expenses and attorneys' fees incident thereto or incident to
establishing the right to indemnification, for injury to or death of any
person(s), including employees of Boeing but not employees of Customer, or for
loss of or damage to any property, including an aircraft, arising out of or in
any way related to the operation of an aircraft during all demonstration and
test flights conducted under the provisions of the applicable purchase
agreement, whether or not arising in tort or occasioned by the negligence of
Customer or any of Customer's observers.

                  8.1.2 Definition of Customer. For the purposes of this
Article, "Customer" is defined as COPA HOLDINGS, S.A., its divisions,
subsidiaries, affiliates, the assignees of each, and their respective directors,
officers, employees, and agents.

            8.2 Insurance.

                  8.2.1 Insurance Requirements. Customer will purchase and
maintain insurance acceptable to Boeing and will provide a certificate of such
insurance that names Boeing as an additional insured for any and all claims and
liabilities for injury to or death of any person or persons, including employees
of Customer but not employees of Boeing, or for loss of or damage to any
property, including any aircraft, arising out of or in any way relating to
Materials, training, services, or other things provided under Exhibit B of the
AGTA, which will be incorporated by reference into the applicable purchase
agreement, whether or not arising in tort or occasioned by the negligence of
Boeing, except with respect to legal liability to persons or parties other than
Customer or Customer's assignees arising out of an accident caused solely by a
product defect in an aircraft. Customer will provide such certificate of
insurance at least thirty (30) days prior to the scheduled delivery of the first
aircraft under a purchase agreement. The insurance certificate will reference
each aircraft delivered to Customer pursuant to each applicable purchase
agreement. Annual renewal certificates will be submitted to Boeing before the
expiration of the policy periods. The form of the insurance certificate,
attached as Appendix I, states the terms, limits, provisions, and coverages
required by this Article 8.2.1. The failure of Boeing to demand compliance with
this 8.2.1 in any year will not in any way relieve Customer of its obligations
hereunder nor constitute a waiver by Boeing of these obligations.

                  8.2.2 Noncompliance with Insurance Requirements. If Customer
fails to comply with any of the insurance requirements of Article 8.2.1 or if
any of the insurers fails to pay a claim covered by the insurance or otherwise
fails to meet any of insurer's obligations required by Appendix I, Customer will
provide the same protection to Boeing as that required by Article 8.2.1 above.

                  8.2.3 Definition of Boeing. For purposes of this article,
"Boeing" is defined as The Boeing. Company, its divisions, subsidiaries,
affiliates, assignees of each, and their respective directors, officers,
employees, and agents.

                                      -7-
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Article 9. Assignment, Resale, or Lease.

            9.1 Assignment. This AGTA and each applicable purchase agreement are
for the benefit of the parties and their respective successors and assigns. No
rights or duties of either party may be assigned or delegated, or contracted to
be assigned or delegated, without the prior written consent of the other party,
except:

                  9.1.1 Either party may assign its interest to a corporation
that (i) results from any merger, reorganization, or acquisition of such party
and (ii) acquires substantially all the assets of such party;

                  9.1.2 Boeing may assign its rights to receive money; and

                  9.1.3 Boeing may assign any of its rights and duties to any
wholly-owned subsidiary of Boeing.

                  9.1.4 Boeing may assign any of its rights and duties with
respect to Part 1, Articles 1, 2, 4 and 5 of Exhibit B, Customer Support
Document to the AGTA, to FlightSafety Boeing Training International L.L.C.

            9.2 Transfer by Customer at Delivery. Boeing will take any requested
action reasonably required for the purpose of causing an aircraft, at time of
delivery, to be subject to an equipment trust, conditional sale, lien, or other
arrangement for Customer to finance the aircraft. However, no such action will
require Boeing to divest itself of title to or possession of the aircraft until
delivery of and payment for the aircraft. A sample form of assignment acceptable
to Boeing is attached as Appendix II.

            9.3 Sale or Lease by Customer After Delivery. If, following delivery
of an aircraft, Customer sells or leases the aircraft (including any sale and
lease-back for financing purposes), all of Customer's rights with respect to the
aircraft under the applicable purchase agreement will inure to the benefit of
the purchaser or lessee of such aircraft, effective upon Boeing's receipt of the
written agreement of the purchaser or lessee, in a form satisfactory to Boeing,
to comply with all applicable terms and conditions of the applicable purchase
agreement. Sample forms of agreement acceptable to Boeing are attached as
Appendices III and IV.

            9.4 Notice of Sale or Lease After Delivery. Customer will give
notice to Boeing as soon as practicable of the sale or lease of an aircraft,
including in the notice the name of the entity or entities with title and/or
possession of such aircraft.

            9.5 Exculpatory Clause in Post-Delivery Sale or Lease. If, following
the delivery of an aircraft, Customer sells or leases such aircraft and obtains
from the transferee any form of exculpatory clause protecting Customer from
liability for loss of or damage to the aircraft, and/or related incidental or
consequential damages, including without limitation loss of use, revenue, or
profit, Customer shall obtain for Boeing the purchaser's or lessee's written
agreement to be bound by terms and conditions substantially as set forth in
Appendix V. This

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Article 9.5 applies only if purchaser or lessee has not provided to Boeing the
written agreement described in Article 9.3 above.

            9.6 Appointment of Agent - Warranty Claims. If, following delivery
of an aircraft, Customer appoints an agent to act directly with Boeing for the
administration of claims relating to the warranties under the applicable
purchase agreement, Boeing will deal with the agent for that purpose, effective
upon Boeing's receipt of the agent's written agreement, in a form satisfactory
to Boeing, to comply with all applicable terms and conditions of the applicable
purchase agreement. A sample form of agreement acceptable to Boeing is attached
as Appendix VI.

            9.7 No Increase in Boeing Liability. No action taken by Customer or
Boeing relating to the resale or lease of an aircraft or the assignment of
Customer's rights under the applicable purchase agreement will subject Boeing to
any liability beyond that in the applicable purchase agreement or modify in any
way Boeing's obligations under the applicable purchase agreement.

Article 10. Termination of Purchase Agreements for Certain Events.

            10.1 Termination. If either party

            (i) ceases doing business as a going concern, or suspends all or
            substantially all its business operations, or makes an assignment
            for the benefit of creditors, or generally does not pay its debts
            as they become due, or admits in writing its inability to pay its
            debts; or

            (ii) petitions for or acquiesces in the appointment of any
            receiver, trustee or similar officer to liquidate or conserve its
            business or any substantial part of its assets; commences any
            legal proceeding such as bankruptcy, reorganization, readjustment
            of debt, dissolution, or liquidation available for the relief of
            financially distressed debtors; or becomes the object of any such
            proceeding, unless the proceeding is dismissed or stayed within a
            reasonable period, not to exceed 60 days,

the other party may terminate any purchase agreement with respect to any
undelivered aircraft, Materials, training, services, and other things by giving
written notice of termination.

            10.2 Repayment of Advance Payments. If Customer terminates the
applicable purchase agreement under this Article, Boeing will repay to Customer,
without interest, an amount equal to any advance payments received by Boeing
from Customer with respect to undelivered aircraft.

Article 11. Notices.

            All notices required by this AGTA or by any applicable purchase
agreement will be in English, will be effective on the date of receipt, and will
be transmitted by any customary means of written communication, addressed as
follows:

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            Customer:          COPA HOLDINGS, S.A.
                               Apartado 1572
                               Avenida Justo Arosemena y Calle 39
                               Panama 1
                               Republic de Panama

            Boeing:            Boeing Commercial Airplane Group
                               P.O. Box 3707
                               Seattle, Washington 98124-2207
                               U.S.A.

                               Attention: Vice President - Contracts
                                          Mail Stop 75-38

Article 12. Miscellaneous.

            12.1 Government Approval. Boeing and Customer will assist each other
in obtaining any governmental consents or approvals required to effect
certification and sale of aircraft under the applicable purchase agreement.

            12.2 Headings. Article and paragraph headings used in this AGTA and
in any purchase agreement are for convenient reference only and are not intended
to affect the interpretation of this AGTA or any purchase agreement.

            12.3 GOVERNING LAW. THIS AGTA AND ANY PURCHASE AGREEMENT WILL BE
INTERPRETED UNDER AND GOVERNED BY THE LAWS OF THE STATE OF WASHINGTON, U.S.A.,
EXCEPT THAT WASHINGTON'S CHOICE OF LAW RULES SHALL NOT BE INVOKED FOR THE
PURPOSE OF APPLYING THE LAW OF ANOTHER JURISDICTION.

            12.4 Waiver/Severability. Failure by either party to enforce any
provision of this AGTA or any purchase agreement will not be construed as a
waiver. If any provision of this AGTA or any provision of any purchase agreement
are held unlawful or otherwise ineffective by a court of competent jurisdiction,
the remainder of the AGTA or the applicable purchase agreement will remain in
effect.

            12.5 Survival of Obligations. The Articles and Exhibits of this AGTA
including but not limited to those relating to insurance, DISCLAIMER AND RELEASE
and the EXCLUSION OF CONSEQUENTIAL AND OTHER DAMAGES will survive termination or
cancellation of any purchase agreement or part thereof.

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            12.6 AGTA Changes. The intent of the AGTA is to simplify the
standard contracting process for terms and conditions which are related to the
sale and purchase of all Boeing aircraft. This AGTA has been mutually agreed to
by the parties as of the date indicated below. From time to time the parties may
elect, by mutual agreement to update, or modify the existing articles as
written. If such changes are made, any existing executed Purchase Agreement(s)
will be governed by the terms and conditions of the Revision level of the AGTA
in effect based on the date of the executed Purchase Agreement.

DATED AS OF Nov. 25, 1998

                                      -11-
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                                    EXHIBIT A

                                       TO

                        AIRCRAFT GENERAL TERMS AGREEMENT

                                    AGTA-COP

                                     BETWEEN

                               THE BOEING COMPANY

                                       AND

                               COPA HOLDINGS, S.A.

                  BUYER FURNISHED EQUIPMENT PROVISIONS DOCUMENT

                                       A
<PAGE>

                  BUYER FURNISHED EQUIPMENT PROVISIONS DOCUMENT

1.    General.

      Certain equipment to be installed in the Aircraft is furnished to Boeing
by Customer at Customer's expense. This equipment is designated "Buyer Furnished
Equipment" (BFE) and is listed in the Detail Specification. Boeing will provide
to Customer a BFE Requirements On-Dock/Inventory Document (BFE Document) or an
electronically transmitted BFE Report which may be periodically revised, setting
forth the items, quantities, on-dock dates and shipping instructions relating to
the in sequence installation of BFE as described in the applicable Supplemental
Exhibit to this Exhibit A in a purchase agreement at the time of aircraft
purchase.

2.    Supplier Selection.

      Customer will:

      2.1 Select and notify Boeing of the suppliers of BFE items by those dates
appearing in Supplemental Exhibit BFE1 to the applicable purchase agreement at
the time of aircraft purchase.

      2.2 Meet with Boeing and such selected BFE suppliers promptly after such
selection to:

            2.2.1 complete BFE configuration design requirements for such BFE;
and

            2.2.2 confirm technical data submittal requirements for BFE
certification.

3.    Customer's Obligations.

      Customer will:

      3.1 comply with and cause the supplier to comply with the provisions of
the BFE Document or BFE Report;

            3.1.1 deliver technical data (in English) to Boeing as required to
support installation and FAA certification in accordance with the schedule
provided by Boeing or as mutually agreed upon during the BFE meeting referred to
above;

            3.1.2 deliver BFE including production and/or flight training spares
and BFE Aircraft Software to Boeing in accordance with the quantities and
schedule provided therein; and

            3.1.3 assure that all BFE Aircraft Software is delivered in
compliance with Boeing's then-current Standards for Loadable Systems;

            3.1.4 assure that all BFE parts are delivered to Boeing with
appropriate quality assurance documentation;

      3.2 authorize Boeing to discuss all details of the BFE directly with the
BFE suppliers;

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<PAGE>

      3.3 authorize Boeing to conduct or delegate to the supplier quality source
inspection and supplier hardware acceptance of BFE at the supplier location;

            3.3.1 require supplier's contractual compliance to Boeing defined
quality assurance requirements, source inspection programs and supplier
delegation programs, including availability of adequate facilities for Boeing
resident personnel; and

            3.3.2 assure that all BFE supplier's quality systems are approved to
Boeing's then current standards for such systems;

      3.4 obtain from supplier a non-exclusive, perpetual, royalty-free,
irrevocable license for Boeing to copy BFE Aircraft Software. The license is
needed to enable Boeing to load the software copies in (i) the aircraft's mass
storage device (MSD), (ii) media (e.g., diskettes, CD-ROMs, etc.), (iii) the BFE
hardware and/or (iv) an intermediate device or other media to facilitate copying
of the BFE Aircraft Software into the aircraft's MSD, BFE hardware and/or media,
including media as Boeing may deliver to Customer with the aircraft;

      3.5 grant Boeing a license, extending the same rights set forth in
paragraph 3.4 above, to copy: a) BFE Aircraft Software and data Customer has
modified and/or b) other software and data Customer has added to the BFE
Aircraft Software;

      3.6 provide necessary field service representation at Boeing's facilities
to support Boeing on all issues related to the installation and certification of
BFE;

      3.7 deal directly with all BFE suppliers to obtain overhaul data,
provisioning data, related product support documentation and any warranty
provisions applicable to the BFE;

      3.8 work closely with Boeing and the BFE suppliers to resolve any
difficulties, including defective equipment, that arise;

      3.9 be responsible for modifying, adjusting and/or calibrating BFE as
required for FAA approval and for all related expenses;

      3.10 assure that a proprietary information agreement is in place between
Boeing and BFI suppliers prior to Boeing providing any documentation to such
suppliers,

      3.11 warrant that the BFE will comply with all applicable FARs and the
U.S. Food and Drug Administration (FDA) sanitation requirements for installation
and use in the Aircraft at the time of delivery. Customer will be responsible
for supplying any data and adjusting, calibrating, re-testing or updating such
BFE and data to the extent necessary to obtain applicable FAA and FDA approval
and shall bear the resulting expenses.

      3.12 warrant that the BFE will meet the requirements of the Detail
Specification; and

      3.13 be responsible for providing equipment which is FAA certifiable at
time of Aircraft delivery, or for obtaining waivers from the applicable
regulatory agency for non-FAA certifiable equipment.

                                      A-2
<PAGE>

4.    Boeing's Obligations.

      Other than as set forth below, Boeing will provide for the installation of
and install the BFE and obtain certification of the Aircraft with the BFE
installed.

5.    Nonperformance by Customer.

      If Customer's nonperformance of obligations in this Exhibit or in the BFE
Document causes a delay in the delivery of the Aircraft or causes Boeing to
perform out-of-sequence or additional work, Customer will reimburse Boeing for
all resulting expenses and be deemed to have agreed to any such delay in
Aircraft delivery. In addition Boeing will have the right to:

      5.1 provide and install specified equipment or suitable alternate
equipment and increase or decrease the price of the Aircraft accordingly; and/or

      5.2 deliver the Aircraft to Customer without the BFE installed.

6.    Return of Equipment.

      BFE not installed in the Aircraft will be returned to Customer in
accordance with Customer's instructions and at Customer's expense.

7.    Title and Risk of Loss.

      7.1 With respect to Aircraft manufactured in the State of Washington,
title to and risk of loss of BFE provided for such Aircraft will at all times
remain with Customer or other owner. Boeing will have only such liability for
BFE as a bailee for mutual benefit would have, but will not be liable for loss
of use.

      7.2 With respect to Aircraft manufactured in the State of California,
Customer agrees to sell and Boeing agrees to purchase each item of BFE
concurrently with its delivery to Boeing. A reasonable shipset price for the BFE
shall be established with Customer. Customer and Boeing agree that the Aircraft
Price will be increased by the amount of said shipset price and such amount will
be included on Boeing's invoice at time of Aircraft delivery. Boeing's payment
for the purchase of each shipset of BFE from Customer will be made at the time
of delivery of the Aircraft in which the BFE is installed.

8.    Interchange of BFE

      To properly maintain Boeing's production flow and to preserve Boeing's
delivery commitments, Boeing reserves the right, if necessary, due to equipment
shortages or failures, to interchange new items of BFE acquired from or for
Customer with new items of the same part numbers acquired from or for other
customers of Boeing. Used BFE acquired from Customer or from other customers of
Boeing will not be interchanged.

                                      A-3
<PAGE>

9.    Indemnification of Boeing.

      Customer hereby indemnifies and holds harmless Boeing from and against all
claims and liabilities, including costs and expenses (including attorneys' fees)
incident thereto or incident to successfully establishing the right to
indemnification, for injury to or death of any person or persons, including
employees of Customer but not employees of Boeing, or for loss of or damage to
any property, including any Aircraft, arising out of or in any way connected
with any nonconformance or defect in any BFE and whether or not arising in tort
or occasioned by the negligence of Boeing. This indemnity will not apply with
respect to any nonconformance or defect caused solely by Boeing's installation
of the BFE.

10.   Patent Indemnity.

      Customer hereby indemnifies and holds harmless Boeing from and against all
claims, suits, actions, liabilities, damages and costs arising out of any actual
or alleged infringement of any patent or other intellectual property rights by
BFE or arising out of the installation, sale or use of BFE by Boeing.

11.   Definitions.

      For the purposes of the above indemnities, the term "Boeing" includes The
Boeing Company, its divisions, subsidiaries and affiliates, the assignees of
each, and their directors, officers, employees and agents.

                                      A-4
<PAGE>

                                    EXHIBIT B

                                       TO

                        AIRCRAFT GENERAL TERMS AGREEMENT

                                    AGTA-COP

                                     BETWEEN

                               THE BOEING COMPANY

                                       AND

                               COPA HOLDINGS, S.A.

                            CUSTOMER SUPPORT DOCUMENT

                             This document contains:

Part 1:          Maintenance and Flight Training Programs; Operations
                 Engineering Support

Part 2:          Field Services and Engineering Support Services

Part 3:          Technical Information and Materials

Part 4:          Alleviation or Cessation of Performance

Part 5:          Protection of Proprietary Information and Proprietary Materials

                                       B
<PAGE>

                            CUSTOMER SUPPORT DOCUMENT

                 PART 1: BOEING MAINTENANCE AND FLIGHT TRAINING
                    PROGRAMS; OPERATIONS ENGINEERING SUPPORT

1.    Boeing Training Programs.

      1.1 Boeing will provide maintenance training and flight training programs
to support the introduction of a specific model of aircraft into service. The
training programs will consist of general and specialized courses and will be
described in a Supplemental Exhibit to the applicable purchase agreement.

      1.2 Boeing will conduct all training at Boeing's primary training facility
for the model of aircraft purchased unless otherwise agreed.

      1.3 All training will be presented in the English language. If translation
is required, Customer will provide interpreters.

      1.4 Customer will be responsible for all expenses of Customer's personnel.
Boeing will transport Customer's personnel between their local lodging and
Boeing's training facility.

2.    Training Planning Conferences.

      Customer and Boeing will conduct planning conferences approximately 12
months before the scheduled delivery month of the first aircraft of a model to
define and schedule the maintenance and flight training programs.

3.    Operations Engineering Support.

      3.1 As long as an aircraft purchased by Customer from Boeing is operated
by Customer in scheduled revenue service, Boeing will provide operations
engineering support. Such support will include:

            3.1.1 assistance with the analysis and preparation of performance
data to be used in establishing operating practices and policies for Customer's
operation of aircraft;

            3.1.2 assistance with interpretation of the minimum equipment list,
the definition of the configuration deviation list and the analysis of
individual aircraft performance;

            3.1.3 assistance with solving operational problems associated with
delivery and route-proving flights;

            3.1.4 information regarding significant service items relating to
aircraft performance or flight operations; and

            3.1.5 if requested by Customer, Boeing will provide operations
engineering support during an aircraft ferry flight.

                                       B
<PAGE>

4.    Training at a Facility Other Than Boeing's.

      If requested by Customer, Boeing will conduct the classroom portions of
the maintenance and flight training (except for the Performance Engineer
training courses) at a mutually acceptable alternate training site, subject to
the following conditions:

      4.1 Customer will provide acceptable classroom space, simulators (as
necessary for flight training) and training equipment required to present the
courses;

      4.2 Customer will pay Boeing's then-current per diem charge for each
Boeing instructor for each day, or fraction thereof, that the instructor is away
from their home location, including travel time;

      4.3 Customer will reimburse Boeing for the actual costs of round-trip
transportation for Boeing's instructors and the shipping costs of training
Materials between the primary training facility and the alternate training site;

      4.4 Customer will be responsible for all taxes, fees, duties, licenses,
permits and similar expenses incurred by Boeing and its employees as a result of
Boeing's providing training at the alternate site or incurred as a result of
Boeing providing revenue service training; and

      4.5 Those portions of training that require the use of training devices
not available at the alternate site will be conducted at Boeing's facility or at
some other alternate site.

5.    General Terms and Conditions.

      5.1 Boeing flight instructor personnel will not be required to work more
than 5 days per week, or more than 8 hours in any one 24-hour period, of which
not more than 5 hours per 8-hour workday will be spent in actual flying. These
foregoing restrictions will not apply to ferry assistance or revenue service
training services, which will be governed by FAA rules and regulations.

      5.2 NORMAL LINE MAINTENANCE is defined as line maintenance that Boeing
might reasonably be expected to furnish for flight crew training at Boeing's
facility, and will include ground support and aircraft storage in the open, but
will not include provision of spare parts. Boeing will provide Normal Line
Maintenance services for any aircraft while the aircraft is used for flight crew
training at Boeing's facility. Customer will provide such services if flight
crew training is conducted elsewhere. Regardless of the location of such
training, Customer will be responsible for providing all maintenance items
(other than those included in Normal Line Maintenance) required during the
training, including, but not limited to, fuel, oil, landing fees and spare
parts.

      5.3 If the training is based at Boeing's facility, and the aircraft is
damaged during such training, Boeing will make all necessary repairs to the
aircraft as promptly as possible. Customer will pay Boeing's reasonable charge,
including the price of parts and materials, for making the repairs. If Boeing's
estimated labor charge for the repair exceeds $25,000, Boeing and Customer will
enter into an agreement for additional services before beginning the repair
work.

                                       B
<PAGE>

      5.4 If the flight training is based at Boeing's facility, several airports
in surrounding states may be used, at Boeing's option. Unless otherwise agreed
in the flight training planning conference, it will be Customer's responsibility
to make arrangements for the use of such airports.

      5.5 If Boeing agrees to make arrangements on behalf of Customer for the
use of airports for flight training, Boeing will pay on Customer's behalf any
landing fees charged by any airport used in conjunction with the flight
training. At least 30 days before flight training, Customer will provide Boeing
an open purchase order against which Boeing will invoice Customer for any
landing fees Boeing paid on Customer's behalf. The invoice will be submitted to
Customer approximately 60 days after flight training is completed, when all
landing fee charges have been received and verified. Customer will pay to Boeing
within 30 days of the date of the invoice.

      5.6 If requested by Boeing, in order to provide the flight training or
ferry flight assistance, Customer will make available to Boeing an aircraft
after delivery to familiarize Boeing instructor or ferry flight crew personnel
with such aircraft. If flight of the aircraft is required for any Boeing
instructor or ferry flight crew member to maintain an FAA license for flight
proficiency or landing currency, Boeing will be responsible for the costs of
fuel, oil, landing fees and spare parts attributable to that portion of the
flight.

      5.7 If any part of the training described in paragraph 1.1 of this Exhibit
is not used by Customer within 12 months after the delivery of the last aircraft
under the relevant purchase agreement, Boeing will not be obligated to provide
such training.

                                       B
<PAGE>

                            CUSTOMER SUPPORT DOCUMENT

                 PART 2: FIELD AND ENGINEERING SUPPORT SERVICES

1.    Field Service Representation.

      Boeing will furnish field service representation to advise Customer with
respect to the maintenance and operation of an aircraft (FIELD SERVICE
REPRESENTATIVES).

      1.1 Field Service representation will be available at or near Customer's
main maintenance or engineering facility beginning before the scheduled delivery
month of the first aircraft and ending 12 months after delivery of the last
aircraft covered by a specific purchase agreement.

      1.2 Customer will provide, at no charge to Boeing, suitable furnished
office space and office equipment at the location where Boeing is providing
Field Service Representatives. As required, Customer will assist each Field
Service Representative with visas, work permits, customs, mail handling,
identification passes and formal introduction to local airport authorities.

      1.3 Boeing Field Service Representatives are assigned to various airports
around the world. Whenever Customer's aircraft are operating through any such
airport, the services of Boeing's Field Service Representatives are available to
Customer.

2.    Engineering Support Services.

      Boeing will, if requested by Customer, provide technical advisory
assistance for any aircraft and Boeing Product (as defined in Part I of Exhibit
C). Technical advisory assistance, provided from the Seattle area or at a base
designated by Customer as appropriate, will include:

      2.1 Operational Problem Support. If Customer experiences operational
problems with an aircraft, Boeing will analyze the information provided by
Customer to determine the probable nature and cause of the problem and to
suggest possible solutions.

      2.2 Schedule Reliability Support. If Customer is not satisfied with the
schedule reliability of a specific model of aircraft, Boeing will analyze
information provided by Customer to determine the nature and cause of the
problem and to suggest possible solutions.

      2.3 Maintenance Cost Reduction Support. If Customer is concerned that
actual maintenance costs of a specific model of aircraft are excessive, Boeing
will analyze information provided by Customer to determine the nature and cause
of the problem and to suggest possible solutions.

      2.4 Aircraft Structural Repair Support. If Customer is designing
structural repairs and desires Boeing's support, Boeing will analyze and comment
on Customer's engineering releases relating to structural repairs not covered by
Boeing's Structural Repair Manual.

      2.5 Aircraft Modification Support. If Customer is designing aircraft
modifications and requests Boeing's support, Boeing will analyze and comment on
Customer's engineering

                                       B
<PAGE>

proposals for changes in, or replacement of, systems, parts, accessories or
equipment manufactured to Boeing's detailed design. Boeing will not analyze or
comment on any major structural change unless Customer's request for such
analysis and comment includes complete detailed drawings, substantiating
information (including any information required by applicable government
agencies), all stress or other appropriate analyses, and a specific statement
from Customer of the substance of the review and the response requested.

      2.6 Facilities, Ground Equipment and Maintenance Planning Support. Boeing
will, at Customer's request, evaluate Customer's technical facilities, tools and
equipment for servicing and maintaining aircraft, to recommend changes where
necessary and to assist in the formulation of an overall maintenance plan.

      2.7 Post-Delivery Service Support. Boeing will, at Customer's request,
perform work on an aircraft after delivery but prior to the initial departure
flight or upon the return of the aircraft to Boeing's facility prior to
completion of that flight. In that event the following provisions will apply.

            2.7.1 Boeing may rely upon the commitment authority of the
Customer's personnel requesting the work.

            2.7.2 As title and risk of loss has passed to Customer, the
insurance provisions of Article 8.2 of the AGTA apply.

            2.7.3 The provisions of the Boeing Warranty in Part 2 of Exhibit C
of this AGTA apply.

            2.7.4 Customer will pay Boeing for requested work not covered by the
Boeing Warranty, if any.

            2.7.5 The DISCLAIMER AND RELEASE and EXCLUSION OF CONSEQUENTIAL AND
OTHER DAMAGES provisions in Article 11 of Part 2 of Exhibit C of this AGTA
apply.

      2.8 Additional Services. Boeing may, at Customer's request, provide
additional services for an aircraft after delivery, which may include retrofit
kit changes (kits and/or information), training, maintenance and repair of
aircraft. Such additional services will be subject to a mutually acceptable
price, schedule and scope of work. The DISCLAIMER AND RELEASE and the EXCLUSION
OF CONSEQUENTIAL AND OTHER DAMAGES provisions in Article 11 of Part 2 of Exhibit
C of this AGTA and the insurance provisions in Article 8.2 of this AGTA will
apply to any such work. Title to and risk of loss of any such aircraft will
always remain with Customer.

                                       B
<PAGE>

                            CUSTOMER SUPPORT DOCUMENT

                   PART 3: TECHNICAL INFORMATION AND MATERIALS

1.    General.

      MATERIALS are defined as any and all items that are created by Boeing or a
third party, which are provided directly or indirectly from Boeing and serve
primarily to contain, convey or embody information. Materials may include either
tangible embodiments (for example, documents or drawings), or intangible
embodiments (for example, software and other electronic forms) of information
but excludes Aircraft Software. AIRCRAFT SOFTWARE is defined as software that is
installed on and used in the operation of the aircraft.

      Boeing will furnish to Customer certain Materials to support the
maintenance and operation of the aircraft at no additional charge to Customer,
except as otherwise provided herein. Such Materials will, if applicable, be
prepared generally in accordance with Air Transport Association of America (ATA)
Specification No. 100, entitled "Specification for Manufacturers' Technical
Data". Materials will be in English and in the units of measure used by Boeing
to manufacture an aircraft.

      Digitally-produced Materials will, if applicable, be prepared generally in
accordance with ATA Specification No. 2100, dated January 1994, "Digital Data
Standards for Aircraft Support."

2.    Materials Planning Conferences.

      Customer and Boeing will conduct planning conferences approximately 12
months before the scheduled delivery month of the first aircraft of a model in
order to mutually determine the proper format and quantity of Materials to be
furnished to Customer in support of the aircraft.

      When available, Customer may select Boeing standard digital format as the
delivery medium or, alternatively, Customer may select a reasonable quantity of
printed and 16mm microfilm formats. When Boeing standard digital format is
selected, Customer may also select up to 5 copies of printed or microfilm format
copies, with the exception of the Illustrated Parts Catalog, which will be
provided in one selected format only.

3.    Information and Materials - Incremental Increase.

      Until one year after the month of delivery of the last aircraft covered by
a specific purchase agreement, Customer may annually request in writing a
reasonable increase in the quantity of Materials with the exception of microfilm
master copies, digital formats, and others for which a specified number of
copies are provided. Boeing will provide the additional quantity at no
additional charge beginning with the next normal revision cycle. Customer may
request a decrease in revision quantities at any time.

4.    Advance Representative Copies.

      All advance representative copies of Materials will be selected by Boeing
from available sources. Such advance copies will be for advance planning
purposes only.

                                       B
<PAGE>

5.    Customized Materials.

      All customized Materials will reflect the configuration of each aircraft
as delivered.

6.   Revisions.

      6.1 Revision Service. Boeing will provide revisions free of charge for
those Materials which have a revision service. Such Materials will be identified
in the planning conference conducted for a specific model of aircraft. The
revision service will reflect changes developed by Boeing, as long as Customer
operates an aircraft of that model.

      6.2 Revisions Based on Boeing Service Bulletin Incorporation. If Boeing
receives written notice that Customer intends to incorporate, or has
incorporated, any Boeing service bulletin in an aircraft, Boeing will at no
charge issue revisions to Materials with revision service reflecting the effects
of such incorporation into such aircraft.

7.    Computer Software Documentation for Boeing Manufactured Airborne
      Components and Equipment.

      Boeing will provide to Customer a Computer Software Index containing a
listing of (i) all programmed airborne avionics components and equipment
manufactured by Boeing or a Boeing subsidiary, designed and developed in
accordance with Radio Technical Commission for Aeronautics Document No.
RTCA/DO-178 dated January 1982, No. RTCA/DO-178A dated March 1985, or later as
available, and installed by Boeing in aircraft covered by the applicable
purchase agreement and (ii) specific software documents (SOFTWARE DOCUMENTATION)
available to Customer from Boeing for the listed components and equipment.

      Two copies of the Computer Software Index will be furnished to Customer
with the first aircraft of a model. Revisions to the Computer Software Index
applicable to such model of aircraft will be issued to Customer as revisions are
developed by Boeing for so long as Customer operates the aircraft.

      Software Documentation will be provided to Customer upon written request.
The charge to Customer for Software Documentation will be Boeing's price to
reproduce the Software Documentation requested. Software Documentation will be
prepared generally in accordance with ATA Specification No. 102 revised April
20, 1983, "Specification for Computer Software Manual" but Software
Documentation will not include, and Boeing will not be obligated to provide, any
code (including, but not limited to, original source code, assembled source
code, or object code) on computer sensible media.

8.    Supplier Technical Data.

      8.1 8.1 For supplier-manufactured programmed airborne avionics components
and equipment classified as Seller Furnished Equipment (SFE) or Seller Purchased
Equipment (SPE) or Buyer Designated Equipment (BDE) which contain computer
software designed and developed in accordance with Radio Technical Commission
for Aeronautics Document No. RTCA/DO-178 dated January 1982, No. RTCA/DO-178A
dated March 1985, or later as

                                       B
<PAGE>

available, Boeing will request that each supplier of the components and
equipment make software documentation available to Customer in a manner similar
to that described in Article 7 above.

      8.2 The provisions of this Article will not be applicable to items of BFE.

      8.3 Boeing will furnish to Customer a document identifying the terms and
conditions of the product support agreements between Boeing and its suppliers
requiring the suppliers to fulfill Customer's requirements for information and
services in support of the specific model of aircraft.

9.    Buyer Furnished Equipment Data.

      Boeing will incorporate BFE information into the customized Materials
providing Customer makes the information available to Boeing at least nine
months prior to the scheduled delivery month of Customer's first aircraft of a
specific model. Customer agrees to furnish the information in Boeing standard
digital format if Materials are to be delivered in Boeing standard digital
format.

10.   Materials Shipping Charges.

      Boeing will pay the reasonable transportation costs of the Materials.
Customer is responsible for any customs clearance charges, duties, and taxes.

11.   Customer's Shipping Address.

      The Materials furnished to Customer hereunder are to be sent to a single
address to be specified. Customer will promptly notify Boeing of any change to
the address.

                                       B
<PAGE>

                            CUSTOMER SUPPORT DOCUMENT

                 PART 4: ALLEVIATION OR CESSATION OF PERFORMANCE

Boeing will not be required to provide any Materials, services, training or
other things at a facility designated by Customer if any of the following
conditions exist:

      1.    a labor stoppage or dispute in progress involving Customer;

      2.    wars or warlike operations, riots or insurrections in the country
            where the facility is located;

      3.    any condition at the facility which, in the opinion of Boeing, is
            detrimental to the general health, welfare or safety of its
            personnel or their families;

      4.    the United States Government refuses permission to Boeing personnel
            or their families to enter into the country where the facility is
            located, or recommends that Boeing personnel or their families leave
            the country; or

      5.    the United States Government refuses permission to Boeing to deliver
            Materials, services, training or other things to the country where
            the facility is located.

After the location of Boeing personnel at the facility, Boeing further reserves
the right, upon the occurrence of any of such events, to immediately and without
prior notice to Customer relocate its personnel and their families.

                                       B
<PAGE>

                            CUSTOMER SUPPORT DOCUMENT

                  PART 5: PROTECTION OF PROPRIETARY INFORMATION
                            AND PROPRIETARY MATERIALS

1.    General.

All Materials provided by Boeing to Customer and not covered by a Boeing CSGTA
or other agreement between Boeing and Customer defining Customer's right to use
and disclose the Materials and included information will be covered by, and
subject to the terms of this AGTA. Title to all Materials containing, conveying
or embodying confidential, proprietary or trade secret information (Proprietary
Information) belonging to Boeing or a third party (Proprietary Materials), will
at all times remain with Boeing or such third party. Customer will treat all
Proprietary Materials and all Proprietary Information in confidence and use and
disclose the same only as specifically authorized in this AGTA.

2.    License Grant.

Boeing grants to Customer a worldwide, non-exclusive, non-transferable license
to use and disclose Proprietary Materials in accordance with the terms and
conditions of this AGTA. Customer is authorized to make copies of Materials
(except for Materials bearing the copyright legend of a third party), and all
copies of Proprietary Materials will belong to Boeing and be treated as
Proprietary Materials under this AGTA. Customer will preserve all proprietary
legends, and all copyright notices on all Materials and insure the inclusion of
those legends and notices on all copies.

3.    Use of Proprietary Materials and Proprietary Information.

Customer is authorized to use Proprietary Materials and Proprietary Information
for the purpose of: (a) operation, maintenance, repair, or modification of
Customer's aircraft for which the Proprietary Materials and Proprietary
Information have been specified by Boeing and (b) development and manufacture of
training devices for use by Customer.

4.    Providing of Proprietary Materials to Contractors.

Customer is authorized to provide Proprietary Materials to Customer's
contractors for the sole purpose of maintenance, repair, or modification of
Customer's aircraft for which the Proprietary Materials have been specified by
Boeing. In addition, Customer may provide Proprietary Materials to Customer's
contractors for the sole purpose of developing and manufacturing training
devices for Customer's use. Before providing Proprietary Materials to its
contractor, Customer will first obtain a written agreement from the contractor
by which the contractor agrees (a) to use the Proprietary Materials only on
behalf of Customer, (b) to be bound by all of the restrictions and limitations
of this Part 5, and (c) that Boeing is a third party beneficiary under the
written agreement. Customer agrees to provide copies of all such written
agreements to Boeing upon request and be liable to Boeing for any breach of
those agreements by a contractor. A sample agreement acceptable to Boeing is
attached as Appendix VII.

                                       B
<PAGE>

5.    Providing of Proprietary Materials and Proprietary Information to
      Regulatory Agencies.

When and to the extent required by a government regulatory agency having
jurisdiction over Customer or an aircraft, Customer is authorized to provide
Proprietary Materials and to disclose Proprietary Information to the agency for
use in connection with Customer's operation, maintenance, repair, or
modification of such aircraft. Customer agrees to take all reasonable steps to
prevent the agency from making any distribution, disclosure, or additional use
of the Proprietary Materials and Proprietary Information provided or disclosed.
Customer further agrees to notify Boeing immediately upon learning of any (a)
distribution, disclosure, or additional use by the agency, (b) request to the
agency for distribution, disclosure, or additional use, or (c) intention on the
part of the agency to distribute, disclose, or make additional use of
Proprietary Materials or Proprietary Information.

                                       B
<PAGE>

                                    EXHIBIT C

                                       TO

                        AIRCRAFT GENERAL TERMS AGREEMENT

                                    AGTA-COP

                                     BETWEEN

                               THE BOEING COMPANY

                                       AND

                               COPA HOLDINGS, S.A.

                           PRODUCT ASSURANCE DOCUMENT,

                             This document contains:

Part 1:              Exhibit C Definitions

Part 2:              Boeing Warranty

Part 3:              Boeing Service Life Policy

Part 4:              Supplier Warranty Commitment

Part 5:              Boeing Interface Commitment

Part 6:              Boeing Indemnities against Patent and
                     Copyright Infringement

                                       C
<PAGE>

                           PRODUCT ASSURANCE DOCUMENT

                          PART 1: EXHIBIT C DEFINITIONS

      AUTHORIZED AGENT - Agent appointed by Customer to perform corrections and
to administer warranties (see Appendix VI to the AGTA for a form acceptable to
Boeing).

      AVERAGE DIRECT HOURLY LABOR RATE - the average hourly rate (excluding all
fringe benefits, premium-time allowances, social charges, business taxes and the
like) paid by Customer to its Direct Labor employees.

      BOEING PRODUCT - any system, accessory, equipment, part or Aircraft
Software that is manufactured by Boeing or manufactured to Boeing's detailed
design with Boeing's authorization.

      CORRECT - to repair, modify, provide modification kits or replace with a
new product.

      CORRECTION - a repair, a modification, a modification kit or replacement
with a new product.

      CORRECTED BOEING PRODUCT - a Boeing Product which is free of defect as a
result of a Correction.

      DIRECT LABOR - Labor spent by Customer's or its Authorized Agent's direct
labor employees to remove, disassemble, modify, repair, inspect and bench test a
defective Boeing Product, and to reassemble, reinstall a Corrected Boeing
Product and perform final inspection.

      DIRECT MATERIALS - Items such as parts, gaskets, grease, sealant and
adhesives, installed or consumed in performing a Correction, excluding
allowances for administration, overhead, taxes, customs duties and the like.

      SOURCE CONTROL DRAWING (SCD) - a Boeing document defining specifications
for certain Supplier Products.

      SUPPLIER - the manufacturer of a Supplier Product.

      SUPPLIER PRODUCT - any system, accessory, equipment, part or Aircraft
Software that is not manufactured to Boeing's detailed design. This includes but
is not limited to parts manufactured to a SCD, all standards, and other parts
obtained from non-Boeing sources.

                                       C
<PAGE>

                           PRODUCT ASSURANCE DOCUMENT

                             PART 2: BOEING WARRANTY

1.    Applicability.

This warranty applies to all Boeing Products. Warranties applicable to Supplier
Products are in Part 4. Warranties applicable to engines will be provided by
Supplemental Exhibits to individual purchase agreements.

2.    Warranty.

      2.1   Coverage. Boeing warrants that at the time of delivery:

            (i)   the aircraft will conform to the Detail Specification except
                  for portions stated to be estimates, approximations or design
                  objectives;

            (ii)  all Boeing Products will be free from defects in material,
                  process of manufacture and workmanship, including the
                  workmanship utilized to install Supplier Products, engines and
                  BFE, and;

            (iii) all Boeing Products will be free from defects in design,
                  including selection of materials and the process of
                  manufacture. in view of the state of the art at the time of
                  design

      2.2   Exceptions. The following conditions do not constitute a defect
under this warranty:

            (i)   conditions resulting from normal wear and tear;

            (ii)  conditions resulting from abuse or omissions of Customer; and

            (iii) conditions resulting from failure to properly service and
                  maintain a Boeing Product.

3.    Warranty Periods.

      3.1 Warranty. The warranty period begins on the date of aircraft or Boeing
Product delivery and ends: (i) after 48 months for Boeing aircraft models
777-200, -300 or 737-600, -700, -800, or new aircraft models designed and
manufactured with similar, new technology; or, (ii) after 36 months for any
other Boeing aircraft model.

      3.2 Warranty on Corrected Boeing Products. The warranty period applicable
to a Corrected Boeing Product, including the workmanship to Correct and install,
resulting from a defect in material or workmanship is the remainder of the
initial warranty period for the

                                       C
<PAGE>

defective Boeing Product it replaced. The warranty period for a Corrected Boeing
Product resulting from a defect in design is 18 months or the remainder of the
initial warranty period, whichever is longer. The 18 month period begins on the
date of delivery of the Corrected Boeing Product or date of delivery of the kit
or kits furnished to Correct the Boeing Product.

      3.3 Survival of Warranties. All warranty periods are stated above. The
Performance Guarantees will not survive delivery of the aircraft.

4.    Remedies.

      4.1 Correction Options. Customer may, at its option, either perform a
Correction of a defective Boeing Product or return the Boeing Product to Boeing
for Correction.

      4.2 Warranty Labor Rate. If Customer or its Authorized Agent Corrects a
defective Boeing Product, Boeing will reimburse Customer for Direct Labor Hours
at Customer's established Warranty Labor Rate. Customer's established Warranty
Labor Rate will be the greater of the standard labor rate or 150% of Customer's
Average Direct Hourly Labor Rate. The standard labor rate paid by Boeing to its
customers is established and published annually. Prior to or concurrently with
submittal of Customer's first claim for Direct Labor reimbursement, Customer may
notify Boeing of Customer's then-current Average Direct Hourly Labor Rate, and
thereafter notify Boeing of any material change in such rate. Boeing will
require information from Customer to substantiate such rates.

      4.3 Warranty Inspections. In addition to the remedies to Correct defects
in Boeing Products, Boeing will reimburse Customer for the cost of Direct Labor
to perform certain inspections of the aircraft to determine the occurrence of a
condition Boeing has identified as a covered defect, provided:

            4.3.1 the inspections are recommended by a service bulletin or
service letter issued by Boeing during the warranty period; and

            4.3.2 such reimbursement will not apply to any inspections performed
after a Correction is available to Customer.

      4.4 Credit Memorandum Reimbursement. Boeing will make all reimbursements
by credit memoranda which may be applied toward the purchase of Boeing goods and
services.

      4.5 Maximum Reimbursement. Unless previously agreed, the maximum
reimbursement for Direct Labor and Direct Materials used to Correct a defective
Boeing Product will not exceed 65% of Boeing's then-current sales price for a
new replacement Boeing Product.

5.    Discovery and Notice.

      5.1   For a claim to be valid:

            (i)   the defect must be discovered during the warranty period; and

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            (ii)  Boeing Product Assurance Contracts must receive written notice
                  of the discovery no later than 90 days after expiration of the
                  warranty period. The notice must include sufficient
                  information to substantiate the claim.

      5.2 Receipt of Customer's or its Authorized Agent's notice of the
discovery of a defect secures Customer's rights to remedies under this Exhibit
C, even though a Correction is performed after the expiration of the warranty
period.

      5.3 Once Customer has given valid notice of the discovery of a defect, a
claim should be submitted as soon as practicable after performance of the
Correction.

      5.4 Boeing may release service bulletins or service letters advising
Customer of the availability of certain warranty remedies. When such advice is
provided, Customer will be deemed to have fulfilled the requirements for
discovery of the defect and submittal of notice under this Exhibit C as of the
date specified in the service bulletin or service letter.

6.    Filing a Claim.

      6.1 Authority to File. Claims may be filed by Customer or its Authorized
Agent. Appointment of an Authorized Agent will only be effective upon Boeing's
receipt of the Authorized Agent's express written agreement, in a form
satisfactory to Boeing, to be bound by and to comply with all applicable terms
and conditions of this Aircraft General Terms Agreement.

      6.2 Claim Information.

            6.2.1 Claimant is responsible for providing sufficient information
to substantiate Customer's rights to remedies under this Exhibit C. Boeing may
reject a claim for lack of sufficient information. At a minimum, such
information must include:

            (i)   identity of claimant;

            (ii)  serial or block number of the aircraft on which the defective
                  Boeing Product was delivered;

            (iii) part number and nomenclature of the defective Boeing Product;

            (iv)  purchase order number and date of delivery of the defective
                  spare part

            (v)   description and substantiation of the defect;

            (vi)  date the defect was discovered;

            (vii) date the Correction was completed;

            (viii) the total flight hours or cycles accrued;

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            (ix)  an itemized account of direct labor hours expended in
                  performing the Correction; and

            (x)   an itemized account of any direct materials incorporated in
                  the Correction.

            6.2.2 Additional information may be required based on the nature of
the defect and the remedies requested.

      6.3 Boeing Claim Processing.

            6.3.1 Any claim for a Boeing Product returned by Customer or its
Authorized Agent to Boeing for Correction must accompany the Boeing Product. Any
claim not associated with the return of a Boeing Product must be signed and
submitted in writing directly by Customer or its Authorized Agent to Boeing
Product Assurance Contracts.

            6.3.2 Boeing will promptly review the claim and will give
notification of claim approval or rejection. If the claim is rejected, Boeing
will provide a written explanation.

7.    Corrections Performed by Customer or Its Authorized Agent.

      7.1 Facilities Requirements. Provided Customer, its Authorized Agent or
its third party contractor, as appropriate, are certified by the appropriate
Civil Aviation Authority or Federal Aviation Authority, Customer or its
Authorized Agent may, at its option, Correct defective Boeing Products at its
facilities, or may subcontract Corrections to a third party contractor.

      7.2 Technical Requirements. All Corrections done by Customer, its
Authorized Agent or a third party contractor must be performed in accordance
with Boeing's applicable service manuals, bulletins or other written
instructions, using parts and materials furnished or approved by Boeing.

      7.3 Reimbursement.

            7.3.1 Boeing will reimburse Customer's reasonable costs of Direct
Materials and Direct Labor (excluding time expended for overhaul) at Customer's
Warranty Labor Rate to Correct a defective Boeing Product. Claims for
reimbursement must contain sufficient information to substantiate Direct Labor
hours expended and Direct Materials consumed. Customer or its Authorized Agent
may be required to produce invoices for materials.

            7.3.2 Reimbursement for Direct Labor hours to perform Corrections
stated in a service bulletin will be based on the labor estimates in the service
bulletin.

            7.3.3 Boeing will reimburse Customer's freight charges associated
with a Correction of a defect on a Boeing Product performed by its Authorized
Agent or a third party contractor.

      7.4 Disposition of Defective Boeing Products Beyond Economical Repair.

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            7.4.1 A defective Boeing Product found to be beyond economical
repair (see Para. 4.5 Maximum Reimbursement) will be retained for a period of 60
days from the date Boeing receives Customer's claim. During the 60 day period,
Boeing may request return of such Boeing Products for inspection and
confirmation of a defect.

            7.4.2 After the 60 day period, a defective Boeing Product with a
value of U.S. $2000 or less may be scrapped without notification to Boeing. If
such Boeing Product has a value greater than U.S. $2000, Customer must obtain
confirmation of unrepairability by Boeing's on-site Customer Services
Representative prior to scrapping. Confirmation may be in the form of the
Representative's signature on Customer's claim or through direct communication
between the Representative and Boeing Product Assurance Contracts.

8.    Corrections Performed by Boeing.

      8.1 Freight Charges. Customer or its Authorized Agent will pay shipping
charges to return a Boeing Product to Boeing. Boeing will reimburse Customer or
its Authorized Agent for the charge for any item determined to be defective
under this Aircraft General Terms Agreement. Boeing will pay shipping charges to
return the Corrected Boeing Product.

      8.2 Customer Instructions. The documentation shipped with the returned
defective Boeing Product may include specific technical instructions for
additional work to be performed on the Boeing Product. The absence of such
instructions will evidence Customer's authorization for Boeing to perform all
necessary Corrections and work required to return the Boeing Product to a
serviceable condition.

      8.3 Correction Time Objectives.

            8.3.1 Boeing's objective for making Corrections is 10 working days
for avionics and electronic Boeing Products, 30 working days for Corrections of
other Boeing Products performed at Boeing's facilities, and 40 working days for
Corrections of other Boeing Products performed at a Boeing subcontractor's
facilities. The objectives are measured from the date Boeing receives the
defective Boeing Product and a valid claim to the date Boeing ships the
Correction.

            8.3.2 If Customer has a critical parts shortage because Boeing has
exceeded a Correction time objective and Customer has procured spare Boeing
Products for the defective Boeing Product in quantities shown in Boeing's
Recommended Spare Parts List (RSPL) or Spares Planning and Requirements
Evaluation Model (M-SPARE), then Boeing will either expedite the Correction or
provide an interchangeable Boeing Product on a no charge loan or lease basis
until the Corrected Boeing Product is returned.

      8.4 Title Transfer and Risk of Loss.

            8.4.1 Title to and risk of loss of any Boeing Product returned to
Boeing will at all times remain with Customer or any other title holder of such
Boeing Product. While Boeing has possession of the returned Boeing Product,
Boeing will have only such liabilities as a bailee for mutual benefit would
have, but will not be liable for loss of use.

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            8.4.2 If a Correction requires shipment of a new Boeing Product,
then at the time Boeing ships the new Boeing Product, title to and risk of loss
for the returned Boeing Product will pass to Boeing, and title to and risk of
loss for the new Boeing Product will pass to Customer.

9.    Returning an Aircraft.

      9.1   Conditions. An aircraft may be returned to Boeing's facilities for
Correction only if:

            (i)   Boeing and Customer agree a covered defect exists;

            (ii)  Customer lacks access to adequate facilities, equipment or
                  qualified personnel to perform the Correction; and

            (iii) it is not practical, in Boeing's estimation, to dispatch
                  Boeing personnel to perform the Correction at a remote site.

      9.2 Correction Costs. Boeing will perform the Correction at no charge to
Customer. Subject to the conditions of Paragraph 9.1 of Part 2 of Exhibit C to
this AGTA, Boeing will reimburse Customer for the costs of fuel, oil and landing
fees incurred in ferrying the aircraft to Boeing and back to Customer's
facilities. Customer will minimize the length of both flights.

      9.3 Separate Agreement. Boeing and Customer will enter into a separate
agreement covering return of the aircraft and performance of the Correction.
Authorization by Customer for Boeing to perform additional work that is not part
of the Correction must be received within 24 hours of Boeing's request. If such
authorization is not received within 24 hours, Customer will be invoiced for
work performed by Boeing that is not part of the Correction.

10.   Insurance.

      The provisions of Article 8.2 "Insurance", of this AGTA, will apply to any
work performed by Boeing in accordance with Customer's specific technical
instructions, to the extent any legal liability of Boeing is based upon the
content of such instructions.

11.   Disclaimer and Release; Exclusion of Liabilities.

      11.1 DISCLAIMER AND RELEASE. THE WARRANTIES, OBLIGATIONS AND LIABILITIES
OF BOEING AND THE REMEDIES OF CUSTOMER IN THIS EXHIBIT C ARE EXCLUSIVE AND IN
SUBSTITUTION FOR, AND CUSTOMER HEREBY WAIVES, RELEASES AND RENOUNCES, ALL OTHER
WARRANTIES, OBLIGATIONS AND LIABILITIES OF BOEING AND ALL OTHER RIGHTS, CLAIMS
AND REMEDIES OF CUSTOMER AGAINST BOEING, EXPRESS OR IMPLIED, ARISING BY LAW OR
OTHERWISE, WITH RESPECT TO ANY NONCONFORMANCE OR DEFECT IN ANY AIRCRAFT,
MATERIALS, TRAINING, SERVICES OR OTHER THING PROVIDED UNDER THIS AGTA AND THE
APPLICABLE PURCHASE AGREEMENT, INCLUDING, BUT NOT LIMITED TO:

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            (A)   ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS;

            (B)   ANY IMPLIED WARRANTY ARISING FROM COURSE OF PERFORMANCE,
                  COURSE OF DEALING OR USAGE OF TRADE;

            (C)   ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY IN TORT,
                  WHETHER OR NOT ARISING FROM THE NEGLIGENCE OF BOEING; AND

            (D)   ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY FOR LOSS OF
                  OR DAMAGE TO ANY AIRCRAFT.

      11.2 EXCLUSION OF CONSEQUENTIAL AND OTHER DAMAGES. BOEING WILL HAVE NO
OBLIGATION OR LIABILITY, WHETHER ARISING IN CONTRACT (INCLUDING WARRANTY), TORT,
WHETHER OR NOT ARISING FROM THE NEGLIGENCE OF BOEING, OR OTHERWISE, FOR LOSS OF
USE, REVENUE OR PROFIT, OR FOR ANY OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES
WITH RESPECT TO ANY NONCONFORMANCE OR DEFECT IN ANY AIRCRAFT, MATERIALS,
TRAINING, SERVICES OR OTHER THING PROVIDED UNDER THIS AGTA AND THE APPLICABLE
PURCHASE AGREEMENT.

      11.3 Definitions. For the purpose of this Article, "BOEING" or "Boeing" is
defined as The Boeing Company, its divisions, subsidiaries, affiliates, the
assignees of each, and their respective directors, officers, employees and
agents.

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                           PRODUCT ASSURANCE DOCUMENT

                       PART 3: BOEING SERVICE LIFE POLICY

1.    Definitions.

      SLP COMPONENT - any of the primary structural elements (excluding industry
standard parts) of the landing gear, wing, fuselage, vertical or horizontal
stabilizer listed in the applicable purchase agreement for a specific model of
aircraft that is installed in the aircraft at time of delivery or is purchased
from Boeing by Customer as a spare part. The detailed SLP Component listing will
be in Supplemental Exhibit SLP 1 to each Purchase Agreement.

2.    Service Life Policy.

      2.1 SLP Commitment. If a failure or defect is discovered in a SLP
Component within the time periods specified in Article 2.2 below, Boeing will,
at a price calculated pursuant to Article 3 below, Correct the SLP Component.

      2.2 SLP Policy Periods.

            2.2.1 The policy period for SLP Components initially installed on an
aircraft is 12 years after the date of delivery of the aircraft.

            2.2.2 The policy period for SLP Components purchased from Boeing by
Customer as spare parts is 12 years from delivery of such SLP Component or 12
years from the date of delivery of the last aircraft produced by Boeing of a
specific model, whichever first expires.

3.    Price.

      The price that Customer will pay for the Correction of a defective or
failed SLP Component will be calculated pursuant to the following formula:

           P =   CT
                ---
                144

      where:

             P =     price to Customer
             C =     SLP Component sales price at time of Correction
             T =     total age in months of the defective or failed SLP
                     Component from
                     the date of delivery to Customer to the date of discovery
                     of such condition.

4.    Conditions.

      Boeing's obligations under this Policy are conditioned upon the following:

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<PAGE>

      4.1 Customer must notify Boeing in writing of the defect or failure within
three months after it is discovered.

      4.2 Customer must provide reasonable evidence that the claimed defect or
failure is covered by this Policy and if requested by Boeing, that such defect
or failure was not the result of (i) a defect or failure in a component not
covered by this Policy, (ii) an extrinsic force, (iii) an act or omission of
Customer, or (iv) operation or maintenance contrary to applicable governmental
regulations or Boeing's instructions.

      4.3 If return of a defective or failed SLP Component is practicable and
requested by Boeing, Customer will return such SLP Component to Boeing at
Boeing's expense.

      4.4 Customer's rights and remedies under this Policy are limited to the
receipt of a Correction at prices calculated pursuant to Article 3 above.

5.    Disclaimer and Release; Exclusion of Liabilities.

      This Part 3 and the rights and remedies of Customer and the obligations of
Boeing are subject to the DISCLAIMER AND RELEASE and EXCLUSION OF CONSEQUENTIAL
AND OTHER DAMAGES provisions of Article 11 of Part 2 of this Exhibit C.

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                           PRODUCT ASSURANCE DOCUMENT

                      PART 4: SUPPLIER WARRANTY COMMITMENT

1.    Supplier Warranties and Supplier Patent and Copyright Indemnities.

      Boeing will use diligent efforts to obtain warranties and indemnities
against patent and copyright infringement enforceable by Customer from Suppliers
of Supplier Products (except for engines) installed on the aircraft at the time
of delivery that were selected and purchased by Boeing, but not manufactured to
Boeing's detailed design. Boeing will furnish copies of the warranties and
patent and copyright indemnities to Customer contained in Supplier Product
Support and Product Assurance Agreements, prior to the scheduled delivery month
of the first aircraft under the initial purchase agreement to the AGTA.

2.    Boeing Assistance in Administration of Supplier Warranties.

      Customer will be responsible for submitting warranty claims directly to
Suppliers; however, if Customer experiences problems enforcing any Supplier
warranty obtained by Boeing for Customer, Boeing will conduct an investigation
of the problem and assist Customer in the resolution of those claims.

3.    Boeing Support in Event of Supplier Default.

      3.1 If the Supplier defaults in the performance of a material obligation
under its warranty, and Customer provides evidence to Boeing that a default has
occurred, then Boeing will furnish the equivalent warranty terms as provided by
the defaulting Supplier.

      3.2 At Boeing's request, Customer will assign to Boeing, and Boeing will
be subrogated to, its rights against the Supplier provided by the Supplier
warranty.

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                           PRODUCT ASSURANCE DOCUMENT

                       PART 5: BOEING INTERFACE COMMITMENT

1.    Interface Problems.

      An INTERFACE PROBLEM is defined as a technical problem in the operation of
an aircraft or its systems experienced by Customer, the cause of which is not
readily identifiable by Customer but which Customer believes to be attributable
to either the design characteristics of the aircraft or its systems or the
workmanship used in the installation of Supplier Products. In the event Customer
experiences an Interface Problem, Boeing will, without additional charge to
Customer, promptly conduct an investigation and analysis to determine the cause
or causes of the Interface Problem. Boeing will promptly advise Customer at the
conclusion of its investigation of Boeing's opinion as to the causes of the
Interface Problem and Boeing's recommendation as to corrective action.

2.    Boeing Responsibility.

      If Boeing determines that the Interface Problem is primarily attributable
to the design or installation of any Boeing Product, Boeing will Correct the
design or workmanship to the extent of any then-existing obligations of Boeing
under the provisions of the applicable Boeing Warranty or Boeing Service Life
Policy.

3.    Supplier Responsibility.

      If Boeing determines that the Interface Problem is primarily attributable
to the design or installation of a Supplier Product, Boeing will assist Customer
in processing a warranty claim against the Supplier.

4.    Joint Responsibility.

      If Boeing determines that the Interface Problem is partially attributable
to the design or installation of a Boeing Product and partially to the design or
installation of a Supplier Product, Boeing will seek a solution to the Interface
Problem through the cooperative efforts of Boeing and the Supplier and will
promptly advise Customer of the resulting corrective actions and
recommendations.

5.    General.

      Customer will, if requested by Boeing, assign to Boeing any of its rights
against any supplier as Boeing may require to fulfill its obligations hereunder.

6.    Disclaimer and Release; Exclusion of Liabilities.

      This Part 5 and the rights and remedies of Customer and the obligations of
Boeing herein are subject to the DISCLAIMER AND RELEASE and EXCLUSION OF
CONSEQUENTIAL AND OTHER DAMAGES provisions of Article 11 of Part 2 of this
Exhibit C.

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                           PRODUCT ASSURANCE DOCUMENT

                    PART 6: BOEING INDEMNITIES AGAINST PATENT
                           AND COPYRIGHT INFRINGEMENT

1.    Indemnity Against Patent Infringement.

      Boeing will defend and indemnify Customer with respect to all claims,
suits and liabilities arising out of any actual or alleged patent infringement
through Customer's use, lease or resale of any aircraft or any Boeing Product
installed on an aircraft at delivery.

2.    Indemnity Against Copyright Infringement.

      Boeing will defend and indemnify Customer with respect to all claims,
suits and liabilities arising out of any actual or alleged copyright
infringement through Customer's use, lease or resale of any Boeing created
Materials and Aircraft Software installed on an aircraft at delivery.

3.    Exceptions, Limitations and Conditions.

      3.1 Boeing's obligation to indemnify Customer for patent infringement will
extend only to infringements in countries which, at the time of the
infringement, were party to and fully bound by either (a) Article 27 of the
Chicago Convention on International Civil Aviation of December 7, 1944, or (b)
the International Convention for the Protection of Industrial Property (Paris
Convention).

      3.2 Boeing's obligation to indemnify Customer for copyright infringement
is limited to infringements in countries which, at the time of the infringement,
are members of The Berne Union and recognize computer software as a "work" under
The Berne Convention.

      3.3 The indemnities provided under this Part 6 will not apply to any (i)
BFE, (ii) engines, (iii) Supplier Product (iv) Boeing Product used other than
for its intended purpose, or (v) Aircraft Software not created by Boeing.

      3.4 Customer must deliver written notice to Boeing (i) within 10 days
after Customer first receives notice of any suit or other formal action against
Customer and (ii) within 20 days after Customer first receives any other
allegation or written claim of infringement covered by this Part 6.

      3.5 At any time, Boeing will have the right at its option and expense to:
(i) negotiate with any party claiming infringement, (ii) assume or control the
defense of any infringement allegation, claim, suit or formal action, (iii)
intervene in any infringement suit or formal action, and/or (iv) attempt to
resolve any claim of infringement by replacing an allegedly infringing Boeing
Product or Aircraft Software with a noninfringing equivalent.

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<PAGE>

      3.6 Customer will promptly furnish to Boeing all information, records and
assistance within Customer's possession or control which Boeing considers
relevant or material to any alleged infringement covered by this Part 6.

      3.7 Except as required by a final judgment entered against Customer by a
court of competent jurisdiction from which no appeals can be or have been filed,
Customer will obtain Boeing's written approval prior to paying, committing to
pay, assuming any obligation or making any material concession relative to any
infringement covered by these indemnities.

      3.8 BOEING WILL HAVE NO OBLIGATION OR LIABILITY UNDER THIS PART 6 FOR LOSS
OF USE, REVENUE OR PROFIT, OR FOR ANY OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES.
THE OBLIGATIONS OF BOEING AND REMEDIES OF CUSTOMER IN THIS PART 6 ARE EXCLUSIVE
AND IN SUBSTITUTION FOR, AND CUSTOMER HEREBY WAIVES, RELEASES AND RENOUNCES ALL
OTHER INDEMNITIES, OBLIGATIONS AND LIABILITIES OF BOEING AND ALL OTHER RIGHTS,
CLAIMS AND REMEDIES OF CUSTOMER AGAINST BOEING, EXPRESS OR IMPLIED, ARISING BY
LAW OR OTHERWISE, WITH RESPECT TO ANY ACTUAL OR ALLEGED PATENT, COPYRIGHT OR
OTHER INTELLECTUAL PROPERTY INFRINGEMENT OR THE LIKE BY ANY AIRCRAFT, AIRCRAFT
SOFTWARE, MATERIALS, TRAINING, SERVICES OR OTHER THING PROVIDED UNDER THIS AGTA
AND THE APPLICABLE PURCHASE AGREEMENT.

      3.9 For the purposes of this Part 6, "BOEING or Boeing" is defined as The
Boeing Company, its divisions, subsidiaries, affiliates, the assignees of each
and their respective directors, officers, employees and agents.

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                                    EXHIBIT D

                                       TO

                        AIRCRAFT GENERAL TERMS AGREEMENT

                                    AGTA-COP

                                     BETWEEN

                               THE BOEING COMPANY

                                       AND

                               COPA HOLDINGS, S.A.

                              ESCALATION ADJUSTMENT

                         AIRFRAME AND OPTIONAL FEATURES

           (FOR MODEL 717-200, 737-600, 737-700, 737-800 AND 737-900,
    THE AIRFRAME PRICE INCLUDES THE ENGINE PRICE AT ITS BASIC THRUST LEVEL.)

                                       D
<PAGE>

                                    EXHIBIT D

                              ESCALATION ADJUSTMENT

1.    Formula.

      Airframe and Optional Features price adjustments (Airframe Price
Adjustment); are used to allow prices to be stated in current year dollars at
the signing of the applicable purchase agreement and to adjust the amount to be
paid by Customer at delivery for the effects of economic fluctuation. The
Airframe Price Adjustment will be determined at the time of aircraft delivery in
accordance with the following formula:

      P(a) = (P+B)(L + M) - P

      Where:

            P(a)  = Airframe Price Adjustment. (For Model 717-200, 737-600,
                  737-700, 737-800 and 737-900, the Airframe Price includes the
                  Engine Price at its basic thrust level.)

            L =   .65 x ECI        where ECI(b) is the base year index (as set
                        ---        forth in Table 1 of the applicable purchase
                        ECI(b)     agreement)

            M =   .35 x ICI        where ICI(b) is the base year index (as set
                        ---        forth in Table 1 of the applicable purchase
                        ICI(b)     agreement)

            P =   Airframe Price plus Optional Features Price (as set forth in
                  the applicable purchase agreement).

            B =   0.005 x (N/12) x (P) where N is the calendar month and year
                                       of scheduled Aircraft delivery minus the
                                       calendar month and year of the Base Price
                                       Year, both as shown in Table 1 of the
                                       applicable purchase agreement.

            ECI is a value determined using the U.S. Department of Labor, Bureau
            of Labor Statistics "Employment Cost Index for workers in aerospace
            manufacturing - Wages and Salaries" (ECI code 3721W), calculated by
            establishing a three-month arithmetic average value (expressed as a
            decimal and rounded to the nearest tenth) using the values for the
            fifth, sixth and seventh months prior to the month of scheduled
            delivery of the applicable aircraft. As the Employment Cost Index
            values are only released on a quarterly basis, the value released
            for the month of March will be used for the months of January and
            February; the value for June

                                       D
<PAGE>

            used for April and May; the value for September used for July and
            August; and the value for December used for October and November.

            ICI is a value determined using the U.S. Department of Labor, Bureau
            of Labor Statistics "Producer Prices and Price Index - Industrial
            Commodities Index ", calculated as a 3-month arithmetic average of
            the released monthly values (expressed as a decimal and rounded to
            the nearest tenth) using the values for the 5th, 6th and 7th months
            prior to the month of scheduled delivery of the applicable aircraft.

            As an example, for an aircraft scheduled to be delivered in the
            month of January, the months June, July and August of the preceding
            year will be utilized in determining the value of ECI and ICI.

Note: i.    In determining the values of L and M, all calculations and resulting
      values will be expressed as a decimal rounded to the nearest
      ten-thousandth.

      ii.   .65 is the numeric ratio attributed to labor in the Airframe Price
      Adjustment formula.

      iii.  .35 is the numeric ratio attributed to materials in the Airframe
      Price Adjustment formula.

      iv.   The denominators (base year indices) are the actual average values
      reported by the U.S. Department of Labor, Bureau of Labor Statistics
      (base year June 1989 = 100). The applicable base year and corresponding
      denominator will be provided by Boeing in the applicable purchase
      agreement.

      v.    If the calculated sum of L + M is less than 1.0000, then the value
      of the sum is adjusted to 1.0000.

2.    Values to be Utilized in the Event of Unavailability.

      2.1 If the Bureau of Labor Statistics substantially revises the
methodology used for the determination of the values to be used to determine the
ECI and ICI values (in contrast to benchmark adjustments or other corrections of
previously released values), or for any reason has not released values needed to
determine the applicable Airframe Price Adjustment, the parties will, prior to
the delivery of any such aircraft, select a substitute from other Bureau of
Labor Statistics data or similar data reported by non-governmental
organizations. Such substitute will result in the same adjustment, insofar as
possible, as would have been calculated utilizing the original values adjusted
for fluctuation during the applicable time period. However, if within 24 months
after delivery of the aircraft, the Bureau of Labor Statistics should resume
releasing values for the months needed to determine the Airframe Price
Adjustment, such values will be used to determine any increase or decrease in
the Airframe Price Adjustment for the aircraft from that determined at the time
of delivery of the aircraft.

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      2.2 Notwithstanding Article 2.1 above, if prior to the scheduled delivery
month of an aircraft the Bureau of Labor Statistics changes the base year for
determination of the ECI and ICI values as defined above, such re-based values
will be incorporated in the Airframe Price Adjustment calculation.

      2.3 In the event escalation provisions are made non-enforceable or
otherwise rendered void by any agency of the United States Government, the
parties agree, to the extent they may lawfully do so, to equitably adjust the
Purchase Price of any affected aircraft to reflect an allowance for increases or
decreases in labor compensation and material costs occurring since February,
1995, which is consistent with the applicable provisions of paragraph 1 of this
Exhibit D.

Note: i.  The values released by the Bureau of Labor Statistics and available to
      Boeing 30 days prior to the scheduled delivery month of an aircraft will
      be used to determine the ECI and ICI values for the applicable months
      (including those noted as preliminary by the Bureau of Labor Statistics)
      to calculate the Airframe Price Adjustment for the aircraft invoice at the
      time of delivery. The values will be considered final and no Aircraft
      Price Adjustments will be made after Aircraft delivery for any subsequent
      changes in published Index values.

      ii.  The maximum number of digits utilized in any part of the Airframe
      Price Adjustment equation will be 4, where rounding of the fourth
      digit will be increased to the next highest digit when the 5th digit is
      equal to 5 or greater.

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                                     SAMPLE
                              INSURANCE CERTIFICATE

                               BROKER'S LETTERHEAD

[ date ]

Certificate of Insurance

ISSUED TO:        The Boeing Company
                  Post Office Box 3707
                  Mail Stop 13-57
                  Seattle, Washington 98124
                  Attn: Manager - Aviation Insurance for
                          Vice President - Employee Benefits,
                          Insurance and Taxes

CC:               Boeing Commercial Airplane Group
                  P.O. Box 3707
                  Mail Stop 75-38
                  Seattle, Washington 98124-2207
                  U.S.A.
                  Attn: Vice President - Contracts

NAMED INSURED:    COPA HOLDINGS, S.A.

We hereby certify that in our capacity as Brokers to the Named Insured, the
following described insurance is in force on this date:

INSURER                    POLICY NO.                    PARTICIPATION

POLICY PERIOD: From [date and time of inception of the Policy(ies)] to [date and
               time of expiration].

GEOGRAPHICAL LIMITS:  Worldwide (however, as respects "Aircraft Hull War and
                      Allied Perils" Insurance, as agreed by Boeing).

                                     App. I

<PAGE>

                                     SAMPLE
                              INSURANCE CERTIFICATE

AIRCRAFT INSURED: All Boeing manufactured aircraft owned or operated by
                  the Named Insured which are the subject of the
                  following purchase agreement(s), entered into between
                  The Boeing Company and _____________ (hereinafter
                  "Aircraft"):

                  Purchase Agreement No.____ dated ____
                  Purchase Agreement No.____ dated ____

COVERAGES:

1.    AIRCRAFT "ALL RISKS" HULL (GROUND AND FLIGHT)
2.    AIRCRAFT HULL WAR AND ALLIED PERILS (AS PER LSW 555, OR ITS SUCCESSOR
      WORDING)
3.    AIRLINE LIABILITY

Including, but not limited to, Bodily Injury, Property Damage, Aircraft
Liability, Liability War Risks, Passenger Legal Liability, Premises/Operations
Liability, Completed Operations/Products Liability, Baggage Legal Liability
(checked and unchecked), Cargo Legal Liability, Contractual Liability and
Personal Injury.

The above-referenced Airline Liability insurance coverage is subject to War and
Other Perils Exclusion Clause (AV48B) but all sections, other than section (b)
are reinstated as per AV52C, or their successor endorsements.

LIMITS OF LIABILITY:

To the fullest extent of the Policy limits that the Named Insured carries from
the time of delivery of the first Aircraft under the first Purchase Agreement
listed under "Aircraft Insured" and thereafter at the inception of each policy
period, but in any event no less than the following:

Combined Single Limit Bodily Injury and Property Damage: U.S.$ any one
occurrence each Aircraft (with aggregates as applicable).

      (717-200)                 US$300,000,000
      (737-500/600)             US$350,000,000
      (737-300/700)             US$400,000,000
      (737-400)                 US$450,000,000
      (737-800)                 US$500,000,000
      (757-200)                 US$525,000,000
      (757-300)                 US$550,000,000
      (767-200)                 US$550,000,000
      (767-300)                 US$700,000,000
      (767-400ERX)              US$750,000,000
      (777-200X)                US$750,000,000
      (MD-11)                   US$800,000,000

                                     App. I

<PAGE>

                                     SAMPLE
                              INSURANCE CERTIFICATE

      (777-200/300)             US$800,000,000
      (777-300X)                US$900,000,000
      (747-400)                 US$900,000,000

(In regard to all other models and/or derivatives, to be specified by Boeing).

(In regard to Personal Injury coverage, limits are US$25,000,000 any one
offense/aggregate.)

DEDUCTIBLES / SELF-INSURANCE

Any deductible and/or self-insurance amount (other than standard market
deductibles) are to be disclosed and agreed by Boeing.

SPECIAL PROVISIONS APPLICABLE TO BOEING:

It is certified that Insurers are aware of the terms and conditions of AGTA-COP
and the following purchase agreements:

PA ____ dated ____
PA ____ dated ____
PA ____ dated ____

Each Aircraft manufactured by Boeing which is delivered to the Insured pursuant
to the applicable purchase agreement during the period of effectivity of the
policies represented by this Certificate will be covered to the extent specified
herein.

Insurers have agreed to the following:

      A.    In regard to Aircraft "all risks" Hull Insurance and Aircraft Hull
War and Allied Perils Insurance, Insurers agree to waive all rights of
subrogation or recourse against Boeing in accordance with AGTA-COP which was
incorporated by reference into the applicable purchase agreement.

      B.    In regard to Airline Liability Insurance, Insurers agree:

            (1)   To include Boeing as an additional insured in accordance with
Customer's undertaking in Article 8.2.1 of AGTA-COP which was incorporated by
reference into the applicable purchase agreement.

            (2)   To provide that such insurance will be primary and not
contributory nor excess with respect to any other insurance available for the
protection of Boeing;

            (3)   To provide that with respect to the interests of Boeing, such
insurance shall not be invalidated or minimized by any action or inaction,
omission or misrepresentation by the Insured or any other person or party (other
than Boeing) regardless of any breach or violation of any warranty, declaration
or condition contained in such policies;

                                     App. I

<PAGE>

                                     SAMPLE
                              INSURANCE CERTIFICATE

            (4)   To provide that all provisions of the insurance coverages
referenced above, except the limits of liability, will operate to give each
Insured or additional insured the same protection as if there were a separate
Policy issued to each.

            C.    In regard to all of the above referenced policies:

            (1)   Boeing will not be responsible for payment, set-off, or
assessment of any kind or any premiums in connection with the policies,
endorsements or coverages described herein;

            (2)   If a policy is canceled for any reason whatsoever, or any
substantial change is made in the coverage which affects the interests of Boeing
or if a policy is allowed to lapse for nonpayment of premium, such cancellation,
change or lapse shall not be effective as to Boeing for thirty (30) days (in the
case of war risk and allied perils coverage seven (7) days after sending, or
such other period as may from time to time be customarily obtainable in the
industry) after receipt by Boeing of written notice from the Insurers or the
authorized representatives or Broker of such cancellation, change or lapse; and

            (3)   For the purposes of the Certificate, "Boeing" is defined as
The Boeing Company, its divisions, subsidiaries, affiliates, the assignees of
each and their respective directors, officers, employees and agents.

SUBJECT TO THE TERMS, CONDITIONS, LIMITATIONS AND EXCLUSIONS OF THE RELATIVE
POLICIES.

(signature)

(typed name)

(title)

                                     App. I

<PAGE>

                                     SAMPLE
                          PURCHASE AGREEMENT ASSIGNMENT

      THIS PURCHASE AGREEMENT ASSIGNMENT (Assignment) dated as of _____ 19_
between COPA HOLDINGS, S.A., a company organized under the laws of
________________ (Assignor) and ____________________, a company organized under
the laws of ___________ (Assignee). Capitalized terms used herein without
definition will have the same meaning as in the Boeing Purchase Agreement.

      Assignor and The Boeing Company, a Delaware corporation (Boeing), are
parties to the Boeing Purchase Agreement, providing, among other things, for the
sale by Boeing to Assignor of certain aircraft, engines and related equipment,
including the Aircraft.

      Assignee wishes to acquire the Aircraft and certain rights and interests
under the Boeing Purchase Agreement and Assignor, on the following terms and
conditions, is willing to assign to Assignee certain of Assignor's rights and
interests under the Boeing Purchase Agreement. Assignee is willing to accept
such assignment.

It is agreed as follows:

      1.    For all purposes of this Assignment, the following terms will have
the following meanings:

      Aircraft -- one Boeing Model ___________ aircraft, bearing manufacturer's
serial number _________, together with all engines and parts installed on such
aircraft on the Delivery Date.

      Boeing -- Boeing shall include Boeing Sales Corporation (a wholly-owned
subsidiary of Boeing), a Guam corporation, and its successors and ------
assigns.

      Boeing Purchase Agreement -- Purchase Agreement No. __________ dated as of
_________ between Boeing and Assignor, as amended, but excluding __________,
providing, among other things, for the sale by Boeing to Assignor of the
Aircraft, as said agreement may be further amended to the extent permitted by
its terms. The Purchase Agreement incorporated by reference Aircraft General
Terms Agreement AGTA/_____ (AGTA).

      Delivery Date -- the date on which the Aircraft is delivered by Boeing to
Assignee pursuant to and subject to the terms and conditions of the Boeing
Purchase Agreement and this Assignment.

      2.    Assignor does hereby assign to Assignee all of its rights and
interests in and to the Boeing Purchase Agreement, as and to the extent that the
same relate to the Aircraft and the purchase and operation thereof, except as
and to the extent expressly reserved below, including, without limitation, in
such assignment: [TO BE COMPLETED BY THE PARTIES.]

                                    App. II

<PAGE>

                                     SAMPLE
                          PURCHASE AGREEMENT ASSIGNMENT

{EXAMPLES

      (a)   the right upon valid tender to purchase the Aircraft pursuant to the
            Boeing Purchase Agreement subject to the terms and conditions
            thereof and the right to take title to the Aircraft and to be named
            the "Buyer" in the bill of sale for the Aircraft;

      (b)   the right to accept delivery of the Aircraft;

      (c)   all claims for damages arising as a result of any default under the
            Boeing Purchase Agreement in respect of the Aircraft;

      (d)   all warranty and indemnity provisions contained in the Boeing
            Purchase Agreement, and all claims arising thereunder, in respect of
            the Aircraft; and

      (e)   any and all rights of Assignor to compel performance of the terms of
            the Boeing Purchase Agreement in respect of the Aircraft.}

Reserving exclusively to Assignor, however:

{EXAMPLES

      (i)   all Assignor's rights and interests in and to the Boeing Purchase
            Agreement as and to the extent the same relates to aircraft other
            than the Aircraft, or to any other matters not directly pertaining
            to the Aircraft;

      (ii)  all Assignor's rights and interests in or arising out of any advance
            or other payments or deposits made by Assignor in respect of the
            Aircraft under the Boeing Purchase Agreement and any amounts
            credited or to be credited or paid or to be paid by Boeing in
            respect of the Aircraft;

      (iii) the right to obtain services, training, information and
            demonstration and test flights pursuant to the Boeing Purchase
            Agreement; and

      (iv)  the right to maintain plant representatives at Boeing's plant
            pursuant to the Boeing Purchase Agreement.}

Assignee hereby accepts such assignment.

      3.    Notwithstanding the foregoing, so long as no event of default or
termination under [specify document] has occurred and is continuing, Assignee
hereby authorizes Assignor, to the exclusion of Assignee, to exercise in
Assignor's name all rights and powers of Customer under the Boeing Purchase
Agreement in respect of the Aircraft.

                                    App. II

<PAGE>
                                     SAMPLE
                          PURCHASE AGREEMENT ASSIGNMENT

      4.    For all purposes of this Assignment, Boeing will not be deemed to
have knowledge of or need recognize the occurrence, continuance or the
discontinuance of any event of default or termination under [specify document]
unless and until Boeing receives from Assignee written notice thereof, addressed
to its Vice President - Contracts, Boeing Commercial Airplane Group at P.O. Box
3707, Seattle, Washington 98124, if by mail, or to 32-9430 Answerback BOEINGREN
RNTN, if by telex. Until such notice has been given, Boeing will be entitled to
deal solely and exclusively with Assignor. Thereafter, until Assignee has
provided Boeing written notice that any such events no longer continue, Boeing
will be entitled to deal solely and exclusively with Assignee. Boeing may act
with acquittance and conclusively rely on any such notice.

      5.    It is expressly agreed that, anything herein contained to the
contrary notwithstanding: (a) prior to the Delivery Date Assignor will perform
its obligations with respect to the Aircraft to be performed by it on or before
such delivery, (b) Assignor will at all times remain liable to Boeing under the
Boeing Purchase Agreement to perform all obligations of Customer thereunder to
the same extent as if this Assignment had not been executed, and (c) the
exercise by Assignee of any of the assigned rights will not release Assignor
from any of its obligations to Boeing under the Boeing Purchase Agreement,
except to the extent that such exercise constitutes performance of such
obligations.

      6.    Notwithstanding anything contained in this Assignment to the
contrary (but without in any way releasing Assignor from any of its obligations
under the Boeing Purchase Agreement), Assignee confirms for the benefit of
Boeing that, insofar as the provisions of the Boeing Purchase Agreement relate
to the Aircraft, in exercising any rights under the Boeing Purchase Agreement,
or in making any claim with respect to the Aircraft or other things (including,
without limitation, Material, training and services) delivered or to be
delivered pursuant to the Boeing Purchase Agreement, the terms and conditions of
the Boeing Purchase Agreement, including, without limitation, the DISCLAIMER AND
RELEASE and EXCLUSION OF CONSEQUENTIAL AND OTHER DAMAGES in Article 11 of Part 2
of Exhibit C to the Aircraft General Terms Agreement which was incorporated by
reference into the Boeing Purchase Agreement and the insurance provisions in
Article 8.2 of the Aircraft General Terms Agreement which was incorporated by
reference into the Boeing Purchase Agreement therein, will apply to and be
binding on Assignee to the same extent as if Assignee had been the original
"Customer" thereunder. Assignee further agrees, expressly for the benefit of
Boeing, upon the written request of Boeing, Assignee will promptly execute and
deliver such further assurances and documents and take such further action as
Boeing may reasonably request in order to obtain the full benefits of Assignee's
agreements in this paragraph.

      7.    Nothing contained herein will subject Boeing to any liability to
which it would not otherwise be subject under the Boeing Purchase Agreement or
modify in any respect the contract rights of Boeing thereunder, or require
Boeing to divest itself of title to or possession of the Aircraft or other
things until delivery thereof and payment therefor as provided therein.

                                    App. II

<PAGE>

                                     SAMPLE
                          PURCHASE AGREEMENT ASSIGNMENT

      8.    Notwithstanding anything in this Assignment to the contrary, after
receipt of notice of any event of default or termination under [specify
document], Boeing will continue to owe to Assignor moneys in payment of claims
made or obligations arising before such notice, which moneys may be subject to
rights of set-off available to Boeing under applicable law. Similarly, after
receipt of notice that such event of default or termination no longer continues,
Boeing will continue to owe to Assignee moneys in payment of claims made or
obligations arising before such notice, which moneys may be subject to rights of
set-off available to Boeing under applicable law.

      9.    Effective at any time after an event of default has occurred, and
for so long as such event of default is continuing, Assignor does hereby
constitute Assignee, Assignor's true and lawful attorney, irrevocably, with full
power (in the name of Assignor or otherwise) to ask, require, demand, receive,
and give acquittance for any and all moneys and claims for moneys due and to
become due under or arising out of the Boeing Purchase Agreement in respect of
the Aircraft, to the extent assigned by this Assignment.

      10.   Assignee agrees, expressly for the benefit of Boeing and Assignor
that it will not disclose, directly or indirectly, any terms of the Boeing
Purchase Agreement; provided, that Assignee may disclose any such information
(a) to its special counsel and public accountants, (b) as required by applicable
law to be disclosed or to the extent that Assignee may have received a subpoena
or other written demand under color of legal right for such information, but it
will first, as soon as practicable upon receipt of such requirement or demand,
furnish an explanation of the basis thereof to Boeing, and will afford Boeing
reasonable opportunity, to obtain a protective order or other reasonably
satisfactory assurance of confidential treatment for the information required to
be disclosed, and (c) to any bona fide potential purchaser or lessee of the
Aircraft. Any disclosure pursuant to (a) and (c) above will be subject to
execution of a confidentiality agreement substantially similar to this paragraph
10.

      11.   This Assignment may be executed by the parties in separate
counterparts, each of which when so executed and delivered will be an original,
but all such counterparts will together constitute but one and the same
instrument.

      12.   This Assignment will be governed by, and construed in accordance
with, the laws of [_________________].

--------------------------                          ----------------------------
as Assignor                                         as Assignee

By                                                  By
  ------------------------                            --------------------------

                                    App. II

<PAGE>

                                     SAMPLE
                          PURCHASE AGREEMENT ASSIGNMENT

Name:                                              Name:

Title:                                             Title:

[If the Assignment is further assigned by Assignee in connection with a
financing, the following language needs to be included.]

Attest:

The undersigned, as [Indenture Trustee/Agent for the benefit of the Loan
Participants/Mortgagee] and as assignee of, and holder of a security interest
in, the estate, right, and interest of the Assignee in and to the foregoing
Purchase Agreement Assignment and the Purchase Agreement pursuant to the terms
of a certain [Trust Indenture/Mortgage] dated as of _____________, agrees to the
terms of the foregoing Purchase Agreement Assignment and agrees that its rights
and remedies under such [Trust Indenture/Mortgage] shall be subject to the terms
and conditions of the foregoing Purchase Agreement Assignment, including,
without limitation, paragraph 6.

[Name of Entity],

as Indenture Trustee/Agent

By
  ------------------------

Name:

Title:

                                    App. II

<PAGE>

                                     SAMPLE
                          PURCHASE AGREEMENT ASSIGNMENT

CONSENT AND AGREEMENT OF
THE BOEING COMPANY

      THE BOEING COMPANY, a Delaware corporation (Boeing), hereby acknowledges
notice of and consents to the foregoing Purchase Agreement Assignment
(Assignment). Boeing confirms to Assignee that: all representations, warranties,
indemnities and agreements of Boeing under the Boeing Purchase Agreement with
respect to the Aircraft will, subject to the terms and conditions thereof and of
the Assignment, inure to the benefit of Assignee to the same extent as if
Assignee were originally named "Customer" therein.

      This Consent and Agreement will be governed by, and construed in
accordance with, the law of the State of Washington, excluding the conflict of
laws principles thereof.

Dated as of ___________, 199__

THE BOEING COMPANY

By
  ------------------------
Name:
Title: Attorney-in-Fact

Aircraft Manufacturer's Serial Number(s) ______________

                                    App. II

<PAGE>

                                     SAMPLE
                            POST-DELIVERY SALE NOTICE

Boeing Commercial Airplane Group
P.O. Box 3707
Seattle, Washington 98124-2207

Attention:  Vice President - Contracts
            Mail Stop 75-38

Ladies and Gentlemen:

In connection with the sale by COPA HOLDINGS, S.A. (Seller) to _______________
(Purchaser) of the aircraft identified below, reference is made to Purchase
Agreement No. ______ dated as of ________, 19_, between The Boeing Company
(Boeing) and Seller (the Purchase Agreement) under which Seller purchased
certain Boeing Model ________ aircraft, including the aircraft bearing
Manufacturer's Serial No.(s) _________________ (the Aircraft). The Purchase
Agreement incorporated by reference Aircraft General Terms Agreement AGTA-COP
(AGTA).

Capitalized terms used herein without definition will have the same meaning as
in the Purchase Agreement.

Seller has sold the Aircraft, including in that sale the transfer to Purchaser
of all remaining rights related to the Aircraft under the Purchase Agreement. To
accomplish this transfer of rights, as authorized by the provisions of the
Purchase Agreement:

(1) Purchaser acknowledges it has reviewed the Purchase Agreement and agrees to
be bound by and comply with all applicable terms and conditions of the Purchase
Agreement, including, without limitation, the DISCLAIMER AND RELEASE and
EXCLUSION OF CONSEQUENTIAL AND OTHER DAMAGES in Article 11 of Part 2 of Exhibit
C to the AGTA and the insurance provisions in Article 8.2 of the AGTA. Purchaser
further agrees upon the written request of Boeing, to promptly execute and
deliver such further assurances and documents and take such further action as
Boeing may reasonably request in order to obtain the full benefits of
Purchaser's agreements in this paragraph; and

(2) Seller will remain responsible for any payments due Boeing as a result of
obligations relating to the Aircraft incurred by Seller to Boeing prior to the
effective date of this letter.

                                    App. III

<PAGE>

                                     SAMPLE
                            POST-DELIVERY SALE NOTICE

We request that Boeing acknowledge receipt of this letter and confirm the
transfer of rights set forth above by signing the acknowledgment and forwarding
one copy of this letter to each of the undersigned.

Very truly yours,

COPA HOLDINGS, S.A.                                Purchaser

By                                                 By
  ------------------------                           ---------------------------

Its                                                Its
   -----------------------                            --------------------------

Dated                                              Dated
     ---------------------                              ------------------------

Receipt of the above letter is acknowledged and transfer of rights under the
Purchase Agreement with respect to the Aircraft is confirmed, effective as of
this date.

THE BOEING COMPANY

By
  ------------------------

Its   Attorney-in-Fact
   -----------------------
Dated
     ---------------------

Aircraft Manufacturer's Serial Number _______________

                                    App. III

<PAGE>

                                     SAMPLE
                           POST-DELIVERY LEASE NOTICE

Boeing Commercial Airplane Group
P.O. Box 3707
Seattle, Washington 98124-2207

Attention:  Vice President - Contracts
            Mail Stop 75-38

Ladies and Gentlemen:

In connection with the lease by COPA HOLDINGS, S.A. (Lessor) to ____________
(Lessee) of the aircraft identified below, reference is made to Purchase
Agreement No. ______ dated as of _________, 19__, between The Boeing Company
(Boeing) and Lessor (the Purchase Agreement) under which Lessor purchased
certain Boeing Model _______ aircraft, including the aircraft bearing
Manufacturer's Serial No.(s) ___________________ (the Aircraft). The Purchase
Agreement incorporated by reference Aircraft General Terms Agreement AGTA-COP
(AGTA).

Capitalized terms used herein without definition will have the same meaning as
in the Purchase Agreement.

Lessor has leased the Aircraft, including in that lease the transfer to Lessee
of all remaining rights related to the Aircraft under the Purchase Agreement. To
accomplish this transfer of rights, as authorized by the provisions of the
Purchase Agreement:

(1) Lessor authorizes Lessee to exercise, to the exclusion of Lessor, all rights
and powers of Lessor with respect to the remaining rights related to the
Aircraft under the Purchase Agreement. This authorization will continue until
Boeing receives written notice from Lessor to the contrary, addressed to Vice
President - Contracts, Mail Stop 75-38, Boeing Commercial Airplane Group, P.O.
Box 3707, Seattle, Washington 98124-2207. Until Boeing receives such notice,
Boeing is entitled to deal exclusively with Lessee with respect to the Aircraft
under the Purchase Agreement. With respect to the rights and obligations of
Lessor under the Purchase Agreement, all actions taken or agreements entered
into by Lessee during the period prior to Boeing's receipt of this notice are
final and binding on Lessor. Further, any payments made by Boeing as a result of
claims made by Lessee will be made to the credit of Lessee.

(2) Lessee accepts the authorization above, acknowledges it has reviewed the
Purchase Agreement and agrees to be bound by and comply with all applicable
terms and conditions of the Purchase Agreement including, without limitation,
the DISCLAIMER AND RELEASE and EXCLUSION OF CONSEQUENTIAL AND OTHER DAMAGES in
Article 11 of Part 2 of Exhibit C AGTA and the insurance provisions in Article
8.2 of the AGTA. Lessee further agrees, upon the written request of Boeing, to
promptly execute and deliver such further assurances and documents and take such
further action as Boeing may reasonably request in order to obtain the full
benefits of Lessee's agreements in this paragraph.

                                    App. IV

<PAGE>

                                     SAMPLE
                           POST-DELIVERY LEASE NOTICE

(3) Lessor will remain responsible for any payments due Boeing as a result of
obligations relating to the Aircraft incurred by Lessor to Boeing prior to the
effective date of this Notice.

We request that Boeing acknowledges receipt of this letter and confirm the
transfer of rights set forth above by signing the acknowledgment and forwarding
one copy of this letter to each of the undersigned.

Very truly yours,

COPA HOLDINGS, S.A.                                Lessee

By                                                 By
  ------------------------                           ---------------------------

Its                                                Its
   -----------------------                            --------------------------

Dated                                              Dated
     ---------------------                              ------------------------

Receipt of the above letter is acknowledged and transfer of rights under the
Purchase Agreement with respect to the Aircraft is confirmed, effective as of
this date.

THE BOEING COMPANY

By
  ------------------------

Its
   -----------------------

Dated
     ---------------------

Aircraft Manufacturer's Serial Number _______________

                                    App. IV

<PAGE>

                                     SAMPLE
                         PURCHASER'S/LESSEE'S AGREEMENT

Boeing Commercial Airplane Group
P. O. Box 3707
Seattle, Washington 98124-2207

Attention   Vice President - Contracts
            Mail Stop 75-38

Ladies and Gentlemen:

In connection with the sale/lease by COPA HOLDINGS, S.A. (Seller/Lessor) to
____________ (Purchaser/Lessee) of the aircraft identified below, reference is
made to the following documents:

(i)   Purchase Agreement No. ______ dated as of ________, 19__, between The
Boeing Company (Boeing) and Seller/Lessor (the Purchase Agreement) under which
Seller/Lessor purchased certain Boeing Model ____________ aircraft, including
the aircraft bearing Manufacturer's Serial No.(s) _____________ (the Aircraft);
and

(ii)  Aircraft Sale/Lease Agreement dated as of _________, 19__, between
Seller/Lessor and Purchaser/Lessee (the Aircraft Agreement) under which
Seller/Lessor is selling/leasing the Aircraft.

Capitalized terms used herein without definition will have the same meaning as
in the Aircraft Agreement.

1.    Seller/Lessor has sold/leased the Aircraft under the Aircraft Agreement,
including therein a form of exculpatory clause protecting Seller/Lessor from
liability for loss of or damage to the aircraft, and/or related incidental or
consequential damages, including without limitation loss of use, revenue or
profit.

2.    Disclaimer and Release; Exclusion of Liabilities

      2.1   In accordance with Seller/Lessor's obligation under Article 9.5 of
AGTA-COP which was incorporated by reference into the Purchase Agreement,
Purchaser/Lessee hereby agrees that:

      2.2   DISCLAIMER AND RELEASE. IN CONSIDERATION OF THE SALE/LEASE OF THE
AIRCRAFT, PURCHASER/LESSEE HEREBY WAIVES, RELEASES AND RENOUNCES ALL WARRANTIES,
OBLIGATIONS AND LIABILITIES OF BOEING AND ALL OTHER RIGHTS, CLAIMS AND REMEDIES
OF PURCHASER/LESSEE AGAINST BOEING, EXPRESS OR IMPLIED, ARISING BY LAW OR
OTHERWISE, WITH RESPECT TO ANY NONCONFORMANCE OR DEFECT IN ANY AIRCRAFT, BOEING

                                     App. V

<PAGE>

                                     SAMPLE
                         PURCHASER'S/LESSEE'S AGREEMENT

PRODUCT, MATERIALS, TRAINING, SERVICES OR OTHER THING PROVIDED UNDER THE
AIRCRAFT AGREEMENT, INCLUDING, BUT NOT LIMITED TO:

      (A)   ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS;

      (B)   ANY IMPLIED WARRANTY ARISING FROM COURSE OF PERFORMANCE, COURSE OF
            DEALING OR USAGE OF TRADE;

      (C)   ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY IN TORT, WHETHER
            OR NOT ARISING FROM THE NEGLIGENCE OF BOEING; AND

      (D)   ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY FOR LOSS OF OR
            DAMAGE TO ANY AIRCRAFT.

      2.3   EXCLUSION OF CONSEQUENTIAL AND OTHER DAMAGES. BOEING WILL HAVE NO
OBLIGATION OR LIABILITY, WHETHER ARISING IN CONTRACT (INCLUDING WARRANTY), TORT,
WHETHER OR NOT ARISING FROM THE NEGLIGENCE OF BOEING, OR OTHERWISE, FOR LOSS OF
USE, REVENUE OR PROFIT, OR FOR ANY OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES
WITH RESPECT TO ANY NONCONFORMANCE OR DEFECT IN ANY AIRCRAFT, MATERIALS,
TRAINING, SERVICES OR OTHER THING PROVIDED UNDER THE AIRCRAFT AGREEMENT.

      2.4   Definitions. For the purpose of this paragraph 2, "BOEING" or
"Boeing" is defined as The Boeing Company, its divisions, subsidiaries,
affiliates, the assignees of each, and their respective directors, officers,
employees and agents.

COPA HOLDINGS, S.A.                                Purchaser/Lessee
(Seller/Lessor)

By                                                 By
  ------------------------                           ---------------------------

Its                                                Its
   -----------------------                            --------------------------

Dated                                              Dated
     ---------------------                              ------------------------

                                     App. V

<PAGE>

                                     SAMPLE
                     OWNER APPOINTMENT OF AGENT - WARRANTIES

Boeing Commercial Airplane Group
P.O. Box 3707
Seattle, Washington 98124-2207

Attention:  Vice President - Contracts
            Mail Stop 75-38

Ladies and Gentlemen:

1.    Reference is made to Purchase Agreement No. ____ dated as of __________,
19__, between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer)
(the Purchase Agreement), under which Customer purchased certain Boeing Model
____________ aircraft including the aircraft bearing Manufacturer's Serial
No.(s) ____________ (the Aircraft). The Purchase Agreement incorporated by
reference Aircraft General Terms Agreement AGTA-COP (AGTA).

Capitalized terms used herein without definition will have the same meaning as
in the Purchase Agreement.

To accomplish the appointment of an agent, Customer confirms:

A.    Customer has appointed _____________ as agent (Agent) to act directly with
Boeing with respect to the remaining warranties under the Purchase Agreement and
requests Boeing to treat Agent as Customer for the administration of claims with
respect to such warranties; provided however, Customer remains liable to Boeing
to perform the obligations of Customer under the Purchase Agreement.

B.    Boeing may continue to deal exclusively with Agent concerning the matters
described herein unless and until Boeing receives written notice from Customer
to the contrary, addressed to Vice President - Contracts, Mail Stop 75-38,
Boeing Commercial Airplane Group, P.O. Box 3707, Seattle, Washington 98124-2207,
U.S.A. With respect to the rights and obligations of Customer under the Purchase
Agreement, all actions taken by Agent or agreements entered into by Agent during
the period prior to Boeing's receipt of such notice are final and binding on
Customer. Further, any payments made by Boeing as a result of claims made by
Agent will be made to the credit of Agent unless otherwise specified when each
claim is submitted.

C.    Customer will remain responsible for any payments due Boeing as a result
of obligations relating to the Aircraft incurred by Customer to Boeing prior to
the effective date of this Notice.

                                    App. VI

<PAGE>

                                     SAMPLE
                     OWNER APPOINTMENT OF AGENT - WARRANTIES

We request that Boeing acknowledge receipt of this letter and confirm the
appointment of Agent as stated above by signing the acknowledgment and
forwarding one copy of this letter to each of the undersigned.

Very truly yours,

COPA HOLDINGS, S.A.

By
  ------------------------

                                     App. VI
<PAGE>

                                     SAMPLE
                     OWNER APPOINTMENT OF AGENT - WARRANTIES

                                AGENT'S AGREEMENT

Agent accepts the appointment as stated above, acknowledges it has reviewed the
Purchase Agreement and agrees that, in exercising any rights or making any
claims thereunder, Agent will be bound by and comply with all applicable terms
and conditions of the Purchase Agreement including, without limitation, the
DISCLAIMER AND RELEASE and EXCLUSION OF CONSEQUENTIAL AND OTHER DAMAGES in
Article 11 of Part 2 of Exhibit C to the AGTA. Agent further agrees, upon the
written request of Boeing, to promptly execute and deliver such further
assurances and documents and take such further action as Boeing may reasonably
request in order to obtain the full benefits of the warranties under the
Purchase Agreement.

Very truly yours,

Agent

By
  ----------------------------------

Its
   ---------------------------------

Dated
     -------------------------------

Receipt of the above letter is acknowledged and the appointment of Agent with
respect to the above-described rights under the Purchase Agreement is confirmed,
effective as of this date.

THE BOEING COMPANY

By
  ----------------------------------

Its
   ---------------------------------

Dated
     -------------------------------

Aircraft Manufacturer's Serial Number ________________

                                    App. VI
<PAGE>

                                     SAMPLE
                      CONTRACTOR CONFIDENTIALITY AGREEMENT

Boeing Commercial Airplane Group
P.O. Box 3707
Seattle, Washington 98124-2207

Attention: Vice President - Contracts
           Mail Stop 75-38

Ladies and Gentlemen:

This Agreement is entered into between ______________________ (Contractor) and
COPA HOLDINGS, S.A. (Customer) and will be effective as of the date stated
below.

In connection with Customer's provision to Contractor of certain Materials,
Proprietary Materials and Proprietary Information, reference is made to Purchase
Agreement No. ______ dated as of __________, 19__ between The Boeing Company
(Boeing) and Customer.

Capitalized terms used herein without definition will have the same meaning as
in the Purchase Agreement.

Boeing has agreed to permit Customer to make certain Materials, Proprietary
Materials and Proprietary Information relating to Customer's Boeing Model ______
aircraft, Manufacturer's Serial Number ______, Registration No. ____ (the
Aircraft) available to Contractor in connection with Customer's contract with
Contractor (the Contract) to maintain/repair/modify the Aircraft. As a condition
of receiving the Proprietary Materials and Proprietary Information, Contractor
agrees as follows:

1. For purposes of this Agreement:

   "AIRCRAFT SOFTWARE" means software that is installed and used in the
operation of an Aircraft.

   "MATERIALS" are defined as any and all items that are created by Boeing or a
third party, which are provided directly or indirectly from Boeing and serve
primarily to contain, convey or embody information. Materials may include either
tangible embodiments (for example, documents or drawings), or intangible
embodiments (for example, software and other electronic forms) of information
but excludes Aircraft Software.

   "PROPRIETARY INFORMATION" means any and all proprietary, confidential and/or
trade secret information owned by Boeing or a Third Party which is contained,
conveyed or embodied in Proprietary Materials.

   "PROPRIETARY MATERIALS" means Materials that contain, convey, or embody
Proprietary Information.

                                    App. VII
<PAGE>

                                     SAMPLE
                      CONTRACTOR CONFIDENTALITY AGREEMENT

   "THIRD PARTY" means anyone other than Boeing, Customer and Contractor.

2. Boeing has authorized Customer to grant to Contractor a worldwide,
non-exclusive, personal and nontransferable license to use Proprietary Materials
and Proprietary Information, owned by Boeing, internally in connection with
performance of the Contract or as may otherwise be authorized by Boeing in
writing. Contractor will keep confidential and protect from disclosure to any
person, entity or government agency, including any person or entity affiliated
with Contractor, all Proprietary Materials and Proprietary Information.
Individual copies of all Materials are provided to Contractor subject to
copyrights therein, and all such copyrights are retained by Boeing or, in some
cases, by Third Parties. Contractor is authorized to make copies of Materials
(except for Materials bearing the copyright legend of a Third Party) provided,
however, Contractor preserves the restrictive legends and proprietary notices on
all copies. All copies of Proprietary Materials will belong to Boeing and be
treated as Proprietary Materials under this Agreement.

3. Contractor specifically agrees not to use Proprietary Materials or
Proprietary Information in connection with the manufacture or sale of any part
or design. Unless otherwise agreed with Boeing in writing, Proprietary Materials
and Proprietary Information may be used by Contractor only for work on the
Aircraft for which such Proprietary Materials have been specified by Boeing.
Customer and Contractor recognize and agree that they are responsible for
ascertaining and ensuring that all Materials are appropriate for the use to
which they are put.

4. Contractor will not attempt to gain access to information by reverse
engineering, decompiling, or disassembling any portion of any software provided
to Contractor pursuant to this Agreement.

5. Upon Boeing's request at any time, Contractor will promptly return to Boeing
(or, at Boeing's option, destroy) all Proprietary Materials, together with all
copies thereof and will certify to Boeing that all such Proprietary Materials
and copies have been so returned or destroyed.

6. To the extent required by a government regulatory agency having jurisdiction
over Contractor, Customer or the Aircraft, Contractor is authorized to provide
Proprietary Materials and disclose Proprietary Information to the agency for the
agency's use in connection with Contractor's, authorized use of such Proprietary
Materials and/or Proprietary Information in connection with Contractor's
maintenance, repair, or modification of the Aircraft. Contractor agrees to take
reasonable steps to prevent such agency from making any distribution or
disclosure, or additional use of the Proprietary Materials and Proprietary
Information so provided or disclosed. Contractor further agrees to promptly
notify Boeing upon learning of any (i) distribution, disclosure, or additional
use by such agency, (ii) request to such agency for distribution, disclosure, or
additional use, or (iii) intention on the part of such agency to distribute,
disclose, or make additional use of the Proprietary Materials or Proprietary
Information.

                                    App. VII
<PAGE>

                                     SAMPLE
                      CONTRACTOR CONFIDENTIALITY AGREEMENT

7. Boeing is a third-party beneficiary under this Agreement, and Boeing may
enforce any and all of the provisions of the Agreement directly against
Contractor. Contractor hereby submits to the jurisdiction of the Washington
state courts and the United States District Court for the Western District of
Washington with regard to any claims Boeing may make under this Agreement. It is
agreed that Washington law (excluding Washington's conflict-of-law principles)
governs this Agreement.

8. No disclosure or physical transfer by Boeing or Customer to Contractor, of
any Proprietary Materials or Proprietary Information covered by this Agreement
will be construed as granting a license, other than as expressly set forth in
this Agreement or any ownership right in any patent, patent application,
copyright or proprietary information.

9. The provisions of this Agreement will apply notwithstanding any markings or
legends, or the absence thereof, on any Proprietary Materials.

10. This Agreement is the entire agreement of the parties regarding the
ownership and treatment of Proprietary Materials and Proprietary Information,
and no modification of this Agreement will be effective as against Boeing unless
in writing signed by authorized representatives of Contractor, Customer and
Boeing.

11. Failure by either party to enforce any of the provisions of this Agreement
will not be construed as a waiver of such provisions. If any of the provision of
this Agreement is held unlawful or otherwise ineffective by a court of competent
jurisdiction, the remainder of the Agreement will remain in full force.

ACCEPTED AND AGREED TO this

Date: ____________, 19___

COPA HOLDINGS, S.A.                         Contractor

By                                          By
  ----------------------------------          ----------------------------------

Its                                         Its
   ---------------------------------           ---------------------------------

                                    App. VII<PAGE>

                                                                   Exhibit 10.34

                          FORM OF AMENDED AND RESTATED
                               SERVICES AGREEMENT

   This Amended and Restated Services Agreement (the "Agreement") is made this
___ day of ______, 2005, by and between CONTINENTAL AIRLINES, INC. (together
with its Affiliates, "Continental"), a corporation duly organized and validly
existing under the laws of the State of Delaware, U.S.A., with its principal
office at 1600 Smith St., Houston, Texas, U.S.A. 77002, and COMPANIA PANAMENA DE
AVIACION, S.A. (together with its Affiliates, "COPA"), a corporation (sociedad
anonima) duly organized and validly existing under the laws of the Republic of
Panama, with its principal office at Ave. Justo Arosemena y Calle 39, Apartado
1572, Panama 1, Panama. Continental and COPA are herein referred to as the
"Carriers".

                                    RECITALS

   Continental and COPA are each certificated air carriers providing air
transportation services with respect to both passengers and cargo in their
respective areas of operation.

   Continental and COPA Holdings, S.A. a Panamanian corporation (sociedad
anonima) have, as of the date hereof entered into an Amended and Restated
Alliance Agreement ("Alliance Agreement") a Registration Rights Agreement
("Registration Rights Agreement") and an Amended and Restated Shareholders
Agreement ("Shareholders Agreement"). In connection with such agreements, COPA
desires that Continental make available to COPA certain services that are
necessary or advisable for the operation of a commercial air carrier and
services that are necessary or advisable for the operation of a commercial air
carrier and Continental is willing to provide COPA such services in accordance
with the terms and conditions of this Agreement.

   Continental and COPA are each a party to the "Services Agreement" made the
22nd of May, 1998 and each agree to enter into this Agreement as an amended and
restated version of the Services Agreement.

   Continental and COPA are each a party to the Amended and Restated Alliance
Agreement (as amended, the "Alliance Agreement") entered into on the date
hereof.

      NOW, THEREFORE, in consideration of the premises and the mutual promises
herein contained, Continental and COPA hereby agree as follows:

   1. Cost Reduction Initiatives. Subject to the terms and conditions set forth
in this Agreement, Continental will provide services as set forth below in
Section 2(a) through (m) of this Agreement pursuant to separate agreements.
Current agreements between the Carriers with respect to the services identified
in Section 2(a) through (m) are listed on Schedule 1 hereto. Any agreements to
be negotiated in the future will be

<PAGE>

negotiated at arms-length, will contain mutually acceptable provisions typically
applicable to such agreements, will not necessarily be coterminous with this
Agreement, will not contain any cross-default clauses with respect to this
Agreement or the Shareholders Agreement, will not permit COPA to transfer
services and equipment to third parties and will adequately address COPA's
concern that it have notice of termination of the agreements sufficient enough
to allow COPA to transition to alternative service providers. Unless otherwise
stated, services will be provided as follows:

      (a) Services provided directly by Continental to COPA. Upon reasonable
request by COPA, Continental will provide the services specified in Section 2
below to COPA, as permitted by Continental's applicable contracts. Except as
otherwise provided herein, services provided to COPA directly by Continental
will be priced at Continental's Incremental Cost as defined below.

      (b) Services provided by a third party. Wherever contractually permitted
(except as otherwise provided herein), Continental will provide COPA access to
the same third party vendor arrangements as are available to Continental at the
cost charged to Continental, plus any additional costs incurred by Continental,
provided that such access will not adversely impact Continental with respect to
pricing or availability. For current contracts under which COPA does not have
access, and for future contracts as appropriate, Continental will use
commercially reasonable efforts to permit COPA to obtain the same benefits as
Continental under such contracts, provided doing so will not adversely impact
Continental.

      (c) Incremental Cost. As used in this Agreement "Incremental Cost" shall
mean the additional direct cost incurred by a Carrier to provide a good or
service to the other Carrier, plus a pro-rata allocation of the providing
Carrier's cost for fixed capital and intangibles (including depreciation,
amortization and interest), overhead (including labor burden and facilities)
associated with the activity providing the good or service and a percentage of
the providing Carrier's corporate overhead equal to the percentage that the
charges to the receiving Carrier for the good or service are of the providing
Carrier's total expenses for the preceding fiscal year, but excluding any profit
or mark-up. The intention of this Agreement is that those goods and services
charged at Incremental Cost shall be provided by a Carrier to the other Carrier
without the providing Carrier's incurring a profit or loss with respect thereto.

      (d) Services Contractually Permitted. For purposes of this Agreement,
"contractually permitted" means either that the providing Carrier has the
contractual ability to require its counterparty to offer the relevant goods or
services to the other Carrier on the relevant terms, or that the relevant
contract does not prohibit the provision of such services on such terms, and the
providing Carrier's counterparty is willing to provide such services on such
terms. The obligation of Continental to provide services or access to the
benefits of its contracts to COPA shall be subject to contractual limitations to
which Continental is subject; provided, however, that Continental will use its

                                       2
<PAGE>

commercially reasonable efforts to obtain a waiver of any such contractual
limitations which prevent Continental from passing along any material benefit to
COPA.

      (e) Financing Limitations. To the extent that any of the services provided
pursuant to Section 2 hereof require a capital expenditure or the financing of
materials, services or equipment, Continental shall not be required to
participate in any financing structure that (i) causes the materials, services
or equipment, or any financial obligation with respect thereto, to be included
on Continental's balance sheet, (ii) may, based on Continental's reasonable
judgment, adversely affect Continental's future financing costs, or (iii)
imposes any uncompensated financial obligation on Continental, including
following the transfer of the materials, services or equipment (whether by
purchase, assignment or lease) to COPA; provided that nothing in this Section
shall be construed to relieve Continental of any obligations to provide services
under this Agreement if such capital expenditure or financing of materials,
services or equipment is undertaken by COPA.

      (f) Reciprocity by COPA. To the extent that COPA is able to provide
services or access to the benefits of its contracts to Continental of a similar
nature as is set forth in Section 2 hereof, it shall, upon the request of
Continental, provide such benefits to Continental on comparable terms (including
Section 1(c)) as are set forth herein.

      2. Services To Be Provided. Subject to Section 1, Continental will offer
and, subject to COPA's request, provide the following services:

      (a) Purchase of Equipment. Continental will advise COPA of intended future
large acquisitions of flight and ground equipment and will use its commercially
reasonable efforts to have the capacity requirements of COPA included in the
procurement by Continental, so long as such inclusion would not have a material
adverse affect on Continental's transaction (e.g. because of unwillingness of
vendors to disclose Continental pricing to any other airline). COPA understands
that most of Continental's current major equipment purchase agreements have
non-disclosure requirements. In addition, the calculation of Continental's cost
for a particular piece of equipment will depend on its delivery date, the source
(from manufacturer or lessor) and type of financing. Pursuant and subject to
Section 1, COPA shall be free to seek such equipment from other sources, and, if
requested by COPA, Continental will provide assistance in evaluating such
alternative procurement. In addition, Continental will assist in the execution
of COPA's fleet growth and replacement plan as follows:

            A. Continental will use its commercially reasonable efforts to
      ensure no increase in the discrepancy between COPA's and Continental's
      pricing on Boeing 737 NG flight equipment.

            B. In the event that the sale of any unused and expiring Continental
      Options to COPA would yield a lower net purchase price to

                                       3
<PAGE>
      COPA, Continental agrees to offer such option aircraft for sale to COPA on
      commercially reasonable terms.

            C. In the event that Continental agrees to acquire Embraer 190
      Family flight equipment, Continental will use its commercially reasonable
      efforts to ensure that COPA benefits from the economy of scale that a
      combined order would afford on any undelivered EMB 170/175/190/195
      aircraft.

         (b) Ground Equipment. Where contractually permitted, COPA shall have
access to the prices and delivery available to Continental for ground equipment,
provided that such access will not adversely impact Continental. Continental
will use commercially reasonable efforts to assist COPA in obtaining financing
terms with respect to purchases of ground equipment by or on behalf of COPA that
are comparable to Continental's.

         (c) Insurance. At the request of COPA, COPA shall be included in
Continental's insurance coverage of all types to the extent commercially
reasonable. Continental shall permit COPA to continue to obtain the insurance
benefits associated with Continental's superior size and expertise, unless and
until it is no longer commercially reasonable to do so.

         (d) Fuel. The Carriers shall provide each other with the benefits of
each other's fuel-purchase arrangements.

         (e) Management Information and Related Systems and Data. The Carriers
shall provide each other with their respective applicable capabilities and
information relating to management information and related systems to the extent
contractually permitted. This applies to pricing, yield management, distribution
planning, reservations, departure control, E-ticketing, flight scheduling, crew
scheduling, personnel management and evaluation, passenger and cargo revenue
accounting, general accounting, computer reservation system analysis, quality
monitoring, maintenance support, fleet planning, flight profitability, treasury
support, group management, sales planning, U.S. GSA Support, marketing planning
information, DOT database analysis, frequent flyer program, technical support
and other systems.

         (f) Reservations, Departure Control, and Operational Control. At the
request of COPA, assistance with reservations, departure control and operational
control functions shall be provided by Continental to COPA.

         (g) Training. At the request of COPA, training shall be provided to
COPA by Continental that involves both technical areas (e.g., maintenance, crew
resource management, simulator access, and crew training) and other areas (e.g.,
salesmanship, negotiating skills, personnel evaluation).

                                       4
<PAGE>

         (h) Catering. At the request of COPA, COPA shall receive access to
Continental's catering and on-board supply contracts.

         (i) Employee Exchanges. At the request of COPA, Continental shall
provide COPA a reasonable number of qualified staff in key areas to facilitate
implementation and knowledge and capability transfer. Included in the resources
provided by Continental will be a reasonable number of qualified management
personnel who will, unless otherwise agreed, be assigned to COPA for a period of
not less than two years and will collectively be knowledgeable in the areas of
yield management, maintenance and engineering, marketing and sales, flight
operations and passenger services.

         (j) Accounting and Administrative. At the request of COPA, Continental
shall provide COPA with accounting and administrative support services. This
also includes access to credit card processing arrangements, commission levels,
bank settlement plan participation, surety bonds and other items.

         (k) Maintenance of Aircraft, Engines, and Components. Upon COPA's
request, Continental shall integrate COPA's fleet into Continental's maintenance
program. Maintenance, quality assurance, planning, and engineering services
performed substantially by Continental will be charged to COPA at Continental's
Incremental Cost.

         (l) General Purchasing of Goods and Services. Continental shall
undertake to include COPA in access to rates, terms, and availability of other
applicable goods and services reasonably requested by COPA. Continental will use
commercially reasonable efforts to assist COPA to obtain financing terms with
respect to purchases by or on behalf of COPA that are comparable to
Continental's.

         (m) Other (telecommunications, etc.). Upon COPA's request, Continental
shall provide COPA access to its rates, terms, networks, and other
telecommunications services and facilities.

      3. Most-favored nations. Except as otherwise expressly set forth in this
Agreement, all services, supplies, training, products and any other assistance
covered by this Agreement, including, but not limited to, technical, personnel,
aviation services and supply assistance (the "Assistance"), which Continental or
its Affiliates shall provide to COPA shall be provided at Continental's or its
Affiliates' Incremental Cost of providing such Assistance, but in no case will
COPA be required to pay more than the price that Continental or its Affiliates
is at the time providing such Assistance to any other non-majority owned airline
after giving effect to the existence, if any, of cross-subsidy arrangements
involving multiple service provided to and received from such other airline. In
the event that COPA can obtain similar or more favorable Assistance from a third
party at a lower price or with more favorable terms, COPA shall be permitted to
purchase such Assistance from such third party, subject to the provisions of any
agreements between Continental and COPA with respect thereto. Also, Continental
and its Affiliates

                                       5
<PAGE>
shall use their commercially reasonable efforts to assure that COPA is the
beneficiary of the most favorable prices and terms that Continental or its
Affiliates can obtain for themselves via their externally provided resources.
Continental shall have no obligation to extend the benefits of this Agreement to
COPA's Affiliate, Aerorepublica, S.A., or any Affiliate acquired or created
after the date hereof, unless COPA is, and only for so long as they remain, the
record and beneficial owner of at least eighty-five percent (85%) of the capital
stock of such Affiliate, calculated on a fully diluted basis. If COPA has an
Affiliate that no longer qualifies for the benefits of this Agreement,
Continental and COPA shall, upon COPA's request, discuss the possibility of such
Affiliate being included under this Agreement.

      4. Sharing of resources during the term of the Agreement. Within a
reasonable time after the date of this Agreement and subject to Continental's
contractual obligations, and subject to the negotiation of satisfactory
confidentiality and use agreements, Continental shall share with COPA its
expertise and know-how reasonably requested by COPA in the form of, but not
limited to, manuals, procedures, automation, training and systems, necessary or
desirable for COPA to provide the same options and services with the same
quality that Continental provides; provided, however, that such expertise and
know-how shall be provided to COPA at Continental's Incremental Cost.

      5. Independent Parties.

         (a) Independent Contractors. It is expressly recognized and agreed that
each Carrier, in its performance and otherwise under this Agreement, is and
shall be engaged and acting as an independent contractor and in its own
independent and separate business; that each Carrier shall retain complete and
exclusive control over its staff and operations and the conduct of its business;
and that each Carrier shall bear and pay all expenses, costs, risks and
responsibilities incurred by it in connection with its obligations under this
Agreement. Neither Continental nor COPA nor any officer, employee,
representative, or agent of Continental or COPA shall in any manner, directly or
indirectly, expressly or by implication, be deemed to be in, or make any
representation or take any action which may give rise to the existence of, any
employment, agent, partnership, of other like relationship as regards the other,
but each Carrier's relationship as respects the other Carrier in connection with
this Agreement is and shall remain that of an independent contractor.

         (b) Status of Employees. The employees, agents and/or independent
contractors of COPA shall be employees, agents, and independent contractors of
COPA for all purposes, and under no circumstances shall be deemed to be
employees, agents or independent contractors of Continental. The employees,
agents and independent contractors of Continental shall be employees, agents and
independent contractors of Continental for all purposes, and under no
circumstances shall be deemed to be employees, agents or independent contractors
of COPA. Continental shall have no supervisory power or control over any
employees, agents or independent contractors employed by COPA, and COPA shall
have no supervisory power or control over any employees, agents and independent
contractors employed by Continental.

                                       6
<PAGE>

         (c) Liability For Employee Costs. Each Carrier, with respect to its own
employees (hired directly or through a third party), accepts full and exclusive
liability for the payment of worker's compensation and/or employer's liability
(including insurance premiums where required by law) and for the payment of all
taxes, contributions or other payments for unemployment compensation, vacations,
or old age benefits, pensions and all other benefits now or hereafter imposed
upon employers with respect to its employees by any government or agency thereof
or provided by such Carrier (whether measured by the wages, salaries,
compensation or other remuneration paid to such employees or otherwise) and each
Carrier further agrees to make such payments and to make and file all reports
and returns, and to do everything necessary to comply with the laws imposing
such taxes, contributions or other payments.

         (d) Standard of Care; Disclaimer of Warranties; Limitation of
Liabilities. A providing Carrier's standard of care with respect to the
provision of services pursuant to this Agreement shall be limited to providing
services of the same general quality as such Carrier provides for its own
internal operations. Except for the previous sentence, neither Carrier makes any
representations or warranties of any kind, whether express or implied (i) as to
the quality or timeliness or fitness for a particular purpose of services it
provides or any services provided hereunder by third-party vendors or
subcontractors, or (ii) with respect to any supplies or other material purchased
on behalf of the receiving Carrier pursuant to this Agreement, the
merchantability or fitness for any purpose of any such supplies or other
materials. Under no circumstances shall the providing Carrier have any liability
hereunder for damages in excess of amounts paid by the receiving Carrier under
the applicable agreement or for consequential or punitive damages, including,
without limitation, lost profits.

      6. Term and Termination.

         (a) Term. The term of the Services Agreement, unless earlier terminated
as provided in this Section 6, shall continue until either Carrier gives the
other Carrier three (3) years' written notice of termination: provided, however,
that either Carrier may only give such notice on or after May 22, 2012. The
terms and conditions of this Amended and Restated Services Agreement are
effective as of the date first written above.

         (b) Other Termination Rights. In addition to the termination provisions
of paragraph (a) of this Section 6, this Agreement, but not the individual
services agreements (which shall be terminated in accordance with their
respective terms), may be terminated as follows:

            (i) By a Carrier, if the other Carrier has materially breached any
      material provision of this Agreement and such breach shall remain
      unremedied for more than 180 days after delivery of written notice by the
      non-defaulting Carrier. During such 180day period, the Carriers shall

                                       7
<PAGE>

      consult in good faith to ensure that each of the Carriers understands the
      nature of the alleged breach and what steps are required to effect a cure;

            (ii) By a Carrier immediately on notice, if the other Carrier (i)
      shall be dissolved or shall fail to maintain its corporate existence, or
      (ii) shall have its authority to operate as a scheduled airline suspended
      or revoked, or shall cease operations as a scheduled airline, in each case
      for a period of 30 or more days;

            (iii) By a Carrier immediately on notice if the other Carrier shall
      (A) commence any case, proceeding or other action (1) under any existing
      or future law of any jurisdiction, domestic or foreign, relating to
      bankruptcy, insolvency, reorganization or relief of debtors, seeking to
      have an order for relief entered with respect to it, or seeking to
      adjudicate it a bankrupt or insolvent, or seeking reorganization,
      arrangement, adjustment, winding up, liquidation, dissolution, composition
      or other relief with respect to it or its debts, or (2) seeking
      appointment of a receiver, trustee, custodian, conservator or other
      similar official for it or for all or any substantial part of its assets,
      or shall make a general assignment for the benefit of its creditors; or
      (B) there shall be commenced against the other Carrier any case,
      proceeding or other action of a nature referred to in clause (A) above
      that (1) results in the entry of an order for relief or any such
      adjudication or appointment or (2) remains undismissed or undischarged for
      a period of 60 days; or (C) there shall be commenced against the other
      Carrier any case, proceeding or other action seeking issuance of a warrant
      of attachment, execution, distraint or similar process against all or any
      substantial part of its assets that results in the entry of an order for
      any such relief that shall not have been vacated, discharged, or stayed or
      bonded pending appeal within 60 days from the entry thereof; or (D) the
      other Carrier shall take any action in furtherance of, or indicating its
      consent to, approval of, or acquiescence in, any of the acts set forth in
      clause (A), (B), or (C) above; or (E) the other Carrier shall generally
      not, or shall be unable to, or shall admit in writing its inability to,
      pay its debts as they become due;

            (iv) By either Carrier on thirty (30) days' prior written notice if
      the Alliance Agreement is terminated;

            (v) By either Carrier immediately on notice if the other Carrier
      fails to maintain its membership in the Airline Clearing House (ACH) or
      the International Air Transport Association Clearing House for a period of
      ten (10) consecutive days;

            (vi) By a Carrier on sixty (60) days' prior written notice if the
      other Carrier materially breaches (or, in the case of Continental's right
      to terminate, Corporacion de Inversiones Aereas, S.A. materially breaches)

                                       8
<PAGE>

      the terms and/or conditions of the Shareholders Agreement or the
      Registration Rights Agreement and fails to cure such breach within such
      sixty (60)-day notice period; provided that during such 60-day period, the
      Carriers shall consult in good faith to ensure that each of the Carriers
      understands the nature of the alleged breach and what steps are required
      to effect a cure; and

            (vii) By a Carrier on thirty (30) days' prior written notice if the
      other Carrier rejects the Alliance Agreement and/or Frequent Flyer Program
      Participation Agreement in a bankruptcy proceeding.

         (c) Force Majeure and Termination. Except with respect to the
performance of a Carrier's payment obligations under this Agreement, neither
Carrier shall be liable for delays or failure in its performance hereunder to
the extent that such delay or failure of performance (a) is caused by any act of
God, war, terrorism, natural disaster, strike, lockout, labor dispute, work
stoppage, fire, serious accident, epidemic, quarantine restriction, act of
government, or any other cause, whether similar or dissimilar, beyond the
control of that Carrier, and (b) is not the result of that Carrier's lack of
reasonable diligence (an "Excusable Delay"). In the event an Excusable Delay
continues for sixty (60) days or longer, the non-delayed Carrier shall have the
right, at its option, to terminate this Agreement by giving the delayed Carrier
at least thirty (30) days prior written notice of such election to terminate.

         (d) Duties upon termination. No termination of this Agreement will
release the parties from any liability for breach of this Agreement or from any
moneys or other duties owed at the time of such termination.

         (e) Termination for Change of Control. . Notwithstanding any other
provision of this Agreement in the event of a Change of Control involving a
Carrier, the Carrier not involved in the Change of Control shall have the right
to terminate this Agreement on six (6) months' prior written notice without
liability or penalty to the Carrier involved in the Change of Control; provided,
however, the right of a Carrier to give notice to terminate with respect to a
Change of Control involving the other Carrier shall expire on the six month
anniversary of the later to occur of (i) the date the terminating Carrier
receives notice of such Change of Control from the other Carrier or (ii) the
date of the consummation of such Change of Control transaction. The following
definitions apply to the terms used in this Section 6:

             "AIRLINE ASSETS" means those assets used, as of the date of
             determination, in the relevant Person's operation as an air
             carrier.

             "BENEFICIAL OWNERSHIP" has the meaning given such term in Rules
             13d-3 and 13d-5 under the Securities Exchange Act of 1934, as
             amended.

                                       9
<PAGE>

             "CAPITAL STOCK" of any Person means any and all shares, interests,
             rights to purchase, options, warrants, participation or other
             equivalents of or interests in (however designated) the equity of
             such Person, including any preferred stock.

             "CARRIER AFFECTED COMPANY" means as to a Carrier (a) such Carrier
             and its successor, (b) any Holding Company of such Carrier or its
             successor, or (c) any Subsidiary of such Carrier or its successor
             or of any Holding Company of such Carrier or its successor, that in
             any such case owns, directly or indirectly, all or substantially
             all of the Airline Assets of such Carrier or its successor, such
             Holding Companies of such Carrier and such Subsidiaries, taken as a
             whole.

             "CHANGE OF CONTROL" shall mean, with respect to a Carrier, the
             consummation of:

             (1) a merger, reorganization, share exchange, consolidation, tender
             or exchange offer, private purchase, business combination,
             recapitalization or other transaction as a result of which (A) a
             Competing Carrier or a Holding Company of a Competing Carrier and a
             Carrier Affected Company are legally combined, (B) a Competing
             Carrier, any of its Affiliates or any combination thereof acquires,
             directly or indirectly, Beneficial Ownership of 50% or more of the
             Capital Stock or Voting Power of a Carrier Affected Company, or (C)
             such Carrier (or its successor), any Holding Company of such
             Carrier (or its successor), or any of their respective Subsidiaries
             acquires, directly or indirectly, Beneficial Ownership of 50% or
             more of the Capital Stock or Voting Power of a Competing Carrier;

             (2) the sale, transfer or other disposition of all or substantially
             all of the Airline Assets of such Carrier (or its successor) and
             its Subsidiaries on a consolidated basis directly or indirectly to
             a Competing Carrier, any Affiliate of a Competing Carrier or any
             combination thereof, whether in a single transaction or a series of
             related transactions; or

             (3) the execution by a Carrier Affected Company of bona fide
             definitive agreements, the consummation of the transactions
             contemplated by which would result in a transaction described in
             the immediately preceding clauses (1) or (2).

             "COMPETING CARRIER" means an air carrier that competes
             (internationally and/or domestically) on a significant and material
             basis with the Carrier that is not involved in the Change of
             Control.

             "HOLDING COMPANY" means, as applied to a Person, any other Person
             of whom such Person is, directly or indirectly, a Subsidiary.

                                       10
<PAGE>

             "SUBSIDIARY" of any Person means any corporation, association,
             partnership, joint venture, limited liability company or other
             business entity of which more than 40% of the total Voting Power
             thereof or the Capital Stock thereof is at the time owned or
             controlled, directly or indirectly, by (1) such person, (2) such
             person and one or more Subsidiaries of such Person, or (3) one or
             more Subsidiaries of such Person.

             "VOTING POWER" means, as of the date of determination, the voting
             power in the general election of directors, managers or trustees,
             as applicable.

      7. Confidential Information. Neither COPA nor Continental shall disclose
the terms of this Agreement or any proprietary information with respect to the
other obtained as a result of this Agreement, either during the term hereof or
thereafter; provided, however, that such disclosure may be made if required by
applicable law, regulation or stock exchange rule, or by any order of a court or
administrative agency, and then only upon ten days' written notice by the
disclosing Carrier to the other Carrier. The Carriers recognize that, in the
course of the performance of each of the provisions hereof, each Carrier may be
given and may have access to confidential and proprietary information of the
other Carrier, including proposed schedule changes, promotional programs and
other operating and competitive information ("Confidential Information"). Each
Carrier shall preserve, and shall ensure that each of its officers, agents,
consultants and employees who receive Confidential Information preserve, the
confidentiality of the other Carrier's Confidential Information and shall not
disclose Confidential Information to a third Carrier, without prior written
consent from the other Carrier or use Confidential Information except as
contemplated by this Agreement. This Section 7 shall survive two years after the
termination or expiration of this Agreement.

      8. Arbitration.

      (a) Any controversy or claim arising out of or relating to this Agreement,
or the breach thereof, shall be settled by arbitration administered by the
Conciliation and Arbitration Center (the "CAC") an affiliate of the Panama
Chamber of Commerce in accordance with the International Arbitration Rules of
the International Chamber of Commerce Court of International Arbitration.
Judgment on the award rendered by the arbitrators may be entered in any court
having jurisdiction thereof.

      (b) The number of arbitrators shall be three, one of whom shall be
appointed by each of the Carriers and the third of whom shall be selected by
mutual agreement, if possible, within 30 days of the selection of the second
arbitrator and, if no agreement on the third arbitrator is possible, by the CAC;
provided that unless otherwise agreed the CAC may only choose an arbitrator that
is from a country other than Panama or the United States. The place of

                                       11
<PAGE>

arbitration shall be Miami, Florida. The language of the arbitration shall be
English, but documents or testimony may be submitted in any other language if a
translation is provided.

      (c) The arbitrators shall have no authority to award punitive damages or
any other damages not measured by the prevailing Carrier's actual damages, and
may not, in any event, make any ruling, finding or award that does not conform
to the terms of this Agreement.

      (d) Either Carrier may make an application to the arbitrators seeking
injunctive relief to maintain the status quo until such time as the arbitration
award is rendered or the controversy is otherwise resolved. Either Carrier may
apply to any court having jurisdiction hereof and seek injunctive relief in
order to maintain the status quo until such time as the arbitration award is
rendered or the controversy is otherwise resolved.

      9. Certain Definitions.

      (a) Commercially Reasonable Efforts. As used in this Agreement, the term
"commercially reasonable efforts" shall not require a Carrier to make any
uncompensated cash outlays, to accept adverse contract terms, to limit, alter,
impair or interfere with its operations, to impair any right with respect to the
use of its assets, or to otherwise adversely affect the Carrier in any
measurable manner.

      (b) Affiliate. As used in this Agreement, "Affiliate" means, as applied to
a Person, any other Person directly or indirectly controlling, controlled by, or
under common control with, that Person. For purposes of this definition
"control" (including, with correlative meanings, the terms "controlling",
"controlled by" and "under common control with"), as applied to any Person,
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of that Person, whether through the
ownership of voting securities, by contract or otherwise.

      (c) Person. As used in this Agreement, "Person" means an individual,
partnership, corporation, business trust, joint stock company, limited liability
company, unincorporated association, joint venture or other entity of whatever
nature.

      10. Governing Law. This Agreement shall be construed and enforced in
accordance with, and governed by, the laws of the State of New York.

      11. Entire Agreement, Waivers and Amendments. This Agreement and the
Alliance Agreement to the extent such agreement concerns the matters covered in
this Agreement constitute the entire understanding of the Carriers with respect
to the subject matter hereof superseding all prior discussions and agreements,
written or oral. This Agreement may not be amended, nor may any of its
provisions be waived, except by writing signed by both carriers. No delay on the
part of either carrier in exercising any right power or privilege hereunder
shall operate as a waiver hereof, nor shall any waiver operate as a continuing
waiver of any right, power or privilege.

                                       12
<PAGE>

      12. Notices. All notices given hereunder shall be in writing delivered by
hand, certified mail, telex, or telecopy to the Carriers at the following
addresses:

If to Continental:

Continental Airlines, Inc.
1600 Smith St., HQSCD                            Telecopier No.: (713) 324-3099
Houston, Texas  77002
Attention: Senior Vice President-
              Asia/Pacific and Corporate Development

With copy to:

Continental Airlines, Inc.
1600 Smith St., HQSLG                            Telecopier No.: (713) 324-5161
Houston, Texas  77002
Attention: Senior Vice President
              and General Counsel

If to COPA:                     Corporacion de Inversiones Aereas, S.A.
                            Ave. Justo Arosemena y Calle 39
                            Apdo. 1572
                            Panama 1, Panama
                            Attention: Pedro Heilbron
                            Facsimile No: 507-227-1952

With a copy to:                 Galindo, Arias y Lopez
                           Edif. Omanco
                           Apartado 8629
                           Panama 5, Panama
                           Attention: Jaime A. Areas C.
                           Facsimile No.: 507-263-5335

      12. Successors, Assigns. Except as otherwise provided in this Agreement,
neither carrier may assign its rights or delegate its duties under this
Agreement and any such purported assignment or delegation shall be void. This
Agreement shall be binding on the lawful successors of each carrier.

      13. Severability. Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions
                                       13
<PAGE>
hereof, and any prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction.

      14. Headings. The headings in this Agreement are for convenience of
reference only and shall not define or limit any of the terms or provisions
hereof.

      15. Counterparts. This Agreement may be executed in counterparts, all of
which taken together shall constitute one agreement.

      16. Equal Opportunity. To the extent applicable, EEO clauses contained at
41 C.F.R. Sections 60-1.4, 60-250.4 and 60-741.4 are hereby incorporated by
reference. Each Carrier shall comply with all equal opportunity laws and
regulations which apply to or must be satisfied by that Carrier as a result of
this Agreement.

IN WITNESS WHEREOF, the parties hereto, being duly authorized, have caused this
Agreement to be executed as of the date first written above.

         CONTINENTAL AIRLINES, INC.

By:
              ---------------------------------

Name:
              ---------------------------------

Title:
              ---------------------------------

         COMPANIA PANAMENA DE AVIACION, S.A.

By:
              ----------------------------------

Name:
              ----------------------------------

Title:
              ----------------------------------

                                       14
<PAGE>

                                   Schedule 1
                                     to the
                     Amended and Restated Services Agreement

Below is a list of agreements between Continental and Copa that have been
negotiated to implement the Services Agreement:

<TABLE>
<CAPTION>
Agreement                                                     Dated
----------------------------------------------------------    ------------------
<S>                                                           <C>
COPA's Use of Continental's Manuals Agreement                 August 13, 1998
Agreement (with respect to CO Sales Support in Miami)         October 31, 1998
Frequent Flyer Program Participation Agreement                January 27, 1999
Trademark License Agreement                                   May 24, 1999
Agreement (with respect to CO's P-Club in Panama)             July 13, 1999
Equipment Sales Agreement                                     December 1, 1999
Information Technology Services Agreement                     September 27, 2000
Parts Pool Agreement                                          October 12, 2000
Agreement (with respect to CO SalesInsight software)          November 11, 2000
COPA Corporate Program Inclusion Agreement                    November 16, 2000
Agreement (with respect to distribution services)             November 28, 2000
737-700Maintenance Management, Material Management and
Maintenance Services Agreement                                May 3, 2001
Agreement (with respect to CO Sales Support in Los Angeles)   June 2, 2001
Agreement (with respect to CO's CTO in Cuenca, Ecuador)       December 14, 2001
General Passenger Sales Agency Agreement  (Chile)             January 1, 2002
Airline Forecasting Services Agreement                        January 14, 2002
City Ticket Office Representation Agreement                   February 11, 2002
Agreement (with respect to CO General US Sales Support)       May 30, 2002
General Passenger Sales Agency Agreement  (Argentina)         November 29, 2002
In-Flight Entertainment Agreement                             February 19, 2004
Agreement (with respect to CO's RewardOne system)             March 15, 2004
Agreement (with respect to CO Sales Support in New York)      June 1, 2004
Standard Ground Handling Agreement (LAX)                      June 1, 2004
MarketingInsight for Copa Airlines Agreement                  October 7, 2004
</TABLE>

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