Document:

EX-4.24

 EXHIBIT 4.24 

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

Supplemental Agreement No. 21 

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

THIS SUPPLEMENTAL AGREEMENT No. 21 (“Supplemental Agreement 21”) is entered into as of May 28, 2010 by and between THE BOEING
COMPANY, a Delaware corporation with its principal office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A., INC. (Customer); 

WHEREAS, the parties hereto entered into Purchase Agreement No. 2191 dated November 25, 1998, (as amended and supplemented and together
with all exhibits, schedules and letter agreements pertaining thereto, the “Purchase Agreement”) relating to Boeing Model 737-7V3 and 737-8V3 aircraft (collectively, the “Aircraft” and each an “Aircraft”); 

WHEREAS, Customer has exercised one (1) [***] Option Aircraft and one (1) [***] Option Aircraft; and 

[***] 
 NOW THEREFORE, in
consideration of the mutual covenants herein contained, the parties agree as follows: 
 1. The one (1) [***] and one (1) [***] Aircraft that Customer has
exercised will deliver one (1) [***] with serial number [***] and one (1) in [***]with serial number [***]. 
 2. Capitalized terms not otherwise defined
herein shall have the meanings ascribed to them in the Purchase Agreement. 
 3. The “Table of Contents” of the Purchase Agreement is
revised to reflect the changes made by this Supplemental Agreement 21 and to delete Restricted Letter Agreement “6-1162-LAJ-982R8. . . .Special Matters . . . .SA-20” from the Table of Contents since it was not included in SA-20. A copy of
the revised Table of Contents is attached hereto. 
 4. The following changes are made to the Aircraft Delivery, Description, Price and Advance Payments
Tables to incorporate the [***]. 
 4.1. Tables 1-6, 1-9 and 1-10B are revised to change the features price and SPE price as discussed in
paragraph 4 above. Tables 1-6, 1-9 and 1-10B as revised in accordance with this paragraph 4 are attached hereto. 

  

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

 CONFIDENTIAL 

4.2. Table 1-8 is revised to change the features price and SPE price as discussed in paragraph 4 above for the August 2011 Aircraft only. Table
1-8, as revised, is attached hereto. 
 4.3. Table 1-10A is revised to create two Tables. Table 1-10A(1) lists only the [***] Aircraft which
continue to have the features from Exhibit A-3. Table 1-10A(2) lists the remainder of the Aircraft from Table 1-10A and includes the revised features pricing and SPE estimate as discussed in paragraph 4 above. Table 1-10A(1) and Table 1-10A(2) are
attached hereto. 
 4.4. Table 1-12, attached hereto, provides the pricing information for the exercised [***] Aircraft. 

5. Exhibit A-4 entitled “Aircraft Configuration for Customer’s 737-8V3 Aircraft with Deliveries [***]”, attached hereto, provides the features
for Aircraft with deliveries [***] including the [***]. These changes will be included in Customer’s Detail Specification number [***]. 
 6.
Supplemental Agreement BFE1, Buyer Furnished Equipment Variables, paragraph 2 is revised as stated below to add the preliminary on-dock dates for the [***] Aircraft. Preliminary On dock Dates for the [***] Aircraft are found in Supplemental
Agreement 18. 
  

					
	 	  	[***]    
Aircraft    	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
		
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
		
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 

 7. [***] 
 8. Letter Agreement
6-RLL-3958R2, Table 11 entitled “Option Aircraft Delivery, Description, Price and Advance Payments”, is revised to [***]. The revised Table 11 dated May 2010 is attached hereto 

9. [***] 
 10. [***] 

  

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

 CONFIDENTIAL 

11. At signing of this Supplemental Agreement
                 is due. 
 The Purchase
Agreement will be deemed to be supplemented and revised to the extent herein provided as of the date hereof and as so supplemented and revised will continue in full force and effect. 

Boeing and Customer have each caused this Supplemental Agreement to be duly executed as of the day and year first written above. 

 

									
					
		 	THE BOEING COMPANY	 		 		 	COPA HOLDINGS, S.A.
					
		 	

	 		 		 	
					
	By	 	  
	 		 	By:	 	  

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

  

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

 CONFIDENTIAL 

TABLE OF CONTENTS 
  

							
	ARTICLES	  	 SA
NUMBER
	 
		
	 1. Quantity, Model and Description
	  	 	SA 3	 
		
	 2. Delivery Schedule
	  			
		
	 3. Price
	  			
		
	 4. Payment
	  	 	SA 3	 
		
	 5. Miscellaneous
	  			
		
	 TABLE
	  			
			
	1-1	 	Aircraft Information Table for Model 737-7V3 Aircraft	  	 	SA 4	 
	1-2	 	Aircraft Information Table for Model 737-8V3 Aircraft	  	 	SA 5	 
	1-3	 	Aircraft Information Table for Model 737-7V3 Aircraft	  	 	SA 7	 
	1-4	 	Aircraft Information Table for Model 737-7V3 Aircraft	  	 	SA 13	 
	1-5	 	Aircraft Information Table for Model 737-8V3 Aircraft	  	 	SA 13	 
	1-6	 	Aircraft Information Table for Model 737-8V3 Aircraft	  	 	SA 21	 
	1-7	 	Aircraft Information Table for Model 737-8V3 Aircraft Option Aircraft	  	 	SA 13	 
	1-8	 	Aircraft Information Table for Model 737-8V3 Aircraft	  	 	SA 21	 
	1-9	 	Aircraft Information Table for Model 737-8V3 Aircraft	  	 	SA 21	 
	1-10	 	Aircraft Information Table for Model 737-8V3 Aircraft	  	 	SA 21	 
	1-10A(1)	 	Aircraft Information Table for Model 737-8V3 Aircraft	  	 	SA 21	 
	1-10A(2)	 	Aircraft Information Table for Model 737-8V3 Aircraft	  	 	SA 21	 
	1-10B	 	Aircraft Information Table for Model 737-8V3 Aircraft	  	 	SA 21	 
	1-11	 	Aircraft Information Table for Model 737-8V3 Option Aircraft	  	 	SA 21	 
	1-12	 	Aircraft Information Table for Model 737-8V3 Aircraft	  	 	SA 21	 
		
	 EXHIBIT
	  			
			
	A-1	 	Aircraft Configuration for Model 737-7V3 Aircraft	  	 	SA 3	 
	A-2	 	Aircraft Configuration for Model 737-8V3 Aircraft	  	 	SA 3	 
	A-3	 	Aircraft Configuration for Model 737-8V3 Aircraft	  	 	SA 18	 
	A-4	 	Aircraft Configuration for Model 737-8V3 Aircraft	  	 	SA 21	 
		 	[***]	  			
	B.	 	Aircraft Delivery Requirements and Responsibilities	  	 	SA 3	 

  

					
	PA No. 2191	 	 i
	 	SA No. 21
		 		 	May 2010

 CONFIDENTIAL 

SUPPLEMENTAL EXHIBITS 
  

							
	 AE1.
	  	Escalation Adjustment Airframe and Optional Features	  	 	SA 10	 
			
	 BFE1.
	  	BFE Variables	  	 	SA 21	 
			
	 CS1.
	  	Customer Support Variables	  	 	SA 3	 
			
	 EE1.
	  	Engine Escalation/Engine Warranty and Patent Indemnity	  			
			
	 SLP1.
	  	Service Life Policy Components	  			

 LETTER AGREEMENTS 

 

							
	 2191-01
	  	Demonstration Flight Waiver	  			
	 2191-02
	  	Escalation Sharing	  			
	 2191-03
	  	Seller Purchased Equipment	  			
	 2191-03R1
	  	Seller Purchased Equipment	  	 	SA-20	 

 RESTRICTED LETTER AGREEMENTS 
  

							
	 6-1162-DAN-0123
	  	[***]	  			
	 6-1162-DAN-0124
	  	Special Matters	  			
	 6-1162-DAN-0155
	  	Airframe Escalation Revision	  			
	 6-1162-DAN-0156
	  	Year 2000 Ready Software, Hardware and Firmware	  			
	 6-1162-DAN-0157
	  	Miscellaneous Matters	  			
	 6-1162-MJB-0017
	  	Special Matters	  			
	 6-1162-MJB-0030
	  	Special Matters	  			
	 6-1162-LAJ-874R
	  	Special Matters	  	 	SA 5	 
	 6-1162-LAJ-874R1
	  	Special Matters	  	 	SA 6	 
	 6-1162-LAJ-874R2
	  	Special Matters	  	 	SA 7	 
	 6-1162-LAJ-982
	  	Special Matters	  	 	SA 8	 
	 6-1162-LAJ-982R3
	  	Special Matters	  	 	SA 11	 
	 6-1162-RLL-3852
	  	[***]	  	 	SA 9	 
	 6-1162-LAJ-982R4
	  	Special Matters	  	 	SA 13	 
	 6-1162-RLL-3958
	  	737-8V3 Option Aircraft	  	 	SA 13	 
	 6-1162-RLL-3958R1
	  	737-8V3 Option Aircraft	  	 	SA 18	 
	 6-1162-RLL-3958R1
	  	737-8V3 Option Aircraft	  	 	SA 18	 
	 6-1162-RLL-3958R2
	  	737-8V3 Option Aircraft	  	 	SA 21	 
	 6-1162-LAJ-982R5
	  	Special Matters	  	 	SA 16	 
	 6-1162-LAJ-982R6
	  	Special Matters	  	 	SA 17	 
	 6-1162-LAJ-982R7
	  	Special Matters	  	 	SA 18	 
	 6-1162-LAJ-982R8
	  	Special Matters	  	 	SA 20	 
	 6-1162-RLL-4092
	  	Advance Payment Matters for Aircraft Listed in Table 1-9	  	 	SA 17	 
	 6-1162-KSW-6417
	  	Boeing Offer Related to New Interior	  	 	SA 18	 
	 6-1162-KSW-6419
	  	[***]	  	 	SA 20	 
	 6-1162-KSW-6471
	  	[***]	  			
		  	[***]	  	 	SA 21	 
	 LA -1000842
	  	Installation of Cabin Systems Equipment	  	 	SA 21	 

  

					
	PA No. 2191	 	 ii
	 	SA No. 21
		 		 	May 2010

 CONFIDENTIAL 
  

					
	 SUPPLEMENTAL AGREEMENTS
	  	DATED AS OF:	 
	 Supplemental Agreement No. 1
	  	 	June 29, 2001	 
	 Supplemental Agreement No. 2
	  	 	December 21, 2001	 
	 Supplemental Agreement No. 3
	  	 	June 14, 2002	 
	 Supplemental Agreement No. 4
	  	 	December 20, 1002	 
	 Supplemental Agreement No. 5
	  	 	October 31, 2003	 
	 Supplemental Agreement No. 6
	  	 	September 9, 2004	 
	 Supplemental Agreement No. 7
	  	 	December 9, 2004	 
	 Supplemental Agreement No. 8
	  	 	April 15, 2005	 
	 Supplemental Agreement No. 9
	  	 	March 16, 2006	 
	 Supplemental Agreement No. 10
	  	 	May 8, 2006	 
	 Supplemental Agreement No. 11
	  	 	August 30, 2006	 
	 Supplemental Agreement No. 12
	  	 	February 26, 2007	 
	 Supplemental Agreement No. 13
	  	 	April 23, 2007	 
	 Supplemental Agreement No. 14
	  	 	August 31, 2007	 
	 Supplemental Agreement No. 15
	  	 	February 21, 2008	 
	 Supplemental Agreement No. 16
	  	 	June 30, 2008	 
	 Supplemental Agreement No. 17
	  	 	December 15, 2008	 
	 Supplemental Agreement No. 18
	  	 	July 15, 2009	 
	 Supplemental Agreement No. 19
	  	 	August 31, 2009	 
	 Supplemental Agreement No. 20
	  	 	November 19, 2009	 

  

					
	PA No. 2191	 	 iii
	 	SA No. 21
		 		 	May 2010

 CONFIDENTIAL 

Table 1-6 
 Aircraft
Delivery, Description, Price and Advance Payments 
 (BSI Interior) 

 

															
	 Airframe Model/MTOW: 737-800
	  	 	[***]	 	  	Detail Specification:	  	 	[***]	 	  			
	 Engine Model/Thrust: CFM56-7B26
	  	 	[***]	 	  	 Airframe Price Base Year/Escalation

Formula:
	  	 	[***]	 	  	 	[***]	 
	 Airframe Price:
	  	 	[***]	 	  	 Engine Price Base Year/Escalation

Formula:
	  	 	[***]	 	  	 	[***]	 
	 Optional Features:
	  	 	[***]	 	  	[***]	  				  			
		  	  
	  
	 	  		  				  			
	 Sub-Total of Airframe and Features:
	  	 	[***]	 	  	Airframe Escalation Data:	  	 	[***]	 	  			
	 Engine Price (Per Aircraft):
	  	$	0	 	  	Base Year Index (ECI):	  	 	[***]	 	  			
	 Aircraft Basic Price (Excluding BFE/SPE):
	  	 	[***]	 	  	Base Year Index (CPI):	  	 	[***]	 	  			
		  	  
	  
	 	  		  				  			
	 Buyer Furnished Equipment (BFE) Estimate:
	  	$	0	 	  		  				  			
	 Seller Purchased Equipment (SPE) Estimate:
	  	 	[***]	 	  		  				  			
					
	 Refundable Deposit/Aircraft at Proposal Accept:
	  	 	[***]	 	  		  				  			

  

																																			
	 Delivery
Date
	  	Number of
Aircraft	 	  	Escalation
Factor
(Airframe)	 	  	Serial
Number	 	  	  
	 	  	
Escalation
Estimate
Adv Payment
Base
Price Per A/P
	  	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to
Delivery):	 
	  	[***]
[***]	 	  	[***]
[***]	 	  	[***]
[***]	 	  	[***]
[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 Total:
	  	 	4	 	  				  				  				  		  				  				  				  			

  

					
	 COP-54041-1F.TXT

PA No. 2191 SA-21
	 	 Boeing Proprietary
	 	 May 2010

Page 1

 CONFIDENTIAL 

Table 1-8 
 Aircraft
Delivery, Description, Price and Advance Payments 
  

															
	 Airframe Model/MTOW: 737-800
	  	 	[***]	 	  	Detail Specification: see PA 2191	  				  			
	 Engine Model/Thrust: CFM56-7B26
	  	 	[***]	 	  	 Airframe Price Base Year/Escalation

Formula:
	  	 	[***]	 	  	 	[***]	 
	 Airframe Price*: see note below
	  	 	[***]	 	  	 Engine Price Base Year/Escalation

Formula:
	  	 	[***]	 	  	 	[***]	 
	 Optional Features:
	  	 	[***]	 	  	[***]	  				  			
		  	  
	  
	 	  		  				  			
	 Sub-Total of Airframe and Features:
	  	 	[***]	 	  	Airframe Escalation Data:	  	 	[***]	 	  			
	 Engine Price (Per Aircraft):
	  	$	0	 	  	Base Year Index (ECI):	  	 	[***]	 	  			
	 Aircraft Basic Price (Excluding BFE/SPE):
	  	 	[***]	 	  	Base Year Index (CPI):	  	 	[***]	 	  			
		  	  
	  
	 	  		  				  			
	 Buyer Furnished Equipment (BFE) Estimate:
	  	$	0	 	  		  				  			
	 Seller Purchased Equipment (SPE) Estimate:
	  	 	[***]	 	  		  				  			
	 Refundable Deposit/Aircraft at Proposal Accept:
	  	 	[***]	 	  		  				  			

  

																																			
	 Delivery
Date
	  	Number
of
Aircraft	 	  	Escalation
Factor
(Airframe)	 	  	Serial
Number	 	  	 	 	  	
Escalation
Estimate
Adv Payment
Base
Price Per A/P
	  	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to
Delivery):	 
	  	[***]
[***]	 	  	[***]
[***]	 	  	[***]
[***]	 	  	[***]
[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 Total:
	  	 	2	 	  				  				  				  		  				  				  				  			
	 [***]
	  				  				  				  				  		  				  				  				  			
	 [***]
	  				  				  				  				  		  				  				  				  			

  

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

Page 1

 CONFIDENTIAL 

Table 1-9 
 Aircraft
Delivery, Description, Price and Advance Payments 
 (BSI Interior) 

 

															
	 Airframe Model/MTOW: 737-800
	  	 	[***]	 	  	Detail Specification:	  	 	[***]	 	  	 	[***]	 
	 Engine Model/Thrust: CFM56-7B26
	  	 	[***]	 	  	 Airframe Price Base Year/Escalation

Formula:
	  	 	[***]	 	  	 	[***]	 
	 Airframe Price:
	  	 	[***]	 	  	 Engine Price Base Year/Escalation

Formula:
	  	 	[***]	 	  	 	[***]	 
	 Optional Features:
	  	 	[***]	 	  	[***]	  				  			
		  	  
	  
	 	  		  				  			
	 Sub-Total of Airframe and Features:
	  	 	[***]	 	  	Airframe Escalation Data:	  	 	[***]	 	  			
	 Engine Price (Per Aircraft):
	  	$	0	 	  	Base Year Index (ECI):	  	 	[***]	 	  			
	 Aircraft Basic Price (Excluding BFE/SPE):
	  	 	[***]	 	  	Base Year Index (CPI):	  	 	[***]	 	  			
		  	  
	  
	 	  		  				  			
	 Buyer Furnished Equipment (BFE) Estimate:
	  	$	0	 	  		  				  			
	 Seller Purchased Equipment (SPE) Estimate:
	  	 	[***]	 	  		  				  			
					
	 Refundable Deposit/Aircraft at Proposal Accept:
	  	 	[***]	 	  		  				  			

  

																																	
	 Delivery
Date
	  	Number of
Aircraft	  	Escalation
Factor
(Airframe)	 	  	Serial
Number	 	  	 	 	  	
Escalation
Estimate
Adv Payment
Base
Price Per A/P
	  	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to
Delivery):	 
	  	[***]
[***]	 	  	[***]
[***]	 	  	[***]
[***]	 	  	[***]
[***]	 
	 [***]
	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]		  	 	[***]	 
	 [***]
	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]		  	 	[***]	 
	 Total: 
	  	2	  				  				  				  		  				  				  				  			

  

					
	 COP-54021-1F.TXT
 PA No. 2191
SA-21
	 	 Boeing Proprietary
	 	 May 2010

Page 1

 CONFIDENTIAL 

Table 1-10A(1) 
 Aircraft
Delivery, Description, Price and Advance Payments 
  

															
	 Airframe Model/MTOW: 737-800
	  	 	[***]	 	  	Detail Specification:	  	 	[***]	 	  			
	 Engine Model/Thrust: CFM56-7B26
	  	 	[***]	 	  	 Airframe Price Base Year/Escalation

Formula:
	  	 	[***]	 	  	 	[***]	 
	 Airframe Price:
	  	 	[***]	 	  	 Engine Price Base Year/Escalation

Formula:
	  	 	[***]	 	  	 	[***]	 
	 Optional Features:
	  	 	[***]	 	  		  				  			
		  	  
	  
	 	  	
	 Sub-Total of Airframe and Features:
	  	 	[***]	 	  	Airframe Escalation Data:	  				  			
	 Engine Price (Per Aircraft):
	  	$	0	 	  	Base Year Index (ECI):	  	 	[***]	 	  			
	 Aircraft Basic Price (Excluding BFE/SPE):
	  	 	[***]	 	  	Base Year Index (CPI):	  	 	[***]	 	  			
		  	  
	  
	 	  		  				  			
	 Buyer Furnished Equipment (BFE) Estimate:
	  	$	0	 	  		  				  			
	 Seller Purchased Equipment (SPE) Estimate:
	  	 	[***]	 	  		  				  			
					
	 Refundable Deposit/Aircraft at Proposal Accept:
	  	 	[***]	 	  		  				  			

  

																																			
	 Delivery
Date
	  	Number of
Aircraft	 	  	Escalation
Factor
(Airframe)	 	  	Serial
Number	 	  	Escalation	 	  	
Escalation
Estimate
Adv Payment
Base
Price Per A/P
	  	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to
Delivery):	 
	  	[***]
[***]	 	  	[***]
[***]	 	  	[***]
[***]	 	  	[***]
[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 Total:
	  	 	2	 	  				  				  				  		  				  				  				  			
	 [***]
	  				  				  				  				  		  				  				  				  			
	 [***]
	  				  				  				  				  		  				  				  				  			
	 [***]
	  				  				  				  				  		  				  				  				  			

  

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

Page 1

 CONFIDENTIAL 

Table 1- 10A(2) 

Aircraft Delivery, Description, Price and Advance Payments (BSI/Winglets) 

 

															
	 Airframe Model/MTOW: 737-800
	  	 	[***]	 	  	Detail Specification:	  	 	[***]	 	  			
	 Engine Model/Thrust: CFM56-7B26
	  	 	[***]	 	  	Airframe Price Base Year/Escalation Formula:	  	 	[***]	 	  	 	[***]	 
	 Airframe Price:
	  	 	[***]	 	  	Engine Price Base Year/Escalation Formula:	  	 	[***]	 	  	 	[***]	 
	 Optional Features:
	  	 	[***]	 	  		  				  			
		  	  
	  
	 	  		  				  			
	 Sub-Total of Airframe and Features:
	  	 	[***]	 	  	Airframe Escalation Data:	  				  			
	 Engine Price (Per Aircraft):
	  	$	0	 	  	Base Year Index (ECI):	  	 	[***]	 	  			
	 Aircraft Basic Price (Excluding BFE/SPE):
	  	 	[***]	 	  	Base Year Index (CPI):	  	 	[***]	 	  			
		  	  
	  
	 	  		  				  			
	 Buyer Furnished Equipment (BFE) Estimate:
	  	$	0	 	  		  				  			
	 Seller Purchased Equipment (SPE) Estimate:
	  	 	[***]	 	  		  				  			
					
	 Refundable Deposit/Aircraft at Proposal Accept:
	  	 	[***]	 	  		  				  			

  

																																			
	 Delivery
Date
	  	Number of
Aircraft	 	  	Escalation
Factor
(Airframe)	 	  	Serial
Number	 	  	Fixed
Escalation	 	  	
Escalation
Estimate
Adv Payment
Base
Price Per A/P
	  	Advance Payment Per Aircraft (Amts. Due/Mos. Prior to
Delivery):	 
	  	[***]
[***]	 	  	[***]
[***]	 	  	[***]
[***]	 	  	[***]
[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	[***]	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 Total:
	  	 	10     	 	  				  				  				  		  				  				  				  			
	 [***]
	  				  				  				  				  		  				  				  				  			
	 [***]
	  				  				  				  				  		  				  				  				  			

  

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

Page 1

 CONFIDENTIAL 

Table 1-10B 
 Aircraft
Delivery, Description, Price and Advance Payments 
 (BSI Interior) 

 

															
	 Airframe Model/MTOW: 737-800
	  	 	[***]	 	  	Detail Specification:	  	 	[***]	 	  			
	 Engine Model/Thrust: CFM56-7B26
	  	 	[***]	 	  	 Airframe Price Base Year/Escalation

Formula:
	  	 	[***]	 	  	 	[***]	 
	 Airframe Price:
	  	 	[***]	 	  	 Engine Price Base Year/Escalation

Formula:
	  	 	[***]	 	  	 	[***]	 
	 Optional Features:
	  	 	[***]	 	  		  				  			
	 Sub-Total of Airframe and Features:
	  	 	[***]	 	  	Airframe Escalation Data:	  				  			
	 Engine Price (Per Aircraft):
	  	$	0	 	  	Base Year Index (ECI):	  	 	[***]	 	  			
	 Aircraft Basic Price (Excluding BFE/SPE):
	  	 	[***]	 	  	Base Year Index (CPI):	  	 	[***]	 	  			
	 Buyer Furnished Equipment (BFE) Estimate:
	  	$	0	 	  		  				  			
	 Seller Purchased Equipment (SPE) Estimate:
	  	 	[***]	 	  		  				  			
	 Option Deposit Paid
	  	 	[***]	 	  		  				  			

  

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

  

					
	 COP- 54022-1F.TXT
 PA No. 2191
SA-2
	 	 Boeing Proprietary
	 	 May 2010

Page 1

 CONFIDENTIAL 

Table 1-12 
 Aircraft
Delivery, Description, Price and Advance Payments 
 (BSI Interior) 

 

															
	 Airframe Model/MTOW: 737-800
	  	 	[***]	 	  	Detail Specification:	  	 	[***]	 	  			
	 Engine Model/Thrust: CFM56-7B26
	  	 	[***]	 	  	 Airframe Price Base Year/Escalation

Formula:
	  	 	[***]	 	  	 	[***]	 
	 Airframe Price:
	  	 	[***]	 	  	 Engine Price Base Year/Escalation

Formula:
	  	 	[***]	 	  	 	[***]	 
	 Optional Features:
	  	 	[***]	 	  		  				  			
	 Sub-Total of Airframe and Features:
	  	 	[***]	 	  	Airframe Escalation Data:	  				  			
	 Engine Price (Per Aircraft):
	  	$	 0	 	  	Base Year Index (ECI):	  	 	[***]	 	  			
	 Aircraft Basic Price (Excluding BFE/SPE):
	  	 	[***]	 	  	Base Year Index (CPI):	  	 	[***]	 	  			
	 Buyer Furnished Equipment (BFE) Estimate:
	  	$	 0	 	  		  				  			
	 Seller Purchased Equipment (SPE) Estimate:
	  	 	[***]	 	  		  				  			
	 Option Deposit
	  	 	[***]	 	  		  				  			

  

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

  

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

Page 1

 CONFIDENTIAL 

Table 1-11 
 Aircraft
Delivery, Description, Price and Advance Payments 
 (BSI Interior) 

 

															
	 Airframe Model/MTOW: 737-800
	  	 	[***]	 	  	Detail Specification:	  	 	[***]	 	  			
	 Engine Model/Thrust: CFM56-7B26
	  	 	[***]	 	  	 Airframe Price Base Year/Escalation

Formula:
	  	 	[***]	 	  	 	[***]	 
	 Airframe Price:
	  	 	[***]	 	  	 Engine Price Base Year/Escalation

Formula:
	  	 	[***]	 	  	 	[***]	 
	 Optional Features:
	  	 	[***]	 	  		  				  			
		  	  
	  
	 	  		  				  			
	 Sub-Total of Airframe and Features:
	  	 	[***]	 	  	Airframe Escalation Data:	  				  			
	 Engine Price (Per Aircraft):
	  	$	 0	 	  	Base Year Index (ECI):	  	 	[***]	 	  			
	 Aircraft Basic Price (Excluding BFE/SPE):
	  	 	[***]	 	  	Base Year Index (CPI):	  	 	[***]	 	  			
		  	  
	  
	 	  		  				  			
	 Buyer Furnished Equipment (BFE) Estimate:
	  	$	 0	 	  		  				  			
	 Seller Purchased Equipment (SPE) Estimate:
	  	 	[***]	 	  		  				  			
	 Non-Refundable Deposit/Aircraft at Def Agreemt:
	  	 	[***]	 	  		  				  			

  

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

  

					
	 COP-54039-10.TXT
 PA No. 2191
SA-21
	 	 Boeing Proprietary
	 	 May 2010

Page 1

 CONFIDENTIAL 
  

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

 AIRCRAFT CONFIGURATION FOR AIRCRAFT 

WITH DELIEVERIES [***] 
 Between

 THE BOEING COMPANY 
 And 

COPA HOLDINGS, S.A., INC. 

Exhibit A-4 to Purchase Agreement Number 2191 

  

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

 CONFIDENTIAL 

Exhibit A-4 to 
 Purchase Agreement No. 2191 

Page 2 
 AIRCRAFT CONFIGUARTION 

WITH DELIEVERIES BEGINNING IN 2011 

Dated May 2010 
 relating to 

BOEING MODEL 737-8V3 AIRCRAFT 

Exhibit A-4 provides the Options for Customer’s Aircraft [***]. These Aircraft will have the [***]. The Detail Specification will be
[***]. Such Detail Specification will incorporate the Options listed below, including the [***]. The aircraft Basic Price reflects and includes all effects of such Options, except such Aircraft Basic Price does not include the price effects of any
Buyer Furnished Equipment or Seller Purchased Equipment. Exhibit A-4 is [***] used in the pricing Tables. 

  

					
	P.A. No. 2191 SA-21	 	 A-4
	 	
		 	BOEING PROPRIETARY	 	

 CONFIDENTIAL 
  

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

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

									
	 CR
	  	Title	 	  	[***]
Price
Per A/C	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 

  

					
	PA No. 2190	 	 Boeing Proprietary
	 	 May 2010

Page 1

 CONFIDENTIAL 
  

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

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

					
	 CR
	  	Title	 	[***]
Price

Per A/C
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]

  

					
		 		 	May 2010
	PA No. 2190	 	BOEING PROPRIETARY	 	Page 2

 CONFIDENTIAL 
  

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

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

					
	 CR
	  	Title	 	[***]
Price
Per A/C
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]

  

					
		 		 	May 2010
	PA No. 2190	 	BOEING PROPRIETARY	 	Page 3

 CONFIDENTIAL 
  

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

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

					
	 CR
	  	Title	 	[***]
Price

Per A/C
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]

  

					
		 		 	May 2010
	PA No. 2190	 	BOEING PROPRIETARY	 	Page 4

 CONFIDENTIAL 
  

					
	11-COP38W0003-060511010172	  	BOEING PROPRIETARY	  	4/11/2011

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

									
	 CR
	  	Title	 	  	[***]
Price
Per A/C	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 

 May 2010 

  

					
	PA No. 2190	 	BOEING PROPRIETARY	 	Page 5

 CONFIDENTIAL 
  

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

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

									
	 CR
	  	Title	 	  	[***]
Price
Per A/C	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 

  

  

					
	 PA No. 2190
	 	 BOEING PROPRIETARY
	 	 May 2010

Page 6

 CONFIDENTIAL 
  

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

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

									
	 CR
	  	Title	 	  	[***]
Price
Per A/C	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 

  

  

					
	 PA No. 2190
	 	 BOEING PROPRIETARY
	 	 May 2010

Page 7

 CONFIDENTIAL 
  

					
	COP38W0003-07_051110101813.XLS	  	BOEING PROPRIETARY	  	

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

									
	 CR
	  	Title	 	  	[***]
Price
Per A/C	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
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	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 

  

  

					
	PA No. 2191 SA-21	  	BOEING PROPRIETARY	  	 May 2010

Page 1

 CONFIDENTIAL 
  

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

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

									
	 CR
	  	Title	 	  	[***]
Price
Per A/C	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 

  

  

					
	 PA 2190 SA-21
	  	 Boeing Proprietary
	  	 May 2010

Page 2

 CONFIDENTIAL 
  

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

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

									
	 CR
	  	Title	 	  	[***]
Price
Per A/C	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
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	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
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	 [***]
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	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
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	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 

  

  

					
	PA 2190 SA-21	  	Boeing Proprietary	  	 May 2010

Page 3

 CONFIDENTIAL 
  

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

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

									
	 CR
	  	Title	 	  	[***]
Price
Per A/C	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
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	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 

  

  

					
	 PA 2190 SA-21
	  	 Boeing Proprietary
	  	 May 2010

Page 4

 CONFIDENTIAL 
  

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

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

									
	 CR
	  	Title	 	  	[***]
Price
Per A/C	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 

  

					
		 		 	May 2010
	PA 2190 SA-21	 	Boeing Proprietary	 	Page 5

 CONFIDENTIAL 
  

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

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

									
	 CR
	  	Title	 	  	[***]
Price
Per A/C	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 

  

					
		 		 	May 2010
	PA 2190 SA-21	 	Boeing Proprietary	 	Page 6

 CONFIDENTIAL 
  

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

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

									
	 CR
	  	Title	 	  	[***]
Price
Per A/C	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
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		 		 	May 2010
	PA 2190 SA-21	 	Boeing Proprietary	 	Page 7

 CONFIDENTIAL 
  

					
	COP38W0003-08_051110095538.XLS	  	BOEING PROPRIETARY	  	

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

									
	 CR
	  	Title	 	  	[***]
Price
Per A/C	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
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	  	 	[***]	 	  	 	[***]	 

  

					
	PA No. 2191	  	Page 1	  	SA No. 7

 CONFIDENTIAL 
  

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

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

									
	 CR
	  	Title	 	  	[***]
Price
Per A/C	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
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	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 

  

  

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

 CONFIDENTIAL 
  

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

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

									
	 CR
	  	Title	 	  	[***]
Price
Per A/C	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
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	 [***]
	  	 	[***]	 	  	 	[***]	 

  

					
	PA No. 2191 SA-21	 	 BOEING PROPRIETARY
	 	 SS10-0226

	AERO-B-BBA4-M10-0377	 		 	

 CONFIDENTIAL 
  

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

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

									
	 CR
	  	Title	 	  	[***]
Price
Per A/C	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
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	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 

  

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

 CONFIDENTIAL 
  

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

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

									
	 CR
	  	Title	 	  	[***]
Price
Per A/C	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 
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	 [***]
	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 

  

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

 CONFIDENTIAL 
  

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

 Exhibit A To 

Boeing Purchase Agreement 
  

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

  

									
	 CR
	  	Title	 	 	[***]
Price
Per A/C	 
	 [***]
	  	 	[***]	 	 	 	[***]	 
	 [***]
	  	 	[***]	 	 	 	[***]	 
	 [***]
	  	 	[***]	 	 	 	[***]	 
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	  	 	[	***] 	 	 	[	***] 

  

  

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

 CONFIDENTIAL 
  

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

 Exhibit A To 

Boeing Purchase Agreement 
  

			
	 Customer Log:
 Customer:

Model:
 Base Date:

Qty of A/C:
	  	 COP38W0003-08
 COP — COPA Airlines

737-800
 [***]

[***]

  

					
	 CR
	  	Title	 	[***]
Price
Per A/C
	 [***]
	  	[***]	 	[***]
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	PA No. 2191 SA-21	 	 BOEING PROPRIETARY
	 	SS10-0226
	AERO-B-BBA4-M10-0377	 		 	

 CONFIDENTIAL 

Attachment to Letter Agreement 
 No. 6-1162-KSW-6471 

CFM56-7B26 Engines 
 Page 1 

MODEL 737-8V3 [***] 

FOR COPA (COPA HOLDINGS, S.A. INC.) 
  

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

 CONFIDENTIAL 

Attachment to Letter Agreement 
 No. 6-1162-KSW-6471 

CFM56-7B26 Engines 
 Page 2 

 

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

 CONFIDENTIAL 

Attachment to Letter Agreement 
 No. 6-1162-KSW-6471 

CFM-56-7B26 Engines 
 Page 3 

 

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

 CONFIDENTIAL 

Attachment to Letter Agreement 
 No. 6-1162-KSW-6471 

CFM56-7B26 Engines 
 Page 4 

 

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

 CONFIDENTIAL 
  

 
 The Boeing Company 

P.O. Box 3707 
 Seattle, WA
98124-2207 
 LA-1000842 
 COPA HOLDINGS, S.A. 

Apartado 1572 
 Avenida Justo Arosemena y Calle 390 

Panama 1, Paname 
  

	Subject:	 Installation of Cabin Systems Equipment 

 

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

 This letter agreement (Letter Agreement) amends and supplements
the Purchase Agreement. All terms used but not defined in this Letter Agreement will have the same meaning as in the Purchase Agreement. 
  

																	
		  	 	    [***]    	 	  				  				  			
		  	 	    [***]    	 	  				  				  			
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	 [***]
	  				  				  				  	 	    [***]    	 

 CONFIDENTIAL 
  

 
  

													
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	     [***]    
	  	 	    [***].    	 	  				  			
		  	 	    [***]     	 	  				  			
		  	 	    [***]     	 	  	 	    [***]    	 	  			
		  	 	    [***]     	 	  	 	    [***]    	 	  			
		  				  	 	    [***]    	 	  	 	    [***]    	 
		  				  	 	    [***]    	 	  	 	    [***]    	 
		  				  	 	    [***]    	 	  	 	    [***]    	 
		  				  	 	    [***]    	 	  	 	    [***]    	 
	     [***]    
	  	 	    [***]     	 	  				  			
		  	 	    [***]     	 	  	 	    [***]    	 	  			
		  	 	    [***]     	 	  	 	    [***]    	 	  			

  

					
	PA No. 2191	  	1	  	SA No. 7

  
  

 

 
 CONFIDENTIAL 
 COPA
HOLDINGS, S.A.,INC. 
 LA-1 000842 
  

									
		  	 	[***]	 	  	 	[***]	 
		  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  			
	 [***]
	  				  			
	 [***]
	  	 	[***]	 	  			
	 [***]
	  				  			
	 [***]
	  	 	[***]	 	  			
		  	 	[***]	 	  			
		  	 	[***]	 	  	 	[***]	 
		  	 	[***]	 	  	 	[***]	 
		  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  			
		  	 	[***]	 	  	 	[***]	 
		  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  			
	 [***]
	  				  			
	 [***]
	  	 	[***]	 	  			
		  	 	[***]	 	  			
	 [***]
	  				  			

  

					
	P.A. No. 2190 SA-21	 	 2
	 	 May 2010

 

 
 CONFIDENTIAL 
 COPA
HOLDINGS, S.A.,INC. 
 LA-1 000842 
 Very truly yours, 

THE BOEING COMPANY 
  

			
	By	 	

		 	  
 Its
    Attorney-In-Fact

 ACCEPTED AND AGREED TO this 

Date: May         , 2010 

COPA (COPA HOLDINGS, S.A., INC. 
  

			
		
	By	 	 
		 	Its                                     
                                         
          

  

					
	PA 2190 SA-21	 	 3
	 	 May 2010

 CONFIDENTIAL 

COPA HOLDINGS, S.A.,INC. 
 LA-1 000842 

 

									
		  				  	 	[***]	 
		  				  	 	[***]	 
	 [***]
	  				  			
	 [***]
	  				  			
	 [***]
	  	 	[***]	 	  			
	 [***]
	  	 	[***]	 	  			
	 [***]
	  	 	[***]	 	  			
	 [***]
	  	 	[***]	 	  			

  

					
	P.A. No. 2190 SA-20	 	 4
	 	 May 2010

 CONFIDENTIAL 

COPA HOLDINGS, S.A.,INC. 
 LA-1 000842 

 

													
		  				  				  	 	[***]	 
		  				  				  	 	[***]	 
	 [***]
	  				  				  			
	 [***]
	  	 	[***]	 	  				  			
		  	 	[***]	 	  				  			
		  	 	[***]	 	  	 	[***]	 	  			
		  	 	[***]	 	  	 	[***]	 	  			
		  	 	[***]	 	  	 	[***]	 	  			
		  	 	[***]	 	  	 	[***]	 	  			
		  	 	[***]	 	  	 	[***]	 	  			
		  	 	[***]	 	  	 	[***]	 	  			
		  	 	[***]	 	  	 	[***]	 	  			
		  	 	[***]	 	  	 	[***]	 	  			
		  	 	[***]	 	  	 	[***]	 	  			
	 [***]
	  	 	[***]	 	  				  			
		  	 	[***]	 	  				  			
		  	 	[***]	 	  	 	[***]	 	  			
		  	 	[***]	 	  	 	[***]	 	  			
		  	 	[***]	 	  	 	[***]	 	  			
		  	 	[***]	 	  	 	[***]	 	  			
		  	 	[***]	 	  	 	[***]	 	  			
		  	 	[***]	 	  	 	[***]	 	  			
		  	 	[***]	 	  	 	[***]	 	  			

  

					
	P.A. No. 2190 SA-21	 	 5
	 	 May 2010EX-4.25

 EXHIBIT 4.25 

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

Supplemental Agreement No. 22 

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

THIS SUPPLEMENTAL AGREEMENT No. 22 (“Supplemental Agreement 22”) is entered into as of September 24, 2010 by and between THE
BOEING COMPANY, a Delaware corporation with its principal office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A. (Customer); 

WHEREAS, the parties hereto entered into Purchase Agreement No. 2191 dated November 25, 1998, (as amended and supplemented and together
with all exhibits, schedules and letter agreements pertaining thereto, the “Purchase Agreement”) relating to Boeing Model 737-7V3 and 737-8V3 aircraft (collectively, the “Aircraft” and each an “Aircraft”); 

WHEREAS, Customer is purchasing [***] aircraft [***]; 

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

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

1. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement. The [***] 737-8V3 aircraft that Customer
is purchasing are hereinafter defined as the Table 1-13 Aircraft. 
 2. The “Table of Contents” of the Purchase Agreement is revised to
reflect the changes made by this Supplemental Agreement 22 and a copy of such revised Table of Contents is attached hereto. 
 3. Table 1-13, “Aircraft
Delivery, Description, Price and Advance Payments”, attached hereto, is added to the Purchase Agreement providing the delivery and pricing information for the Table 1-13 Aircraft. 

6. Exhibit A-4 entitled “Aircraft Configuration for Customer’s 737-8V3 [***]” provides the configuration for the Table 1-13 Aircraft. 

  

					
	PA No. 2191	  		  	 SA No. 22

September 2010

 CONFIDENTIAL TREATMENT 
  

 7. Supplemental Exhibit BFE1, Buyer Furnished Equipment Variables is not revised because preliminary on-dock
dates for these delivery positions are not available as they are outside the current production schedule. [***] 
 8. [***] 

9. Letter Agreement 6-RLL-1162-3958R2, entitled “Option Aircraft Delivery, Description, Price and Advance Payments”, is [***]. The revised
letter agreement 6-1962-RLL-3958R3 is attached hereto 
 10. [***] 

11. [***] 
 12. Letter Agreement COP-2191-LA-10001606 entitled
[***] attached hereto, is added to the Purchase Agreement. 
 [***] 

The Purchase Agreement will be deemed to be supplemented and revised to the extent herein provided as of the date hereof and as so supplemented and revised
will continue in full force and effect. 

  

					
	PA No. 2191	  	Page 2	  	 SA No. 22

September 2010

 CONFIDENTIAL TREATMENT 
  

 Boeing and Customer have each caused this Supplemental Agreement to be duly executed as of the day and year
first written above. 
  

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

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

  

					
	PA No. 2191	  	Page 3	  	 SA No. 22

September 2010

 CONFIDENTIAL 

 

 TABLE OF CONTENTS 
  

					
	 ARTICLES
	  	SA
NUMBER	 
	 1. Quantity, Model and Description
	  	 	SA 3	 
	 2. Delivery Schedule
	  			
	 3. Price
	  			
	 4. Payment
	  	 	SA 3	 
	 5. Miscellaneous
	  			
		
	 TABLE
	  			
	 1-1 Aircraft Information Table for Model 737-7V3 Aircraft
	  	 	SA 4	 
	 1-2 Aircraft Information Table for Model 737-8V3 Aircraft
	  	 	SA 5	 
	 1-3 Aircraft Information Table for Model 737-7V3 Aircraft
	  	 	SA 7	 
	 1-4 Aircraft Information Table for Model 737-7V3 Aircraft
	  	 	SA 13	 
	 1-5 Aircraft Information Table for Model 737-8V3 Aircraft
	  	 	SA 13	 
	 1-6 Aircraft Information Table for Model 737-8V3 Aircraft
	  	 	SA 21	 
	 1-7 Aircraft Information Table for Model 737-8V3 Aircraft Option Aircraft
	  	 	SA 13	 
	 1-8 Aircraft Information Table for Model 737-8V3 Aircraft
	  	 	SA 21	 
	 1-9 Aircraft Information Table for Model 737-8V3 Aircraft
	  	 	SA 21	 
	 1-10 Aircraft Information Table for Model 737-8V3 Aircraft
	  	 	SA 21	 
	 1-10A(1) Aircraft Information Table for Model 737-8V3 Aircraft
	  	 	SA 21	 
	 1-10A(2) Aircraft Information Table for Model 737-8V3 Aircraft
	  	 	SA 21	 
	 1-10B Aircraft Information Table for Model 737-8V3 Aircraft
	  	 	SA 21	 
	 1-11 Aircraft Information Table for Model 737-8V3 Option Aircraft
	  	 	SA 22	 
	 1-12 Aircraft Information Table for Model 737-8V3 Aircraft
	  	 	SA 21	 
		
	 1-13 Aircraft Information Table for Model 737-8V3 Aircraft
	  	 	SA 22	 
		
	 1-14 Aircraft Information Table for Model 737-8V3 Option Aircraft
	  	 	SA 22	 
		
	 EXHIBIT
	  			
	 A-1 Aircraft Configuration for Model 737-7V3 Aircraft
	  	 	SA 3	 
	 A-2 Aircraft Configuration for Model 737-8V3 Aircraft
	  	 	SA 3	 
	 A-3 Aircraft Configuration for Model 737-8V3 Aircraft
	  	 	SA 18	 
	 A-4 Aircraft Configuration for Model 737-8V3 Aircraft
	  	 	SA 22	 
	 [***]
	  			
		
	 B. Aircraft Delivery Requirements and Responsibilities
	  	 	SA 3	 

  

					
	PA No. 2191	  	i	  	 SA No. 22

September 2010

 CONFIDENTIAL 

 

							
	 SUPPLEMENTAL EXHIBITS
	  			
		
	 AE1. Escalation Adjustment Airframe and Optional Features
	  	 	SA 10	 
			
	 BFE1. BFE Variables
	  		  	 	SA 22	 
		
	 CS1. Customer Support Variables
	  	 	SA 3	 
		
	 EE1. Engine Escalation/Engine Warranty and Patent Indemnity
	  			
		
	 SLP1. Service Life Policy Components
	  			
		
	 LETTER AGREEMENTS
	  			
			
	 2191-01
	  	Demonstration Flight Waiver	  			
	 2191-02
	  	[***]	  			
	 2191-03
	  	Seller Purchased Equipment	  			
	 2191-03R1
	  	Seller Purchased Equipment	  	 	SA-20	 
		
	 RESTRICTED LETTER AGREEMENTS
	  			
			
	 6-1162-DAN-0123
	  	Performance Guarantees	  			
	 6-1162-DAN-0124
	  	Special Matters	  			
	 6-1162-DAN-0155
	  	Airframe Escalation Revision	  			
	 6-1162-DAN-0156
	  	Year 2000 Ready Software, Hardware and Firmware	  			
	 6-1162-DAN-0157
	  	Miscellaneous Matters	  			
	 6-1162-MJB-0017
	  	Special Matters	  			
	 6-1162-MJB-0030
	  	Special Matters	  			
	 6-1162-LAJ-874R
	  	Special Matters	  	 	SA 5	 
	 6-1162-LAJ-874R1
	  	Special Matters	  	 	SA 6	 
	 6-1162-LAJ-874R2
	  	Special Matters	  	 	SA 7	 
	 6-1162-LAJ-982
	  	Special Matters	  	 	SA 8	 
	 6-1162-LAJ-982R3
	  	Special Matters	  	 	SA 11	 
	 6-1162-RLL-3852
	  	737-800 Performance Guarantees	  	 	SA 9	 
	 6-1162-LAJ-982R4
	  	Special Matters	  	 	SA 13	 
	 6-1162-RLL-3958
	  	737-8V3 Option Aircraft	  	 	SA 13	 
	 6-1162-RLL-3958R1
	  	737-8V3 Option Aircraft	  	 	SA 18	 
	 6-1162-RLL-3958R2
	  	737-8V3 Option Aircraft	  	 	SA 21	 
	 6-1162-RLL-3958R3
	  	737-8V3 Option Aircraft	  	 	SA 22	 
	 6-1162-LAJ-982R5
	  	Special Matters	  	 	SA 16	 
	 6-1162-LAJ-982R6
	  	Special Matters	  	 	SA 17	 
	 6-1162-LAJ-982R7
	  	Special Matters	  	 	SA 18	 
	 6-1162-LAJ-982R8
	  	Special Matters	  	 	SA 22	 
	 6-1162-RLL-4092
	  	Advance Payment Matters for Aircraft Listed in Table 1-9	  	 	SA 17	 
	 6-1162-KSW-6417
	  	[***]	  	 	SA 18	 
	 6-1162-KSW-6419
	  	[***]	  	 	SA 20	 
	 6-1162-KSW-6419R1
	  	[***]	  	 	SA 22	 
	 6-1162-KSW-6471
	  	[***]	  			
		  	[***]	  	 	SA 22	 
	 LA-1000842
	  	Installation of Cabin Systems Equipment	  	 	SA 21	 
	 LA-10001606
	  	[***]	  	 	SA 22	 

  

					
	PA No. 2191	  	ii	  	 SA No. 22

September 2010

 CONFIDENTIAL 

 

					
	 SUPPLEMENTAL AGREEMENTS
	  	DATED AS OF:	 
	 Supplemental Agreement No. 1
	  	 	June 29, 2001	 
	 Supplemental Agreement No. 2
	  	 	December 21, 2001	 
	 Supplemental Agreement No. 3
	  	 	June 14, 2002	 
	 Supplemental Agreement No. 4
	  	 	December 20, 2002	 
	 Supplemental Agreement No. 5
	  	 	October 31, 2003	 
	 Supplemental Agreement No. 6
	  	 	September 9, 2004	 
	 Supplemental Agreement No. 7
	  	 	December 9, 2004	 
	 Supplemental Agreement No. 8
	  	 	April 15, 2005	 
	 Supplemental Agreement No. 9
	  	 	March 16, 2006	 
	 Supplemental Agreement No. 10
	  	 	May 8, 2006	 
	 Supplemental Agreement No. 11
	  	 	August 30, 2006	 
	 Supplemental Agreement No. 12
	  	 	February 26, 2007	 
	 Supplemental Agreement No. 13
	  	 	April 23, 2007	 
	 Supplemental Agreement No. 14
	  	 	August 31, 2007	 
	 Supplemental Agreement No. 15
	  	 	February 21, 2008	 
	 Supplemental Agreement No. 16
	  	 	June 30, 2008	 
	 Supplemental Agreement No. 17
	  	 	December 15, 2008	 
	 Supplemental Agreement No. 18
	  	 	July 15, 2009	 
	 Supplemental Agreement No. 19
	  	 	August 31, 2009	 
	 Supplemental Agreement No. 20
	  	 	November 19, 2009	 
	 Supplemental Agreement No. 21
	  	 	May 28, 2010	 

  

					
	PA No. 2191	  	iii	  	 SA No. 22

September 2010

 CONFIDENTIAL 

 

 Table 1-13 

Aircraft Delivery, Description, Price and Advance Payments 
  

																							
	 Airframe Model/MTOW: 737-800
	  	 	[***]	 	  	 Detail Specification:
	  	 	[***]	 	  				  				  			
	 Engine Model/Thrust: CFM56-7B26
	  	 	[***]	 	  	 Airframe Price Base Year/Escalation Formula:
	  				  	 	[***]	 	  				  	 	[***]	 
	 Airframe Price:
	  	 	[***]	 	  	 Engine Price Base Year/Escalation Formula:
	  				  	 	[***]	 	  				  	 	[***]	 
	 Optional Features:
	  	 	[***]	 	  		  				  				  				  			
		  	  
	  
	 	  		  				  				  				  			
	 Sub-Total of Airframe and Features:
	  	 	[***]	 	  	 Airframe Escalation Data:
	  				  				  				  			
	 Engine Price (Per Aircraft):
	  	$	 0	 	  	 Base Year Index (ECI):
	  				  				  	 	[***]	 	  			
	 Aircraft Basic Price (Excluding BFE/SPE):
	  	 	[***]	 	  	 Base Year Index (CPI):
	  				  				  	 	[***]	 	  			
		  	  
	  
	 	  		  				  				  				  			
	 Buyer Furnished Equipment (BFE) Estimate:
	  	$	 0	 	  		  				  				  				  			
	 Seller Purchased Equipment (SPE) Estimate:
	  	 	[***]	 	  		  				  				  				  			
	 Refundable Deposit/Aircraft at Proposal Accept:
	  	 	[***]	 	  		  				  				  				  			

  

																			
	 	  	 Number

of
 Aircraft
	  	 Escalation

Factor

(Airframe)
	  	 Serial

Number
	  	 Escalation
	  	 Escalation
Estimate
Adv Payment

Base

Price Per A/P
	  	 Advance Payment Per Aircraft

(Amts. Due/Mos. Prior to Delivery):

	 Delivery

Date
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

  

					
	 PA 2191 SA 22
 54965 54958
	  	Boeing Proprietary	  	 9/2010

2

 CONFIDENTIAL 

 

 

 
 Boeing Commercial Airplanes 

P.O. Box 3707 

Seattle, WA 98124-2207 

6-1162-LAJ-982R8 
 COPA HOLDINGS, S.A. 

Urbanizacion Costa del Este 
 P.O. Box 0816-06819 

Panama, Republic of Panama 
  

	Subject:	 Special Matters 

  

	Reference:	 Purchase Agreement No. 2191 as amended to date, including without limitation all exhibits, attachments,
schedules and letter agreements thereto (the Purchase Agreement) between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer) relating to Model 737 aircraft (the Aircraft) 

This Letter Agreement amends and supplements the Purchase Agreement and supersedes and replaces in its entirety Letter Agreement 6-1162-LAJ-982R7. All terms
used but not defined in this Letter Agreement have the same meaning as in the Purchase Agreement. For purposes of this Letter Agreement “Incremental Aircraft” as defined in Supplemental Agreement 18 are “Aircraft” or “Table
1-10A&B Aircraft”; the exercised Option Aircraft in Supplemental Agreement 21 are “Table 1-12 Aircraft” and “Aircraft” and the “Table 1-13 Aircraft” are “Table 1-13 Aircraft” and “Aircraft”.

 [***] 

  

					
	PA 2191 SA 22	  		  	9/2010

 CONFIDENTIAL 

 

 

 
 COPA HOLDINGS, S.A. 

6-1162-LAJ-982R8 
  

	13.	 Confidentiality. The information contained herein represents confidential business information and has
value precisely because it is not available generally or to other parties. Except as otherwise required by applicable law, regulation or legal process, Customer will limit the disclosure of its contents to employees, counsel and auditors of Customer
with a need to know the contents for purposes of helping Customer perform its obligations under the Purchase Agreement or advising Customer with respect thereto and who understand they are not to disclose its contents to any other person or entity
in violation of the provisions of this Paragraph 13. 

  

			
	Very truly yours,
	
	THE BOEING COMPANY
		
	By	 	  

		 	Its Attorney-In-Fact
	
	ACCEPTED AND AGREED TO this
	
	Date:                                   
          , 2010
	
	COPA HOLDINGS, S.A.
		
	By	 	  

			
	        Its	 	  

  

					
	PA 2191 SA-22	  	2	  	9/2010

 CONFIDENTIAL 

 

 

 
 Boeing Commercial Airplanes 

P.O. Box 3707 

Seattle, WA 98124-2207 

6-1162-RLL-3958R3 
 COPA HOLDINGS, S.A. 

Urbanizacion Costa del Este 
 P.O. Box 0816-06819 

Panama, Republic of Panama 
  

	Subject:	 Option Aircraft 

  

	Reference:	 Purchase Agreement No. 2191 as amended to date, including without limitation all exhibits, attachments,
schedules and letter agreements thereto (the Purchase Agreement) between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer) relating to Model 737 aircraft (the Aircraft) 

This Letter Agreement amends the Purchase Agreement and supersedes and replaces in its entirety Letter Agreement 6-1162-RLL- 3958R2. All terms used but not
defined in this Letter Agreement have the same meaning as in the Purchase Agreement. 
 [***] 

1. Aircraft Description and Changes 
 1.1
Aircraft Description: The Option Aircraft are described by the Detail Specification [***]. 
 1.2 Changes: The Detail
Specification will be revised to include: 
 [***] 

  

					
	 PA No. 2191
 Option Aircraft
	  		  	 SA-22

9/10

 CONFIDENTIAL 

 

 

 
 COPA HOLDINGS, S.A. 

6-1162-RLL-3958R3 
  

	2.	 Price 

[***] 
 2.2 [***] 

3. Payment. 
 [***] 

  

					
	 P.A. No. 2191
 Option Aircraft
	  		  	 SA-22

9/10

		  	  
 2
	  	

 CONFIDENTIAL 

 

 

 
 COPA HOLDINGS, S.A 

6-1162-RLL-3958R3 
 4. Option Exercise. 

4.1 [***] 
 4.2 [***] 

5. [***] 
 5.1 [***] 

6. Contract Terms. 
 [***] 

  

					
	 P.A. No. 2191
 Option Aircraft
	  		  	 SA-22

9/10

		  	  
 3
	  	

 CONFIDENTIAL 

 

 

 
 COPA HOLDINGS, S.A 

6-1162-RLL-3958R3 
  

			
	
	Very truly yours,
	
	THE BOEING COMPANY
		
	By	 	  

		 	Its Attorney-In-Fact
	
	ACCEPTED AND AGREED TO this
	
	Date: September     , 2010
	
	COPA HOLDINGS, S.A.
		
	By	 	  

			
	        Its	 	  

	
	Attachment — Table 1-11 and 1-14

  

					
	 P.A. No. 2191
 Option Aircraft
	  		  	 SA-22

9/10

		  	  
 4
	  	

 CONFIDENTIAL 

 

 Table 1-11 

Option Aircraft Delivery, Description, Price and Advance Payments 

 

																			
	 Airframe Model/MTOW: 737-800
	  	 	[***]	 	  	 Detail Specification:
	  	 	[***]	 	  				  			
	 Engine Model/Thrust: CFM56-7B26
	  	 	[***]	 	  	 Airframe Price Base Year/Escalation Formula:
	  				  	 	[***]	 	  	 	[***]	 
	 Airframe Price:
	  	 	[***]	 	  	 Engine Price Base Year/Escalation Formula:
	  				  	 	[***]	 	  	 	[***]	 
	 Optional Features:
	  	 	[***]	 	  		  				  				  			
	 Sub-Total of Airframe and Features:
	  	 	[***]	 	  	 Airframe Escalation Data:
	  				  				  			
	 Engine Price (Per Aircraft):
	  	$	0	 	  	 Base Year Index (ECI):
	  				  	 	[***]	 	  			
	 Aircraft Basic Price (Excluding BFE/SPE):
	  	 	[***]	 	  	 Base Year Index (CPI):
	  				  	 	[***]	 	  			
		  	  
	  
	 	  		  				  				  			
	 Buyer Furnished Equipment (BFE) Estimate:
	  	$	0	 	  		  				  				  			
	 Seller Purchased Equipment (SPE) Estimate:
	  	 	[***]	 	  		  				  				  			
	 Non-Refundable Deposit/Aircraft at Def Agreemt:
	  	 	[***]	 	  		  				  				  			

  

																			
	 	  	 Number of

Aircraft
	  	 Escalation

Factor

(Airframe)
	  	 	  	 	  	 Escalation

Estimate

Adv Payment Base

Price Per A/P
	  	 Advance Payment Per Aircraft

(Amts. Due/Mos. Prior to Delivery):

	 Delivery

Date
	  	 	  	 	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	  	 [***]
	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	[***]	  	[***]	  		  	[***]	  	[***]	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	[***]	  	[***]	  		  	[***]	  	[***]	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]	  	 [***]
	  	 [***]
	  	 [***]

	[***]	  	 [***]
	  		  		  		  		  		  		  		  	
	[***]	  		  		  		  		  		  		  		  		  	

  

					
	 COP-54039-10.TXT
 PA No. 2191
SA-22
	  	Boeing Proprietary	  	 Sep 2010

Page 1

 CONFIDENTIAL 

 

 Attachment to 

6-1162-RLL-3958R3 
 Table 1-14 

Option Aircraft Delivery, Description, Price and Advance Payments 

 

															
	 Airframe Model/MTOW: 737-800
	  	 	[***]	 	  	 Detail Specification:
	  	 	[***]	 	  			
	 Engine Model/Thrust: CFM56 -7B26
	  	 	[***]	 	  	 Airframe Price Base Year/Escalation Formula:
	  	 	[***]	 	  	 	[***]	 
	 Airframe Price:
	  	 	[***]	 	  	 Engine Price Base Year/Escalation Formula:
	  	 	[***]	 	  	 	[***]	 
	 Optional Features:
	  	 	[***]	 	  		  				  			
		  	  
	  
	 	  		  				  			
	 Sub-Total of Airframe and Features:
	  	 	[***]	 	  	 Airframe Escalation Data:
	  				  			
	 Engine Price (Per Aircraft):
	  	$	 0	 	  	 Base Year Index (ECI):
	  	 	[***]	 	  			
	 Aircraft Basic Price (Excluding BFE/SPE):
	  	 	[***]	 	  	 Base Year Index (CPI):
	  	 	[***]	 	  			
		  	  
	  
	 	  		  				  			
	 Buyer Furnished Equipment (BFE) Estimate:
	  	$	 0	 	  		  				  			
	 Seller Purchased Equipment (SPE) Estimate:
	  	 	[***]	 	  		  				  			
	 Non-Refundable Deposit/Aircraft at Def
Agreemt:
	  	 	[***]	 	  		  				  			

  

															
	 Delivery

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

  

					
	 COP{ PA 2191 SA-22
 54695-1O.TXT
	  	Boeing Proprietary	  	 9/2010

Page 1

 CONFIDENTIAL 

 

 

 
 Boeing Commercial Airplanes 

P.O. Box 3707 

Seattle, WA 98124-2207 

6-1162-KSW-6419R1 
 COPA HOLDINGS, S.A. 

Urbanizacion Costa del Este 
 P.O. Box 0816-06819 

Panama, Republic of Panama 
  

	Subject:	 [***] 

  

	Reference:	 Purchase Agreement No. 2191, as amended to date, including without limitation all exhibits, attachments,
schedules and letter agreements thereto (the Purchase Agreement), between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer) relating to Model 737-8V3 aircraft (the Aircraft) 

[***] 

 CONFIDENTIAL 

 

 

 
 COPA HOLDINGS, S.A., INC. 

6-1162-KSW-6419R1 
 Page 2 

6. The information contained herein represents confidential business information and has value precisely because it is not available generally or to other
parties. Except as otherwise required by applicable law, regulation or legal process, Customer will limit the disclosure of its contents to employees, counsel and auditors of Customer with a need to know the contents for purposes of helping Customer
perform its obligations under the Purchase Agreement or advising Customer with respect thereto and who understand they are not to disclose its contents to any other person or entity in violation of the provisions of this Paragraph 6. 

 

			
	Very truly yours,
	
	THE BOEING COMPANY
		
	By	 	  

		 	Its Attorney-In-Fact
	
	 ACCEPTED AND AGREED TO this
  

	Date:                             , 2010
	
	COPA HOLDINGS, S.A.
		
	By	 	  

			
	        Its	 	  

  

					
	 P.A. No. 2191
 [***]

09/10
	  		  	 SA-22

Boeing Proprietary

 CONFIDENTIAL 

 

 Attachment A to Letter Agreement 6-1162-KSW-6419R1 

 

									
		  		 	[***]	  		  	
	 Airframe Model
	  	737-800	 		  		  	
	 Engine Model:
	  	CFM56-7B26	 		  		  	            
	 Airframe Price Base Year
	  	[***]	 		  		  	
	 Engine Price Base Year
	  	[***]	 		  		  	

  

													
	 Delivery Month and Year
	  	Subject Aircraft
Serial Number	 	 	Applicable
Combined
Airframe/Engine
Escalation
Provisions	 	 	Election Period	 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 	 	 	[	***] 

  

					
	P.A. No. 2191	  	Boeing Proprietary	  	 SA-22

09/10

 CONFIDENTIAL 

 

 Attachment A to Letter Agreement 6-1162-KSW-6419R1 

[***] 
  

													
	 Delivery Month and Year
	  	Subject Aircraft
Serial Number	 	  	Applicable
Combined
Airframe/Engine
Escalation
Provisions	 	  	Election Period	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 

  

					
	P.A. No. 2191	  	  
 Boeing Proprietary
	  	 SA-22

09/10

 CONFIDENTIAL 

 

 Boeing Commercial Airplanes 

P.O. Box 3707 
 Seattle, Washington 98124-2207 

U.S.A. 
  

	Reference:	 Purchase Agreement No. 2191 dated as of November 25, 1998, as amended to date, including all exhibits,
attachments, schedules and letter agreements thereto, between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (the Purchase Agreement) 

  

	Attention:	 Vice President — Contracts 

	    	 Mail Code 21-34 

Pursuant to Article 2 of Letter Agreement 6-1162-KSW-6419 (Letter Agreement) to the Purchase Agreement and subject to the provisions of Article 3 of such
Letter Agreement, COPA HOLDINGS, S.A. [***]: 
  

							
	 Airframe Model:
	  	Airframe Price Base Year:	  			
			
	 Engine Model:
	  	Engine Price Base Year:	  	 	[***]	 

  

					
	 Delivery Month and Year
	  	Candidate Aircraft
Serial Number	  	Combined
Airframe/Engine
Escalation Factor

			
	COPA HOLDINGS, S.A.

			
		
	By	 	  

			
	        Its	 	  

			
	
	Dated                                 
	
	[***]
	
	THE BOEING COMPANY
		
	By	 	  

		 	Its Attorney-in-Fact
	
	Dated                                 

  

					
	P.A. No. 2191	  	  
 Boeing Proprietary
	  	 SA-22

09/10

 CONFIDENTIAL 

 

					
		  		  	 The Boeing Company
 P.O. Box 3707

Seattle, WA 98124-2207

  
 

 
 LA-1001606 
 COPA HOLDINGS
S.A. 
 Urbanización Costa del Este 
 P.O. Box 0816-06819

 Panama, Republic of Panama 
  

	Subject:	 [***] 

  

	Reference:	 Purchase Agreement No. PA-2191 as amended to date, including without limitation all exhibits, attachments,
schedules and letter agreements thereto (Purchase Agreement) between The Boeing Company (Boeing) and COPA Holdings S.A. (Customer) relating to Model 737-800 aircraft (Aircraft) 

[***] 
 1.2 [***] 

  

					
	 COP-PA-2191-LA-1001606
 [***]
	  	  
 Boeing Proprietary
	  	 SA-22

LA Page 1

 CONFIDENTIAL 

 

 

 
 4. Confidential Treatment. 

The information contained herein represents confidential business information and has value precisely because it is not available generally or
to other parties. Except as otherwise required by applicable law, regulation or legal process, Customer will limit the disclosure of its contents to employees, counsel and auditors of Customer with a need to know the contents for purposes of helping
Customer perform its obligations under the Purchase Agreement or advising Customer with respect thereto and who understand they are not to disclose its contents to any other person or entity in violation of the provisions of this Paragraph 4. 

  

					
	 COP-PA-2191-LA-1001606
 [***]
	  	  
 Boeing
Proprietary
	  	 SA-22

LA Page 2

 CONFIDENTIAL 

 

 

 
  

			
	Very truly yours,
	
	THE BOEING COMPANY
		
	By	 	  

		 	Its Attorney-in -Fact
	
	ACCEPTED AND AGREED TO this
	
	Date:                             
	
	COPA Holdings, S.A.
		
	By	 	  

			
	        Its	 	  

  

					
	 COP-PA-2191-LA-1001606
 [***]
	  	  
 Boeing Proprietary
	  	 SA-22

LA Page 3

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