Bladex Investor Presentation

April 2015

Strictly Private & Confidential

Color

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234 93 46

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Disclaimer

“This presentation contains forward-looking statements. These statements are made under the “safe harbor” provisions

established by the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks

and uncertainties. The forward-looking statements in this presentation reflect the expectations of the Bank’s management

and are based on currently available data; however, actual experience with respect to these factors is subject to future

events and uncertainties, which could materially impact the Bank’s expectations. A number of factors could cause actual

performance and results to differ materially from those contained in any forward-looking statement, including but not limited

to the following: the anticipated growth of the Bank’s credit portfolio, including its trade finance portfolio; the continuation of

the Bank’s preferred creditor status; the impact of increasing interest rates and of improving macroeconomic environment in

the Region on the Bank’s financial condition; the execution of the Bank’s strategies and initiatives, including its revenue

diversification strategy; the adequacy of the Bank’s allowance for credit losses; the need for additional provisions for credit

losses; the volatility of the Bank’s Treasury trading revenues; the Bank’s ability to achieve future growth and increase its

number of clients, the Bank’s ability to reduce its liquidity levels and increase its leverage; the Bank’s ability to maintain its

investment-grade credit ratings; the availability and mix of future sources of funding for the Bank’s lending operations;

potential trading losses; existing and future governmental banking and tax regulations; the possibility of fraud; and the

adequacy of the Bank’s sources of liquidity to replace large deposit withdrawals.”

1

Management Representatives – Team A

In current role since 2012

Responsible for the overall relationship with international financial institutions and has an active

role in funding/liquidity and asset liability management

Joined Bladex in 2005 and, until 2012, acted as Business Manager for the Asset Management

Division. She has an extensive background in the banking industry as well as in the Project

Management field

Christopher Schech Executive Vice President

Chief Financial Officer

Annette de Solis Vice President

Treasury and Capital

Markets

In current role since 2009, with 25 years of financial services experience with assignments in

Latin America, the United States, Europe and Asia

CFO, Region International Division at Volvo Financial Services (2008-2009)

Various capacities in General Electric Company (1996-2008) and Coopers & Lybrand

Deutsche Revision (1990-1996)

2

Management Representatives – Team B

In current role since 2002, alternate to the Chief Financial Officer, heading Financial Planning

and Analysis and Investor Relations

25 years of experience at Bladex (1990 to date) serving in various capacities in the finance,

commercial and economic studies areas

Significant institutional knowledge of the Bank’s financial background, business development

and strategic evolution

Eduardo Vivone Senior Vice President

Treasurer

Ana Graciela de

Mendez Senior Vice President

Finance

In current role since 2013 with extensive background in the banking industry, having covered

different senior roles in Latin America, Europe and the United States

Head of Global Markets at HSBC Panama from 2010 to 2012 and Regional Head of

Government Sector Coverage at HSBC New York from 2007 to 2010

Previously served as Treasurer of HSBC Spain and Head of Balance Sheet Management at

HSBC Bank Argentina

3

1979

A Leading Franchise with a Solid Track

Record

The Latin America Trade Finance Bank Key Financial Highlights

Remarkable Trajectory: 35 years of Success

Bladex is the Latin American Trade Finance Bank, providing integrated

financial solutions across Latin America’s foreign trade value chain

First Latin American bank to be listed on the NYSE and to be rated

Investment Grade (both in 1992)

Currently rated Baa2 / BBB / BBB+, all with Stable outlook

Class “A” shareholders (Central Banks or designees from 23

Latin America (“LatAm”) countries) provide substantial support

and represent a direct link between the Bank and the governments

of Latin America

Multi-national DNA embedded in its ownership structure,

management and culture

Current Credit Ratings

FY2014 YoY (%)

Net Income (mm): $106.9 +26%

Net Interest Income (mm): $141.1 +15%

Return on Average Equity: 12% 10%(2)

Gross Loans (mm): $6,686 +9%

Total Assets (mm): $8,025 +7%

Total Deposits (mm): $2,507 +6%

Market Capitalization (mm): $1,167(1) +8%

Asset Quality (NPL Ratio): 0.06% 0.05%(2)

1988

1992

2003

2005

2009

2014

Following incorporation in 1978, Bladex initiated its operations in 1979 and issued its

first bond in the international capital markets

Bladex is granted a license to operate as an agency by the New York State

Banking Authorities

Bladex is the First Latin American bank registered with the SEC for its IPO,

establishing a full listing on the NYSE

Bladex conducts a Common Stock Rights Offering, with a stand-by

commitments issued by a group of Class A shareholders and multilateral

organizations

Bladex launches its client diversification strategy into trade-oriented

corporations; expansion of its suite of products and services

Bladex initiates funding diversification strategy: increase in central bank

deposits, local & international debt sales, syndicated loan facilities

Bladex cooperates with the International Finance Corporation to

establish the first critical commodities finance facility in Latin America

(1) As of December 31, 2014; (2) As of December 31, 2013

Moody’s S&P Fitch

Date of Rating Dec. 2007 May 2008 Jul. 2012

Date of Confirmation Nov. 2014 Jul. 2014 Jul. 2014

Short Term P-2 A-2 F2

Long Term Baa2 BBB BBB+

Outlook Stable Stable Stable

4 Source: Company filings

… and a Strong and Unique Shareholder

Structure

A unique shareholding structure

Class A shareholders provide substantial support to Bladex, representing a direct link between the Bank and the governments

of Latin America – most of which have granted preferred creditor status to the Bank – and also constituting the main source of

deposits, a very reliable funding source

Class A shareholders enjoy super-majority rights

Class A shareholders can only sell shares to other class A shareholders, thus maintaining the essence of the existing

shareholder structure and ensuring support from central banks

Shareholder Composition Board of Directors Composition

As of March 31, 2015 As of March 31, 2015

Class A 30%

Class E 50%

All Classes 20%

Class A 16.3%

Class B 6.4%

Class E 77.3%

Class A – Central Banks or

designees from 23 LatAm countries

Class B – LatAm international banks

and financial institutions

Class E – Public Float (NYSE listed)

Out of 10 directors, 9 are

independent and one represents the

Bank’s management (CEO)

5

Investment Highlights

Diversified Commercial Portfolio with Robust Asset Quality

Defined Strategy to Achieve Sustainable Growth

Diversified Funding & Conservative Liquidity

Management

Experienced Management and Conservative Risk Management

Practices

Compelling Returns sustained by Strong and Reliable Performance

Metrics*

Leading Franchise in LatAm with Solid Track Record and a Tailored Business Model

Trade Finance Bank in Latin America with 35 years of Remarkable Success

Investment Grade Profile with Strong and Unique Shareholding Structure

Deep knowledge of Latin America with Core in Trade Finance

Strategically Positioned to Capture Growth Opportunities

Sustainable Portfolio Strategy focused on Diversification

Strong Asset Quality Management and a Low Risk Core Business Focus

Increased diversification of Regional and Global Funding Sources

Advanced Liquidity Management operating under Basel III Framework

Net Income of $106.9 million as of December 2014 (+26% YoY)

Return on Average Equity of 12%

Solid 15.6% Tier 1 Capitalization Ratio (Basel III)

Seasoned Senior Management with more than 45 years in C-Suite roles

World-Class Standards in Corporate Governance, focused on Enterprise-Wide Risk Management

(*) As of December 2014

6

Defined Value Proposition with Strong

Business Fundamentals…

Business Value Proposition Strong Underlying Business Fundamentals

Business Products & Services Multi-Pronged Business Segmentation

Global provider of natural

resources with positive

demographics

Sustained growth

and sound

economic

policies

Pan Regional

Reach

Product & Market

Expertise

Agility &

Efficiency

Client Focused

In-depth knowledge of Latin America’s local markets

Backed by 23 Latin American governments

Vast correspondent banking network throughout LatAm

Uniquely qualified staff with strong product expertise in

Trade Value Chain, Cross-border Finance, Supply-side &

Distribution, both intra-regional and inter-regional

Efficient organizational structure

LEAN workflows

LEAN, client focused culture with a single point of contact

Providing client-specific solutions

Focused on long-term relationships

COUNTRIES

REGIONS

CLIENT

BASE

INDUSTRY

SECTORS

Financial Institutions

Among top 10 in all

countries

Corporate banking

activity

Corporations

Foreign exchange

generation capacity

Growth oriented beyond

domestic market

Among top 10 in

respective industry

sector

Corporate governance

Focus on Strategic Sectors for the Region

O&G, Agribusiness, Food processing, Manufacturing

Driver of progress,

economic growth and

development

Supporting

specialization in

both primary and

manufacturing

sectors

Enhancing LatAm’s

role in global and

regional value chains

Growth of ‘Multi-latinas’ as

drivers of business expansion

Supporting business

integration boosted by

free trade agreements

Pre-export and

export finance

Import financing

Term loans and

revolving credit

facilities

Letters of credit

and guarantees

Banker's

acceptances

Tra

de F

inancin

g

Pre-export

financing with

contract

assignment and

other

guarantees

Vendor finance

(factoring,

reverse

factoring and

forfaiting)

Financing

guaranteed by

ECAs and/or

private

insurance

programs

Str

uctu

red T

rade S

olu

tions

Medium- and

long-term loans

Acquisition

finance

Trade-related

term loans

Trade & non-

trade revolving

credit facilities

Liability

management

Bridge loans

Syndic

ations

Leasing

Term loans

Guarantees

A/B financing

with

multilaterals

Working capital

loans

Fin

ancia

l Loans

Trade Non-Trade

7

Proven Business Model

Leverage Proven

Origination Capacity

LatAm GDP

Growth

LatAm Trade

Flow Growth

Bladex Client

Base Growth

Valued Products

& Services

3%+

ROAE

15%+

ROAE

12%+

ROAE

Bladex

Origination

Active

Portfolio

Management

~ 2%

NIM

~ 1.5%

ROAA

< 1.4%

Cost of Credit

< 30%

Efficiency

~ 10%

Growth

On-book Portfolio

> 13.5%

Tier 1 BIII

Target Consistent

Core Performance

Financial

Institutions Structuring

Partners Trade

Services

Distribution

Asset Distribution & Services

Fee Based

Services

Investors Other

Tap Additional

Income Sources

15%+

ROAE

12%+

ROAE

3%+

ROAE

8

Defined Strategy & Positioning to Capture

Further Growth Opportunities

Develop Emerging Businesses

• Develop robust syndication

platform

• Expand diversified markets

distribution capabilities

IFC program

• Expand vendor finance and

leasing capabilities

SOFOM in Mexico

Contribute towards sustainable 15% ROAE

Build New Businesses

• Explore adjacent markets &

create pipeline of new business

opportunities within foreign trade

and regional integration approach,

such as:

Insurance

Capital Markets

Trade-related Services

Factoring

Infrastructure Projects

Ensure Long Term Viability

Strengthen Core Business

• Improve Operating Efficiency

through LEAN Processes,

Structure & Organization

• Active credit portfolio

management

Maximize return on equity

Improve the quality of earnings

Achieve well diversified

concentration of risk

• Expand Contingency Business

Guarantee and L/C Issuance

Platform

Ensure sustainable 12% Core ROAE

+

+

9

Reducing Risk within an Improved Risk Profile

in the Region…

Improved Risk Profile in the Region

Credit Portfolio Concentration by International Risk Rating

of Country of Exposure

Contributing to Growth and Prosperity in LatAm

Accumulated Credit Disbursements (in US$ billions)

Improved risk perception of the Latin American

Region over the past 20 years

Currently, 77% of the Credit Portfolio is in investment-

grade countries, compared to 21% and 14% in 2003

and 1993, respectively

Contributing to the growth and prosperity in Latin

America for more than 30 years, Bladex has

accumulated credit disbursements of US$222 billion

since inception

Disbursement volumes surpass or rival those of much

larger institutions, both private sector and multilateral

Source: Company filings

9% 5% 14% 12%

72% 43% 15%

11%

31%

45%

9% 11% 19%

4%

1993 2003 1Q 2015

AAA - A+ BBB BB B CCC - D SD

0

1

2

3

4

5

6

7 9 11

14

17

22

29

37

46

56 67 79

89

97

105

114

120

124

129

135

144

152

158

162

169

180

191

205

219

222

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

1Q

15

10

27.7% 13.0%

10.9% 8.4%

4.7% 4.5% 4.4% 4.2%

3.6% 2.8% 2.6% 2.6%

2.3% 1.8% 1.6% 1.4% 1.3%

2.2%

BrazilMexico

ColombiaPeru

PanamaCosta Rica

EcuadorGuatemala

Dom RepUruguay

ChileArgentina

T & TParaguay

El SalvadorGermanyHonduras

Other

35.8% 7.1%

6.6% 6.0%

5.4% 5.2%

4.3% 4.2% 4.1% 4.0%

3.0% 2.9%

2.0% 1.7% 1.5% 1.2% 1.1% 1.1% 1.1% 0.9% 0.8%

Financial InstitutionsGrains and Oilseeds

Oil & Gas (Downstream)Oil & Gas (Integrated)

Metal ManufacturingFood & Beverage

CoffeeSugar

Other Manu. IndustriesOther Services

AirlinesElectric Power

Oil & Gas (Upstream)Retail Trade

ShippingTelecommunications

PetrochemicalWholesalers

Plastics & PackagingPaper

Mining

…through a Sustainable Portfolio Strategy

Focused on Diversification…

As of December 31, 2014

By Country

As of December 31, 2014

By Industry

Sustained Portfolio Growth

Reduced exposure to Brazil by

10 percentage points between

2010 and 2014

Commercial Portfolio (EOP balances, in US$ millions)

Commercial Portfolio Composition

As of December 31, 2014

56%

44% Trade

Non-trade

*Short-term is defined as original maturities of <1 year; current portion of long-term is defined as remaining tenor is <1 year

**Exposures in countries outside LatAm corresponds to credit extended to subsidiaries in LatAm with head office guarantee

Source: Company filings

82%

18%

Trade Non-trade

18%

28% 54%

Long-term(current)*

Long-term

Short-term*

27%

13%

10% 24%

23%

3% Brazil

Mexico

SoCo

Andean

CCA

Other**

36%

7%

57%

FinancialInstitutions

Middle-Market Corp

Corporations

4,064 4,960

5,716 6,148 6,686

382

394 237

482 501

$4,446

$5,354 $5,953

$6,630 $7,187

2010 2011 2012 2013 2014

Loans Acceptances and Contingencies

11

71%

29%

Maturity < 1 yrMaturity > 1 yr

…a Strong Asset Quality Management and a

Low Risk Core Business Focus

Commercial Portfolio by Type of Transaction

Non-Performing Loans Evolution

Commercial Portfolio by Remaining Term

Rigorous Non-Performing Loans (NPL) monitoring, pro-

active loss prevention and diligent recovery processes -

minimal historical losses and NPL balances

Reserve Coverage Ratio reverting to historical pre-crisis

levels

Low Risk Core: privileged asset class, short-term nature,

superior loss performance, minimal interest rate exposure

*Short-term is defined as original maturities of <1 year; current portion of long-term is defined as remaining tenor is <1 year

Source: Company filings

Bladex portfolio is mostly trade related, a privileged asset class due to its

short-term nature and superior comparative performance

57% 58% 64% 59% 54% 53%

14% 12% 13% 14% 18% 20%

28% 30% 23% 27% 28% 27%

2010 2011 2012 2013 2014 1Q 2015

Short-term* Long-term (current)* Long-term

59% 59% 61% 58% 56% 54%

41% 41% 39% 42% 44% 46%

2010 2011 2012 2013 2014 1Q 2015

Trade Non-trade

As of March 31, 2015, 73% of the loan portfolio had a residual time to

maturity no longer than one year, with an average tenor of 113 days. The

average residual tenor of the medium term portfolio was 2.2 years. The

average time to maturity of the total loan portfolio was 307 days

12

(US$ millions)

29.0 32.0

3.1 4.0

21.0

0.71% 0.65%

0.05% 0.06%

0.32%

3.2x 3.0x

25.0x

21.4x

4.2x

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

0

0.001

0.002

0.003

0.004

0.005

0.006

0.007

0.008

2010 2011 2012 2013 2014 1Q 2015

Non-performing loan balanceNon-performing loans to total loan portfolio, net of discountsCredit provision to non-performing loan balances (times)

Diversified Regional and Global Funding

Sources…

Funding Highlights

Deposits by Type of Client

Funding Sources & Cost of Funds

Diversified Funding Sources

Proven capacity to secure funding and maintain high liquidity levels,

even during crises

Deposits from central banks shareholders or designees provide a

resilient funding base. They represent 67% of the Bank’s total

deposits as of March 31, 2015

Focus on increased diversification of global and regional funding

sources on numerous relevant dimensions: client base, geography

and currency

Broad access to funding through public and private debt issuance

programs in USD and other currencies

Increased focus in medium and long-term funding to match a

growing asset base with similar characteristics

Funding by Currency(*)

As of March 31, 2015 As of March 31, 2015 As of March 31, 2015

Source: Company filings

23%

23%

19%

3%

14%

16%

2%

South America Europe USA/Canada

Mexico CCA Asia

Multilateral

95%

5%

USD Non-USD

50%

31%

15%

5%

MXN EUR CHF JPY

(*) Original Currency; all non-USD denominated

liabilities are hedged into US Dollars with the

exception of most MXN issuances which fund assets

in the same currency 13

67% 5%

17%

6% 3% 2%

Class A Shareholders State Owned Banks

Private Banks Private Corporations

Multilaterals State Owned Corporations

(US$ millions) Short-termborrowingsShort-term debt

Repos

1,821 2,304 2,317 2,361 2,507 2,614

1,360 1,700 1,607

2,991 2,993 3,044 1,075

1,488 1,906

1,154 1,406 1,288

2,502

277

266

$4,256 $5,492

$5,830 $6,506 $6,906 $6,946

1.26% 1.12%

1.63% 1.33% 1.07%

1.04%

-2.50%

-2.00%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2010 2011 2012 2013 2014 1Q 2015

Long-term borrowings & debt Short-term borrowings, debt & repos

Deposits Average Costs of Funds ("all-in")

73%

16%

8% 3%

USD CHF EUR JPY

…with Ample Capital Markets Access through

EMTN and Mexico Programs…

Debt Issuance Highlights EMTN Issuance (Private Placements)

In 2012 Bladex issued its debut 144A/Reg S for US$400 millions

In 2013 the Bank re-launched its EMTN program with a maximum

size of US$2.3 billion, targeted to non-bank institutional investors

and providing a robust source of funding in various currencies and

across a diversified range of markets. It has since raised almost

US$900 million in private placements

A short- and long-term notes Mexican Program was established in

2012 with a maximum size of MX$10 billion (or equivalent). Two

issuances (“Certificados Bursátiles”) for MX$2 billion each were

executed in 2012 and 2014

(US$ millions equivalent)

Source: Bladex

EMTN Issuance by Currency & Maturity Average Nominal Rate of EMTN Placements

2013 – 1Q 2015 (US$ millions)

332

111 134

140

84

87

$472

$195 $221

0

50

100

150

200

250

300

350

400

450

500

2013 2014 1Q 2015

Fixed Floating

247 144

225

94

77 69

1.01%

0.72% 0.76%

1.38%

1.06%

1.24%

2.83%

$472

$195 $221

0

100

200

300

400

500

600

700

800

900

1000

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%

1.80%

2013 2014 1Q 2015

Placements < 1 year Placements 1 to 5 years Placements > 5 years

Average Nominal Rate Average Nominal Rate Average Nominal Rate

14

19%

25%

3%

40%

13%

≤ 3 months 6 months

9 months 1 year

Over 1 year

…with Conservative Liquidity Management

Liquidity Management Highlights Liquidity Placements

Liquidity Ratio Liquidity Coverage Ratio

(US$ millions)

97.1%

2.7%

0.1% 0.1%

USA

Multilateral

Latin America

Other OECD

Advanced liquidity management operating under Basel III

framework, monitoring liquidity through Liquidity Coverage Ratio

(“LCR”) and Net Stable Funding Ratio (“NSFR”)

35% Liquidity Ratio (Liquid Assets / Total Deposits)

1.09x NSFR

1.06x LCR (Basel III)

Liquid balances mainly held in cash-equivalent deposits in A-1 /

P-1 rated financial institutions or A-rated negotiable money market

instruments

High-quality, short-term trade finance book, which serves as an

alternate source of liquidity, with approximately $1 billion in loans

maturing on a monthly basis

As of December 31, 2014

*As per Basel III definitions

Source: Company filings

As of March 31, 2015

421

786 690

831 741

919

23%

34%

30%

35%

30%

35%

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

100

200

300

400

500

600

700

800

900

1000

2010 2011 2012 2013 2014 1Q 2015

Liquid Assets* Liquid Assets/Total Deposits

15

50.4 66.3

83.5 89.4 103.5

24.0 26.3

(8.1)

16.9

9.5

(4.6)

3.4

$42.2

$83.2

$93.0 $84.8

$106.9

$23.5 $28.8

2010 2011 2012 2013 2014 1Q 2014 1Q 2015

Business Net Income Non-Core Income (Loss)

Expanding Earnings Capacity & Profitability…

Net Income Net Interest Income & Margin

Fees and Other Income

(US$ millions)

Efficiency Ratio

(US$ millions)

(US$ millions) (US$ millions)

Source: Company filings

74.5

102.7 105.0 123.1

141.1

32.1 35.8

1.70% 1.81% 1.70% 1.75%

1.87% 1.79%

1.84%

0.80%

1.00%

1.20%

1.40%

1.60%

1.80%

2.00%

-

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

2010 2011 2012 2013 2014 1Q 2014 1Q 2015

Net Interest Income Net Interest Margin

84.0 116.0 124.0

140.0 169.0

37.0 40.0

(38) (46) (53) (52) (54)

(13) (13)

46%

39% 43%

37%

32% 35.0%

33.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

(60.0)

(10.0)

40.0

90.0

140.0

190.0

2010 2011 2012 2013 2014 1Q 2014 1Q 2015

Business Revenues Business Expenses Business Efficiency Ratio

16

9.8 10.6 10.0 13.7

17.5

4.3 2.3

0.2 0.1 1.1

0.6

2.5

0.1 0.2

1.1 1.0 1.8

1.6

1.7

0.3 0.2

$11.1 $11.7 $13.0

$15.9

$21.8

$4.7 $2.8

2010 2011 2012 2013 2014 1Q 2014 1Q 2015

Fees and commissions, net Net gain on sale of loans Other Income

…with a Solid and Growing Balance Sheet...

Total Assets Loan Portfolio

Deposits

(US$ millions)

Stockholder’s Equity

(US$ millions)

(US$ millions) (US$ millions)

Source: Company filings

$5,100

$6,360 $6,756

$7,471 $8,025

$7,179

$7,955

2010 2011 2012 2013 2014 1Q 2014 1Q 2015

$4,064

$4,960

$5,716 $6,148

$6,686

$6,098 $6,569

2010 2011 2012 2013 2014 1Q 2014 1Q 2015

$1,821

$2,304 $2,317 $2,361 $2,507 $2,511

$2,614

2010 2011 2012 2013 2014 1Q 2014 1Q 2015

$697 $759

$826 $858

$911 $885 $941

2010 2011 2012 2013 2014 1Q 2014 1Q 2015

17

…and Strong and Reliable Performance Metrics

Business Return on Average Equity (“ROAE”) Business Return on Average Assets (“ROAA”)

Tier 1 Capital Ratio Stockholder's Equity / Total Assets

The Bank’s Tier 1 capital ratio according to Basel III is only available as of December 31, 2014,

as the guidance on a number of regulatory reforms to the regulatory capital framework were

updates in 2013.

(US$ millions)

Source: Company filings

7.4%

9.1%

10.4% 10.6%

11.6% 11.2% 11.5%

2010 2011 2012 2013 2014 1Q 2014 1Q 2015

1.0%

1.2%

1.4% 1.3%

1.4% 1.3% 1.3%

2010 2011 2012 2013 2014 1Q 2014 1Q 2015

20.5% 18.6% 17.9%

15.9% 15.3%

15.6%

16.4% 16.2%

16.4%

7.3x

8.4x 8.2x 8.7x 8.8x

8.1x 8.4x

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

2010 2011 2012 2013 2014 1Q 2014 1Q 2015

Tier 1 (Basel I)

Tier 1 (Basel III)

Leverage (times)

Regulatory Capital Ratio: 8.0%

18

697 759

826 858 911 885 941

13.7%

11.9% 12.2% 11.5% 11.4%

12.3% 11.8%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

-

100

200

300

400

500

600

700

800

900

1,000

2010 2011 2012 2013 2014 1Q 2014 1Q 2015Stockholder's Equity Stockholder's equity / Total assets

An Institution Adhering to World-Class

Standards…

(*) A substantial majority (nine out of ten Directors) of Bladex’s Board is

independent. Except for the Bank’s Chief Executive Officer (CEO), all other

members of the Board of Directors are independent.

An Institution Adhering to World-Class Standards

Second line of defense: Monitoring

Third line of defense: Assurance

First line of defense: Operating management

Board of Directors*

CEO

Risk Management Division

Commercial Division

Finance Division

Corporate Services

Internal Audit

Risk Policy and Assessment Committee

Finance & Business Committee

Nomination and Compensation

Committee

Audit and Compliance Committee

High corporate governance standards

Multiple regulators: FED, SEC, NYSDFS, Superintendence of Panama, and other

entities

Enterprise risk management & externally certified internal audit function

Internal alignment of corporate culture, measurement system and process

management to optimize total shareholder return

19

Ulysses Marciano, Executive Vice President, Chief Commercial Officer

• Executive Director of Corporate Banking of BBVA Representative Office in Sao Paulo, Brazil (2011-2012)

• Previously served as Director of Corporate Banking & Governments at Bladex (2008-2011)

• Previously, Executive Director of Corporate & Investment Wholesale Division in Banco Santander Brasil S/A (2000-2008)

• Senior Manager in Unibanco, União de Bancos Brasileiros (1994 – 1999)

Rubens V. Amaral Jr., Chief Executive Officer

• Former EVP & Chief Commercial Officer and alternate to the CEO since 2004

• General Manager and Managing Director for North America at Banco do Brasil, New York Branch

• Director of the Board of Bladex from 2000 to 2004

• Served in various capacities with Banco do Brasil from 1975

Daniel Otero, Executive Vice President, Chief Risk Officer

• Over 23 years of international financial experience

• Chief Risk Officer of Centro Financiero BHD, Santo Domingo, DR (2006-2012)

• Since 1990, served in various capacities with PwC in Buenos Aires, Santiago de Chile and London

Christopher Schech, Executive Vice President, Chief Financial Officer

• 25 years of financial services experience with assignments in LatAm, U.S., Europe and Asia

• CFO, Region International Division at Volvo Financial Services (2008-2009)

• Various capacities in General Electric Company (1996-2008) and Coopers & Lybrand Deutsche Revision (1990-1996)

Miguel Moreno, Executive Vice President, Chief Operating Officer

• Bladex’s COO since 2007, previously served as Senior Vice President and Controller (2001-2007)

• Partner and IT Consulting Manager for PwC, Bogotá, Colombia (1988-2001)

• VP of IT & Operations for Banco de Crédito, Bogotá, Colombia (1987-1988)

• CEO of TM Ingeniería, Bogotá, Colombia (1983-1987)

Gustavo Díaz, Executive Vice President, Chief Audit Officer

• 15 years of experience in Internal Audit

• Chief Audit Executive for CABEI in Honduras (2000 – 2009)

• Director of Internal Audit and Chief Compliance Officer for Corfivalle in Colombia (1994 - 2000)

• Manager of External Audit for KPMG Peat Marwick in Colombia and Chile, (1985 - 1994)

…Led by an Experienced Management Team

20

Conservative Risk Management Practices

Our “Enterprise-Wide Risk Management Framework” establishes that the identification and

valuation of all risks is essential for their management. The risk map covers the main

categories of risk where Bladex has material current or potential exposures.

Risk Map

Bladex Enterprise-Wide Risk Management

Default

Counterparty

Country

Sector

Concentration

Price

Liquidity

Interest Rates

Exchange rate

Internal Fraud

External fraud

Labor Policies

Business

Practices

Asset Damages

IT Failures

Process Failures

Legal

Reputational

Strategic

Credit Risk Market Risk Operational Risk Business Risk

1. Business and support areas are responsible for implementing business and risk-related

decisions, carrying out business within the risk limits set forth in policies, and reporting on their

results

2. Active monitoring through risk management, promoting independent review of the business with

heightened awareness of the risks involved

3. Assurance is conducted by Internal Audit, assessing effectiveness of the risk management

system in terms of:

Reliability and integrity of financial and operational information;

Effectiveness and efficiency of operations;

Protection of assets and compliance with laws, regulations and contracts

.

SECOND LINE

OF DEFENSEMonitoring

-------------------------

Risk function

FIRST LINE

OF DEFENSE

Operating

Management

-------------------------

Front-end &

enabling functions

THIRD LINE

OF DEFENSEAssurance

-------------------------

Audit function

21

Conservative Risk Management Practices

Clients are targeted

based on the

organization’s

strategic planning

Both return and risk

appetite are

considered in the

process

Analysis &

Documentation Origination

Risk

Assessment

Credit

Committee

Annual

Revision

The risk review is

carried out at three

levels:

Country of exposure

Sector of exposure

Customer's ability to

meet its contractual

obligations to the

Bank. Involves

analyzing credit

quality, credit

structure, solvency

and the projected

return for the

assumed risk

Client is required to

submit information

for a comprehensive

evaluation of credit,

according to policies

and procedures

Ratings assigned to

customers are

reviewed

periodically,

incorporating new

financial information

and expertise in the

development of the

banking relationship

More frequent

reviews are required

for clients who

trigger certain

warnings and for

those on special

watch

Board of Directors:

I. Limits

II. Country

III. Term

Senior Credit

Committee:

I. > US$ 40 MM

II. <= US$ 40 MM

III. <= US$ 10 MM

Credit Cycle

22

Investment Highlights

Diversified Commercial Portfolio with Robust

Asset Quality

Defined Strategy to Achieve Sustainable

Growth

Diversified Funding & Conservative Liquidity

Management

Experienced Management and Conservative Risk

Management Practices

Compelling Returns sustained by Strong and

Reliable Performance Metrics

Leading Franchise in LatAm with Solid Track Record and a Tailored

Business Model

23

Appendix

Key Financial Metrics

*End of period balance

Source: Company filings 24

(in US$ millions) 2010 2011 2012 2013 2014 1Q 2014 1Q 2015

Business Net Income $50.4 $66.3 $83.5 $89.4 $103.5 $24.0 $26.4

Non-Core Income (8.1) 16.9 9.5 (4.6) 3.4 (0.5) 2.6

Net Income attributable to Bladex stockholders 42.2 83.2 93.0 84.8 106.9 23.5 28.8

EPS (US$) $1.15 $2.25 $2.46 $2.21 $2.76 $0.61 $0.74

Return on Average Equity (ROAA) 6.2% 11.4% 11.6% 10.0% 12.0% 10.9% 12.6%

Business ROAE 7.4% 9.1% 10.4% 10.6% 11.6% 11.2% 11.5%

Return on Average Assets (ROAA) 1.0% 1.5% 1.5% 1.2% 1.4% 1.3% 1.5%

Business ROAA 1.0% 1.2% 1.4% 1.3% 1.4% 1.3% 1.3%

Net Interest Margin (NIM) 1.70% 1.81% 1.70% 1.75% 1.87% 1.79% 1.84%

Net Interest Spread (NIS) 1.43% 1.62% 1.44% 1.55% 1.71% 1.62% 1.68%

Loan Portfolio * 4,064 4,960 5,716 6,148 6,686 6,098 6,569

Commercial Portfolio * 4,446 5,354 5,953 6,630 7,187 6,610 7,093

Credit Reserve Coverage 2.07% 1.82% 1.31% 1.18% 1.20% 1.18% 1.23%

Non-Performing Loans Coverage 3.2x 3.0x 0.0x 25.0x 21.4x 24.9x 4.2x

Efficiency Ratio 55% 36% 42% 41% 32% 37% 31%

Business Efficiency Ratio 46% 39% 43% 37% 32% 35% 33%

Market Capitalization 678 596 822 1,081 1,167 1,021 1,276

Assets 5,100 6,360 6,756 7,471 8,025 7,179 7,955

Tier 1 Capital Ratio Basel I 20.5% 18.6% 17.9% 15.9% 15.3% 16.4% 16.2%

Leverage 7.3x 8.4x 8.2x 8.7x 8.8x 8.1x 8.4x

Results

Performance

Portfolio

Quality

Efficiency

Scale &

Capitalization

Profit and Loss

25

(in US$ thousands) 2010 2011 2012 2013 2014 1Q 2014 1Q 2015

Net Interest Income $74,503 $102,710 $104,977 $123,092 $141,131 $32,109 $35,769

Reversal of provision (provision) for loan losses (9,091) (8,841) 8,343 1,598 (6,895) 16 2,695

Net interest income, after reversal of provision

(provision) for loan losses65,412 93,869 113,320 124,690 134,236 32,125 38,464

Reversal of provision (provision) for losses on off-

balance sheet credit risk13,926 4,448 4,046 (381) (1,627) 0 (3,021)

Fee and commissions, net 9,811 10,619 10,021 13,669 17,502 4,276 2,300

Derivative f inancial instruments and hedging (1,446) 2,923 71 353 106 (20) 912

Recoveries, net of impairment of assets 233 (57) 0 108 7 0 0

Net gain (loss) from investment funds (7,995) 20,314 7,011 (6,702) 3,409 (560) 2,562

Net gain (loss) from trading securities (3,603) (6,494) 11,234 3,221 (393) (199) (15)

Net gain on sale of securities available-for-sale 2,346 3,413 6,030 1,522 1,871 258 296

Gain on sale of loans 201 64 1,147 588 2,546 120 207

Net gain (loss) on foreign currency exchange 1,870 4,269 (10,525) (3,834) 766 190 (69)

Gain on sale of premises and equipment 0 0 5,626 0 0 0 0

Other income, net 1,080 995 1,839 1,644 1,745 331 248

Net other income 16,422 40,494 36,500 10,188 25,931 4,396 3,420

Total operating expenses (42,218) (50,087) (55,814) (54,306) (53,702) (13,484) (13,043)

Net income from continuing operations 39,615 84,276 94,006 80,572 106,465 23,037 28,841

Net income (loss) from discontinued operations 206 (420) (681) (4) 0 0 0

Net Income 39,821 83,856 93,325 80,568 106,465 23,037 28,841

Net income (loss) attributable to the redeemable non-controlling interest(2,423) 676 293 (4,185) (475) (475) 0

Net income attributable to Bladex stockholders $42,244 $83,180 $93,032 $84,753 $106,940 $23,512 $28,841

Balance Sheet

26

(in US$ millions) 2010 2011 2012 2013 2014 1Q 2014 1Q 2015

Interest bearing deposits w ith banks $431 $831 $700 $840 $780 $584 $945

Trading assets 50 20 5 0 0 0 0

Securities available-for-sale 353 416 183 334 339 316 332

Securities held-to-maturity 33 27 34 34 54 37 62

Investment Funds 167 120 106 119 58 118 57

Loans 4,064 4,960 5,716 6,148 6,686 6,098 6,569

Allow ance for loan losses (79) (89) (73) (73) (80) (73) (78)

Unearned income and deferred fees (4) (7) (7) (7) (8) (6) (8)

Other assets 78 69 86 76 196 105 76

Total assets $5,100 $6,360 $6,756 $7,471 $8,025 $7,179 $7,955

Total deposits 1,821 2,304 2,317 2,361 2,507 2,511 2,614

Trading liabilities 4 6 32 0 0 0 0

Securities sold under repurchase agreements and Short-term borrow ings1,360 1,700 1,607 2,991 2,993 2,422 3,045

Long-term borrow ings and debt 1,075 1,488 1,906 1,154 1,405 1,231 1,288

Derivative f inancial instruments - liabilities 53 54 12 9 40 10 27

Other liabilities 71 44 52 48 169 70 40

Total liabilities $4,384 $5,595 $5,927 $6,563 $7,114 $6,244 $7,014

Redeemable noncontrolling interest 19 6 3 50 0 49 0

Total stockholders' equity 697 759 826 858 911 885 941

Total liabilities and stockholder's equity $5,100 $6,360 $6,756 $7,471 $8,025 $7,179 $7,955

Bladex Shareholder’s Return

Stock Performance

Annual Dividend per Share

Bladex offers investors risk-diversified access

to a continent with compelling growth

prospects

Attractive dividend yield (annual dividend yield

over 5.0%) as a function of core business

growth (target 40% - 50% payout ratio)

YoY stock price appreciation of 24%

Total shareholder return (“TSR”) of more than

30% YoY as of March 31, 2015

Attractive valuation multiples (P/E and P/BV).

P/BV of 1.4x and P/E of 11.0x as of March 31,

2015

Steady increase in book value

0.850

1.100 1.250

1.435

0.385

5.0%

5.3%

5.1%

4.9%

5.1%

3.00%

3.50%

4.00%

4.50%

5.00%

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

2011 2012 2013 2014 1Q 2015

Declared Dividends per Share Annualized Return / Average Price per Share

$26.4

$32.8

$22.9

$24.2

0

5

10

15

20

25

30

35

40

0

100

200

300

400

500

600

700

Price (

US

$)

Volu

me (

thousands)

Volume Close Price Book Value

27

28