April 23, 2014

Bladex Corporate Presentation

Results as of March 31, 2015

2

“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.”

Table of Contents Page

Who We Are: Bladex - The Latin America Trade Finance Bank….………………………..…………….…..4

How We Manage Our Portfolio…….…………………………………………………………………..….…...14

Liquidity Management & Funding……………………………………………………………………….……..19

Our Financial Performance ………………….………………………………………………………….……...22

3

Who We Are:

BLADEX - The Latin America Trade Finance Bank

4

Who We Are: Well-recognized

Franchise with Solid Track Record

Incorporated

(1975)

Began

operations

(1979)

First Latin American

bank listed on the

NYSE (1992)

Client diversification into

corporations and middle-

market companies

Introduction of complementary

products and services

(Leasing and Vendor Finance)

Current Credit Ratings

1980’s 1990’s 2000’s

Moody’s Fitch S&P

Date of Rating Dec. 2007 Jul. 2012 May 2008

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

Short Term P-2 F2 A-2

Long Term Baa2 BBB+ BBB

Perspective Stable Stable Stable

5

2010’s

Expansion of

complementary products

and services (L/C

Issuance, Factoring,

Syndications,

Intermediation)

Mission: To provide financial

solutions of excellence to financial

institutions, companies and

investors doing business in Latin

America

Vision: to be recognized as a

leading institution in supporting

trade and regional integration

across Latin America

Strong and Unique Shareholding Structure

Bladex’s supra-national DNA is embedded in its ownership structure,

management and culture

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

Bladex has enjoyed investment-grade rating since 1992

First Latin American bank

rated “Investment Grade”

(1992)

5

6

Who We Are:

Business Value Proposition

6 6

6

PAN-REGIONAL REACH CLIENT FOCUSED AGILITY & EFFICIENCY PRODUCT & MARKET

EXPERTISE

BUSINESS

VALUE

PROPOSITION

• In-depth knowledge of Latin

America’s local markets,

jurisdictions and industry sectors

• Backed by 23 Latin American

governments

• Vast correspondent banking

network throughout Latin America

and other regions of the world

• Regional integrator, within Latin

America and with the world’s

largest markets

• Uniquely qualified staff with

strong product expertise in:

• Trade Value Chain

• Cross-border Finance

• Supply-side & Distribution

• Intra-regional

• Inter-regional

• Efficient organizational

structure

• LEAN workflows

• LEAN, client focused

culture

• Single point of contact

• Client-specific solutions

• Long-term relationships

7

Who We Are:

Business Purpose

7 7

7

PRE-PRODUCTION PRODUCTION IMPORTATION DISTRIBUTION

New York

Monterrery

Buenos Aires

Lima

Panama

Mexico D.F.

Bogota

Sao Paulo

Main Office

Representative Offices

Agency

PRE-EXPORT SHIPMENT POST-EXPORT

NON-TRADE TRADE NON-TRADE

Bladex’s business purpose is to foster

growth throughout Latin America by

focusing on the main elements of the trade

value chain and on the Region’s economic

integration

8

What We Do:

Business Segmentation

REGIONS

INDUSTRY

SECTORS

COUNTRIES

CLIENT

BASE

• Central America and the Caribbean

• Southern Cone (1)

• Andean Region (2)

• Mexico

• Brazil

(1) Includes Argentina, Chile, Paraguay and

Uruguay

(2) Includes Bolivia, Colombia, Ecuador, Peru

and Venezuela

Financial Institutions

• Among top 10 in all countries

• Corporate banking activity

Corporations

• Foreign exchange (U.S. Dollar)

generation capacity

• Growth oriented beyond

domestic market

• Among top 10 in respective

industry sector

• Track record

• Corporate governance

• Focus on sectors which are strategic for

the Region:

• Oil & Gas

• Agribusiness

• Food Processing

• Manufacturing

• Well diversified into all other sectors

• Continued presence in Latin American

countries with reasonable risk/return

profile and relative to the size of the

economy and trade flows

8

9

What We Do:

Business Products & Services

9

Pre-export and

export finance

Import financing

Term loans and

revolving credit

facilities

Letters of credit

and guarantees

Banker's

acceptances

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

Medium- and long-

term loans

Acquisition finance

Trade-related term

loans

Trade & non-trade

revolving credit

facilities

Liability

management

Bridge loans

Leasing

Term loans

Guarantees

A/B financing

with multilaterals

Working capital

loans

TRADE NON-TRADE

TR

AD

E F

INA

NC

E

ST

RU

CT

UR

E T

RA

DE

S

OL

UT

ION

S

SY

ND

ICA

TIO

NS

FIN

AN

CIA

L L

OA

NS

10

What We Do:

Business Model

Leverage

Proven

Origination

Capacity

Target Consistent Core Performance

LatAm GDP

Growth

LatAm Trade

Flows Growth

Bladex

Origination

Bladex Client

Base Growth

Valued Products

& Services

Active

Portfolio

Management

~ 2% NIM <1.5% ROA

<1.4% Cost of Credit <30% Efficiency

~ 10% Growth

On-book Portfolio

>13.5% Tier 1 BIS III

Partners Trade Services

Investors Other

Financial Institutions

Distribution

Structuring

Fee-based Services

Asset Distribution & Services

Tap Additional Income Sources

NY006PF6_1.cdr 3%+

ROAE

15%+

ROAE

NY006PF6_1.cdr 12%+

ROAE

10

What We Do: Positioning Bladex for Growth Opportunities

• Improve Operating Efficiency

through LEAN Processes,

Structure & Organization

• Active Credit Portfolio Management

(ACPM)

Maximize return on equity

Improve the quality of earnings

Achieve well diversified

concentration risk

• Expand Contingency Business

Guarantee and L/C Issuance Platform

• Develop robust Syndication

Platform

• Expand diversified Markets

Distribution Capabilities (ie: IFC

Program)

• Expand Vendor Finance and

Leasing Capabilities (ie: SOFOM

in Mexico)

Ensure sustainable 12% Core ROAE

Contribute towards

sustainable 15%

ROAE

• 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

11

H1: Strengthen Core Business

H2: Develop Emerging Businesses

H3: Build New Businesses

11

Second line of defense: Monitoring

Third line of defense: Assurance

First line of defense: Operating management

Corporate Governance and

Organizational Structure

Board of Directors

Risk Policy and Assessment Committee

Finance & Business

Committee

Nomination and Compensation

Committee

Audit and Compliance Committee

CEO

Risk Management

Division

Commercial Division

Finance and Treasury Division

Corporate Services

Internal Audit

An Institution Adhering to

World-Class Standards

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

(*)

(*) A substantial majority (nine out of ten

Directors) of Bladex’s Board of Directors is

independent. Except for the Bank’s Chief

Executive Officer (CEO), all other members

of the Board of Directors are independent.

12

Rubens V. Amaral Jr.

Chief Executive Officer

Ulysses Marciano

Executive Vice President

Chief Commercial

Officer

Daniel Otero

Executive Vice President

Chief Risk Officer

Christopher Schech

Executive Vice President

Chief Financial Officer

Miguel Moreno

Executive Vice President

Chief Operating Officer

Gustavo Díaz

Executive Vice President

Chief Audit 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 – Uniao de

Bancos Brasileiros

(1994 – 1999).

• 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

• 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)

• 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)

• 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)

• 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

Management Committee

13 13

How We Manage Our Portfolio

14

Improved risk perception of the LatAm 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

15

Reducing Risk within Improved Risk Profile in the Region

Credit Disbursements Contributing to growth and prosperity in Latin

America for more than 35 years … accumulated

credit disbursements of $222 billion since inception

Disbursement volumes surpass or rival those of

much larger institutions, both private sector and

multilateral

Quarterly credit disbursements of approximately

$2.4 billion in 1Q15

How We Manage Our Portfolio: Risk Profile and Disbursements

15

How We Manage Our Portfolio: Breakdown and Main Indicators

The Commercial Portfolio represents Bladex’s core business

and main source of revenue

Portfolio strategy aims towards diversification across

countries and clients (Financial Institutions, Corporations,

and Middle Market Companies)

Middle-Market Companies comprise leaders in their

industrial sectors, with annual sales between $150 - $500

million, which have expanded their presence regionally and

enjoy strong growth prospects

Primary focus on trade finance (54% of total commercial

exposure)

Remaining short-term exposure: 73% of total portfolio

matures within one year, with an average tenor of 113 days

Remaining medium- & long-term exposure: 27% of total

portfolio matures within one and five years, with an tenor of

2.2 years 16

16

How We Manage Our Portfolio: Exposure by Region, Country and Industry

Country exposures largely reflect the

relative importance of each economy in

regional and global trade

Improved distribution throughout Latin

American markets over recent years,

diversifying exposure to 25 countries,

while reducing concentration in Brazil

Well-diversified exposure across a

variety of industries and markets

17 17

Focus on sectors which are strategic

to the Region and/or where the Bank

enjoys sustainable and competitive

advantages

How We Manage Our Portfolio: Asset Quality & Credit Reserves

Proven track record of strong asset

quality

Conservative reserve methodology, pro-

active loss prevention, and diligent

recovery processes

Rigorous NPL monitoring process –

minimal portfolio balances in non-accrual

status

Reserve coverage ratio reverting to

historical pre-crisis levels

18 18

Liquidity Management & Funding

19

Securing Liquidity by

Expanding Funding Sources

• Proven capacity to secure funding and maintain high liquidity

levels during crises

• Increased diversification of regional and global funding

sources

• Deposits from central banks shareholders or designees

provide a resilient funding base. They represent 67% of the

Bank’s total deposit as of March 31, 2015 (38% of total

funding base)

• Broad access to funding in global capital markets, through

private and public (US and Mexico) multicurrency debt

programs and several global loan syndications in strategic

markets (Asia and Europe)

20 20

Conservative Liquidity Management

21 21

Advanced liquidity management

operating under Basel III framework

utilizing LCR (Liquidity Coverage

Ratio) and NSFR (Net Stable Funding

Ratio) methodologies to monitor short

and longer range liquidity.

Our Financial Performance

22

Expanding Earnings Capacity &

Profitability

• Improving NIM, despite significant volume growth and

persistently low interest rate environment

• Significant earnings expansion

• Net Income quality has improved steadily… less relevant non

core income in the Bank’s revenue base

• Non-interest income expansion and diversification to accelerate:

• Renewed focus on contingency business

• Issuance of Letters of Credit

• Syndication/Club Deals mandate pipeline

• Active portfolio management and secondary market

dispositions

Structured Finance and Syndication

• 14 structured transactions successfully closed in

2014, on which acted as mandated lead arranger

and book-runner in 10 transactions 23

Expanding Earnings Capacity &

Profitability

• Reduction in operating expenses, focus continues on:

Discretionary spending

Supplier management

Process simplification

Eliminating redundancies

• Gradual ROAE expansion + attractive dividends

• Improving capital efficiency

• Capitalization remains strong and of high quality

• Tier 1 Basel III stood at 16.4% as of March 31, 2015 24

25

Key Financial Metrics

25

(In US$ million, except when indicated otherwise) 2011 2012 2013 2014 1Q14 4Q14 1Q15

Business Net Income $66.3 $83.5 $89.4 $103.5 $24.0 $30.5 $26.4

Non-Core Income 16.9 9.5 (4.6) 3.4 (0.5) 5.6 2.5

Net Income attributable to Bladex stockholders 83.2 93.0 84.8 106.9 23.5 36.1 28.8

EPS (US$) $2.25 $2.46 $2.21 $2.76 $0.61 $0.93 $0.74

Return on Average Equity (ROAE) 11.4% 11.6% 10.0% 12.0% 10.9% 15.7% 12.6%

Business ROAE 9.1% 10.4% 10.6% 11.6% 11.2% 13.2% 11.5%

Return on Assets (ROAA) 1.5% 1.5% 1.2% 1.4% 1.3% 1.8% 1.5%

Business ROAA 1.2% 1.4% 1.3% 1.4% 1.3% 1.5% 1.3%

Net Interest Margin (NIM) 1.81% 1.70% 1.75% 1.87% 1.79% 1.92% 1.84%

Net Interest Spread (NIS) 1.62% 1.44% 1.55% 1.71% 1.62% 1.76% 1.68%

Loan portfolio (*) 4,960 5,716 6,148 6,686 6,098 6,686 6,569

Commercial Portfolio (*) 5,354 5,953 6,630 7,187 6,610 7,187 7,093

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

Non-Performing Loans Coverage (x times) 3.0 0.0 25.0 21.4 24.9 21.4 4.2

Efficiency Ratio 36% 42% 41% 32% 37% 28% 31%

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

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

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

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

Leverage (times) 8.4 8.2 8.7 8.8 8.1 8.8 8.4

(*) End-of-period balances.

Results

Portfolio

Quality

Performance

Efficiency

Scale &

Capitalization

25

26

• Business Net Income = Net income attributable to Bladex stockholders, excluding net result from

participations in investment funds, net result from discontinued operations and net result to the

redeemable non-controlling interest.

• Business Revenues = Net income attributable to Bladex stockholders, excluding non-core revenues.

• Business Expenses = Total Operating Expenses, excluding non-core expenses

• Business Efficiency Ratio = Business Expenses / Business Revenues

Business P&L Reconciliation

26

2011 2012 2013 2014 1Q14 4Q14 1Q15

Reconciliation of Business Net Income

Business Net Income $66.3 $83.6 $89.4 $103.5 $24.0 $30.5 $26.4

Non-Core Income:

Net gain (loss) from investment funds 20.3 7.0 (6.7) 3.4 (0.6) 5.6 2.6

Gain on sale of premises and equipment - 5.6 - - - - -

Expenses from investment funds (4.4) (3.0) (2.6) (0.4) (0.4) - -

Other expenses related to the investment funds - - - - - - (0.1)

Net loss from discontinued operations (0.4) (0.7) (0.0) - - - -

0.7 0.3 (4.2) (0.5) (0.5) - -

Total Non-Core Income: $16.9 $9.5 ($4.6) $3.4 ($0.5) $5.6 $2.5

Net Income attributable to Bladex stockholders $83.2 $93.0 $84.8 $106.9 $23.5 $36.1 $28.8

- - -

(In US$ million)

Net income (loss) attributable to the redeemable

noncontrolling interest

27

Balance Sheet

27

(In US$ million) 2011 2012 2013 2014 31-Mar-14 31-Mar-15

Balance Sheet Data:

Interest bearing deposits with banks $843 $707 $840 $780 $584 $945

Trading assets 20 5 (0) 0 0 0

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

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

Investment funds 120 106 119 58 118 57

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

Allowance for loan losses (89) (73) (73) (80) (73) (78)

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

Other assets 69 86 76 196 105 76

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

Total deposits $2,304 $2,317 $2,361 $2,507 $2,511 $2,614

Trading liabilities 6 32 0 0 0 0

Securities sold under repurchase agreements and

Short-term borrowings 1,700 1,607 2,991 2,993 2,422 3,045

Long-term borrowings and debt 1,488 1,906 1,154 1,405 1,231 1,288

Derivatives financial instruments - liabilities 54 12 9 40 10 27

Other liabilities 44 52 48 169 70 40

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

Redeemable noncontrolling interest 6 3 50 0 49 0

Total stockholders' equity 759 826 858 911 885 941

Total Liabilities and stockholders' equity $6,360 $6,756 $7,471 $8,025 $7,179 $7,955

28

Profit and Loss

28

(In US$ thousand) 2011 2012 2013 2014 1Q14 4Q14 1Q15

Profit and Loss:

Net interest income $102,710 $104,977 $123,092 $141,131 $32,109 $38,284 $35,769

Reversal of provision (provision) for loan losses (8,841) 8,343 1,598 (6,895) 16 (2,341) 2,695

Net interest income, after reversal of provision (provision) for loan

losses 93,869 113,320 124,690 134,236 32,125 35,943 38,464

Reversal of provision (provision) for losses on off-balance sheet credit

risk 4,448 4,046 (381) (1,627) 0 1,259 (3,021)

Fees and commissions, net 10,619 10,021 13,669 17,502 4,276 4,907 2,300

Derivative financial instruments and hedging 2,923 71 353 106 (20) 492 912

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

Net gain (loss) from investment funds 20,314 7,011 (6,702) 3,409 (560) 5,624 2,562

Net gain (loss) from trading securities (6,494) 11,234 3,221 (393) (199) 99 (15)

Net gain on sale of securities available-for-sale 3,413 6,030 1,522 1,871 258 66 296

Gain on sale of loans 64 1,147 588 2,546 120 1,375 207

Net gain (loss) on foreign currency exchange 4,269 (10,525) (3,834) 766 190 180 (69)

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

Other income, net 995 1,839 1,644 1,745 331 735 248

Net other income 40,494 36,500 10,188 25,931 4,396 14,737 3,420

Total operating expenses (50,087) (55,814) (54,306) (53,702) (13,484) (14,542) (13,043)

Net income from continuing operations 84,276 94,006 80,572 106,465 23,037 36,137 28,841

Net income (loss) from discontinued operations (420) (681) (4) - - - -

Net income 83,856 93,325 80,568 106,465 23,037 36,137 28,841

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

Net income attributable to Bladex stockholders $83,180 $93,032 $84,753 $106,940 $23,512 $36,137 $28,841

Bladex Shareholders Return

• 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

29

30