Bladex's 2 q15 conference call presentation

2Q15 Earnings Results July 16, 2015

“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 the 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 Bank’s ability to

achieve future growth, 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; the possibility of fraud; and the adequacy of the Bank’s sources of liquidity to replace large deposit

withdrawals.”

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Financial Performance Overview

• + 7% Net Interest Income on higher average loans (+6%)

• NIM stable YoY at 1.81%

• Strong credit quality, with non-accruing loans at 0.3% of total loans

• Expenses 3% below prior year levels, with Efficiency Ratio at 33%

• Fees & Other Income -33% YoY from fewer closings in structuring

and distribution business. Pipeline of mandated and prospective

transactions looks solid

• Lending margins under pressure on flight to quality, with quarterly

NIM at 1.79% (-5bps QoQ and YoY)

• Commercial Portfolio balances rose to $7.4 billion (+4%QoQ,

+7%YoY)

• Credit provisions increased on higher end-of-period portfolio

balances; reserve coverage of total portfolio remains at 123 bps

• Participation in investment funds records $2.2 million loss for the

quarter, while remaining marginally positive YTD (+$0.3 million)

• Board declared $0.385 quarterly dividends per share, unchanged

from prior quarter

6M15

$49.1 MM Net Income

(+11% YoY)

10.6% ROAE

2Q15

$20.2 MM Net Income

(-2% YoY, -30% QoQ)

9.6% Business ROAE

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Key Financial Metrics

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(In US$ million, except percentages) 6M15 6M14 YoY 2Q15 1Q15 2Q14 QoQ YoY

Business Net Income $48.8 $47.0 4% $22.5 $26.4 $22.9 -15% -2%

Non-Core Income 0.3 (2.8) n.m. (2.2) 2.5 (2.2) -189% n.m.

Net Income attributable to Bladex stockholders $49.1 $44.2 11% $20.2 $28.8 $20.7 -30% -2%

EPS (US$) $1.26 $1.14 10% $0.52 $0.74 $0.54 -30% -3%

Business Return on Average Equity ("Business ROAE") 10.5% 10.7% -2% 9.6% 11.5% 10.3% -17% -7%

Busines Return on Assets ("Business ROAA") 1.25% 1.29% -3% 1.16% 1.35% 1.24% -14% -6%

Net Interest Margin ("NIM") 1.81% 1.81% 0% 1.79% 1.84% 1.84% -3% -2%

Net Interest Spread ("NIS") 1.65% 1.65% 0% 1.63% 1.68% 1.67% -3% -2%

Loan Portfolio (*) 6,920 6,459 7% 6,920 6,569 6,459 5% 7%

Commercial Portfolio (*) 7,411 6,901 7% 7,411 7,093 6,901 4% 7%

Allowance for credit losses to commercial portfolio 1.23% 1.18% 4% 1.23% 1.23% 1.18% 0% 4%

Allowance for credit losses to non-accruing loan balances (times) 4.4 20.3 -78% 4.4 4.2 20.3 4% -78%

Efficiency Ratio 33% 36% -9% 35% 31% 35% 12% 0%

Business Efficiency Ratio 33% 34% -3% 33% 33% 32% -1% 1%

Market Capitalization 1,254 1,147 9% 1,254 1,276 1,147 -2% 9%

Assets 8,308 7,679 8% 8,308 7,955 7,679 4% 8%

Tier 1 Basel I Capital Ratio 15.4% 15.2% 1% 15.4% 16.2% 15.2% -5% 1%

Leverage (times) 8.7 8.6 2% 8.7 8.4 8.6 3% 2%

"n.m.": not meaningful.

(*) End-of-period balances.

Results

Portfolio

Quality

Efficiency

Scale &

Capitalization

Performance

Net Income Evolution & Quality of Earnings

• Net Income growth +11% (+$4.9 million)

• Business Net Income growth +4%, excludes results from participation in investment

funds

• Higher Net Interest Income (+7%) mainly from higher average loan portfolio balances

(+6%)

• Lower fees (-33%) as mandated transactions in the structuring and syndication

business progress towards closings in the coming months. Pipeline of prospective

transactions remains solid 5

Net Income Evolution & Quality of Earnings

• QoQ Net Income var. -30%

• Business Net Income

-$3.9MM on higher credit

provisions due to credit

portfolio growth (4%)

• Swing in results from

participation in investment

funds

• YoY Net Income var. -2%

• Business Net Income

-$0.5MM on lower

structuring fees, partly

offset by higher NII on

higher average loan

balances

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Net Interest Income (NII) and Net Interest

Margin (NIM)

• 7% increased in Net Interest Income for the 6M15 from higher loan portfolio

average balances (+6%)

• Lending margins under pressure on flight-to-quality with NIM at 1.79% for the

second quarter 2015 (-5pbs QoQ and YoY)

• 6M15 NIM stable YoY, at 1.81%, as higher average loan balances and lower

cost of funds (-7pbs) offset lower lending rates (-4pbs)

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Commercial Portfolio

• YTD Average Commercial Portfolio growth of 5% YoY,

mainly in corporations segment (+11% year-on-year)

• 54% of total Commercial Portfolio is trade finance, with

remaining balance consisting primarily of lending to

financial institutions and corporations engaged in foreign

trade

• Continued short-term bias: 72% scheduled to mature

within one year

Incluir pie charts: Trade

indicator & Tenor

A la gráfica de la

derecha añadí 6M15 y

6M14 (la que estaba en

PR)

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Commercial Portfolio

• Broadly diversified across countries & industries

• Brazil exposure stable QoQ at 27.1%; Mexico expanding, now at 14.6% (+1.3 pts QoQ)

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Credit Quality

• Non-accruing loans represented 0.3% of total loans

• Total Reserves covered non-accruing loans 4.4 times, and

represented 1.23% of total outstanding balances

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Operating Expenses and

Efficiency Ratios

• Operating expenses stable, well controlled

• 6M15 Efficiency Ratio and Business Efficiency Ratio both improved to 33%,

as operating revenues increased by 6% and expenses decreased by 3%

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Off-balance Sheet Assets & Commission

and Intermediation Income

• 6M15 Fees and Other Income -33% YoY, as mandated transactions in the structuring

and syndication business progress towards closings in upcoming months. Solid

pipeline of prospective transactions supports positive outlook for remainder of year

• 34% QoQ increase mostly driven by higher fees from the letters of credit and

contingencies business

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ROAE and Capitalization

• Annualized cumulated Business ROAE

evolution relatively stable

• Total ROAE ahead YoY, incorporates results

from participation in investment funds

• Capitalization follows Basel III Guidelines,

remains robust and of high quality (consisting

entirely of issued and fully paid common

stock and retained earnings)

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Shareholder Returns

• Stock price appreciation and dividend

yield delivered over 13% total

shareholder return for the twelve

trailing months ending June 30, 2015

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Questions & Answers

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Appendix – Definition of Terms

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• Business Net Income = Net income attributable to Bladex stockholders, excluding net result from the 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 net result of participation in

investment funds.

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

• Business Efficiency Ratio = Business Expenses / Business Revenues

6M15 6M14 2Q15 1Q15 2Q14

Reconciliation of Business Net Income

Business Net Income $48.8 $47.0 $22.5 $26.4 $22.9

Non-Core Income:

Net gain (loss) from investment funds 0.3 (2.8) (2.2) 2.6 (2.2)

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

Expenses from the investment funds (0.1) (0.4) - - -

Other expenses related to the investment funds (0.1) - 0.0 (0.1) -

Net loss from discontinued operations - - - - -

- 0.5 - - -

Total Non-Core Income: $0.3 ($2.8) (2.2) 2.5 (2.2)

Net Income attributable to Bladex stockholders $49.1 $44.2 $20.2 $28.8 $20.7

Net income (loss) attributable to the redeemable noncontrolling interest

(In US$ million, except percentages)

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Thank You!

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