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Bladex – Foreign Trade Bank of Latin America

Corporate Presentation

September, 2016

Christopher Schech

Chief Financial Officer

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.”

2

Presentation content

Bladex Foundations 4

Commercial Portfolio 10

Risk Management 16

Liquidity Management 22

Financial Performance 25

3

Bladex Foundations

4

A Leading Franchise with a Solid Track Record

The Latin America Trade Finance Bank Key Financial Highlights

Remarkable Trajectory: + 36 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 regional presence, ownership

structure, management and organizational culture

Current Credit Ratings

FY’15 YoY

(%)

2Q’16 QoQ

(%)

Net Profit (mm): $104.0 +2% $22.3 -5%

Net Interest Income (mm): $145.5 +3% $38.2 -3%

Return on Average Equity: 11.0% 9.1%

Gross Loans (mm): $6,692 +0.1% $6,520 0%

Total Assets (mm): $8,286 +3% $7,634 0%

Total Deposits (mm): $2,795 +12% $3,206 +4%

Market Capitalization (mm): $1,010 -13% $1,036 +10%

Non-performing loans to gross loan portfolio: 0.78% 1.30%

1988

1992

2003

2005

2009

2011

Bladex initiates commercial operations and issues its first bond in the international

capital markets

Licensed to operate as an agency by the New York State Banking Authorities

First Latin American bank registered with the SEC for its IPO, establishing a full

listing on the NYSE

Common Stock Rights Offering with stand-by commitments issued by a group

of Class A shareholders and multilateral organizations

Client diversification strategy into trade-oriented corporations; expansion of

suite of products and services

Funding diversification strategy: increased central bank deposits, local &

international debt sales, syndicated loan facilities

First successful execution of a syndicated transaction launches

syndication & structured finance business franchise

1979 Moody’s Fitch S&P

Date of Rating Dec. 2007 Jul. 2012 May 2008

Date of Confirmation Nov. 2014 Jul. 2016 Jul. 2016

Date of Last Update Jul. 2016 Jul. 2016 Jul. 2016

Short-Term P-2 F2 A-2

Long-Term Baa2 BBB+ BBB

Perspective Stable Stable Stable

5

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 consistent and reliable funding source

Class A shareholders retain super-majority rights related to changes in the Bank‟s Articles of Incorporation

Class A shareholders can only sell shares to other class A shareholders, which reinforces the stability of the shareholder

structure and ensures continued support from central banks

Shareholder Composition Board of Directors Composition

Out of 10 directors, 9 are

independent and one represents the

Bank‟s management (CEO)

Class A – Central Banks or

designees from 23 LatAm countries

Class B – LatAm & international

banks and financial institutions

Class E – Public Float (NYSE listed)

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

Deep knowledge of

Latin America

Core competency in

trade finance

Support of

Investment &

Regional

Integration

Efficient

Measurement and

Management

In-depth knowledge of Latin America‟s local markets

Backed by 23 Latin American governments

Vast correspondent banking network throughout

LatAm & other regions of the world

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, client focused efficient organizational structure

Single point of contact, providing client-specific

solutions, and focused on long-term relationships

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

Bladex‟s products and services coverage: i) Financial Intermediation Business, ii)

Structuring and Syndications Business and iii) Treasury.

Financial Intermediation

Syndication and Structuring

Treasury

• Trade: Foreign trade products – short and medium term instruments that help drive

the cross-border activity of corporations.

• Working Capital: Support to trade finance clients throughout the entire production

cycle chain, across a wide range of primary, secondary and tertiary activity sectors.

Structured Credit and lending facilities for short and medium-term financing of supply

chain, materials & equipment, and inventories.

• Financial solutions designed to meet clients' needs.

• Provides access to structured funding for a wide base of financial institutions and

companies in Latin America.

• Debt capital market and deposit products for investment and cash flow optimization.

• Treasury services.

World-Class Standards in Corporate Governance

Enterprise-Wide Risk Management

Financial Institutions Among top 10 in their

respective markets

With significant

corporate banking client

base

Corporations US Dollar generation

capacity

Growth oriented beyond

domestic market

Among top 10 in

respective industries

Track Record &

Corporate Governance

Focus on Strategic Sectors for the Region Oil & Gas (upstream, integrated, and

downstream), Agribusiness, Food processing,

Manufacturing, well diversified in other sectors

Regional Focus Mexico

Central America and The

Caribbean

Brazil

South America

• Southern Cone (1)

• Andean Region (2)

7 (1) Includes Argentina, Chile, Paraguay and Uruguay. (2) Includes Bolivia, Colombia, Ecuador, Peru and Venezuela

REGIONS

CLIENT BASE

INDUSTRY

SECTORS

INDUSTRY

SECTORS

Strategy Hones Strengths & Positions to Seize

Growth Opportunities

Develop Emerging Businesses

• Develop robust syndication

platform / structured financing

• Expand diversified market

distribution capabilities

Risk sharing programs

Secondary market transactions

Securitization Platform

• Expand vendor finance and

leasing capabilities

Build New Businesses

• Explore adjacent markets &

establish pipeline of new business

activities in trade and regional

integration, such as:

Distribution channels

STF and Trade Services

Credit Insurance

Strengthen Core Business

• Active credit portfolio

management

Achieve greater risk dispersion

Improve quality of earnings

Achieve sustainable &

consistent return on equity

• Expand Contingency Business

Develop Guarantee and L/C

Issuance Platform

• Improve Operating Efficiency

through LEAN Processes,

Structure & Organization

+

+

Core ROAE = 12% ROAE = 15% 8

Adhering to World-Class Standards of

Corporate Governance

(*) Except for the Bank‟s Chief Executive Officer (CEO), all

other members of the Board of Directors are independent.

Board of Directors*

CEO

Commercial

Division

Internal Audit

Risk Policy and

Assessment Committee Finance & Business

Committee

Nomination

and Compensation

Committee

Audit and

Compliance Committee

• Up-to-date corporate governance

standards (e.g. COSO 2013)

• Multiple regulators: FED, SEC,

NYSDFS, Superintendency of

Banks of Panama, and other

entities throughout the Region

Commercial

Division

• Enterprise risk management &

externally certified internal audit

function

• Internal alignment of corporate

culture, measurement system

and process management to

optimize total shareholder return

.

FIRST LINE

OF DEFENSE

Operating

Management

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

Front end &

enabling functions

THIRD LINE OF DEFENSE

Assurance

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

Audit function

Finance

Division

SECOND LINE OF DEFENSE

Monitoring

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

Risk function

Corporate Services Risk Management

Division

9

Commercial Portfolio

10

Expanding Origination Capacity

Leverage Proven

Origination Capacity

LatAm GDP

Growth

LatAm Trade

Flow Growth

Bladex Client

Base Growth

Valued Products

& Services

Bladex

Origination

11

Commercial Strategy: Focus on Diversification

• The commercial portfolio represents the core business of

Bladex and the main source of income

• Portfolio strategy aims at reducing concentrations,

increasing diversification across countries, industries and

clients

• This ensures a diversified book of business that represents

a calibrated mix of credit exposures across a vast and

diverse continent – a truly pan-regional commercial

portfolio

As of June 30, 2016

Corporate Segment definition by Annual Sales

Sustained Portfolio Growth

Commercial Portfolio Composition

12

Diversification – A Pan-Regional Portfolio

Commercial Portfolio Composition by Country Commercial Portfolio Composition

As of June 30, 2016

• Continuous, data-driven re-balancing of portfolio profile according to economic

backdrop, industry trends and client performance, with current emphasis on

• Short-term Trade transactions

• Exposure reduction in select countries / sectors / client concentrations

• Compensating reductions with expanded activity elsewhere 13

14

Short Term + Trade = Low Risk Business

Commercial Portfolio by Type of Transaction

As of June 30, 2016,

• 74% of Commercial Portfolio had a remaining maturity

term of <1 year, with average maturity of 129 days.

• The Medium-term (<5 years) commercial portfolio had

a remaining maturity term of 2.4 years.

• Overall, the entire Commercial Portfolio had a

remaining maturity of 316 days.

Commercial Portfolio by Term

• Bladex‟s portfolio is composed primarily of trade

assets, a particularly low-risk asset class, with short-

dated exposures, and with generally superior loss

performance compared to other asset classes.

14

Structuring and Syndications Platform –

A Growing Franchise

Structuring &

Syndications

Platform

5 structured operations so far in 2016

Aggregate Transactions total US$ 0.4B

3 Countries | Panama / Mexico / Costa Rica

4 Financial Institutions | 1 Corp.

15

Risk Management

16

Commercial Portfolio – Brazil Exposure Update

• Selective de-risking

continues as some

commodity fundamentals

show signs of stabilization

17

Diversification: Portfolio Exposure by Industry

• Widely diversified exposure

profile across industrial sectors

Commercial Portfolio by Industry* Regional Exposure by Industry*

*As of June 30, 2016

18

Upstream Integrated Downstream

Clients primarily focused on:

• Exploration

• Production

Clients focused on:

• Full Value chain, from

Upstream to

Downstream

Clients primarily focused on:

• Refining

• Storage

• Distribution

Oil & Gas Exposure Analysis

Bladex Outlook Negative Stable Positive Negative

Rationale for Outlook • Lower margins

• Reduced cash flows

• Reduced investment

• Upstream impact

mitigated by positive

outlook in Downstream

activities

• Better refining margins

• Cost efficiency gains

• Increased collection

period

• Adjustments in utility

rates and contracts

Bladex Credit Exposure:

• Includes Commercial Portfolio

+ Treasury Portfolio

2Q16 Update:

• Total duration of 7 months

• 73% is trade-related

transactions

• 55% of the exposure

corresponds to sov. risk

• Main countries by exposure:

Peru 18%, Colombia 15%,

Uruguay 14%, Argentina 13%,

T&Tobago 12%, and Mexico

10%

• $158MM

• Duration of 16 months

• 2% of Total Credit

Portfolio

• 11% of O&G Exposure

• Restructuring efforts

taking hold as expected

• Mitigating factors:

Diversification in

Gas

More competitive

cost base

53% of exposure is

contingent only

(SBLCs)

• $463MM

• Duration of 7 months

• 7% of Total Credit

Portfolio

• 33% of O&G Exposure

• Import/export

transactions

• Mitigating factors:

Strategic relevance /

quasi-gov´t entities

Local fuel price

regimes not tied to

crude price evolution

• $714MM

• Duration of 4 months

• 10% of Total Credit

Portfolio

• 51% of O&G Exposure

• Import transactions

• Mitigating factors:

Strategic relevance /

quasi-gov´t entities

Local fuel price

regimes not tied to

crude price evolution

• $65MM

• Duration of 23 months

• 1% of Total Credit

Portfolio

• 5% of O&G Exposure

• Mid-term transactions /

take or pay contracts /

equipments

• Mitigating factors:

Diversification in

other activities

Solid track record

with over 30 years as

specialized providers

Continued exposure bias towards short-term transactions,

quasi-sovereigns counterparties, and Integrated / Downstream market spectrum

Oil & Gas Credit Exposure

Portfolio %

Commercial 96%

Treasury 4%

Supply Chain

(Other services industry)

Clients focused on: • Oil Production Services

• Drilling equipment/leasing

• Maintenance platforms /

pipelines, manufacturing

19

20

Credit Quality

Reserve Coverage Evolution

Proven track record of strong asset quality across economic cycles, with significant risk mitigants:

• Low-risk asset class, with short-dated exposures, and superior loss performance

• US dollar based lending, no meaningful net FX exposures

• Floating-rate lending and funding model minimizes interest rate risk exposure

• Conservative loss reserve methodology (IFRS 9)

• Pro-active loss prevention, and diligent recovery processes

20

Credit Quality

NPL reflect difficult economic backdrop in certain countries and industries

• Three exposures added in Q2 with corresponding specific reserves as

restructuring and recovery efforts are currently in process –

Wholesalers sector (Brazil/Panama) and Grains & Oilseeds (Brazil)

• Other exposures already restructured, performing as expected as

sector fundamentals (Sugar, Crude prices) stabilize

Credit Quality – Impaired Loans

Impaired Loans Evolution

21

Liquidity Management

22

Diversified Regional and Global Funding Sources

(**) Original Currency: all

non-USD denominated

liabilities are hedged into US

Dollars with the exception of

a portion of MXN issuances

which funds assets in the

same currency.

Funding Highlights

• Proven capacity to secure funding and maintain high

liquidity levels, even during crises

• Deposits from central banks shareholders provide a

resilient funding base, representing 70% of the Bank‟s total

deposits as of June 30, 2016.

• Focus on increased diversification of global and regional

funding sources: counterparties, geography and currency

• Broad access to debt capital markets through public and

private debt issuance programs, and international

syndications, in both USD and other currencies

• Focus on medium and long-term funding balances need to

secure a stable funding base while maintaining competitive

funding costs

Deposits by Type of Client* Diversified Funding Sources*

*As of June 30, 2016

Funding Sources and Cost of Funds

Funding by Currency (**)

(US$ million)

70%

14%

7%

5%

2%2%

Central Banks or designees- Class A shareholders

Private Banks

State-owned corporations

State-owned banks

Private corporations

Multilateral

31%

19%16%

12%

12%

5%3%

2% South America

EEUU / Canada

Asia

Europe

Central America

Mexico

The Caribbean

Multilateral

23

Conservative Liquidity Management

Liquidity Management Highlights Liquidity Placements

Liquidity Coverage Ratio Liquidity Ratio

(US$ million)

Advanced liquidity management aligned with Basel III

framework, monitoring liquidity through Liquidity Coverage

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

• 1.12x NSFR*

• 1.13x 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

24 *As of June 30, 2016

Financial Performance

25

Leverage Proven

Origination Capacity

LatAm GDP

Growth

LatAm Trade

Flow Growth

Bladex Client

Base Growth

Valued Products

& Services

15%+

ROAE Bladex

Origination

Active

Credit

Portfolio

Management

Improved Financial

Margins

NIM ~ 1.8% - 2.0%

Stable Fees from Use

of Capital

~ 15% – 20% of

Business Profit

Prudent Credit Risk

Management

Cost of Credit

~ 1.2% – 1.5%

Continued Focus on

Efficiency

Efficiency Ratio

< 30%

Sustainable Moderate

Growth

~ 3% to 8%

Core Financial Intermediation (On-book Portfolio)

Solid Capitalization

A minimum of 13.5%

Tier 1 Basel III Ratio

Target Consistent Performance

from Use of Capital

Financial

Institutions Syndications &

Structuring

Partners Trade

Services

Distribution:

Asset Distribution & Services

Fee Based

Services:

Investors Other

Tap Additional Income Sources

15%+

ROAE

~12%

ROAE

3%+

ROAE

Financial Business Model targets sustainable,

superior returns

• The Financial Business Model is based on our proven origination capacity of well-diversified Latin American risk. With an adequate risk-

return profile, together with solid operational efficiency and capitalization, the Bank aims to deliver stable, consistent returns through

economic cycles, commensurate with its cost of capital in its Core Financial Intermediation activities. The Bank aims to increase its return

target well above the Bank‟s cost of capital by enhancing revenue steams from its asset distribution and trade finance services activities.

26

Active Portfolio Management: Core Financial Intermediation

• Business ROAE trend

positive/stable

• Target of 12% hinges on

stable risk profile, contained

cost of credit

• Going forward there will be no

impact from non-core items,

as non-core activities were

fully divested in 1H2016

Improved Financial

Margins

NIM ~ 1.8% - 2.0%

Stable Fees from Use

of Capital

~ 15% – 20% of

Business Profit

Prudent Credit Risk

Management

Cost of Credit

~ 1.2% – 1.5%

Continued Focus on

Efficiency

Efficiency Ratio

< 30%

Sustainable Moderate

Growth

~ 3% to 8%

Core Financial Intermediation (On-book Portfolio)

Solid Capitalization

A minimum of 13.5%

Tier 1 Basel III Ratio

12%+

ROAE

Return on Average Equity “ROAE”

27

Doing well…

• NIM above 2%

• Still ample Tier 1 capacity

• Cost containment driving

efficiency improvement

More effort needed to …

• Re-charge portfolio growth

• Stimulate fee income growth

from use of capital

• Continue credit exposure

reduction

Active Portfolio Management: Diversification and Growth

Sustainable moderate

growth

~ 3% to 8%

Evolution of Net Profit

Evolution of Commercial Portfolio by Region

(US$ million)

Aging of Client Base

• Regional diversification with

better regional mix of country

exposures while consistently

reducing concentration in Brazil

• Well-balance portfolio among

industry sectors and client

segments

• Long-term client relationships ensure

greater customer loyalty and dependable

recurring business

• Increasing number of new clients drive

diversification and future business growth 28

• CAGR of 10.1% over 5 years

• 2015, 2016 with poor

economic backdrop and

shrinking Trade Flows

• Net Interest Income, 86% of

total in 2015 compared to

89% average of last 5 years

Active Portfolio Management: Financial Margins

• Net Interest

Margin (NIM)

comfortably

above 2%

• Net Interest

Spread (NIS)

also improving

Improved Financial

Margins “NIM” ~ 1.8% - 2.0%

Evolution of Net Interest Margin

29

Margin expansion helped by

• Swift re-pricing of short-dated commercial book in response to changes

in competitive landscape - diminished risk appetite, more selective

liquidity, lesser debt capital market activity leading to higher credit

spreads in most markets

• Steady rise of underlying base rates (LIBOR)

• Well-calibrated funding mix, with judicious use of wide array of funding

sources limiting re-pricing of funding book to base rate effects

Active Portfolio Management: Cost of Credit

• Reserve coverage

increasing since

2013, reflecting

lesser economic

momentum in

Region

• NPL Portfolio reflecting a more complex risk

profile in parts of the Region

• Distinct drivers:

• Brazil recessionary environment

• Oil & Gas Industry sector suffering from

collapsed crude prices

• To a lesser extent, certain Agribusiness

segments suffering from diminished

terms-of-trade

Evolution of Reserve Coverage

Evolution of Non-Performing Loan Portfolio

Prudent Credit Risk

Management

Cost of Credit

~ 1.2% - 1.5%

30

Active Portfolio Management: Capitalization

• Aligned with Basel III guidelines

• Tier 1 Basel III of 15.6% as of June

30, 2016

• Comfortably above regulatory

requirements

• Ratings Agencies criteria continue

to be very relevant for portfolio

mix, funding strategy and liquidity

management

• Quarterly dividend payment, with pay-out

targeting approx. 50% of business profit

Key Capitalization Parameters

Solid capitalization

A minimum of 13.5%

Tier 1 Basel III Ratio

Dividends per Share

31

Active Portfolio Management: Operational Efficiency

• Training programs in place

for Yellow, Green & Black

Belts

• Measurable advances in the

improvement of the

origination process

• LEAN projects under way in

severall parts of the business

• Recent technology platform

updates to enhance process

automation and accelerated

implementation of BPM

Lean Culture

Continued focus on

efficiency

Efficiency Ratio

< 30%

• Effective control of operating expenses, with

reduction in overall expenses in 2015 and

2016 YTD

• Business Efficiency Ratio improving since

2012, on higher net revenues and lower

expenses

Efficiency Ratio

(US$ million, except percentages)

32

Active Portfolio Management: Asset Distribution & Services

Some progress made…

• Significant increase of revenues

that do not require use of capital

• Structuring and syndication

platform solidifying, with more

stable revenue generation

• Generated approx. 1 percentage

point of return overall in 2015

Much more to be done…

• Impact from Risk Sharing

Programs and secondary market

transactions still marginal

• Continue to push for breakthrough

in securitization-type transactions

• Exploring new distribution channels

to access non-bank investors

• Strengthen NPI pipeline for

additional fee based services

(US$ million)

Commission Income and Other Income

Financial

Institutions Syndications &

Structuring

Partners Trade

Services

Distribution:

Asset Distribution & Services

Fee Based

Services:

Investors Other

Tap Additional Income Sources

3%+

ROAE

Without use of capital 33

Bladex Value Proposition to Shareholders Remains

Attractive As Ever

• Bladex offers investors

access to an entire continent

with compelling long-term

growth prospects

• Business model provides

diversified exposure to

emerging markets, but with

well mitigated Credit Quality,

Market, & Operational risks

• Committed to total

shareholder return (“TSR”)

• Attractive dividend yield

(annual dividend yield over

5.0%) as a function of core

business growth (target 40%

- 50% payout ratio)

• Attractive valuation multiples

Dividends per Share

BLX Stock Price and Volume Evolution

34

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

Trade Finance Bank in Latin America with more than 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

Profit for 2015 of $104.0 million (+2% YoY), and $45.7 million for 6M16.

Return on Average Equity of 9.4% for 6M16.

Solid 15.6% Tier 1 Capitalization Ratio (Basel III) as of June 30, 2016.

Seasoned Senior Management with ample experience in C-Suite roles

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

Investment Highlights

35

PANAMA HEAD OFFICE Torre V, Business Park

Ave. La Rotonda, Costa del Este

Apartado 0819-08730

Panamá, República de Panamá

Tel: (507) 210-8500

ARGENTINA Av. Corrientes 222 –P.18º

(1043AAP) Capital Federal

Buenos Aires, Argentina

Tel: (54-11) 4331-2535

Contact: Federico Pérez Sartori

Email: fpsartori@bladex.com

BRAZIL Rua Leopoldo Couto de Magalhäes

Junior 110, 1º andar

04542-000, Sao Paulo, Brazil

Tel: (55-11) 2198-9606

Contact: Roberto Kanegae

Email: rkanegae@bladex.com

MEXICO MEXICO D.F. Rubén Darío 281, piso 15, Oficina #1501

Colonia Bosque de Chapultepec

CP. 11580, México D.F.

Tel: (52-55) 5280-0822

Contact: Alejandro Barrientos

Email: abarrientos@bladex.com

MONTERREY Torre Avalanz, piso 20 oficina 2035

Batallón de San Patricio #109

Col. Valle Oriente, San Pedro, Garza

García

Nuevo León, C.P. 66260, México

Tel: (52-81) 4780-2377

Contact: Alejandro Barrientos

Email: abarrientos@bladex.com

PERU Dean Valdivia 243

Piso 7, Oficina 701

San Isidro, Lima

Tel: (511) 207-8800

Contact: Victor Mantilla

Email: vmantilla@bladex.com

COLOMBIA Calle 113 # 7-45

Edificio Teleport Business Park

Torre B, Oficina 1008

Bogotá, Colombia

Tel: (57-1) 214-3677

Contact: Camilo Alvarado

Email: calvarado@bladex.com

UNITED STATES NEW YORK AGENCY

10 Bank Street, Suite 1220

White Plains, NY 10606

Tel: (001) 914-328-6640

Contacto: Pierre Dulin

Email: pdulin@bladex.com

Regional Presence in Latin America

36

www.bladex.com

37

38

Key Financial Metrics

Financial Information corresponding to the year 2014-2015 were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by IASB.

The financial information corresponding to the years 2011-2013 follow the previous accounting standard, US-GAAP. Bladex completed its transition process to

IFRS from US-GAAP in 2015.

(In US$ million, except percentages) 2011 2012 2013 2014 2015 6M16

Total Income $138.8 $137.4 $133.7 $167.6 $173.9 $81.4

Business Profit $66.3 $83.5 $89.4 $99.7 $99.0 $50.2

Non-Core Items 16.9 9.5 (4.6) 2.7 5.0 (4.4)

Net Profit $83.2 $93.0 $84.8 $102.4 $104.0 $45.7

EPS (US$) $2.25 $2.46 $2.21 $2.65 $2.67 $1.17

Return on Average Equity (ROAE) 11.4% 11.6% 10.0% 11.5% 11.0% 9.4%

Business Return on Average Equity ("Business ROAE") 9.1% 10.4% 10.6% 11.2% 10.4% 10.3%

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

Busines Return on Assets ("Business ROAA") 1.2% 1.4% 1.3% 1.3% 1.3% 1.3%

Net Interest Margin ("NIM") 1.81% 1.70% 1.75% 1.88% 1.84% 2.06%

Net Interest Spread ("NIS") 1.62% 1.44% 1.55% 1.72% 1.68% 1.84%

Loan Portfolio 4,960 5,716 6,148 6,686 6,692 6,520

Commercial Portfolio 5,354 5,953 6,630 7,187 7,155 6,767

Allowance for expected credit losses on loans at amortized cost and off-

balance sheet credit risk to Commercial Portfolio (%) 1.82% 1.31% 1.18% 1.22% 1.33% 1.60%

Non-Performing Loans to gross Loan Portfolio (%) 0.65% 0.00% 0.05% 0.06% 0.78% 1.30%

Allowance for expected credit losses on loans at amortized cost and off-

balance sheet credit risk to Non-Performing Loans (x times) 3.0 0.0 25.0 21.7 1.8 1.3

Efficiency Ratio 36% 42% 41% 32% 30% 28%

Business Efficiency Ratio 39% 43% 37% 32% 31% 26%

Market Capitalization 596 822 1,081 1,167 1,010 1,036

Total assets 6,360 6,756 7,471 8,022 8,286 7,634

Tier 1 Capital Ratio Basel III (Basilea I for years 2012-2013) 18.6% 17.9% 15.9% 15.5% 16.1% 15.6%

Leverage 8.4 8.2 8.7 8.8 8.5 7.7

Performance

Efficiency

Scale &

Capitalization (*)

Portfolio Quality (*)

Results

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Balance Sheet

Financial Information corresponding to the year 2014-2015 were prepared in accordance with International Financial Reporting Standards (IFRS) as

issued by IASB. Bladex completed its transition process to IFRS from US-GAAP in 2015.

(In US$ million) 31-Dec-2014 31-Dec-2015 30-Jun-2016

Assets

Cash and cash equivalents $781 $1,300 $945

Financial instruments:

At fair value through profit or loss 58 53 0

At fair value through OCI 339 142 75

Securities at amortized cost, net 55 108 104

Loans at amortized cost 6,686 6,692 6,520

Allowance for expected credit losses (78) (90) (102)

Unearned interest & deferred fees (9) (9) (9)

Loans at amortized cost, net 6,600 6,592 6,410

At fair value - derivative financial instruments used for hedging - receivable 12 7 22

Other assets 178 83 78

Total assets $8,022 $8,286 $7,634

Liabilities and stockholders' equity

Total deposits $2,507 $2,795 $3,206

At fair value - derivative financial instruments used for hedging - payable 40 30 36

Securities sold under repurchase agreements 301 114 93

Short-term borrowings and debt 2,693 2,430 1,217

Long-term borrowings and debt, net 1,400 1,882 2,047

Allowance for expected credit losses on off-balance sheet credit risk 10 5 6

Other liabilities 162 57 36

Total stockholders' equity 911 972 992

Total liabilities and stockholders' equity $8,022 $8,286 $7,634

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Profit and Loss

Financial Information corresponding to the year 2014-2015 were prepared in accordance with International Financial Reporting Standards

(IFRS) as issued by IASB. Bladex completed its transition process to IFRS from US-GAAP in 2015.

2014 2015 6M16

Interest income $212,898 $220,312 $121,631

Interest expense 71,562 74,833 43,927

Net Interest Income 141,336 145,479 77,704

Other income

Fees and commissions, net 17,502 19,200 6,807

Derivate financial instruments and foreign currency exchange 208 (23) (339)

Gain (loss) per financial instrument at fair value through profit or loss 2,361 5,731 (3,767)

Gain (loss) per financial instrument at fair value through OCI 1,871 363 (315)

Gain on sale of loans at amortized cost 2,546 1,505 403

Other income, net 1,786 1,603 907

Net other income 26,274 28,379 3,696

Total Income 167,610 173,858 81,400

Expenses

Impairment loss from expected credit losses on loans at amortized cost 6,782 17,248 12,109

Impairment loss from expected credit losses on investment securities 1,030 5,290 486

Impairment (gain) loss from expected credit losses on off-balance sheet financial instruments 3,819 (4,448) 666

Salaries and other employee expenses 31,566 30,435 12,778

Depreciation of equipment and leasehold improvements 1,545 1,371 663

Amortization of intangible assets 942 596 203

Professional services 5,177 4,621 1,324

Maintenance and repairs 1,544 1,635 873

Other expenses 12,839 13,126 6,588

Total Expenses 65,243 69,874 35,690

Profit for the Period $102,366 $103,984 $45,710

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