April 17, 2015

First Quarter 2015 Earnings Presentation

“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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Table of Contents

Financial Performance Overview………………………………….. 4

Key Financial Metrics 1Q15……………….……………………….. 5

Shareholder Returns ………………..……………………………… 15

3

Financial Performance Overview

1Q15 Highlights:

• Net Income of $28.8 million (+23% YoY, -20% QoQ) on YoY improvement of business net

income and non-core results

• NIM at 1.84%, up 5 bps YoY mainly due to higher average loan portfolio balances and

lower funding costs. 8 bps QoQ decrease from lower average balances and rates as

lending focuses on high quality risk

• Operating expenses decreased 3% YoY and 10% QoQ mainly on lower professional fees

• Lower Fees & Other Income QoQ and YoY due lower activity in the letters of credit

business, and absence of closed syndicated transactions this quarter. Transactions

pipeline continues to look promising

• Commercial Portfolio end-of-period balances ease 1% QoQ to $7.1 billion, but up 7% YoY,

as portfolio repositions in face of more volatile markets; average portfolio balances down

2% QoQ, up 8% YoY

• Non-accrual portfolio rises to $20.8 million as specific reserves increase $1.6 million, with

overall provision impact of $0.3 million

• 1Q dividends declared at $0.385/share 4

Key Financial Metrics

(In US$ million, except percentages) 1Q15 4Q14 1Q14 QoQ YoY

Business Net Income $26.4 $30.5 $24.0 -14% 10%

Non-Core Income 2.5 5.6 (0.5) -56% n.m.

Net Income attributable to Bladex stockholders $28.8 $36.1 $23.5 -20% 23%

EPS (US$) $0.74 $0.93 $0.61 -20% 22%

Business Return on Average Equity ("Business ROAE") 11.5% 13.2% 11.2% -13% 3%

Busines Return on Assets ("Business ROAA") 1.35% 1.52% 1.34% -11% 1%

Net Interest Margin ("NIM") 1.84% 1.92% 1.79% -4% 2%

Net Interest Spread ("NIS") 1.68% 1.76% 1.62% -5% 3%

Loan Portfolio (*) 6,569 6,686 6,098 -2% 8%

Commercial Portfolio (*) 7,093 7,187 6,610 -1% 7%

Credit Reserve Coverage 1.23% 1.20% 1.18% 2% 4%

Credit Provision to non-performing loan balances (times) 4.2 21.4 24.9 -80% -83%

Efficiency Ratio 31% 28% 37% 10% -16%

Business Efficiency Ratio 33% 32% 35% 4% -6%

Market Capitalization 1,276 1,167 1,021 9% 25%

Assets 7,955 8,025 7,179 -1% 11%

Tier 1 Basel I Capital Ratio 16.2% 15.3% 16.4% 6% -1%

Leverage (times) 8.4 8.8 8.1 -4% 4%

"n.m.": not meaningful.

(*) End-of-period balances.

Results

Portfolio

Quality

Efficiency

Scale &

Capitalization

Performance

5

Net Income Evolution & Quality

of Earnings

• YoY Net Income growth

+23% ($5.3 million)

• Higher Net Interest Income

from higher average

lending volumes and lower

cost of funds

• Gain on investment funds

participation

• 3% decrease in operating

expenses

• QoQ Net Income variance

from net lower net interest

income, fees and

commissions and other

income

• 10% decrease in operating

expenses

6

Net Interest Income (NII) and Net

Interest Margin (NIM)

• 1Q15 NIM at 1.84%, down 8 bps QoQ due to lower average loan

volumes and lower lending rates. Funding costs increase owed to

changes in the funding mix

• 5 bps YoY NIM increase from higher average interest-earning

assets and lower cost of funds

7

Commercial Portfolio

8% YoY average portfolio balance growth

8

Commercial Portfolio

Broadly diversified across countries & industries

54% of commercial portfolio is Trade and 46% Non-Trade

73% of total commercial portfolio is with tenor < 1 yr.

9

Non-Accrual Portfolio and

Reserve Coverage

• Included two additional counterparties in non-accruals, totaling $17

million in exposures, associated with a $1.6 million overall increase in

specific reserves

10

Operating Expenses and

Efficiency Ratios

• Business Efficiency Ratio at 33% in 1Q15, compared to 32%

in 4Q14 and 35% in 1Q14, as operating expenses remain well

under control

11

Off-balance Sheet Assets & Commission

and Intermediation Income

• Lower Fees & Other Income as no syndicated transactions were closed

during the quarter and from lower letters of credit activity

• Positive outlook on pipeline of transaction being worked on

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Other Income Items

Other Income Highlights:

• Participation in Investment Funds continues to perform well with gain of

$2.6 million in 1Q15

13

ROAE and Capitalization

• Capitalization remains strong and of

high quality

• Annual Business ROAE evolution on

track

14

Shareholder Returns

• Stock price appreciation and dividend yield delivered over 30% annualized total shareholder return as of March 31, 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 17

1Q15 4Q14 1Q14

Reconciliation of Business Net Income

Business Net Income $26.4 $30.5 $24.0

Non-Core Income:

Net gain (loss) from investment funds 2.6 5.6 (0.6)

Expenses from the investment funds - - (0.4)

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

- - (0.5)

Total Non-Core Income: 2.5 5.6 (0.5)

Net Income attributable to Bladex stockholders $28.8 $36.1 $23.5

Net income (loss) attributable to the redeemable noncontrolling interest

(In US$ million, except percentages)

Thank You!

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