3Q15 Earnings Results October 15, 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

• Business Net Income of $78.0 million (+7% YoY)• +5% increase in Net Interest Income on 5% growth in average loans

balances• +4% increase in average Commercial Portfolio to $7.1 billion• NIM at 1.82% (-3 bps YoY) from lower lending margins and higher liquidity

balances• Expenses -2% YoY, with Business Efficiency Ratio at 31% and Overall

Efficiency Ratio of 30%• Asset quality remains sound, with non-accrual portfolio totaling $21 million

(0.31% of total loan portfolio)

• Business Net Income of $29.2 million (+30% QoQ, +12% YoY)• +7% QoQ increase in Net Interest Income on higher lending rates (+10 bps)

and higher average loan balances (+1%)• NIM at 1.83% (+4 bps QoQ), -10 bps YoY mainly from higher liquidity

balances• Average Commercial Portfolio balances grew moderately to $7.1 billion

(+1%QoQ, +3%YoY)

• +121% QoQ increase in fees & other income, on higher loan structuring and distribution fees (4 transactions executed), and higher income from letters of credit and contingencies business

• Participation in investment funds with $4.4 million gain• Board declared $0.385 quarterly dividend per share

9M15

$82.7 MM Net Income(+17% YoY)

11.7% ROAE

3Q15

$33.6 MM Net Income (+66% QoQ, +26% YoY)

13.9% ROAE12.1% Business ROAE

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Key Financial Metrics

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(In US$ million, except percentages) 9M15 9M14 YoY 3Q15 2Q15 3Q14 QoQ YoY

Business Net Income $78.0 $73.0 7% $29.2 $22.5 $26.0 30% 12%Non-Core Income 4.7 (2.2) n.m. 4.4 (2.2) 0.6 -298% n.m.Net Income attributable to Bladex stockholders $82.7 $70.8 17% $33.6 $20.2 $26.6 66% 26%EPS (US$) $2.12 $1.83 16% $0.86 $0.52 $0.69 66% 25%

Business Return on Average Equity ("Business ROAE") 11.1% 11.0% 1% 12.1% 9.6% 11.4% 26% 6%Busines Return on Assets ("Business ROAA") 1.32% 1.31% 0% 1.44% 1.16% 1.36% 25% 6%Net Interest Margin ("NIM") 1.82% 1.85% -2% 1.83% 1.79% 1.93% 2% -5%Net Interest Spread ("NIS") 1.66% 1.69% -2% 1.67% 1.63% 1.77% 3% -6%

Loan Portfolio 6,759 6,706 1% 6,759 6,920 6,706 -2% 1%Commercial Portfolio 7,124 7,196 -1% 7,124 7,411 7,196 -4% -1%Allowance for credit losses to commercial portfolio 1.32% 1.19% 11% 1.32% 1.23% 1.19% 7% 11%Allowance for credit losses to non-accruing loan balances (times) 4.5 21.1 -79% 4.5 4.4 21.1 3% -79%

Efficiency Ratio 30% 33% -10% 26% 35% 30% -25% -13%Business Efficiency Ratio 31% 33% -4% 28% 33% 30% -13% -4%

Market Capitalization 902 1,190 -24% 902 1,254 1,190 -28% -24%Assets 7,993 7,796 3% 7,993 8,308 7,796 -4% 3%Tier 1 Basel I Capital Ratio 16.7% 14.7% 14% 16.7% 15.4% 14.7% 9% 14%Leverage (times) 8.3 8.6 -3% 8.3 8.7 8.6 -5% -3%

"n.m.": not meaningful.(*) End-of-period balances.

Results

Portfolio Quality (*)

Efficiency

Scale & Capitalization (*)

Performance

Net Income Evolution & Quality of Earnings

• Net Income growth +17% (+$11.9 million)• Business Net Income growth +7%, excludes results from participation in investment funds• Higher Net Interest Income (+5%) mainly from higher average loan portfolio balances (+5%)• Lower impact of provision for credit losses due to change in risk profile and mix of

commercial portfolio• Fees & other income -1% YoY due lower net gains on sale of loans and lower commission

income from letter of credit and contingencies business. Loan structuring and distribution fees increase 15% YoY, with solid pipeline in place

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Net Income Evolution & Quality of Earnings

• Net Income increased $13.4 million or +66% QoQ

• Business Net Income +$6.7million on higher net interest income and fees & other income ($6.8 million), mainly from loan structuring fees

• Non-core items +$6.6 million due to swing in results from participation in investment funds

• Net Income variation of +$7.0 million or 26% YoY

• Business Net Income +$3.2 million on higher net interest income and fees & other income mostly in structuring fees, and lower provision for credit losses

• $3.8 million YoY change in non-core income from improved resultsfrom participation in investmentfunds 6

Net Interest Income (NII) and Net Interest Margin (NIM)

• 9M15 Net Interest Income increase 5% from higher loan portfolio average balances(+5%) and a decrease in cost of funds (-5 bps), which offset decrease in averagelending rates (-3 bps) and higher average liquidity balances (+36%). NIM stood at 1.82%a decrease of 3 bps from 1.85% during the 9M14

• 3Q15 Net Interest Income amounted to $37.0 million, +7%QoQ and stable YoY, due to3Q15 improved in lending rates, higher average loan portfolio balances and lower costof funds. Lending margins rebound taking NIM to 1.83% (+4 bps QoQ and -10 bpsYoY), as funding costs remain stable

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Commercial Portfolio

• YTD Average Commercial Portfolio growth of 4% YoY, mainly in financial institutions (+8%) and corporations segment (+5%)

• 55% 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: 71% scheduled to mature within one year 8

Commercial Portfolio

• Broadly diversified across countries & industries • Brazil exposure reduced to 25% from 27% (-2 pts. QoQ), shifting focus mainly to Central

American & Caribbean Region and Peru (+4 pts. and +2 pts., respectively).

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Commercial Portfolio – Brazil Deep Dive

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Credit Quality

• Total Reserves covered non-accruing loans 4.5 times, and covered 1.32% of total outstanding balances

• Non-accruing loans represented 0.31% of total loans

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Off-balance Sheet Assets & Commission and Intermediation Income

• 9M15 Fees & Other Income decrease 1% YoY, with higher fee income from loan structuring and syndication activities offset by lower loan distribution activities and reduced commissions from the L/C and contingency business

• QoQ increase of $4.5 million or 121% mostly from higher loan structuring and distribution fees, and higher income from letters of credit and contingencies business

• 4 mandated lead arranger transactions successfully executed totaling $227 million. Solid pipeline of prospective transactions for remainder of year

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Operating Expenses and Efficiency Ratios

• Operating expenses stable, well controlled• 3Q15 Efficiency Ratio and Business Efficiency Ratio improved on higher

revenues • 9M15 Efficiency Ratio stood at 30%, as operating revenues increased by

9% and expenses decreased by 2%

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ROAE and Capitalization

• Annualized cumulated Business ROAE continues to improve

• Total ROAE ahead YoY, incorporates results from participation in investment funds

• Tier 1 Basel III capitalization remains robust• QoQ decrease reflects changes in the

portfolio mix in terms of country risk exposures and tenors (RWA)

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Shareholder Returns

• Market correction impacting Total Shareholder Return (TSR, -20% for the twelve trailing months ending September 30, 2015)

• Dividend yield well in excess of 5%

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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

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9M15 9M14 3Q15 2Q15 3Q14Reconciliation of Business Net IncomeBusiness Net Income $78.0 $73.0 $29.2 $22.5 $26.0

Non-Core Income:Net gain (loss) from investment funds 4.8 (2.2) 4.4 (2.2) 0.6 Other expenses related to the investment funds (0.1) (0.4) (0.0) 0.0 -

- 0.5 - - -

Total Non-Core Income: $4.7 ($2.2) $4.4 ($2.2) $0.6

Net Income attributable to Bladex stockholders $82.7 $70.8 $33.6 $20.2 $26.6

Net income (loss) attributable to the redeemable noncontrolling interest

(In US$ million)

Thank You!

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