The bank reported financial results for the first quarter of 2016, with business profit increasing 11% quarter-over-quarter and 2% year-over-year. Net profit increased 1% quarter-over-quarter but decreased 22% year-over-year due to negative non-core results from investment funds. Higher interest rates increased net interest income and margins. Credit quality remained stable with non-performing loans at 0.43% and allowance coverage of 3.4 times non-performing loans. Operating expenses decreased while efficiency ratios improved. Return on equity decreased from prior periods due to non-core investment fund results.

1. 1Q16 Earnings Results
April 15, 2016

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 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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3. Financial Performance Overview
• Business Profit of $28.1 million (+11% QoQ and 2% YoY), on +5% QoQ and +10%YoY increase in
Net Interest Income from higher average lending rates (+34 bps QoQ, +48 bps YoY), as lending
spreads trended higher and increased market rates (LIBOR) were re-priced in our book.
• Net Profit of $23.4 million, (+1% QoQ, -22% YoY), from higher net interest income and lower
operating expenses, partially offset by negative non-core results mostly attributed to the Bank’s
participation in the investment funds. The Bank has since proceeded to redeem its entire interest in
the funds.
• Margins growth more than offset the effects of lower average lending balances and higher funding
costs from increased market rates. NIM reaches 2.06% (+16 bps QoQ and +22 bps YoY).
• Reserve coverage ratio increased to 1.40% (+7 bps QoQ and +15 bps YoY) on lower ending
balances and adjustments to account for expected lifetime credit losses regarding certain
exposures. Non-performing loan portfolio (NPL) amounted to $28 million, and the ratio of NPL to
gross loan portfolio reverted to 0.43%.
• Lower fee income & other income up +3% YoY, but down QoQ due to the absence of completed
transactions in the loan structuring and syndication business. Pipeline of mandated transactions is
strong as ever, with 8 transactions totaling $1.2 billion currently in the market.
• Expenses drop -6% QoQ and YoY, with Business Efficiency Ratio improving to 30%. Overall
Efficiency Ratio of 33% reflects decreased non-core income from funds.
• Board declared $0.385 quarterly dividend per share, as strong dividend yield continues.
1Q2016 Highlights:
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4. Key Financial Metrics
(1) Non-Core Income includes the net results from the participations of the investment funds recorded in the “gain (loss) per financial instrument at fair value through profit or loss”
line item and other expenses related to investment funds. The Feeder Fund is not consolidated in the Bank’s financial statements as a result of the evaluation of control as per IFRS
10 “Consolidated Financial Statements” according to which the existing rights do not give the Bank ability to direct the relevant activities of the fund.
(2) Adjusted EPS corresponds to earnings per share excluding non-core items.
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(In US$ million, except percentages) 1Q16 4Q15 1Q15 QoQ YoY
Business Profit $28.1 $25.3 $27.4 11% 2%
Non-Core Items (1)
(4.7) (2.0) 2.4 n.m. n.m.
Net Profit $23.4 $23.2 $29.9 1% -22%
EPS (US$) $0.60 $0.60 $0.77 1% -22%
Adjusted EPS (US$) (2)
$0.72 $0.65 $0.71 11% 2%
Return on Average Equity (ROAE) 9.6% 9.5% 13.0% 1% -26%
Business Return on Average Equity ("Business ROAE") 11.6% 10.4% 11.9% 11% -3%
Return on Average Assets (ROAA) 1.22% 1.17% 1.53% 4% -20%
Busines Return on Assets ("Business ROAA") 1.46% 1.27% 1.40% 15% 4%
Net Interest Margin ("NIM") 2.06% 1.90% 1.84% 8% 12%
Net Interest Spread ("NIS") 1.85% 1.72% 1.68% 8% 10%
Loan Portfolio 6,533 6,692 6,569 -2% -1%
Commercial Portfolio 6,914 7,155 7,093 -3% -3%
Total Allowance for expected Credit Losses to Commercial Portfolio 1.40% 1.33% 1.25% 5% 12%
Non-Performing Loans to Gross Loan Portfolio (%) 0.43% 0.78% 0.32% -45% 35%
Total Allowance for expected credit losses to Non-Performing Loans (x times) 3.4 1.8 4.2 89% -19%
Efficiency Ratio 33% 30% 31% 11% 7%
Business Efficiency Ratio 30% 29% 33% 4% -10%
Market Capitalization 945 1,010 1,276 -6% -26%
Assets 7,669 8,286 7,955 -7% -4%
Tier 1 Capital Ratio Basel III 15.9% 16.1% 16.4% -1% -3%
Leverage (times) 7.8 8.5 8.4 -8% -8%
"n.m.": not meaningful.
(*) End-of-period balances.
Results
Performance
Portfolio Quality (*)
Efficiency
Scale &
Capitalization (*)

5. Net Profit Evolution & Quality of Earnings
• 1Q16 Net Profit of $23.4 million, +$0.2
million (+1%) QoQ
• Business Profit of $28.1 million, +$2.8
million (+11%)
• Net gain on impairment from expected
credit losses on loans, contingencies and
on investment securities reflects no
further deterioration of credit spreads and
valuations
• Non-core items (-$2.6 million) reflect
increased losses from participation in
investment funds
• Net Profit variation of -$6.4 million (-22%)
YoY million mainly on swing in non-core
results which offset better core results as
Business Profit increased $0.7 million
(+2%)
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6. Net Interest Income (NII) & Net Interest Margin (NIM)
• Increased Net Interest Income (+5% QoQ,
and +10% YoY), attributable to higher
average lending rates (+34 bps QoQ and
+48 bps YoY), mainly from higher lending
spreads and the re-pricing of assets to
pass on increased market rates
• Higher rates and spreads more than offset
the effects of lower average loan lending
balances (-4% QoQ and -2% YoY) and
higher cost of funds from increased
market rates (+12 pbs QoQ and +25 bps
YoY).
• NIM expansion accelerated, reaching
2.06% (+16 bps QoQ and +22 bps YoY).
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7. Commercial Portfolio
• Both average and end-of-period Commercial Portfolio balances
stood at approximately $6.9 billion as reductions of portfolio
balances in Brazil and parts of Central America & Caribbean were
partially offset by portfolio growth in Peru, Mexico, and Argentina.
• Average Commercial Portfolio exposures to financial institutions
represent 37%, with remaining 63% corresponding to non-
financial institutions with strong USD-generation capacity.
• 56% of total Commercial Portfolio is trade finance, with remaining
balance consisting primarily of lending to financial institutions and
corporations engaged in foreign trade.
• Short-term bias continues as 71% of the book is scheduled to
mature within one year.
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8. Commercial Portfolio Exposure
By Country and By Industry
• Broadly diversified across countries & industries.
• Brazil exposure at 21% of Commercial Portfolio, down from 23% in 4Q15 (-2 ppts. QoQ),
down from 27% in 1Q15 (-6 ppts. YoY).
• Exposure to financial institutions at 37%, (-2 ppts QoQ and same level YoY). Overall
exposure to Oil and Gas industry at 15%, (+3 ppts. QoQ and -1 ppts. YoY), attributable
to seasonal increase in the downstream and integrated sectors. 8

9. Commercial Portfolio – Brazil Exposure Update
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10. 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
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
Bladex Credit Exposure:
• Includes Commercial
Portfolio + Treasury Portfolio
(nominal values).
* 1Q16 Update:
• Total duration of 8 months.
• 6.1% is related to Treasury
Portfolio.
• 90% of Bonds are sovereign
risk (Brazil, Chile, Colombia,
Mexico, Trinidad & Tobago).
• $174MM
• 2% of Total Credit Portfolio
• 16% of O&G Exposure
• Concerted lender actions
• Mitigating factors:
 Diversification in Gas
 More competitive cost
base
 53% of exposure is
contingent only (SBLCs)
• $391MM
• 5% of Total Credit Portfolio
• 35% 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
• $543MM
• 8% of Total Credit Portfolio
• 49% of O&G Exposure
• Import transactions
• Mitigating factors:
 Strategic relevance / quasi-
gov´t entities
 Local fuel price regimes
not tied to crude price
evolution
Bladex exposure continues bias towards
quasi-sovereign counterparties and Integrated/Downstream market spectrum
Oil & Gas Credit Exposure
Year 1Q16 4Q15
Upstream 16% 18%
Integrated 35% 39%
Downstream 49% 43%
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11. Credit Quality
• Non-performing loans (“NPL”) reverted to 0.43% of gross loan portfolio
• Allowance for expected credit losses to non-performing loans stood at 3.4
times, and covered 1.40% of total outstanding balances in the Commercial
Portfolio (+7 bps QoQ)
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12. Off-balance Sheet Assets & Commission
and Intermediation Income
• Fees & Other income decreased 63% QoQ mainly as transactions in the loan
structuring and syndication business are pending completion, compared to three
mandated lead-arranger transactions closed in 4Q15
• Pipeline of transactions highest ever with 8 deals ($1.2 billion) in the market
• 3% YoY increase driven by higher commissions in the structuring and syndication
business
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13. Operating Expenses and Efficiency Ratios
• Lower operating expenses (-6% QoQ &
YoY), on higher efficiency and F/X
savings in local currency
• Business Efficiency Ratio stood at 30%
(+1ppt. QoQ and -3ppt. YoY)
• 1Q16 Overall Efficiency Ratio increased
to 33%, due to non-core results from the
investment funds
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14. ROAE and Capitalization
• QoQ ROAE variance mainly attributable to
improved core results.
• YoY ROAE variance mainly attributable to
swing in non-core results and net effects of
expected credit losses on loans, off-balance
sheet financial instruments and investment
securities
• Business ROAE evolution reflects solid core
business dynamics
• Tier 1 Basel III capitalization remains strong
at 15.9%, with variances to comparison
quarters mainly from increased risk weighted
assets reflecting market perception of risk in
the Region
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15. Shareholder Returns
•Bladex’s stock price performance recovering from adverse market trends.
•Very attractive stock valuation at 9.7x (P/EPS) and 1.0x (P/BV) as at March 31, 2016.
•Stable dividend with yield well in excess of 5%.
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16. Questions & Answers
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17. Thank You
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