This document contains the first quarter 2015 earnings presentation for a bank. Some key highlights from the presentation include: - Net income for the quarter was $28.8 million, up 23% year-over-year but down 20% quarter-over-quarter. - The net interest margin was 1.84%, up 5 basis points year-over-year due to higher loan balances and lower funding costs, but down 8 basis points quarter-over-quarter. - The commercial loan portfolio balances eased 1% quarter-over-quarter but were up 7% year-over-year, as the bank repositions its portfolio in more volatile markets. - Non-accrual loans rose as

1. April 17, 2015
First Quarter 2015 Earnings Presentation

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. Table of Contents
Financial Performance Overview………………………………….. 4
Key Financial Metrics 1Q15……………….……………………….. 5
Shareholder Returns ………………..……………………………… 15
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4. 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

5. 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
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6. 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
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7. 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

8. Commercial Portfolio
 8% YoY average portfolio balance growth
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9. 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.
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10. 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
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11. 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
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12. 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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13. Other Income Items
Other Income Highlights:
• Participation in Investment Funds continues to perform well with gain of
$2.6 million in 1Q15
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14. ROAE and Capitalization
• Capitalization remains strong and of
high quality
• Annual Business ROAE evolution on
track
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15. Shareholder Returns
• Stock price appreciation and
dividend yield delivered over 30%
annualized total shareholder return
as of March 31, 2015
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16. Questions & Answers
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17. 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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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)

18. Thank You!
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