- The bank reported business net income of $78.0 million for 9M15, a 7% increase over the same period last year, driven by a 5% increase in net interest income from higher loan balances. - Net income was $82.7 million for 9M15, a 17% increase over 9M14, which includes non-core income from participation in investment funds. - Asset quality remains strong, with non-accrual loans representing only 0.31% of the total loan portfolio and reserves covering non-accrual loans 4.5 times.

1. 3Q15 Earnings Results
October 15, 2015

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 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% ROAE
12.1% Business ROAE
3

4. Key Financial Metrics
4
(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

5. 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
5

6. 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 results
from participation in investment
funds 6

7. 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 average
lending 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 to
3Q15 improved in lending rates, higher average loan portfolio balances and lower cost
of funds. Lending margins rebound taking NIM to 1.83% (+4 bps QoQ and -10 bps
YoY), as funding costs remain stable
7

8. 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

9. 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).
9

10. Commercial Portfolio – Brazil Deep Dive
10

11. 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
11

12. 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
12

13. 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%
13

14. 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)
14

15. 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%
15

16. Questions & Answers
16

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
17
9M15 9M14 3Q15 2Q15 3Q14
Reconciliation of Business Net Income
Business 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)

18. Thank You!
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