Banco Latinoamericano de Comercio Exterior (Bladex) held an earnings presentation for 1Q21. Key highlights included: - Commercial portfolio growth of 3% sequentially continued the trend that started in 3Q20, with higher commodity prices and trade volumes enhancing loan growth. - Net interest income declined from lower interest rates and average loan volumes still below prior year levels, partly offset by higher average lending balances. - Asset quality remained sound with no significant impact to credit loss allowances and the non-performing loan ratio stable at 0.2%.

1. 1
Banco Latinoamericano de Comercio Exterior, S.A.
(“Bladex”)
1Q21 Earnings Results Presentation
May 5, 2021

2. 2
This presentation contains forward-looking statements of expected future developments within the meaning of the Private
Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can
be identified by words such as: “anticipate”, “intend”, “plan”, “goal”, “seek”, “believe”, “project”, “estimate”, “expect”, “strategy”,
“future”, “likely”, “may”, “should”, “will” and similar references to future periods. The forward-looking statements in this
presentation include the Bank’s financial position, asset quality and profitability, among others. These forward-looking statements
reflect the expectations of the Bank’s management and are based on currently available data; however, actual performance and
results are subject to future events and uncertainties, which could materially impact the Bank’s expectations. Among the factors
that can cause actual performance and results to differ materially are as follows: the coronavirus (COVID-19) pandemic and
government actions intended to limit its spread; the anticipated changes in the Bank’s credit portfolio; the continuation of the
Bank’s preferred creditor status; the impact of increasing/decreasing 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 expected credit losses; the need for additional allowance for expected credit
losses; the Bank’s ability to achieve future growth, 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 deposit withdrawals.
Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict
all of them. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the
date hereof. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be required by law.

3. 3
First Quarter Results: Poised for Growth
We are seeing signs of recovery in 2021, but they are not yet reflected in our
1Q21 results
Sequential quarterly growth in our high-quality and diversified Commercial
Portfolio continues the trend that started in 3Q20
Higher commodity prices and trade volumes are enhancing loan growth
Stock Repurchase of up to $60 million reflects the Bank’s conviction on its
potential to generate value for its shareholders, while ensuring its strength and
stability to support future growth
1Q21 results continue to reflect historically low Libor rates, and net lending
spreads returning to pre-Covid levels, partly offset by higher Q-on-Q average
lending balances, which still remain below pre-Pandemic amounts
Asset quality remains sound, with no significant impact in allowances for credit
losses

4. 4
​
​ ​
​
4,911
(2,240) 2,392
5,063
639 (350) 356 645
31-Dec-20 Maturities * Disbursements 31-Mar-21
(USD millions, except for %) - QoQ
Sequential quarterly growth continues the trend that started in 3Q20; lending spreads
returning to pre-Covid levels on high quality portfolio and ample liquidity
(*) Includes prepayments and sales
5,551 (2,590) +2,747 5,708
L+ 2.27% L+ 1.87%
Loan Portfolio
Average Interest Rate
Total
L+ 1.41% L+ 2.04%
Contingencies
Loans
+3% growth QoQ in Commercial Portfolio, on 5% quarterly increase in
origination while collecting virtually all scheduled maturities
▪ 57% in Investment Grade countries
▪ 77% maturing in less than a year (+2pp. QoQ)
▪ Exposures in top-tier clients (FIs & Corporate industry leaders)
▪ Resilient credit quality with NPL ratio stable at 0.2%
▪ Continued risk assessment and close contact with clients
≈100%
collected
5%
3%

5. 5
3% 1% 2%
2%
2% 2%
3%
2% 2%
5%
4% 3%
6%
4% 4%
2%
4% 4%
6%
6% 6%
16%
18% 20%
1%
1%
2%
3%
3%
3%
7%
5%
6%
4%
6%
6%
7%
9%
7%
9%
11%
10%
10%
10%
11%
15%
14%
12%
5,832
5,551
5,708
-
1,000
2,000
3,000
4,000
5,000
6,000
-
1,000
2,000
3,000
4,000
5,000
6,000
31-Mar-20 31-Dec-20 31-Mar-21
Colombia
Chile
Mexico
Non-Latam
Peru
Panama
T. & Tobago
Uruguay
Brazil
Guatemala
Dominican Republic
Ecuador
Costa Rica
Argentina
Paraguay
Other Latam ≤ 1%
3% 1% 2%
2%
2% 2%
3%
2% 2%
5%
4% 3%
6%
4% 4%
2%
4% 4%
6%
6% 6%
16%
18% 20%
1%
1%
2%
3%
3%
3%
7%
5%
6%
4%
6%
6%
7%
9%
7%
9%
11%
10%
10%
10%
11%
15%
14%
12%
5,832
5,551
5,708
-
1,000
2,000
3,000
4,000
5,000
6,000
31-Mar-20 31-Dec-20 31-Mar-21
Colombia
Chile
Mexico
Non-Latam
Peru
Panama
T. & Tobago
Uruguay
Brazil
Guatemala
Dominican Republic
Ecuador
Costa Rica
Argentina
Paraguay
Other Latam ≤ 1%
Commercial Portfolio by Country
As of Mar21
Preservation of sound credit quality and well-diversified exposure across countries, with
constant relevant participation in Investment Grade Countries
Uruguay
Brazil
Argentina
3%
$66MM of the quarterly
increase in the Oil and Gas
(Downstream) industry
+87% of the quarterly
increase in Financial
Institutions
-45% since the onset of
Covid-19 (1Q20)
$63MM, +185%
$137MM, +13%
-$23MM, -18%
59%
IG
41%
Non-IG
56%
IG
44%
Non-IG
57%
IG
43%
Non-IG
Chile
$63MM, +12%
Quarterly increase in
Financial Institutions and
Quasi-sovereign corporations
QoQ Variation
2%

6. 6
6% 4% 4%
1%
2% 1%
2%
1% 1%
3%
2% 2%
2%
2%
2%
3%
2%
2%
1%
2%
2%
2%
3% 2%
3%
3% 3%
3%
3% 3%
4%
3% 5%
5%
6% 5%
6%
6% 5%
4%
7% 10%
55%
54%
53%
5,832
5,551
5,708
-
1,000
2,000
3,000
4,000
5,000
6,000
31-Mar-20 31-Dec-20 31-Mar-21
Financial institutions
Oil and gas (Downstream)
Electric power
Food and beverage
Metal manufacturing
Other services
Oil and gas (Integrated)
Oil and gas (upstream)
Grains and oilseeds
Retail trade
Mining
Other manufacturing industries
Sugar
Coffee
Other Industries <1%
Commercial Portfolio by Industry
As of Mar21
Quarterly growth mostly tied to commodity-related industries while exposure to higher
risk sectors continues to decrease since the onset of Covid-19
QoQ variation
Oil and Gas
(Downstream)
Metal
Manufacturing
Sugar
87% of the quarterly
increase in Investment
Grade countries (Uruguay,
Chile, Peru and Panama)
78% in Investment grade
countries (55% Latam; 23%
Non-Latam)
-46% since the onset of the
Covid-19 (1Q20)
$191MM, +49%
$69MM, +37%
-$3MM, -4%
Financial
Institutions
Main financial institutions of
each country; systemic
$31MM, +1%

7. 7
25%,
1,543
26%,
1,454
25%,
1,368
32%,
1,641
31%,
1,604
27%,
1,414
27%,
1,636
30%,
1,737 23%,
1,270 8%, 437 8%, 392 12%,
612
48%,
2,888 44%,
2,468 52%,
2,886
60%,
3,055
61%,
3,139
61%,
3,186
6,067
5,659 5,524
5,133 5,135 5,212
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21
Deposits
Repos and Short-term borrowings and debt
Long-term borrowings and debt, net
1% 1% 1% 2% 2% 1%
82%,
5,893 78%,
5,337
68%,
4,486
72%,
4,566
78%,
4,916
80%,
5,068
1%, 80
1%, 79
1%, 96
4%, 234
6%, 395
6%, 389
16%,
1,178
20%,
1,353
30%,
2,021
22%,
1,402
14%,
864
13%,
820
7,250
6,823
6,627
6,311 6,289 6,375
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
0
1000
2000
3000
4000
5000
6000
7000
31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21
Other Loans Investment Portfolio Cash and due from banks
(USD millions, except for %) - EoP
Total Assets
Sustained optimization of the asset – liability structure, with loan portfolio growth
supported by stable deposit base and ample availability to diversified funding sources
Funding Structure
14%

8. 8
25.8
22.3
18.9
1Q20 4Q20 1Q21
18.3
15.7
12.8
1Q20 4Q20 1Q21
1Q20 4Q20 1Q21
NIM 1.59% 1.37% 1.24%
NIS 1.16% 1.17% 1.04%
ROAE 7.2% 6.1% 5.0%
ROAA 1.1% 1.0% 0.8%
Efficiency Ratio 36.7% 40.2% 41.6%
3.1 2.8 3.0
1Q20 4Q20 1Q21
1Q21 results impacted by lower Libor rates and net lending spreads returning to
pre-Covid levels, while average lending volumes still below last year’s balance
▪ Annual reduction attributed to lower
Libor rates and lower average loan
volumes
▪ Sequential quarterly reduction in NII
on a 43bps decrease in the all-in rate
differential between Loans and
Financial Liabilities
▪ Sequential quarterly reduction in
expenses on seasonality
Profit for the Period Performance Ratios
(USD millions)
Net Interest Income
Operating Expenses
Fees and Commissions
▪ Stable fees and commissions on
letters of credit business
▪ Fees from syndication activity remain
low
-10.5 -10.2
-9.1
1Q20 4Q20 1Q21

9. 9
2.88%
2.02%
0.49%
2.77%
1.86%
0.37%
4.87%
3.94%
2.60%
3.35%
2.41%
1.10%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
1Q19 1Q20 1Q21
Loans - Base rate Financial Liabilities - Base Rate Loans - Total Rate Financial Liabilities - Total Rate
1.52%
1.53%
1.50%
1,005
400
5,117
4,762
798
75
5,439
5,660
877
103
5,439
5,567
1Q20
1Q21
1Q19
1Q20
1Q21
1Q19
1Q20
1Q21
1Q19
1Q20
1Q21
1Q19
Average Balances
Loans *
Financial
Liabilities
Investment
Portfolio
Cash and
due from
banks
* Gross of unearned interest and deferred fees. Includes NPLs effect
Annual decrease in 1Q21 NII mainly on lower Libor-based market rates and average
lending volumes still below pre-Covid levels
▪ Average Libor-based
rates have decreased
150bps YoY (and 240bps
vs 1Q19)
▪ Net Lending Spread
differential at 150 bps, at
similar levels vs 1Q20
and 1Q19, while average
loan volume at $4.8
billion still below (-16%
YoY)
▪ The Investment Portfolio
continues to be a
relevant complement to
the Bank’s Commercial
Portfolio, half of which is
invested in corporate
debt securities classified
as HQLA by Basel III
standards, enhancing the
overall return of the
Bank’s liquidity position
-$4.2MM
Rate impact
-$6.9MM
-$2.7MM
Volume impact
NII impact
1Q21 vs 1Q20
RATES
VOLUMES
76%
16%

10. 10
1,005
400
5,117
4,762
1,526
337
5,441
4,619
4Q20
1Q21
4Q20
1Q21
4Q20
1Q21
1Q21
4Q20
Average Balances
Loans *
Financial
Liabilities
Investment
Portfolio
Cash and
due from
banks
* Gross of unearned interest and deferred fees. Includes NPLs effect
Net lending spread reached pre-Covid levels in 1Q21, partially offset by increased credit
portfolio and lower liquidity balances
0.64%
0.49%
0.38% 0.37%
3.04%
2.60%
1.11% 1.10%
4Q20 1Q21
Loans - Base rate Financial Liabilities - Base Rate
Loans - Total Rate Financial Liabilities - Total Rate
1.93%
1.50%
▪ Downward trend in
lending spread particularly
to banks, in a highly liquid
environment
▪ Libor-based loan rates
continue its downward
repricing, while liabilities´
repricing occurred
throughout 2020
▪ Positive volume effect
resulting from increased
loan portfolio average
balance, coupled with
lower required funding on
a decreased cash position
-$4.4MM
Rate impact
-$3.4MM
+$1.0MM
Volume impact
NII impact
1Q21 vs 4Q20
RATES
VOLUMES
3%
43
bps

11. 11
(USD million) 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21
Allowance for losses
Balance at beginning of the period $102.5 $102.5 $47.8 $44.9 $44.6
(Reversals) provisions (0.1) (2.6) 1.5 (0.3) 0.0
Write-offs, net of recoveries 0.1 (52.1) (4.4) 0.0 0.0
End of period balance $102.5 $47.8 $44.9 $44.6 $44.6
62
11 11
0
10
20
30
40
50
60
70
80
31-Mar-20 31-Dec-20 31-Mar-21
93% 94% 95%
6% 6% 5%
1% 0% 0%
5,911 5,946 6,097
-1,000,000
-800,000
-600,000
-400,000
-200,000
0
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
31-Mar-20 31-Dec-20 31-Mar-21
Allowances for credit losses reflect Bladex’s sound asset quality, with 95% of credits
classified as Stage 1 (low risk) under IFRS 9, and Credit Portfolio growth focused on
high quality origination
Allowance for Credit Losses Credit Impaired Loans
(USD millions, except for %)
(USD millions, except for %)
Total Allowance for
Losses to Credit Portfolio 1.73% 0.73%
Allowance for Losses to
Stages 1 + 2 0.82% 0.65%
0.75%
0.67%
Allowance for Losses 102.5 44.6
44.6
Credit Portfolio
(1) Includes allowance for expected credit losses on loans at amortized cost, on loan commitments and financial guarantees contracts, and on securities at amortized cost and at fair
value through other comprehensive income.
1
Total allowance for losses
to Credit impaired loans
Credit impaired loans
to Loan Portfolio
1.7x 4.2x
4.2x
1.2% 0.2%
0.2%
▪ Current NPLs related to the
retail trade business
At and for the three months ended
▪ Write-offs during 2020
relate to the sale of
troubled loans for which
individual reserves were
previously allocated.
Stage 3 (credit impaired)
Stage 2 (increased risk)
Stage 1 (low risk)

12. 12
“We believe that our 40-year experience in the Region, including several negative credit cycles,
and our good understanding of the impacts and macroeconomic dynamics in every country, play
to our advantage. We are committed to continue to support our clients, for whom we have been
long-standing allies.”
-Jorge Salas, CEO
Questions & Answers