This document is the FY19 & 4Q19 Earnings Results Presentation. It summarizes the company's financial results including a significantly stronger credit profile, solid reserves and capitalization, steady revenues and improved efficiency. Key highlights include an 8.6% ROAE, 1.4% ROAA, and 32.1% efficiency level. The presentation also provides analysis of factors impacting the global and regional economic environment, and reviews trends in the company's loan portfolio, credit quality, revenues and expenses.

1. FY19 & 4Q19 Earnings Results Presentation
February 14, 2020

2. 2
This presentation contains forward-looking statements of expected future developments within the meaning of the Private
Securities Litigation Reform Act of 1995. The forward-looking statements in this presentation include the growth of the credit
portfolio, including the trade portfolio, the increase in the number of the Bank’s corporate clients, the trend of lending spreads,
changes in activities engaged in by the Bank that are derived from the Bank’s client base, anticipated operating results and
return on equity in future periods, including income derived from the Treasury Business Segment, and changes in the financial
and performance strength of the Bank. 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 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. 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
General Overview
• Significantly stronger credit profile • Solid reserves and capitalization
• Steady top line revenues • Improved efficiency
Global context – Headwinds from weak growth, subdued trade flows, geopolitical and
idiosyncratic risks:
• Economic growth below 3% in 2019. Tepid growth recovery to 3.3% expected in
2020.
• Trade flows only grew approximately 1% in 2019, growth of 3% expected in 2020.
• Geopolitical and idiosyncratic risks from Middle East, Italy and Turkey.
Regional context – Economic growth below potential - Brazil as a bright spot:
• LatAm grew just 0.1% in 2019. Only 1.5% growth expected in 2020.
• Trade flows decreased 2.1% in 2019, expected to recover in 2020 (only up 1.6%).
• Brazil grew 1.2% in 2019 (Mexico 0% and Argentina -3.3%). Brazil expected to
grow 2.4% (Mexico +1.1% and Argentina -2.5%) in 2020.
Bladex FY19 – Solid book of business with focus on top clients and structured
transactions:

4. Profit Evolution
4
 8.6% ROAE, 1.4% ROAA
 32.1% Efficiency level
 19.8% Tier 1 Basel III Capitalization
127.6
-57.5
-10.0
-48.9
11.1
126.7
-0.4
0.5
-40.7
86.1
Total revenues Impairment loss on
financial instruments
Gain (loss) on non-
financial assets, net
Operating expenses Profit for the period
(US$Million)
Year to Date
2018 2019
 Sustained profitability
 Steady top line revenues
 Effective cost control management
and overall improved structural and
operational efficiencies
 Improved risk profile: High quality
portfolio origination, decrease in
watch-list exposures and no new NPL
 Decrease in credit provisions
34.1
1.3
-2.3
-12.4
20.7
29.5
-0.6
0.5
-9.0
20.4
31.4
1.9
0.0
-11.3
22.1
Total revenues Reversal (Impairment
loss) on financial
instruments
Gain (loss) on non-
financial assets, net
Operating expenses Profit for the period
(US$Million)
Quarterly
4Q18 3Q19 4Q19

5. Net Interest Income, Margins
& Lending Trends
5
* Represents the spread over the Libor-based rate corresponding to the tenor
of the transaction of the Performing Loan Portfolio.
28.0 26.7 26.9
109.7 109.5
1.61% 1.77% 1.65% 1.71% 1.74%
-3.00%-2.90%-2.80%-2.70%-2.60%-2.50%-2.40%-2.30%-2.20%-2.10%-2.00%-1.90%-1.80%-1.70%-1.60%-1.50%-1.40%-1.30%-1.20%-1.10%-1.00%-0.90%-0.80%-0.70%-0.60%-0.50%-0.40%-0.30%-0.20%-0.10%0.00%0.10%0.20%0.30%0.40%0.50%0.60%0.70%0.80%0.90%1.00%1.10%1.20%1.30%1.40%1.50%1.60%1.70%1.80%1.90%2.00%2.10%2.20%2.30%2.40%2.50%2.60%2.70%
$0
$20
$40
$60
$80
$100
$120
4Q18 3Q19 4Q19 2018 2019
Net Interest Income Net Interest Margin
Net Interest Income & Margins
(In US$ million, except percentages)
4.21% 4.28%
3.88% 3.97%
4.29%
3.13% 3.09%
2.69%
2.76% 3.10%
1.08%
1.19% 1.18% 1.21% 1.19%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
4Q18 3Q19 4Q19 2018 2019
Yield on Interest-Earning Assets
Cost of Interest-Bearing Liabilities
Net Interest Spread
Net Interest Spread
3,148 3,054 3,412
14,303
12,156
3,039 3,066 3,073
13,976
12,037
211 222 374 193 250
-100000
-80000
-60000
-40000
-20000
0
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
4Q18 3Q19 4Q19 2018 2019
Loan Originationand Maturities
Loan Origination ($MM) Loan Maturities ($MM) Loan Origination Average Term (Days)
5,724 5,262 5,586 5,559 5,463
1.97 1.96 1.92 1.99 1.96
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
4Q18 3Q19 4Q19 2018 2019
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
Loan Portfolio Average Balances
Average Balance Lending Credit Spread (%) *

6. Fees & Commission Income
6
2.3 2.4 2.5
10.8 9.5
2.0 0.5 2.7
4.9
5.6
1.1 0.2
1.5
0.5
5.4
2.8
5.4
17.2
15.6
4Q18 3Q19 4Q19 2018 2019
Fees and Commissions, net
(in US$ million)
Letters of credit Loan syndication fees Other commissions, net
335
427 459
371
435
157
217 199
98
157
492
644 658
469
592
4Q18 3Q19 4Q19 2018 2019
Average loancommitmentsandfinancial
guarantee contracts
(In US$ million)
Letters of Credit Acceptances, loan commitments and financial guarantee contracts

7. 7
Commercial Portfolio Evolution
and Composition
5,778 5,554 5,893
512 663 609
6,290 6,217 6,502
31-Dec-2018 30-Sep-2019 31-Dec-2019
Commercial Portfolio by Product
(End of Period Balances, US$ million)
Letters of credit, acceptances, loan commitments and financial guarantee contracts
Loans
64% 62%
58%
10% 14% 15%
26% 24%
27%
31-Dec-2018 30-Sep-2019 31-Dec-2019
Commercial Portfolioby Term
Short-term
Medium & Long-term (current)*
Medium & Long-term
*Matures w ithin
one year
53%
47%
Short-termCommercialPortfolioby Trade Indicator
(Asof December31, 2019)
Trade
Non-Trade
4,200
4,396 4,506
2,090
1,821
1,996
31-Dec-2018 30-Sep-2019 31-Dec-2019
Commercial Portfolio byClient Type
(EoP balances, in US$ million)
FIs & Sovereigns Corporations

8. 8
Commercial Portfolio Evolution
and Composition
56%
7%
6%
5%
4%
3%
3%
3%
2%
2%
2%
2%
1%
1%
1%
1%
1%
Financial Institutions
Oil and Gas (Integrated)
Electric Power
Food and Beverage
Metal Manufacturing
Retail Trade
Other Services
Mining
Coffee
Oil and Gas (Downstream)
Sugar
Other Manufacturing Industries
Airlines
Shipping
Sovereign
Construction and Infrastructure
Plastics and Packaging
Commercial Portfolioby Industry
31-Dec-2018
30-Sep-2019
31-Dec-2019
16%
15%
12%
11%
7%
5%
5%
5%
4%
3%
3%
2%
2%
2%
1%
7%
Brazil
Colombia
Mexico
Chile
Ecuador
Guatemala
Dominican Republic
Panama
Costa Rica
Argentina
Trinidad & Tobago
Peru
Paraguay
Honduras
El Salvador
Other non-LatAm and < 1%
Commercial Portfolioby Country
31-Dec-2018
30-Sep-2019
31-Dec-2019

9. 51%49%
17%
0%
32%
51%
9
Commercial Portfolio – Country Specific
As of December 31, 2019
Includes: Costa Rica,
Dominican Republic,
El Salvador, Guatemala,
Honduras, Jamaica,
Panama and Trinidad
and Tobago.
Includes: Bolivia,
Colombia, Ecuador and
Peru.
Includes: Chile,
Paraguay and Uruguay.
78%
22%
66%
15%
14%
5%
Brazil (16%)
75%
25%
17%
0%
59%
24%
Mexico (12%)
70%
30%
42%
9%
35%
14%
87%
13%
44%
20%
27%
9%
Andean Region (24%)
Central America and the Caribbean (25%)
68%
32%
47%
26%
11%
16%
Southern Cone - excl. Argentina (13%)Argentina (3%)

10. Commercial Portfolio 6,290 6,006 6,209 6,217 6,502
Total Allowance for Losses 104.1 105.0 105.8 104.1 102.4
Total Allowance for Losses to Commercial Portfolio 1.65% 1.75% 1.70% 1.67% 1.57%
Stage 1 Exposure 5,836 5,482 5,811 5,877 6,184
Allowance for Losses 38 30 34 32 32
Allowance for Losses / Stage 1 Exposure 0.65% 0.54% 0.58% 0.54% 0.51%
Stage 2 Exposure 389 459 334 279 256
Allowance for Losses 17 21 15 18 16
Allowance for Losses / Stage 2 Exposure 4.26% 4.68% 4.52% 6.39% 6.32%
Stage 3 Exposure 65 65 65 62 62
Allowance for Losses 49 54 57 54 54
Allowance for Losses / Stage 3 Exposure 76% 83% 88% 88% 88%
Dec-18(US$ million, except percentages) Jun-19Mar-19 Sep-19 Dec-19
Credit Quality
Credit Impaired Loans and Allowance for Losses
10
65 62 62
1.12 1.11 1.05
1.6 1.7 1.7
0.00
0.50
1.00
1.50
2.00
0
20
40
60
80
100
120
140
31-Dec-2018 30-Sep-2019 31-Dec-2019
Credit ImpairedLoans
Credit Impaired Loans (in US$ million)
Credit Impaired Loans to gross Loan Portfolio (%)
Totalallowance for losses to Credit Impaired Loans (times)
100%
CreditImpaired Loans by Industry Risk
(Asof December,2019)
Sugar

11. Operating Expenses & Efficiency
11
34.1 29.5 31.4 127.6 126.7
-12.4 -9.0 -11.3
-48.9
-40.7
36.3%
30.4%
35.9% 38.3%
32.1%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
-35
-25
-15
-5
5
15
25
35
45
4Q18 3Q19 4Q19 2018 2019
Efficiency
(In US$ million, except percentages)
Total revenues Operating expenses Efficiency Ratio
2019 2018 YoY (%) 4Q19 3Q19 4Q18 QoQ (%) YoY (%)
Operating expens es
S alaries and other em ployee expens es 24.2 28.0 -14% 6.4 5.7 6.6 13% -3%
D epreciation of equipm ent and leas ehold
im provem ents
2.9 1.3 123% 0.7 0.7 0.3 1% 126%
Am ortization of intangible as s ets 0.7 1.2 -40% 0.2 0.2 0.2 17% 13%
Other expens es 12.9 18.5 -30% 4.0 2.4 5.3 63% -25%
T otal Operating Expens es $40.7 $48.9 -17% $11.3 $9.0 $12.4 26% -9%
Effic ienc y Ratio 32.1% 38.3% -16% 35.9% 30.4% 36.3% 18% -1%

12. Return on Equity & Capitalization
12
8.3% 8.0%
8.7%
1.1%
8.6%
4Q18 3Q19 4Q19 2018 2019
ROAE Evolution
5,494
4,780
5,136
18.1%
21.1%
19.8%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
4Q18 3Q19 4Q19
Tier 1 Ratio(Basel III)
Risk-Weighted Assets Basel III (US$ million) Tier 1 Capital Ratio (Basel III)
$0.385 $0.385 $0.385
$1.540 $1.540
8.3%
7.6%
7.1%
6.4%
7.6%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
$0
$0
$0
$1
$1
$1
$1
$1
$2
4Q18 3Q19 4Q19 2018 2019
Declared dividends per share Annualized return / Average price per share
Dividend per Share and Dividend Yield

13. Questions & Answers
13