This corporate presentation provides an overview of the bank's business model evolution, 2017 financial performance, and short, medium, and long-term goals. Key points include: - The bank has shifted its business model over time from a focus on rating arbitrage to short-term trade finance and fee income generation. - In 2017, the bank saw growth in loan originations, higher fee income, and improved credit quality as the negative credit cycle ended. However, net interest margins declined due to lower average loan volumes and tighter spreads. - Going forward, goals include business acceleration through strengthening the core trade finance business, increasing fees, and using capital to consolidate complementary products along the supply chain.

1. Corporate Presentation
As of December 2017
March, 2018

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.”
2

3. Agenda
▪ Business Model Evolution 4
▪ Mission and Vision 6
▪ 2017 Financial Performance 7
▪ Business Environment 2018 15
▪ ST, MT and LT goals 16
▪ Appendix 19
3

4. Business Model Evolution, Current Vision/Mission
Original 1979 - 2001
• On lending to banks
• Important rating arbitrage
• Focus on short term trade finance
• Strong fee income generation from L/Cs & Country Risk
Guarantees
• Concentration on the 3 main economies (AR, BR, MX)
1979
Asian Crisis 1997-1998
Long Term Capital Management Crisis & Russian GKO 1998
Brazilian Crisis ‘’Brazilian Real Devaluation’’ 1998-1999
• Small adjustment to Credit Portfolio > the $6 billion range
• Fee income reaches highest levels, CRG and LCs
1997
Argentinian Crisis 2001 – 2004
• Drastic reduction in the credit portfolio and client
relationship
• Focus on work out of the Argentinian Portfolio
• Recapitalization
20012000
New Corporate Strategy 2004 - 2008
• New Corporate clients
• Focus on trade finance and rating arbitrage
• High portfolio concentration (country and
tickets)
• Low fee income
2002 2004
Financial Crisis 2008- 2009
• Focus on strengthening liquidity –
important reduction of portfolio
& client relationship
• Concentration of funding-
interbank lines & European banks
20082007
4

5. To be recognized as a leading institution in
supporting trade and regional integration
across Latin America
To provide financial solutions of excellence to
financial institutions, companies and investors doing
business in Latin America
VISION MISSION
Expansion of Corporate Strategy 2010 – 2014
• Increase physical presence in other countries
• Expand target market - middle market companies
• Less importance of rating arbitrage
• Implementation of loan syndication platform
2010
Oil Price and Commodities Super Cycle over/
Brazilian Crisis 2015 – 2016
• Sluggish trade flows growth
• Important reduction of Brazilian portfolio
2016
“Back to Basics” 2015 - Present
• Renewed focus on short term foreign trade
• Negative credit cycle – commodity prices & Brazil’s recession
• Drive higher levels of productivity
• No rating arbitrage – Largest countries with similar or higher ratings than
Bladex’s
• Consolidation of the loan syndication platform – more fee income
2014 2015
CURRENT
Business Model Evolution, Current Vision/Mission (Cont.)
5

6. 2017 Highlights
- Cleaner and stronger balance sheet - negative credit cycle is over
- Positive trends of business confirmed with a strong performance in 4Q17
- Streamlined and leaner organization – focus on productivity
▪ Higher disbursements during the year
▪ Resumed loan growth in 4Q17
▪ Fee income close to record highs, with
resilient growth YoY and QoQ
▪ Lower operating expenses, excluding
non-recurring charges
▪ Effective loan restructuring efforts with
lower specific provisions and problem
exposures
▪ Strong liquidity and funding mix
ACHIEVEMENTS
▪ Portfolio growth – tighter margins and
high levels of liquidity
▪ Keep increased levels of fee income
▪ Maximize the use of capital – return to
double-digit ROAE
CHALLENGES
6

7. ▪ 4Q17 Profit of $20.6 MM (+1% QoQ, +54% YoY). FY17 Profit of $82.0 MM (-6% YoY)
▪ RoAE of 8.0% in 2017 with a 21.1% Tier I Basel III Capital Ratio
Financial Performance Overview
4Q17 & FY17 Highlights
▪ Commercial portfolio growth in 4Q17 (+5% EoP and +3% Avg.)
▪ Strong origination - Annual disbursements reached $14.6Bn, +22% YoY
▪ NPLs (-10%) in 2017: successful restructuring and collection; write-offs against
existing reserves
▪ Allowances for ECL (–21%) YoY and (–24%) QoQ on improved credit quality =>
Reserve coverage at 1.47%
▪ Upward shift in NII and NIM in 4Q17 mainly on increased average loan volumes
▪ In 2017 NII and NIM were impacted by lower volumes and tighter lending margins on
abundant liquidity and short term trade finance focus, partially offset by increase in
base rates
▪ Fees & Other Income close to record highs
▪ Two structured deals executed in 4Q17; Seven in 2017
▪ Average deposits in excess of US$ 3 billion helps replacing more expensive funding
▪ Stable cost of funds – annual increase due to higher base rates
▪ Operating expenses increased on non-recurring personnel-related costs
▪ Recurring expenses were down 4% for the year 2017
Commercial Portfolio
resumed growth
Finalized credit
restructurings
Improved NII & NIM
during 4Q17
Strong fee-based income
Operating expenses
driven by non-recurring
charges
Solid & diversified
funding mix
Stable Return metrics
with strong capitalization
levels
7

8. ▪ QoQ NII and NIM - Slight improvement
on higher average lending balances
▪ YoY NII and NIM – Negatively impacted
by reduced average loan volumes and
lower net lending spreads
Net Interest Income & Financial Margins
8

9. Fees & Other Income
▪ Two syndicated transactions
executed in 4Q17 for a total of
seven deals in FY17
▪ Improved L/C business activity
in 4Q17 and FY17
9

10. Commercial Portfolio Highlights
▪ EOP - FIs @ 49% of
total (+10 pts YoY),
traditional client base
▪ EOP Corporations @
51% - Important industry
diversification
▪ Oil & Gas exposure
stable at 14% - YoY
▪ Increased relative
exposure in
Colombia, offseting
decrease in Peru
▪ Increase in non-trade
reflects renewed focus
on lending to financial
institutions
▪ 81% maturing within
one year +4 pts YoY
10

11. ▪ NPL balances down on collections, write-offs
against existing specific reserves, and migration
from underperforming category
▪ ECL decrease on lower NPLs, with total reserve
coverage of 1.5 times
Credit Quality - NPL
(*)
(*)
(*) Reserve refers to the allowance for expected credit losses on loans, loan
commitments and financial guarantee contracts.
11

12. ▪ EoP deposits balance of $2.9 B; 67% placed by
Central Banks or designees
▪ Average deposits at $3.2 B for 4Q17 and FY17,
representing 62% and 59% of avg. total funding
respectively (vs. 49% and 48% a year earlier)
▪ ST borrowings and debt +5 pts QoQ
Average Funding Sources and Cost of Funds
Deposits by Type of Client
(As of December 31, 2017)
Funding Sources by Geography
(As of December 31, 2017)
Funding Sources
12

13. Shareholder Returns
▪ $0.385/share declared for
4Q17
▪ Attractive dividend yield of
5.5% in 2017
13

14. Credit demand recovery and improvement of origination margins
Focus on
Origination
Bank
Leverage
Core Business
Strengthening
Business Environment 2018
Global Growth
Trade Flows
Growth -
LATAM
Economic
Growth -
LATAM
Commodities
Price Stability
14

15. ❖ Business acceleration
▪ Core Business Model +
Complementary at full
performance
▪ Origination-
Management-Distribution
Origination
▪ Strengthening of short- and medium-
Trade Finance
▪ Segment-focused analysis
(Country/Sector/Supply Chain)
▪ Focus on FIs, corporations, sovereigns
and state-owned
Active Liability Management (“ALM”)
Higher Fees
▪ Contingencies (LCs)
▪ Syndications
▪ Derivatives
▪ Work Flows
▪ Operating & IT Platform
2018: Transition year* 2019-2020: Consolidation 2021-2025: Growth
❖ Reinforcement of Core
Business Model
❖ Enhance origination capacity
Use of capital
(15% Tier 1)
❖ Consolidation of other
products along the supply
chain (“SCF”)
▪ Structured Credit
Facilities quick off
*Operation and work-setting transition.
ROE: 10%
ROE: 12%
ROE: 15%
❖ Focus on Core Business Model
❖ Focus on Operating Efficiency
15
Short- medium- and long-term goals

16. Trade and Working Capital
Financing to clients
Resulting Portfolio
Buyer 1, Country 1
Buyer 2, Country 2
Buyer x(times),
Country x(times)
2018 Current Business Model 2019-2020 Complementary
▪ Trade finance programs for LatAm receivables
discounting
▪ Provide supply chain solutions, focused on
leveraging buyer/seller relationships
▪ Fee generation from portfolio turnover
▪ Niche player working to improve efficiencies
▪ Working Capital financing with/without USD trade
documentation
▪ Competition from local banks
16
Business Model Evolution
Days: A B C D
Confirmation/Reception
Of GoodsPurchase order Goods payment
Client exports
Finished Products Buyer Pays
Order-to-Cash cycle
E Cash-to-Cash Cycle
Import Production Export
Supplier CLIENT Buyer

17. Source: ICC Trade register 2015, Opus, Observations on the Evolution of Trade Finance, 2013 – CEB analysis
2017 LATAM TRADE (Exports + Imports): 1.9TnUSD
Cash in Advance
30%
0.6TnUSD
• In emerging countries, Cash in
Advance should be higher than
the average
Traditional Trade
Finance
8% (5-10%)
0.15TnUSD
Open Account
62%
1.2TnUSD
• Traditional
documentary credits:
LCs, SBLCs, Guarantees
and Collections,
represent between 5
and 10% of LatAm
Trade Finance (BIS,
ICC); (0.1TnUSD
according to SWIFT)
• Financial Intermediation (0.2TnUSD):
- Import/Export Financing
- Vendor Finance (receivables
discounting, Forfaiting)
- Factoring
• Commodities Financing, etc..
• Inventory Financing
• Structured Trade Finance (“STF”)
• Without Bank Intermediation:
- Open Account (Exporter is financing)
Intl. factors
Supply value chain
– other financing
(“SCF”)
17
Potential target market
5% of Regional
Financial System’s
assets from cross-
border activity

18. Appendix

19. Key Financial Metrics
Quarterly Results Full-Year Results
(In US$ million, except percentages) 4Q17 3Q17 4Q16 QoQ YoY 2017 2016 YoY
Profit for the period $20.6 $20.5 $13.3 1% 54% $82.0 $87.0 -6%
EPS (US$) $0.52 $0.52 $0.34 0% 53% $2.09 $2.23 -6%
Return on Average Equity ("ROAE") 7.9% 7.9% 5.3% 0% 50% 8.0% 8.8% -8%
Return on Average Assets (ROAA) 1.30% 1.30% 0.73% 0% 79% 1.27% 1.16% 9%
Net Interest Margin ("NIM") 1.78% 1.76% 2.05% 1% -13% 1.85% 2.08% -11%
Net Interest Spread ("NIS") 1.38% 1.37% 1.79% 1% -23% 1.48% 1.84% -20%
Loan Portfolio 5,506 5,343 6,021 3% -9% 5,506 6,021 -9%
Commercial Portfolio 5,999 5,706 6,444 5% -7% 5,999 6,444 -7%
Total Allowance for ECL on loans, loan commitments and financial guarantee contracts
to Commercial Portfolio 1.47% 2.04% 1.73% -28% -15% 1.47% 1.73% -15%
Non-Performing Loans to Gross Loan Portfolio (%) 1.07% 1.20% 1.09% -11% -2% 1.07% 1.09% -2%
Total Allowance for ECL on loans, loan commitments and financial guarantee contracts
to Non-Performing Loans (x times) 1.5 1.8 1.7 -17% -12% 1.5 1.7 -12%
Efficiency Ratio 38% 32% 28% 19% 35% 34% 27% 24%
Market Capitalization 1,061 1,159 1,153 -8% -8% 1,061 1,153 -8%
Assets 6,273 6,200 7,181 1% -13% 6,273 7,181 -13%
Tier 1 Capital Ratio Basel III 20.4% 20.3% 17.9% 1% 14% 20.4% 17.9% 14%
Leverage (times) 6.0 6.0 7.1 0% -15% 6.0 7.1 -15%
(*)
End-of-period balances.
Results
Performance
Portfolio Quality (*)
Efficiency
Scale &
Capitalization (*)
19

20. Regional Exposure by Industry as of December 31, 2017
20