Bladex's 2Q16 Conference Call Presentation

1. 2Q16 Earnings Results
July 27, 2016

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. Year to date Review
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 Solid business performance in a very challenging quarter
 Total quarterly credit disbursements up $0.4B QoQ to reach $2.9B
 Stable net margins at above 2% NIM
 Top revenues increased by 15% YoY
 Adjusted EPS up by 15% YoY
 Asset quality remains strong in volatile environment
 Increase in credit provisions to address isolated cases undergoing restructuring & one-off
recovery efforts
 Improved credit portfolio mix continuing shift towards short term trade finance
 Solid performance of our syndications platform
 Executed five new deals in Q2, plus one more in early Q3; pipeline remains solid
 Positive outlook for the remainder of the year
 Economic performance stabilizing in Latin American economies
 Portfolio growth @ approx. 3% for 2016
 Stable NIM @ approx. 2%
 Non-core items no longer affecting results

4. Key Financial Metrics
(1) Non-Core Items includes the net results from the participations of the investment funds recorded in the “gain (loss) per financial instrument at fair value through profit or loss” line item and other income and other
expenses related to investment funds.
(2) Adjusted EPS corresponds to earnings per share excluding Non-Core Items.
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Quarterly Results Year to Date Results
(In US$ million, except percentages) 2Q16 1Q16 2Q15 QoQ YoY 6M16 6M15 YoY
Business Profit $22.1 $28.1 $16.0 -22% 38% $50.2 $43.4 15%
Non-Core Items (1)
0.2 (4.7) (2.5) n.m. n.m. (4.4) (0.0) n.m.
Profit for the period $22.3 $23.4 $13.5 -5% 65% $45.7 $43.4 5%
EPS (US$) $0.57 $0.60 $0.35 -5% 64% $1.17 $1.12 5%
Adjusted EPS (US$) (2)
$0.56 $0.72 $0.41 -22% 37% $1.28 $1.12 15%
Return on Average Equity ("ROAE") 9.1% 9.6% 5.8% -6% 57% 9.4% 9.4% 0%
Business Return on Average Equity ("Business ROAE") 9.0% 11.6% 6.8% -22% 31% 10.3% 9.4% 10%
Return on Average Assets (ROAA) 1.20% 1.22% 0.70% -1% 72% 1.21% 1.11% 9%
Busines Return on Assets ("Business ROAA") 1.19% 1.46% 0.83% -19% 44% 1.33% 1.11% 19%
Net Interest Margin ("NIM") 2.06% 2.06% 1.79% 0% 15% 2.06% 1.82% 13%
Net Interest Spread ("NIS") 1.83% 1.85% 1.63% -1% 12% 1.84% 1.66% 11%
Loan Portfolio 6,520 6,533 6,920 0% -6% 6,520 6,920 -6%
Commercial Portfolio 6,767 6,914 7,411 -2% -9% 6,767 7,411 -9%
Total Allowance for expected credit losses on loans at amortized cost and off-balance
sheet credit risk 1.60% 1.40% 1.30% 14% 23% 1.60% 1.30% 23%
Non-Performing Loans to Gross Loan Portfolio (%) 1.30% 0.43% 0.30% 203% 333% 1.30% 0.30% 333%
Total Allowance for expected credit losses on loans at amortized cost and off-balance
sheet credit risk to Non-Performing Loans (x times) 1.3 3.4 4.7 -63% -73% 1.3 4.7 -73%
Efficiency Ratio 23% 33% 35% -32% -35% 28% 33% -16%
Business Efficiency Ratio 22% 30% 33% -24% -32% 26% 33% -22%
Market Capitalization 1,036 945 1,254 10% -17% 1,036 1,254 -17%
Assets 7,634 7,670 8,301 0% -8% 7,634 8,301 -8%
Tier 1 Capital Ratio Basel III 15.6% 15.9% 16.0% -2% -3% 15.6% 16.0% -3%
Leverage (times) 7.7 7.8 8.8 -1% -12% 7.7 8.8 -12%
"n.m.": not meaningful.
(*) End-of-period balances.
Results
Performance
Portfolio Quality (*)
Efficiency
Scale &
Capitalization (*)

5. Financial Performance Overview
2Q16
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Net Profit • Net Profit QoQ decrease on higher allowance for loan losses, which offset
combined effects of increased fees and other income, and lower operating
expenses
• Net Interest Income QoQ decrease on lower average lending balances
• Net Interest Margin – NIM stable at 2.06% on higher lending spreads which
offset the effect of lower average earning assets (-3% QoQ, -3% YoY)
• Fees & Other Income increased from successful completion of five
syndicated transactions and higher net gain on sale of loans and other
income, as income from letters of credit business remained stable QoQ.
Robust pipeline of mandated transactions for the remainder of the year
• End-of-period Commercial Portfolio and quarterly average balances
both stood at $6.8 billion (-2% QoQ EOP & -3% QoQ AVG) on exposure
reductions in Brazil and parts of Central America & Caribbean, and by
unexpected prepayments largely offsetting increased disbursements
• Allowance for loan losses, investment securities impairment and off-
balance sheet items increased $10.8 million QoQ reflecting one-off
impairment and ongoing restructuring efforts in a few closely monitored
exposures. Non-Performing Loans (NPL) increased to $84.7 million (NPL to
gross loans portfolio ratio of 1.30%), partially mitigated by improved risk
profile of remaining portfolio
• Efficiency level improved to 23% from 33% on increase income (+20%) and
decreased expenses (-19%) on lower performance-based compensation
expense
• Board declared $0.385 quarterly dividends per share, unchanged from
prior quarter, as business outlook remains robust
$22.3
million
-5.0% QoQ (2Q16/1Q16)
+65% YoY (2Q16/2Q15)
$38.2
million
Net Interest Income
Fees & Other Income
$5.3
million
Reserve Coverage Ratio
-3% QoQ (2Q16/1Q16)
+10% YoY (2Q16/2Q15)
+87% QoQ (2Q16/1Q16)
+43% YoY (2Q16/2Q15)
1.60%
+20 bps QoQ (2Q16/1Q16)
+30 bps YoY (2Q16/2Q15)
Net Interest Margin
2.06%
Stable QoQ (2Q16/1Q16)
+27 bps YoY (2Q16/2Q15)

6. Net Profit Evolution &
Quality of Earnings - QoQ
• QoQ Net Profit decrease on net effect of
increased provisions for impairment loss
from expected credit losses on loans, off-
balance sheet credit risk & investment
securities portfolio, offsetting positive
effects from higher fees and other
income, miscellaneous income, non-core
items, and lower operating expenses
• Non-core items (+$4.9 million) reflect
significant reduction of exposure to
market risk as participation in investment
funds was fully redeemed during 2Q16
• YoY Net Profit variation of +$8.8 million
(+65%) mainly on increased net interest
income, fees and other income and
miscellaneous income, reduced operating
expenses, offsetting provisions for
impairment loss from expected credit
losses
6(*) Miscellaneous Income includes the following line items of the Consolidated statements of profit or loss: Derivate financial
instruments and foreign currency exchange, Gain (loss) per financial instrument at fair value through profit or loss, and Gain
(loss) per financial instrument at fair value through Other Comprehensive Income.

7. Financial Performance Overview
6M16
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• YTD Net Profit YoY increase from higher net interest income,
increased fees & other income, and lower operating expenses, which
compensated the effect non-core losses from the participation in
investment funds and higher provisions for impairment from expected
credit losses
• Net Interest Income increased on higher Net Interest Margin
reflecting increased net lending spreads and market rates, offsetting
lower average interest earning assets (-3%)
• Fees & Other Income increased mainly as five syndicated
transactions were competed during 2Q16, compared to nil in the
comparison period
• Efficiency Ratio improved to 28% from 33% on expense reductions
and lower performance-based compensation expense
Net Profit
$45.7
million
+5% YoY (6M16/6M15)
$77.7
million
Net Interest Income
Fees & Other Income
$8.1
million
+10% YoY (6M16/6M15)
+26% YoY (6M16/6M15)
Net Interest Margin
2.06%
Efficiency Ratio
28% -5 ppts YoY (6M16/6M15)
+24 bps YoY (6M16/6M15)
(*) Miscellaneous Income includes the following line items of the Consolidated statements of profit or loss: Derivate financial
instruments and foreign currency exchange, Gain (loss) per financial instrument at fair value through profit or loss, and Gain
(loss) per financial instrument at fair value through Other Comprehensive Income.

8. Net Interest Income (NII) &
Net Interest Margin (NIM)
• Higher market rates and lending spreads as interest-earning assets continued to re-price, more
than offset the effects of lower average loan lending balances (-2% QoQ and -3% YoY), and
higher cost of funds from the re-pricing of liabilities due to increased market rates (+9 pbs QoQ
and +33 bps YoY)
• NIM expansion stabilized at strong levels, reaching 2.06% for the 2Q16 and 6M16, unchanged
QoQ, and significantly stronger (+27 bps) when compared to 2Q15
• 10% YoY increase in Net Interest Income on higher NIM (+24 pbs YoY), reflecting increased net
lending spreads and market rates, offsetting lower loan portfolio average balances (-3%)
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9. Re-balancing of Commercial
Portfolio
• Rebalancing portfolio profile:
• Focus on short-term trade
• Reduction of certain countries/sectors/client
concentrations
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10. Commercial Portfolio Exposure
By Industry
• Widely diversified exposure profile across
industrial sectors
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Regional Exposure by Industry as of June 30, 2016

11. Commercial Portfolio –
Brazil Exposure Update
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• Selective de-risking
continues as some
commodity fundamentals
show signs of
stabilization

12. Upstream Integrated Downstream
Clients primarily focused on:
 Exploration
 Production
Clients focused on:
 Full Value chain, from
Upstream to
Downstream
Clients primarily focused on:
 Refining
 Storage
 Distribution
Oil & Gas Exposure Analysis
Bladex Outlook Negative Stable Positive Negative
Rationale for Outlook • Lower margins
• Reduced cash flows
• Reduced investment
• Upstream impact
mitigated by positive
outlook in Downstream
activities
• Better refining margins
• Cost efficiency gains
• Increased collection
period
• Adjustments in utility
rates and contracts
Bladex Credit Exposure:
• Includes Commercial
Portfolio + Treasury Portfolio
2Q16 Update:
• Total duration of 7 months
• 73% is trade-related
transactions
• 55% of the exposure
corresponds to sov. risk
• Main countries by exposure:
Peru 18%, Colombia 15%,
Uruguay 14%, Argentina
13%, T&Tobago 12%, and
Mexico 10%
• $158MM
• Duration of 16 months
• 2% of Total Credit
Portfolio
• 11% of O&G
Exposure
• Restructuring efforts
taking hold as
expected
• Mitigating factors:
 Diversification in
Gas
 More competitive
cost base
 53% of exposure
is contingent only
(SBLCs)
• $463MM
• Duration of 7 months
• 7% of Total Credit
Portfolio
• 33% of O&G
Exposure
• Import/export
transactions
• Mitigating factors:
 Strategic relevance /
quasi-gov´t entities
 Local fuel price
regimes not tied to
crude price
evolution
• $714MM
• Duration of 4 months
• 10% of Total Credit
Portfolio
• 51% of O&G
Exposure
• Import transactions
• Mitigating factors:
 Strategic relevance /
quasi-gov´t entities
 Local fuel price
regimes not tied to
crude price
evolution
• $65MM
• Duration of 23 months
• 1% of Total Credit
Portfolio
• 5% of O&G
Exposure
• Mid-term transactions
/ take or pay contracts
/ equipments
• Mitigating factors:
 Diversification in
other activities
 Solid track record
with over 30 years
as specialized
providers
Continued exposure bias towards short-term transactions,
quasi-sovereigns counterparties, and Integrated / Downstream market spectrum
Oil & Gas Credit Exposure
Portfolio %
Commercial 96%
Treasury 4%
Supply Chain
(Other services industry)
Clients focused on:
 Oil Production Services
 Drilling equipment/leasing
 Maintenance platforms /
pipelines, manufacturing
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13. Credit Quality
• Addition of three exposures with corresponding specific reserves
as restructuring and recovery efforts are currently in process –
Wholesalers sector (Brazil/Panama) and Grains & Oilseeds
(Brazil)
• Other exposures already restructured, performing as expected as
sector fundamentals (Sugar, Crude prices) stabilize
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14. Off-balance Sheet Assets &
Commission and Intermediation
Income
• Fees & Other income increase attributable to five led/co-
led syndicated transactions totaling $0.4B
• One transaction of $125 million closed in early 3Q16
• Robust pipeline of syndicated transactions for remainder
of 2016
• Income from off-balance sheet portfolio impacted by lower
demand from importers in the Southern Cone and Andean
regions, partially offset by client diversification
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15. Operating Expenses and
Efficiency Ratios
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• Improved overall efficiency ratio on
higher business income and lower
operating expenses from decreased
performance-based compensation
expense

16. ROAE and Capitalization
• QoQ ROAE variance mainly
attributable to impact of higher loss
provisions
• YoY ROAE evolution reflects
improved core business dynamics
• Tier 1 Basel III capitalization remains
strong at 15.6%, with variances to
comparison quarters mainly from
increased risk weighted assets reflecting
market perception of risk in the Region
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17. Shareholder Returns
• Bladex’s stock price performance benefitting from stable
to improving business trends, better outlook for LatAm
and Banking Sector trends.
• Valuations remain very attractive at 9.7x trailing 12-month
(P/E) and 1.0x (P/BV) as of June 30, 2016.
• Stable dividend, declared @$0.385/sh for 2Q16, with
yield well above 5%.
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18. Questions & Answers
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19. Thank You
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