Bladex Corporate Presentation

1. Bladex Corporate Presentation
As of June 30, 2016

2. Disclaimer
“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 improving 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 volatility of the Bank’s Treasury trading revenues; the Bank’s ability to achieve future growth and increase its
number of clients, 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; existing and future governmental banking and tax regulations; the possibility of fraud; and the
adequacy of the Bank’s sources of liquidity to replace large deposit withdrawals.”
2

3. A Leading Franchise with a Solid Track Record
The Latin America Trade Finance Bank Key Financial Highlights
Remarkable Trajectory: + 36 years of Success
Bladex is the Latin American Trade Finance Bank, providing integrated
financial solutions across Latin America‟s foreign trade value chain
 First Latin American bank to be listed on the NYSE and to be rated
Investment Grade (both in 1992)
 Currently rated Baa2 / BBB / BBB+, all with Stable outlook
 Class “A” shareholders (Central Banks or designees from 23
Latin America (“LatAm”) countries) provide substantial support
and represent a direct link between the Bank and the governments
of Latin America
 Multi-national DNA embedded in its regional presence, ownership
structure, management and organizational culture
Current Credit Ratings
FY’15 YoY
(%)
2Q’16 QoQ
(%)
Net Profit (mm): $104.0 +2% $22.3 -5%
Net Interest Income (mm): $145.5 +3% $38.2 -3%
Return on Average Equity: 11.0% 9.1%
Gross Loans (mm): $6,692 +0.1% $6,520 0%
Total Assets (mm): $8,286 +3% $7,634 0%
Total Deposits (mm): $2,795 +12% $3,206 +4%
Market Capitalization (mm): $1,010 -13% $1,036 +10%
Non-performing loans to gross loan portfolio: 0.78% 1.30%
1988
1992
2003
2005
2009
2014
Following incorporation in 1978, Bladex initiated its operations in 1979 and issued its
first bond in the international capital markets
Bladex is granted a license to operate as an agency by the New York State
Banking Authorities
Bladex is the First Latin American bank registered with the SEC for its IPO,
establishing a full listing on the NYSE
Bladex conducts a Common Stock Rights Offering, with stand-by
commitments issued by a group of Class A shareholders and multilateral
organizations
Bladex launches its client diversification strategy into trade-oriented
corporations; expansion of its suite of products and services
Bladex initiates funding diversification strategy: increase in central bank
deposits, local & international debt sales, syndicated loan facilities
Bladex cooperates with the International Finance Corporation to
establish the first critical commodities finance facility in Latin America
1979
Moody’s Fitch S&P
Date of Rating Dec. 2007 Jul. 2012 May 2008
Date of Confirmation Nov. 2014 Jul. 2016 Jul. 2016
Date of Last Update Jul. 2016 Jul. 2016 Jul. 2016
Short-Term P-2 F2 A-2
Long-Term Baa2 BBB+ BBB
Perspective Stable Stable Stable
3

4. Strong and Unique Shareholder Structure
A unique shareholding structure
 Class A shareholders provide substantial support to Bladex, representing a direct link between the Bank and the governments
of Latin America – most of which have granted preferred creditor status to the Bank – and also constituting the main source of
deposits, a very reliable funding source
 Class A shareholders enjoy super-majority rights related to changes in the Bank‟s Articles of Incorporation
 Class A shareholders can only sell shares to other class A shareholders, thus maintaining the essence of the existing
shareholder structure and ensuring support from central banks
Shareholder Composition Board of Directors Composition
4
Out of 10 directors, 9 are
independent and one represents the
Bank‟s management (CEO)
Class A – Central Banks or
designees from 23 LatAm countries
Class B – LatAm & international
banks and financial institutions
Class E – Public Float (NYSE listed)

5. Defined Value Proposition with Strong Business
Fundamentals
Business Value Proposition Strong Underlying Business Fundamentals
Business Products & Services Multi-Pronged Business Segmentation
 Global provider of natural
resources with positive
demographics
 Sustained growth
and sound
economic
policies
Deep knowledge of
Latin America
Core competency in
trade finance
Support of
Investment &
Regional
Integration
Efficient
Measurement and
Management
 In-depth knowledge of Latin America‟s local markets
 Backed by 23 Latin American governments
 Vast correspondent banking network throughout
LatAm & other regions of the world
 Uniquely qualified staff with strong product expertise in
Trade Value Chain, Cross-border Finance, Supply-side
& Distribution, both intra-regional and inter-regional
 Efficient organizational structure
 LEAN, client focused efficient organizational structure
 Single point of contact, providing client-specific
solutions, and focused on long-term relationships
 Driver of progress,
economic growth and
development
 Supporting
specialization in
both primary and
manufacturing
sectors
 Enhancing LatAm‟s
role in global and
regional value chains
 Growth of „Multi-latinas‟ as
drivers of business expansion
 Supporting business
integration boosted by
free trade agreements
Bladex‟s products and services are categorized into three main areas: i) Financial
Intermediation Business, ii) Structuring and Syndications Business and iii) Treasury.
Financial Intermediation
Syndication and Structuring
Treasury
• Trade: Foreign trade products – short and medium term instruments that help drive
the cross-border activity of corporations.
• Working Capital: Support to trade finance clients throughout the entire production
cycle chain, across a wide range of primary, secondary and tertiary activity sectors.
Structured Credit and lending facilities for short and medium-term financing of supply
chain, materials & equipment, and inventories.
• Financial solutions designed to meet clients' needs.
• Provides access to structured funding for a wide base of financial institutions and
companies in Latin America.
• Debt capital market and deposit products for investment and cash flow optimization.
• Treasury services.
 World-Class Standards in Corporate Governance
 Enterprise-Wide Risk Management
5
Financial Institutions
 Among top 10 in their
respective markets
 Significant corporate
banking activity / client
base
Corporations
 US Dollar generation
capacity
 Growth oriented beyond
domestic market
 Among top 10 in
respective industries
 Track Record &
Corporate Governance
Focus on Strategic Sectors for the Region
 Oil & Gas (upstream, integrated, and downstream),
Agribusiness, Food processing, Manufacturing, well
diversified in other sectors
Regional Focus
 Mexico
 Central America and The
Caribbean
 Brazil
 South America
• Southern Cone (1)
• Andean Region (2)
(1) Includes Argentina, Chile,
Paraguay and Uruguay.
(2) Includes Bolivia,
Colombia, Ecuador, Peru
and Venezuela
5
REGIONS
CLIENT
BASE
INDUSTRY
SECTORS

6. Leverage Proven
Origination Capacity
LatAm GDP
Growth
LatAm Trade
Flow Growth
Bladex Client
Base Growth
Valued Products
& Services
15%+
ROAE
Bladex
Origination
Active
Portfolio
Management
Improved Financial
Margins
NIM ~ 1.8% - 2.0%
Stable Fees from Use
of Capital
~ 15% – 20% of
Business Profit
Prudent Credit Risk
Management
Cost of Credit
~ 1.2% – 1.5%
Continued Focus on
Efficiency
Efficiency Ratio
< 30%
Sustainable Moderate
Growth
~ 3% to 8%
Core Financial Intermediation
(On-book Portfolio)
Solid Capitalization
A minimum of 13.5%
Tier 1 Basel III Ratio
Target Consistent
Core Performance
Financial
Institutions
Syndications &
Structuring
Partners
Trade
Services
Distribution:
Asset Distribution & Services
Fee Based
Services:
Investors Other
Tap Additional Income Sources
15%+
ROAE
12%+
ROAE
3%+
ROAE
6
Financial Business Model targets
sustainable, superior returns
• Our Financial Business Model is based on our proven origination capacity of well-diversified Latin American risk. With an adequate risk-
return profile, together with solid operational efficiency and capitalization, the Bank aims to deliver a consistent return through its ROAE
and to its shareholders from its core financial intermediation activities, commensurate with its cost of capital. The Bank‟s efforts to enhance
its asset distribution and trade finance services, aim to increase its return target well above the Bank‟s cost of capital.

7. Strategy Hones Strengths & Positions to Seize
Growth Opportunities
Develop Emerging Businesses
• Develop robust syndication
platform
• Expand diversified market
distribution capabilities
 Risk sharing programs
 Secondary market transactions
 Securitization Platform
• Expand vendor finance and
leasing capabilities
Build New Businesses
• Explore adjacent markets &
establish pipeline of new business
activities in trade and regional
integration, such as:
 Credit Insurance
 Capital Market transactions
 Structured Trade Finance
 Trade-related Services
 Factoring
 Trade Infrastructure Project
Finance
Strengthen Core Business
• Improve Operating Efficiency
through LEAN Processes,
Structure & Organization
• Active credit portfolio
management
 Achieve sustainable &
consistent return on equity
 Improve quality of earnings
 Achieve greater risk dispersion
• Expand Contingency Business
 Develop Guarantee and L/C
Issuance Platform
+
+
7
Core ROAE = 12% ROAE = 15%

8. Adhering to World-Class Standards
(*) Except for the Bank‟s Chief Executive Officer (CEO), all
other members of the Board of Directors are independent.
Board of Directors*
CEO
Commercial
Division
Internal Audit
Risk Policy and
Assessment Committee
Finance & Business
Committee
Nomination
and Compensation
Committee
Audit and
Compliance Committee
 Very high corporate governance
standards
 Multiple regulators: FED, SEC,
NYSDFS, Superintendency of Banks
of Panama, and other entities
throughout the Region
Commercial
Division
8
 Enterprise risk management &
externally certified internal audit
function
 Internal alignment of corporate
culture, measurement system
and process management to
optimize total shareholder return
.
FIRST LINE
OF DEFENSE
Operating
Management
-------------------------
Front end&
enabling functions
THIRD LINE
OF DEFENSE
Assurance
-------------------------
Audit function
Finance
Division
SECOND LINE
OF DEFENSE
Monitoring
-------------------------
Risk function
Corporate Services
Risk Management
Division

9. Commercial Strategy Focused on Diversification
9
Sustained Portfolio Growth Commercial Portfolio Composition
Commercial Portfolio By Country Commercial Portfolio By Industry
As of June 30, 2016As of June 30, 2016
9
 Reduced exposure to Brazil by
22 percentage points since 2005
to June 30, 2016
As of June 30, 2016

10. 10
… and Focus on Asset Quality
Impaired Loans Evolution
Proven track record of strong asset quality, with significant risk mitigants:
• Low-risk asset class, with short-dated exposures, and superior loss performance
• US dollar based lending, no meaningful net FX exposures
• Floating-rate lending and funding model minimizes interest rate risk exposure
• Conservative loss reserve methodology (IFRS 9)
• Pro-active loss prevention, and diligent recovery processes
10

11. 11
Low risk Business
Commercial Portfolio by Type of Transaction
• As of June 30, 2016, 74% of commercial portfolio had a
remaining maturity term of 1 year, with average
maturity of 129 days.
• Medium term commercial portfolio had a remaining
maturity term of 2.4 years.
• Commercial portfolio - remaining maturity of 316 days.
11
Commercial Portfolio by Term
• Bladex‟s portfolio is composed primarily of trade
assets, low-risk class, with short-dated exposures, and
superior loss performance.

12. Diversified Regional and Global Funding
Sources….
(*) Original Currency:
all non-USD
denominated liabilities
are hedged into US
Dollars with the
exception of most MXN
issuances which fund
assets in the same
currency.
Funding Highlights
• Proven capacity to secure funding and maintain high
liquidity levels, even during crises
• Deposits from central banks shareholders or designees
provide a resilient funding base. They represent 70% of the
Bank‟s total deposits as of June 30, 2016.
• Focus on increased diversification of global and regional
funding sources on numerous relevant dimensions: client
base, geography and currency
• Broad access to debt capital markets through public and
private debt issuance programs in USD and other
currencies, and international syndications
• Increased focus in medium and long-term funding to match
a growing asset base with similar characteristics and
consolidate the funding base stability maintaining
competitive funding costs
Deposits by Type of Client Diversified Funding Sources
As of June 30, 2016 As of June 30, 2016
Funding Sources and Cost of Funds
Funding by Currency (*)
12
(US$ million)
As of June 30, 2016
70%
14%
7%
5%
2%
2%
Central Banks or designees
- Class A shareholders
Private Banks
State-owned corporations
State-owned banks
Private corporations
Multilateral
31%
19%16%
12%
12%
5%
3%
2% South America
EEUU / Canada
Asia
Europe
Central America
Mexico
The Caribbean
Multilateral

13. …with Conservative Liquidity Management
Liquidity Management Highlights Liquidity Placements
Liquidity Coverage RatioLiquidity Ratio
(US$ million)
As of June 30, 2016
 Advanced liquidity management operating under Basel III
framework, monitoring liquidity through Liquidity Coverage Ratio
(“LCR”) and Net Stable Funding Ratio (“NSFR”)
 1.12x NSFR
 1.13x LCR (Basel III)
 Liquid balances mainly held in cash-equivalent deposits in A-1 /
P-1 rated financial institutions or A-rated negotiable money market
instruments.
 High-quality, short-term trade finance book, which serves as an
alternate source of liquidity, with approximately $1 billion in loans
maturing on a monthly basis
13

14. 14
Expanding Earnings Capacity & Profitability...
Net Profit Net Interest Income & Margin
Fees and Other Income Efficiency Ratio
Financial Information corresponding to the year 2014-2015 were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by IASB.
The financial information corresponding to the years 2011-2013 follow the previous accounting standard, US-GAAP. Bladex completed its transition process to IFRS
from US-GAAP in 2015.
(US$ million, except percentages)
(US$ million) (US$ million, except percentages)
(US$ million)

15. 15
… Supported by Strong Balance Sheet…
Total Assets Loan Portfolio
Deposits Stockholder’s Equity
(US$ million) (US$ million)
(US$ million) (US$ million)
Financial Information corresponding to the year 2014-2015 were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by IASB.
The financial information corresponding to the years 2011-2013 follow the previous accounting standard, US-GAAP. Bladex completed its transition process to IFRS
from US-GAAP in 2015.

16. Return on Average Equity “ROAE” Return on Average Assets “ROAA”
…and Solid Performance
Tier 1 Capital Ratio
16
Risk Weighted Assets – Basel III
(US$ million)
2011 n.a.
2012 n.a.
2013 n.a.
2014 $5,914
2015 $6,104
30-Jun-16 $6,363
n.a. means not available
Financial Information corresponding to the year 2014-2015 were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by IASB.
The financial information corresponding to the years 2011-2013 follow the previous accounting standard, US-GAAP. Bladex completed its transition process to IFRS
from US-GAAP in 2015.

17. 17
Key Financial Metrics
17
Financial Information corresponding to the year 2014-2015 were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by IASB.
The financial information corresponding to the years 2011-2013 follow the previous accounting standard, US-GAAP. Bladex completed its transition process to
IFRS from US-GAAP in 2015.
(In US$ million, except percentages) 2011 2012 2013 2014 2015 6M16
Total Income $138.8 $137.4 $133.7 $167.6 $173.9 $81.4
Business Profit $66.3 $83.5 $89.4 $99.7 $99.0 $50.2
Non-Core Items 16.9 9.5 (4.6) 2.7 5.0 (4.4)
Net Profit $83.2 $93.0 $84.8 $102.4 $104.0 $45.7
EPS (US$) $2.25 $2.46 $2.21 $2.65 $2.67 $1.17
Return on Average Equity (ROAE) 11.4% 11.6% 10.0% 11.5% 11.0% 9.4%
Business Return on Average Equity ("Business ROAE") 9.1% 10.4% 10.6% 11.2% 10.4% 10.3%
Return on Average Assets (ROAA) 1.5% 1.5% 1.2% 1.4% 1.3% 1.2%
Busines Return on Assets ("Business ROAA") 1.2% 1.4% 1.3% 1.3% 1.3% 1.3%
Net Interest Margin ("NIM") 1.81% 1.70% 1.75% 1.88% 1.84% 2.06%
Net Interest Spread ("NIS") 1.62% 1.44% 1.55% 1.72% 1.68% 1.84%
Loan Portfolio 4,960 5,716 6,148 6,686 6,692 6,520
Commercial Portfolio 5,354 5,953 6,630 7,187 7,155 6,767
Allowance for expected credit losses on loans at amortized cost and off-
balance sheet credit risk to Commercial Portfolio (%) 1.82% 1.31% 1.18% 1.22% 1.33% 1.60%
Non-Performing Loans to gross Loan Portfolio (%) 0.65% 0.00% 0.05% 0.06% 0.78% 1.30%
Allowance for expected credit losses on loans at amortized cost and off-
balance sheet credit risk to Non-Performing Loans (x times) 3.0 0.0 25.0 21.7 1.8 1.3
Efficiency Ratio 36% 42% 41% 32% 30% 28%
Business Efficiency Ratio 39% 43% 37% 32% 31% 26%
Market Capitalization 596 822 1,081 1,167 1,010 1,036
Total assets 6,360 6,756 7,471 8,022 8,286 7,634
Tier 1 Capital Ratio Basel III (Basilea I for years 2012-2013) 18.6% 17.9% 15.9% 15.5% 16.1% 15.6%
Leverage 8.4 8.2 8.7 8.8 8.5 7.7
Performance
Efficiency
Scale &
Capitalization (*)
Portfolio Quality (*)
Results

18. Bladex Value Proposition to Shareholders
• Bladex offers investors access
to an entire continent with
compelling long-term growth
prospects
• Business model provides
diversified exposure to
emerging markets, but with well
mitigated Credit Quality, Market,
& Operational risks
• Committed to total shareholder
return (“TSR”) … Attractive
dividend yield (annual dividend
yield over 5.0%) as a function of
core business growth (target
40% - 50% payout ratio)
• Attractive valuation multiples
18
Dividends per Share
BLX Stock Price and Volume Evolution

19. Diversified Commercial Portfolio
with Robust Asset Quality
Defined Strategy to Achieve
Sustainable Growth
Diversified Funding &
Conservative Liquidity
Management
Experienced Management and
Conservative Risk Management
Practices
Compelling Returns sustained
by Strong and Reliable
Performance Metrics
Leading Franchise in LatAm
with Solid Track Record
 Trade Finance Bank in Latin America
with more than 35 years of
Remarkable Success
 Investment Grade Profile with
Strong and Unique Shareholding
Structure
 Deep knowledge of Latin America
with Core in Trade Finance
 Strategically positioned to capture
growth opportunities
 Sustainable Portfolio Strategy
focused on Diversification
 Strong Asset Quality Management
and a Low Risk Core Business Focus
 Increased diversification of Regional
and Global Funding Sources
 Advanced Liquidity Management
operating under Basel III Framework
 Profit for 2015 of $104.0 million
(+2% YoY), and $45.7 million for
6M16.
 Return on Average Equity of 9.4%
for 6M16.
 Solid 15.6% Tier 1 Capitalization
Ratio (Basel III) as of June 30, 2016.
 Seasoned Senior Management with
ample experience in C-Suite roles
 World-Class Standards in Corporate
Governance, focused on Enterprise-
Wide Risk Management
Investment Highlights
19

20. PANAMA
HEAD OFFICE
Torre V, Business Park
Ave. La Rotonda, Costa del Este
Apartado 0819-08730
Panamá, República de Panamá
Tel: (507) 210-8500
ARGENTINA
Av. Corrientes 222 –P.18º
(1043AAP) Capital Federal
Buenos Aires, Argentina
Tel: (54-11) 4331-2535
Contact: Federico Pérez Sartori
Email: fpsartori@bladex.com
BRAZIL
Rua Leopoldo Couto de Magalhäes
Junior 110, 1º andar
04542-000, Sao Paulo, Brazil
Tel: (55-11) 2198-9606
Contact: Roberto Kanegae
Email: rkanegae@bladex.com
MEXICO
MEXICO D.F.
Rubén Darío 281, piso 15, Oficina #1501
Colonia Bosque de Chapultepec
CP. 11580, México D.F.
Tel: (52-55) 5280-0822
Contact: Alejandro Barrientos
Email: abarrientos@bladex.com
MONTERREY
Torre Avalanz, piso 20 oficina 2035
Batallón de San Patricio #109
Col. Valle Oriente, San Pedro, Garza
García
Nuevo León, C.P. 66260, México
Tel: (52-81) 4780-2377
Contact: Alejandro Barrientos
Email: abarrientos@bladex.com
PERU
Dean Valdivia 243
Piso 7, Oficina 701
San Isidro, Lima
Tel: (511) 207-8800
Contact: Victor Mantilla
Email: vmantilla@bladex.com
COLOMBIA
Calle 113 # 7-45
Edificio Teleport Business Park
Torre B, Oficina 1008
Bogotá, Colombia
Tel: (57-1) 214-3677
Contact: Camilo Alvarado
Email: calvarado@bladex.com
UNITED STATES
NEW YORK AGENCY
10 Bank Street, Suite 1220
White Plains, NY 10606
Tel: (001) 914-328-6640
Contacto: Pierre Dulin
Email: pdulin@bladex.com
Regional Presence in Latin America
20

21. 21

22. 22
Balance Sheet
Financial Information corresponding to the year 2014-2015 were prepared in accordance with International Financial Reporting Standards (IFRS) as
issued by IASB. Bladex completed its transition process to IFRS from US-GAAP in 2015.
(In US$ million) 31-Dec-2014 31-Dec-2015 30-Jun-2016
Assets
Cash and cash equivalents $781 $1,300 $945
Financial instruments:
At fair value through profit or loss 58 53 0
At fair value through OCI 339 142 75
Securities at amortized cost, net 55 108 104
Loans at amortized cost 6,686 6,692 6,520
Allowance for expected credit losses (78) (90) (102)
Unearned interest & deferred fees (9) (9) (9)
Loans at amortized cost, net 6,600 6,592 6,410
At fair value - derivative financial instruments used for hedging - receivable 12 7 22
Other assets 178 83 78
Total assets $8,022 $8,286 $7,634
Liabilities and stockholders' equity
Total deposits $2,507 $2,795 $3,206
At fair value - derivative financial instruments used for hedging - payable 40 30 36
Securities sold under repurchase agreements 301 114 93
Short-term borrowings and debt 2,693 2,430 1,217
Long-term borrowings and debt, net 1,400 1,882 2,047
Allowance for expected credit losses on off-balance sheet credit risk 10 5 6
Other liabilities 162 57 36
Total stockholders' equity 911 972 992
Total liabilities and stockholders' equity $8,022 $8,286 $7,634
22

23. 23
Profit and Loss
23
Financial Information corresponding to the year 2014-2015 were prepared in accordance with International Financial Reporting Standards
(IFRS) as issued by IASB. Bladex completed its transition process to IFRS from US-GAAP in 2015.
2014 2015 6M16
Interest income $212,898 $220,312 $121,631
Interest expense 71,562 74,833 43,927
Net Interest Income 141,336 145,479 77,704
Other income
Fees and commissions, net 17,502 19,200 6,807
Derivate financial instruments and foreign currency exchange 208 (23) (339)
Gain (loss) per financial instrument at fair value through profit or loss 2,361 5,731 (3,767)
Gain (loss) per financial instrument at fair value through OCI 1,871 363 (315)
Gain on sale of loans at amortized cost 2,546 1,505 403
Other income, net 1,786 1,603 907
Net other income 26,274 28,379 3,696
Total Income 167,610 173,858 81,400
Expenses
Impairment loss from expected credit losses on loans at amortized cost 6,782 17,248 12,109
Impairment loss from expected credit losses on investment securities 1,030 5,290 486
Impairment (gain) loss from expected credit losses on off-balance sheet financial instruments 3,819 (4,448) 666
Salaries and other employee expenses 31,566 30,435 12,778
Depreciation of equipment and leasehold improvements 1,545 1,371 663
Amortization of intangible assets 942 596 203
Professional services 5,177 4,621 1,324
Maintenance and repairs 1,544 1,635 873
Other expenses 12,839 13,126 6,588
Total Expenses 65,243 69,874 35,690
Profit for the Period $102,366 $103,984 $45,710