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4Q16 & 2016 Earnings Results

“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

2016 Highlights

- Bladex reinforced core competencies in portfolio focus on short-term trade finance

- Unexpected economic events globally and a downturn in Latin-American

economies increased volatility and credit risk in the Region

- Greater diversification and lower concentration risk in our portfolio

• More diversified book of business

• Strong syndication and loan structuring

franchise in a dismal year for LatAm debt

capital markets

• Higher net revenues as the result of

disciplined pricing and very focused

asset & liability management

• Declining expenses (variable

compensation and other expenses) while

investing in technology

• Strong liquidity and funding mix with

increased capitalization levels

ACHIEVEMENTS

• Overall portfolio growth below

expectations, with selective retreat from

certain exposures

• Problem exposures identified over the

2015/2016 economic down-cycle have

risen YoY, but stay relatively confined to

specific countries, industries and clients

• Level of complexity of the restructuring

efforts, time to resolution and associated

loss expectations greater than expected

• Provisions for expected credit losses

(“ECL”) impacting the P&L, resulting in

strengthened reserve coverage

CHALLENGES

3

• Remain positive on expected portfolio growth (circa 10% YoY), with emphasis on

short term trade

• Continued diversification of exposures (Countries, Sectors and Clients)

• Fees and commissions growth based on L/Cs demand recovery and more

constructive debt capital markets

• Cost control focus remains with efficiency ratio <30%

• Expect lower pressure from provisions subject to NPL decline, but maintain

conservative reserve approach based on continually updated, forward-looking

expected loss

• Target double-digit RoE as capitalization stays robust

4

2017 Outlook

Cautiously optimistic for 2017 as Latin America shows improving economic

conditions across countries, but alert for the challenges arising from a

potentially more protectionist developed world

Determined to continue to build on Bladex’s fundamental strengths and

resilience to achieve higher levels of profitability and performance in 2017

2016 Achievements:

• NII growth despite lower average earning assets driven by higher net lending rates and

focused asset & liability management

• Decreased operating expenses mostly from:

- Lower performance-based variable compensation expense

- Other cost savings from process improvements

2016 Challenges:

• Higher provisions for ECL on certain exposures

• Lower fees and commissions in L/Cs business as issuances partially compensated

reduction in confirmation activity

5

Full Year Business Profit Evolution

(*) Business Profit: Profit before «Non-core» items

* *

• Higher provisions for ECL on certain exposures

• NII flat YoY, -5% QoQ reflecting portfolio mix shift towards shorter

tenors and lower average portfolio balances

• Fees and Other Income rebound QoQ as L/Cs business strengthened,

lower YoY on spike in 4Q15 closings in syndication business

• Operating expenses increased QoQ on seasonal effects, but 7% lower

YoY

6

Quarterly Business Profit Evolution

(*) Business Profit: Profit before «Non-core» items

* * * *

• Full Year Net Interest Income up 7% YoY as higher margins help offset lower

portfolio balances; QoQ variation reflecting lower average portfolio and mix shift

• Strong NIM growth, surpassing 2% level on improved lending spreads, despite

tenor mix shift towards short term trade, along with the favorable positioning of

assets and liabilities in a rising interest rate environment

7

Net Interest Income & Financial Margins

• Cost effective funding mix with average CoF

rising at slower pace than underlying base rate

• Deposits up to 46% in overall funding mix from

39% as of December 31, 2015

• Executed first Tokyo Pro-Bond market issuance

Funding Sources and Cost of Funds

Deposits by Type of Client

(As of December 31, 2016)

Funding Sources by Geography

(As of December 31, 2016)

Funding Sources

8

+28 pbs +3 pbs

+28 pbs +5 pbs

• Continued re-balancing of portfolio

profile for greater diversification

and lower concentration risk

• Short-term and trade mix both

increased +10 ppts. YoY to 60%,

66% respectively

• Brazil exposure stabilized at 18%,

down from 23% in YE’15

• Country/sector/client

concentrations dialed down 9

Commercial Portfolio Highlights

* Matures within one year

• Overall well balanced sector exposure

• Focus on key trade oriented sectors with

favorable terms-of-trade

• Oil & Gas exposure shift to Integrated;

Upstream exposures at multi-year lows

• Commercial portfolio remaining maturity of

269 days from 330 days at YE’15

Regional Exposure by Industry as of December 31, 2016

10

Commercial Portfolio Exposure by Industry

• Multi-year de-concentration trend

• Brazil’s portfolio focused on large FIs

and export-oriented industries enjoying

favorable terms-of-trade 11

Commercial Portfolio – Brazil Exposure Update (As of December 31, 2016)

• Problem exposures identified over the 2015/2016 economic down-cycle

have risen YoY, giving rise to NPL and provisions for ECL, but stay

relatively confined to specific countries, industries and clients

• NPL down to $65MM (1.09%) in 4Q from $84MM (1.31%) in 3Q,

mainly from charge-off of Upstream Oil & Gas exposure following

completed restructuring

- Charge-off in line with specific reserve established in 2015 for

ECL

• Brazil represents 3/4 of all NPL exposure (from 59% in 3Q)

12

Credit Quality - NPL

IFRS Rule 9 - Stage 1: Collectively assessed performing exposures based on 12-month ECL; IFRS Rule 9 - Stage 2: Performing exposures assessed based on lifetime ECL; IFRS Rule 9 - Stage 3: Credit-impaired financial assets (“NPL”) based on

lifetime ECL

• Total allowance for ECL of $111.8MM, +$16.4MM YoY, flat vs. 3Q16:

- (+) Higher provision for NPL (Stage 3) reflecting sluggish restructuring progress

- (+) Higher provision for performing Stage 2 loans on lifetime expected losses

- (-) Lower requirement for performing Stage 1 loans on 12-month expected losses

- (-) Charge-off of Upstream Oil & Gas exposure following completed restructuring 13

Credit Quality - Allowances

• YoY Variation:

- Bladex Syndications franchise grew transacted volumes and # of closed deals (+76%

and +43% respectively) in depressed LatAm debt capital markets

- Structuring fees declined YoY on lower average fee per transaction

- Lower fees and commissions in L/Cs business as issuances partially compensated

reduction in confirmation activity

• QoQ Variation:

- 2 syndicated transactions in 4Q16 vs. 3 in 3Q16

- L/Cs business rebound on improved demand and client diversification 14

Fees & Other Income

• Full Year Business Efficiency ratio improves to 26% on higher

business income and lower operating expenses:

- Lower variable performance-based compensation expense

- Cost take-out from process improvements

15

Operating Expenses and Efficiency Ratios

• Business ROAE down 2016 vs. 2015 on increased provision for ECL and higher

capital base

• Tier 1 Basel III ratio strengthens to 17.9% on increased capital base (+3% YoY) and

lower RWAs (-7% YoY) reflecting lower portfolio balances

16

ROAE and Capitalization

• Bladex shares offered a 2016

Total Rate of Return of 21%,

including dividend yield of

5.9%

• Annual dividend per share

unchanged at $1.54/share

• $0.385/share declared for

4Q16 (5.4% annualized yield)

• Valuations remain very

attractive at consensus 10.5x

forward 12-month P/E, and

1.1x (P/BV) as of December

31, 2016

Source: SNL Financial, based on 23 Latin American peers of Argentina,

Brazil, Chile, Colombia, Mexico, Peru and Panama 17

Shareholder Returns

Source: Bloomberg Financial L.P.

Thank You

18

Appendix

19

Key Financial Metrics

(1) Non-Core Items includes the net results from the former 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. 20

Quarterly Results Year to Date Results

(In US$ million, except percentages) 4Q16 3Q16 4Q15 QoQ YoY 2016 2015 YoY

Business Profit $13.3 $28.0 $25.3 -52% -47% $91.5 $99.0 -8%

Non-Core Items (1) - - (2.0) n.m. n.m. (4.4) 5.0 n.m.

Profit for the period $13.3 $28.0 $23.2 -52% -43% $87.0 $104.0 -16%

EPS (US$) $0.34 $0.72 $0.60 -52% -43% $2.23 $2.67 -17%

Business EPS (US$) (2) $0.34 $0.72 $0.65 -52% -47% $2.34 $2.54 -8%

Return on Average Equity ("ROAE") 5.3% 11.2% 9.5% -53% -45% 8.8% 11.0% -20%

Business Return on Average Equity ("Business ROAE") 5.3% 11.2% 10.4% -53% -49% 9.2% 10.4% -12%

Return on Average Assets (ROAA) 0.73% 1.50% 1.17% -52% -38% 1.16% 1.32% -12%

Busines Return on Assets ("Business ROAA") 0.73% 1.50% 1.27% -52% -43% 1.22% 1.25% -2%

Net Interest Margin ("NIM") 2.05% 2.13% 1.90% -4% 8% 2.08% 1.84% 13%

Net Interest Spread ("NIS") 1.79% 1.89% 1.72% -5% 4% 1.84% 1.68% 10%

Loan Portfolio 6,021 6,393 6,692 -6% -10% 6,021 6,692 -10%

Commercial Portfolio 6,444 6,688 7,155 -4% -10% 6,444 7,155 -10%

Total Allowance for ECL on loans, loan commitments and financial guarantee contracts

to Commercial Portfolio 1.73% 1.67% 1.33% 4% 30% 1.73% 1.33% 30%

Non-Performing Loans to Gross Loan Portfolio (%) 1.09% 1.31% 0.78% -17% 39% 1.09% 0.78% 39%

Total Allowance for ECL on loans, loan commitments and financial guarantee contracts

to Non-Performing Loans (x times) 1.7 1.3 1.8 28% -6% 1.7 1.8 -6%

Efficiency Ratio 28% 26% 30% 8% -7% 27% 30% -8%

Business Efficiency Ratio 28% 26% 29% 8% -2% 26% 31% -14%

Market Capitalization 1,153 1,104 1,010 4% 14% 1,153 1,010 14%

Assets 7,181 7,287 8,286 -1% -13% 7,181 8,286 -13%

Tier 1 Capital Ratio Basel III 17.9% 15.9% 16.1% 13% 11% 17.9% 16.1% 11%

Leverage (times) 7.1 7.2 8.5 -2% -17% 7.1 8.5 -17%

"n.m.": not meaningful.

(*) End-of-period balances.

Results

Performance

Portfolio Quality (*)

Efficiency

Scale &

Capitalization (*)