0. A Summary Presentation & Update
September, 2005

1. Index
Page
The Company
Business Strategy
Financial Results
Capital Management
Investment Considerations I II
III IV V

2. This presentation contains forward-looking statements of expected future developments. The Bank wishes to ensure that such statements are accompanied by meaningful cautionary statements pursuant to the safe harbor established by the Private Securities Litigation Reform Act of The forward-looking statements in this presentation refer to the growth of the trade portfolio, the increase in the number of the Bank’s clients, the increase in activities engaged in by the Bank that are derived from the Bank’s trade finance client base, anticipated operating income in future periods, the improvement in the financial strength of the Bank and the progress the Bank is making. These forward-looking statements 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. Among the factors that can cause actual performance and results to differ materially are as follows: the possibility that the Bank will need to renegotiate, restructure or write-off certain of its Argentine loans; the possibility of pre-payments; the anticipated growth of the Bank’s trade finance portfolio; the continuation of the Bank’s preferred creditor status; the effects of increased interest rates on the Bank’s financial condition; the implementation of the Bank’s strategies and initiatives, including its revenue diversification strategy; the pending applications in the United States to open a representative office in Miami, Florida; the adequacy of the Bank’s allowance for credit losses to address the likely impact of the Argentine crisis and other credit risks on the Bank’s loan portfolio; the necessity of making additional provisions for 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; and the adequacy of the Bank’s sources of liquidity to cover large deposit withdrawals.

3. Index The Company Business Strategy Financial Results
Capital Management
Investment Considerations I II
III IV V

4. The Company Background
Bladex is a supranational bank established in 1975 by Central Banks in Latin America and the Caribbean, to finance and promote trade in the Region
Incorporated and headquartered in Panama, it started operations in 1979
Shareholders include Central Banks and state entities in 23 countries in the Region, as well as local, regional, and international banks, along with private investors

5. The Company Company Highlights
First Latin American bank listed in NYSE (1992)
First Latin American bank rated “Investment Grade”
Current credit ratings:

6. Eight Directors are independent; one is part of Management
The Company Ownership and Board Composition
Board of Directors Composition:
Class “A” – Central Banks or designees (16.4%)
Class “B” – Commercial Banks (8.5%)
Class “E” – Investors “NYSE” (75.1%)
Eight Directors are independent; one is part of Management

7. The Company Bladex: A Unique Company
By definition and vocation
Focus on, and commitment to, Latin America
Knowledge of the Region
More than 25 years of operation in 23 countries
Client franchise
Strong customer loyalty, sterling client list
State and private interests combined in a seamless fashion
Shareholder mix
Efficient operations
A small team (159 people), with a wide reach and influence

8. The Company Bladex: A Unique Company
Recognized as key institution by the international financial community
World Bank, IDB, FMO, DEG, etc. have supported the company
Preferred creditor status
Among the very few Latin American brands recognized internationally
An investment-gate into the Region
Among the most international of Latin American companies
World class Corporate Governance standards

9. The Company Management Team
Name
Title
Experience
Joined BLX
Jaime Rivera
CEO
24 years in Bank of America in various capacities throughout the Region and in the U.S.
Mar’02: COO
Jan’04: CEO
Rubens Amaral
CCO
General Manager of Banco do Brasil, New York Branch and Managing Director for North America since 2000
Mar’04
Ernesto Bruggia
COO
General Manager of Banco de la Provincia de Buenos Aires since 1999
General Manager of Grupo BAPRO (holding company of BPBA), since November 1998
Jul’04
Gregory Testerman
SVP Treasury
17 years in Banco Santander Central Hispano in various capacities. Worked in Europe, Japan and U.S.
Jan’05
Miguel A. Kerbes
SVP Risk Mgmt.
Assistant Credit Director for the Southern Cone Area of Banco Santander-Chile ( )
Head of Credit Division at Banco Boston-Chile ( )
2000: VP
Jul’02: SVP

10. The Company Management Team (cont.)
Name
Title
Experience
Joined BLX
Carlos Yap
SVP Finance
25 years working at Bladex in various capacities
1980
1993: VP
Jul’02: SVP
Miguel Moreno
Partner and IT Consulting Manager for PwC, Bogotá, Colombia ( )
VP of IT & Operations for Banco de Credito, Bogotá, Colombia ( )
Sep’01
SVP Controller
(Reports to the Audit Committee of the Board)
Ana María de Arias
SVP - HHRR & Corp. Oper.
VP of HHRR of Banco General, one of the most important banks in Panama ( ) and as VPA ( )
Panama Canal Commission in various capacities ( )
Jun’04
Joaquín Uribe
SVP Processes Eng. & IT
Citibank Colombia in various capacities ( )
Information Services Manager for System Integration and Project Quality Office at UNISYS Corporation, Colombia( )
Sep’01: VP
Jul’02: SVP

11. The Company Corporate Governance Highlights
Internal controls designed and tested to be SOX 404 compliant
In March 2005, the SEC extended for one year the deadline for foreign private issuers
Directors’ independence definition, as well as Board Committee structure and composition, meet NYSE standards
Disclosure Committee operating at Bank level
Ethics Committee and Code of Ethics in place
“Whistleblower” program in place
No AML or other regulatory issues outstanding
Transparency:
Regulatory reporting Conference calls Prompt news releases
Analyst reports Road shows
Rating agencies reports Website

12. Index The Company Business Strategy Financial Results
Capital Management
Investment Considerations I II
III IV V

13. Low financial & operting cost High Volume Pristine credit quality
Business Strategy Business Focus: Trade Finance Services
Trade is the engine of economic growth in the Region – 20% plus p.a.
Historically attractive risk/reward relationship for Bladex
Four key success factors:
Low financial
& operting cost
High Volume
Pristine
credit quality
Right capital
structure

14. Business Strategy A Growing Market
Trade Flows - Latin America
Source:
'1990 to 2003 data: CEPAL (Comisión Económica para América Latina y el Caribe)
'2004 to 2005 trade growth projections: based on data from UBS Publication (Latin American Economic Perspectives, 20-August-2004).

15. Bladex’s Special Competitive Advantage
Business Strategy A Growing Market
Bladex’s Special Competitive Advantage
Source:
'1990 to 2002 data: CEPAL (Comisión Económica para América Latina y el Caribe)
‘2003 data: World Trade Organization

16. Business Strategy Strategic Approach
Client Focus
Bladex is the Bank of banks in the Region
In addition, Bladex provides trade services to corporations through co-financing, syndicated transactions, and bilateral relationships

17. Related Services Other Core Business Financial Intermediation
Business Strategy Earnings Model – Strategic View
Related
Services
Other
P/B
Core Business
Financial
Intermediation
Relatively low
Relatively high

18. Core- Financial Intermediation New Products and Initiatives
Business Strategy Earnings Model – Strategic View
Capital
Human
Resources
Processes
& Technology
Working
Trade
Finance -
Corporate
Others
U.S.
Origination
Banks
Core- Financial Intermediation
E-learning
Payments
Digital
Identity
Investment
Portfolio
Distribution
LAECA
New Products and Initiatives
C L I E N T S
Brand
Client Franchise
Govt. Shareholders
Knowledge of the
Region

19. Business Strategy Earnings Model – Capital View
15% - 20% p.a. growth
Core
Financial
Intermediation
Margins stable at relatively thin levels
Capital
Intensive
Eximbank structures
10%
ROE
Other
Country Risk Guarantees
Revenue
L/C’s
15%
ROE
Guarantees
U.S. Origination / Distribution
Non Capital
Intensive
Payments
Digital Identity
E-learning

20. Business Strategy Financial Intermediation
Our intermediation business has strengthened:
The trade portfolio grew 58% in the last two years (as of June 30, 2005). Growth with banks in the trade portfolio alone in last year was 20%
19 new clients during the first six months of 2005 (out of a base of 161).
Our liability borrowings margin decreased by 4 b.p. (18%) in the last year, allowing us to be more competitive in more markets

21. Business Strategy New Initiatives
Digital Identity / Certification:
Digital certification that will guarantee the security and trust in the electronic transactions performed between clients and their trading partners, assuring the identity of the transaction originator.
Payments:
Bladex entered into a strategic alliance with Bank of America, to provide our regional customers with world class electronic payments processing.
Focus is primarily on the processing of commercial and treasury payments in US dollars.
U.S. Origination / Vendor Financing:
Strategic product for high volume exporters that mitigates foreign exposure and increase trade flows with buyers overseas.
Investment Portfolio /Trading Desk:
Investment, distribution and trading.
E-learning:
Educational on-line products with topics oriented to the banking industry.

22. Business Strategy Competition
Competition – Financial Intermediation
New entrants are a reality. Impact primarily on pricing, not volume yet
Major competitors in traditional trade finance:
Wachovia, Bank of New York, American Express, Bank of America (partner)
HSBC, RBS, Standard Chartered, a few German banks
Major competitors in structured trade finance:
Hypo V., Calyon, Standard Bank, Santander (partner)
Bladex competes successfully based on its unique features: client loyalty, commitment to the Region, preferred creditor status, market knowledge, and privileged access
Competition – New Initiatives
In areas where it exists (payments), we work with very strong partners (i.e. Bank of America)
In other areas: no significant competition (by design)

23. Index The Company Business Strategy Financial Results
Capital Management
Investment Considerations I II
III IV V

24. Financial Results Track Record

25. Financial Results Balance Sheet

26. Financial Results Profit & Loss Statement

27. Financial Results Strong Trade Portfolio Growth
In our opinion, faster growth rates would not be prudent under current risk environment

28. Loan growth focused on:
Financial Results Loan Growth Perspectives
Loan growth focused on:
Country exposure allocation criteria:
GDP Business opportunities
Risk Levels Economic and political analysis
Portfolio management approach
Mexico
Colombia
Chile
El Salvador
Brazil
Peru
Panama
Costa Rica
Growth
Segment 1
Growth
Segment 2

29. Financial Results Portfolio Concentration

30. Financial Results Exposure in Brazil
Our largest exposure activity reflects the relative size of th economy, growth and client franchise
Target exposure is 40% - 50% of total portfolio.
Accruing Brazilian credit portfolio:
Average tenor of the loan portfolio: 413 days as of June 30, 2005
Two non-accrual loans, one of which is current. Total $36 million

31. Financial Results Argentine Credit Portfolio

32. Index The Company Business Strategy Financial Results
Capital Management
Investment Considerations I II
III IV V

33. Capital Management Equity Levels Drivers
Basel II
Rating agencies & creditors
perception
Economic capital
(internal model)
Capital
Future growth requirements
Regulatory Capital Requirements

34. Capital Management Capital Management Guidelines
Bladex seeks to balance risk and return considerations in order to:
Withstand market volatility
Maintain stable access to funding sources
Provide a solid base to finance growth
Promote share ownership by long-term investors
Generate competitive returns on Shareholders’ Equity
Capital management decisions follow from continued appraisal of above considerations
October 7, 2004 and April 11, 2005 payments of extraordinary dividends of US$1.00 per common share and US$2.00 per common share, respectively, and a US$50 million stock repurchase program, reflect above approach. Since January 2004, have returned capital for a total of US$163 million

35. Capital Management April through December, 2005
Much of the Argentine recoveries originally scheduled for 2005 and 2006 have been realized in advance
With the collection of the high-margin loans involved, core profitability will come under pressure while the new portfolio and fee income initiatives are built
Critical success factor: inexpensive funding – for which a very strong balance sheet will be required until profit & loss strengthens
Number one priority: growth and improved profitability. Capital Management actions will follow
Doing the reverse could put the company in a difficult cycle
Weaker balance sheet
Smaller profit
Higher cost of funds
Even higher cost of funds
Smaller growth
…….

36. Capital Management Historical Tier 1 – Basel I & II

37. Capital Management Historical ROE
Our business model has historically yielded ROE between 12% to 17%, even in times of high competition.

38. Index The Company Business Strategy Financial Results
Capital Management
Investment Considerations I II
III IV V

39. Investment Considerations Why Bladex?
Trade is the primary engine of growth in Latin America
Preferred creditor status
Transparency, world-class Corporate Governance standards
Explicit support from multilateral agencies and shareholder governments
Solid financials, investment grade
US GAAP reporting
Multiple regulators: SEC, Fed, NYSBC, Panamanian banking authorities
Expanded research coverage
Increasing market liquidity (47% increase in average daily volume in last year to 156 thousand shares/day)
Regional play
Defensive play

40. Thank you!! Muchas gracias, Gonzalo.
Saturday, March 25, 2017
Thank you!!
Muchas gracias, Gonzalo.
Distinguidas autoridades, señoras y señores, queridos amigos, reitero el mensaje de bienvenida que les extendiera el Sr. Menéndez Duque:
Muchas gracias por estar con nosotros esta noche.