2Q19 Earnings Results Presentation

1. 2Q19 Earnings Results Presentation
July 19, 2019

2. 2
This presentation contains forward-looking statements of expected future developments within the meaning of the Private
Securities Litigation Reform Act of 1995. The forward-looking statements in this presentation include the growth of the credit
portfolio, including the trade portfolio, the increase in the number of the Bank’s corporate clients, the trend of lending spreads,
changes in activities engaged in by the Bank that are derived from the Bank’s client base, anticipated operating results and
return on equity in future periods, including income derived from the Treasury Business Segment, and changes in the financial
and performance strength of the Bank. These forward-looking statements reflect the expectations of the Bank’s management
and are based on currently available data; however, actual performance and results are 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 anticipated changes in the Bank’s credit portfolio; the continuation of the Bank’s
preferred creditor status; the impact of increasing/decreasing 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 expected credit losses; the need for additional allowance for
expected 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; potential trading losses; the possibility of fraud; and the adequacy of the Bank’s sources of liquidity to replace
deposit withdrawals. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not
possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a
result of new information, future developments or otherwise, except as may be required by law.

3. 3
General Overview
Global context - Uncertainty and Headwinds:
• Strong US dollar
• Protectionist rhetoric on trade and tariffs
• Slowdown of economic activity in China, Europe and the US
became a reality in the second quarter of 2019
Regional context - Growth expectations for 2019 are now closer to 1%
for Latin America, driven by:
• Lower investment
• The prospect of diminishing trade volumes
• The weight of lower growth rates from developed markets
• Political uncertainty in the countries
Bladex 2Q19 - Solid book of business with focus on top clients and
structured transactions:
• Increase in revenues
• Efficient cost structure
• Solid portfolio balances
• Strong capitalization

4. Profit Evolution
4
 Improved performance across all
line-items
 Increased revenues supported by:
 Commercial Portfolio growth
 Positive quarterly trend in
financial margins and fees
 High quality portfolio origination
with low credit reserve requirement
 Unchanged NPL levels
 Improved efficiency: decreasing
trend in expenses
 Absence of losses on non-financial
assets
 9% ROAE, 1.4% ROAA
 31% Efficiency level
 20% Tier 1 Basel III Capitalization

5. Net Interest Income, Margins
& Lending Trends
5
27.9 28.0 27.9
54.5 56.0
1.81% 1.74% 1.81% 1.75% 1.77%
-3.00%-2.90%-2.80%-2.70%-2.60%-2.50%-2.40%-2.30%-2.20%-2.10%-2.00%-1.90%-1.80%-1.70%-1.60%-1.50%-1.40%-1.30%-1.20%-1.10%-1.00%-0.90%-0.80%-0.70%-0.60%-0.50%-0.40%-0.30%-0.20%-0.10%0.00%0.10%0.20%0.30%0.40%0.50%0.60%0.70%0.80%0.90%1.00%1.10%1.20%1.30%1.40%1.50%1.60%1.70%1.80%1.90%2.00%2.10%2.20%2.30%2.40%2.50%2.60%2.70%
$0
$10
$20
$30
$40
$50
$60
2Q18 1Q19 2Q19 6M18 6M19
Net Interest Income Net Interest Margin
Net Interest Income & Margins
(In US$ million, except percentages)
3.97%
4.50% 4.51%
3.77%
4.51%
2.65%
3.35% 3.28%
2.48%
3.32%
1.31% 1.16% 1.22% 1.29% 1.19%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
2Q18 1Q19 2Q19 6M18 6M19
Yield on Interest-Earning Assets
Cost of Interest-Bearing Liabilities
Net Interest Spread
Net Interest Spread
* Represents the spread over the Libor-based rate corresponding to the tenor
of the transaction of the Performing Loan Portfolio.

6. Fees & Commission Income
6
408 410 444 400 427
37 87
124
36
106445
498
567
436
533
2Q18 1Q19 2Q19 6M18 6M19
Average loan commitments and financial
guarantee contracts
(In US$ million)
Letters of Credit Credit commitments and guarantees

7. 7
Commercial Portfolio Evolution
and Composition
3,844 3,954
4,328
2,209
2,052
1,881
30-Jun-2018 31-Mar-2019 30-Jun-2019
CommercialPortfolio by Client Type
(EoP balances, in US$ million)
FIs & Sovereigns Corporations
68%
63% 64%
13% 14% 15%
19% 23% 21%
30-Jun-2018 31-Mar-2019 30-Jun-2019
Commercial Portfolio
by Term
Short-term
Medium & Long-term (current)*
Medium & Long-term
*Matures
w ithin one
year

8. 8
Commercial Portfolio Evolution
and Composition

9. 9
Commercial Portfolio – Country Specific
As of June 30, 2019
Mexico (14%)
Argentina (6%)
Central America and the Caribbean (30%)
Andean Region (20%)
Southern Cone - excl. Argentina (10%)
Brazil (16%)
Includes: Costa Rica,
Dominican Republic,
El Salvador, Guatemala,
Honduras, Jamaica,
Panama and Trinidad
and Tobago.
Includes: Bolivia,
Colombia, Ecuador and
Peru.
Includes: Chile,
Paraguay and Uruguay.

10. Credit Quality
Credit Impaired Loans and Allowance for Losses
10
96%
4%
Credit Impaired Loans by
Industry Risk
(As of June 30, 2019)
Sugar
Food and
Beverage
54
65 65
0.98
1.18 1.16
1.6 1.6 1.6
-0.30
0.20
0.70
1.20
1.70
2.20
-15
5
25
45
65
85
105
125
30-Jun-2018 31-Mar-2019 30-Jun-2019
Credit Impaired Loans
Credit Impaired Loans (in US$ million)
Credit Impaired Loans to gross Loan Portfolio (%)
Total allowance for losses to Credit Impaired Loans (times)
Commercial Portfolio 6,054 6,305 6,290 6,006 6,209
Total Allowance for Losses 87.4 142.5 104.1 105.0 105.8
Total Allowance for Losses to Commercial Portfolio 1.44% 2.26% 1.65% 1.75% 1.70%
Stage 1 Exposure 5,669 5,948 5,836 5,482 5,811
Allowance for Losses 37 40 38 30 34
Allowance for Losses / Stage 1 Exposure 0.65% 0.67% 0.65% 0.54% 0.58%
Stage 2 Exposure 331 237 389 459 334
Allowance for Losses 24 13 17 21 15
Allowance for Losses / Stage 2 Exposure 7.34% 5.67% 4.26% 4.68% 4.52%
Stage 3 Exposure 54 119 65 65 65
Allowance for Losses 26 89 49 54 57
Allowance for Losses / Stage 3 Exposure 48.32% 74.98% 76.41% 83.06% 88.26%
Jun-19Dec-18Sep-18
STAGE 1
STAGE 2
STAGE 3
TOTAL
(US$ million, except percentages) Jun-18 Mar-19

11. Operating Expenses & Efficiency
11
6M19 6M18 YoY (%) 2Q19 1Q19 2Q18 QoQ (%) YoY (%)
Operating expenses
Salaries and other employee expenses 12.1 16.2 -25% 5.8 6.3 6.1 -8% -4%
Depreciation of equipment and leasehold improvements 1.4 0.6 117% 0.7 0.7 0.3 2% 121%
Amortization of intangible assets 0.4 0.7 -47% 0.2 0.2 0.3 16% -43%
Other expenses 6.5 8.2 -20% 3.8 2.7 4.6 41% -17%
Total Operating Expenses $20.4 $25.7 -20% $10.6 $9.9 $11.4 7% -7%
Efficiency Ratio 31.1% 40.5% -23% 31.4% 30.8% 34.8% 2% -10%

12. Return on Equity & Capitalization
12

13. Questions & Answers
13