Presentation for Frontier & Emerging Markets Conference (Auberbach Grayson), New York

1. Banco Latinoamericano de Comercio Exterior, S.A.
CORPORATE PRESENTATION
Information as of September 30, 2017
Frontier & Emerging Markets Conference
New York, October 30-31, 2017

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. Agenda
3
 Profile & Shareholder Structure 4
 Value Proposition & Business Fundamentals 5
 Mission and Vision 6
 Latin America Trade and Macroeconomic Perspectives 7
 Commercial Portfolio and Asset Quality 9
 Structuring and Loan Distribution 15
 Funding Sources and Liquidity 17
 Key Indicators 19
 Bladex Value Proposition to Shareholders 22
 Outlook & Final Remarks 23

4. Profile and Shareholding Structure
Unique Profile
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). Subject to
laws, regulations and guidelines of U.S. Securities Act of
the SEC and the NYSE
Class A shareholders, Central Banks or designees from
23 Latin America countries (“LatAm”)
Multi-national DNA embedded in its ownership structure,
regional presence management and organizational culture.
 Bladex has representative offices in Argentina, Brazil,
Colombia, Mexico and Peru, and is subject to supervision
by regulatory authorities in these jurisdictions
 Through its New York Agency, Bladex is subject to the
applicable laws and regulations of financial entities
operating in the USA. Supervision of the Federal Reserve
Bank of the United States of America (FED) and The New
York State Department of Financial Services (NYSDFS)
The Bank, through its commercial activities and diversified
sources of funding, is supervised by various regulatory
entities in different countries such as United States,
Mexico and Japan, among others
Corporate Governance that reflects world standard best
practices
While headquartered in Panama, Bladex’s book of
business, liquidity and funding are largely independent of
the Panamanian Banking System 4
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 constitute the main source of
deposits, a very reliable funding source
 Enjoy super-majority rights related to changes in the Bank’s
Articles of Incorporation
 Can only sell shares to other class A shareholders, thus
maintaining the essence of the existing shareholder
structure and ensuring support from central banks
Unique Shareholding Structure
Board of Directors Composition
 Board of Directors
is distinguished by
its independence
and diversity
 Out of 10
Directors
(including the
Bank’s CEO), 8
are independent
Class A – Central
Banks or designees
from 23 LatAm
countries
Class B – LatAm &
international banks
and financial
institutions
Class E – Public
Float (NYSE listed)
As of September 30, 2017
Shareholder Composition

5. 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, ii) Structuring and Syndications and iii) Treasury
Financial Intermediation
Syndication and Structuring
Treasury
 Trade: Foreign trade products – short and to a lesser extent, medium term
instruments that help drive the cross-border activity of corporations
 Working Capital: Support provided 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 mainly short term
financing of supply chain, materials & equipment, and inventories
 Financial solutions designed to meet clients' needs mostly in medium-term tenor
 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
 Focus on the high and
medium corporate
segments of each
industry
Focus on Strategic Sectors for the Region
 Agribusiness, Oil & Gas (mainly integrated),
Metals & Mining, Food processing and other
Manufacturing
Regional Focus
 Mexico
 Central America and The
Caribbean
 Brazil
 South America
• Southern Cone (1)
• Andean Region (2)
5
REGIONS
CLIENT
BASE
INDUSTRY
SECTORS
(1) Includes Argentina, Chile, Paraguay and Uruguay. (2) Includes Bolivia, Colombia, Ecuador, Peru and Venezuela

6. Individual
Countries
Local
Environment
Regional
Environment
Global
Environment
Latin America World
Mission and Vision
6

7. Latin America Trade
Source: IMF as of October 2017 and The Economist Intelligence as of October 2017
Highlights:
 Stabilization/improvement of
commodities prices
 External demand expected to
increase in key global markets
 Latin America 2017 trade flows
growth estimated at 8.2%
Watch out for:
 Protectionist policies in the
U.S. and other countries
 Expansion of trade flows
dependent on further
integration of the global supply
chain
7
Trade Flows Annual Variation
Trade, GDP and Commodity Prices

8. Slowdown Stage Recessionary Stage Recovery or
Acceleration Stage
Stable Stage
Sources: Analysis of Economic Studies Bladex; Data: IMF, World Economic Outlook, October 2017; WTO.
2018 – Positive growth trend, with GDP estimated at 2.1% for the Region as a whole under a new normality of more
moderate external demand and domestic policies more favorable to growth
Macroeconomic Perspective
8
Latin America – 2018:
GDP Growth: 2.1%
Trade Growth: 4.0%
Commodities Index Variance: -0.7%
Latin America – 2017:
GDP Growth: 1.2%
Trade Growth: 8.2%
Commodities Index Variance: 10.8%
Brazil
Argentina
Peru
Panama
Venezuela
Uruguay
Mexico
Dominican Rep.
Ecuador
Costa Rica
Guatemala
Jamaica
Bolivia
Paraguay
Honduras
T&T
Colombia
Chile
Nicaragua
El Salvador

9.  Continued internal focus on country, sector and client risk diversification
 Increased relative exposure to FIs due to "flight to quality", especially in Brazil
 Corporate sector over-supplied due to ample market liquidity and subdued USD credit demand
Commercial Portfolio – Client and Geography
9
Commercial Portfolio by RegionCommercial Portfolio by Client Type
As of September 30, 2017
Funded vs. Unfunded Commercial Portfolio by Country

10. 10
Commercial Portfolio – Type and Term
 Commercial Portfolio remaining tenor of 268 days
 81% of Commercial Portfolio with average maturity
of 117 days
 Commercial portfolio greater than 1 year with
remaining maturity tenor of 2.6 years
 Continued focus on trade finance business1: low-
risk asset class, with short-dated exposures, and
lower capital requirement, but with slimmer
margins
 Gradual expansion of higher margin medium tenor
exposures as market conditions and risk/return
considerations permit
10
Commercial Portfolio by Type of Transaction Commercial Portfolio by Term
(1) Investment Securities Portfolio amounts to only 1% of assets as of September 30, 2017 (consisting of mostly sovereign or state-owned issuers). The Bank looks to
reduce its holdings to minimize market risk

11. Financial Institutions (“FIs”)
Commercial Portfolio FIs
(As of September 30, 2017)
 Maintain significant FI exposure as client growth focuses on corporate sector
 Bladex-led syndications offer diversified access to financing to clients, and brings solid corporate
credits to participating banks looking to broaden and enhance their lending portfolio
11
Commercial Portfolio Evolution Commercial Portfolio with FIs

12. Corporate Banking – Focus on Value Chain
 Bladex continues to invest significant resources into Market Analysis, Segmentation, and
Business Development to:
 Target a greater universe of clients, with focus on adding value to company-specific trade supply
chains through tailor-made solutions
 Identify market and technology trends:
 Digitize and automate processing with a transactional focus
 Drive efficiency in internal routines & controls, reinforcing internal compliance practices (KYC),
strengthening and speed-up client onboarding and credit monitoring
 Regional footprint allows focus on countries/sectors/clients with superior qualitative fundaments
 Size and segmentation of corporate
universe
 Segment dimensioning in each activity
sector
 Size the volume of value chains
 Cross-border Analysis, countries of origin
and destination, value chains
Trade Flows
Corporate Universe
12
Bladex Regional Structure
12
Headquarters: Panama
Agency: New York
Regions:
1. Mexico
2. CAC
3. Brazil
4. Rest of South America

13. Commercial Portfolio Exposure by Industry
13
Regional Exposure by Industry - September 30, 2017Commercial Portfolio by Industry - September 30, 2017

14. 14
Commercial Portfolio – Asset Quality
14
 Trade Finance is a comparatively low-risk asset class, with short-dated exposures and superior loss performance
 Minimized net FX exposures and market risk per internal policies
 NPL and specific provisions for ECL confined to a small number of clients and sectors, primarily in Brazil (82%)
 Conservative loss reserves methodology (IFRS 9), pro-active loss prevention, and diligent recovery processes have
mitigated greater impact of the Region’s recent adverse credit cycle
 Accelerated pace of restructuring negotiations in 3Q17 (with realized losses discharged against existing reserves, and
reserve releases), as reserves coverage strengthened for remaining credits in ongoing negotiations with pending
outcomes
 Provisions relating to generic reserves, in line with asset growth requirements
Impaired Loans
Reserves Coverage
NPL Portfolio Industry and Country Mix, September 30, 2017

15. Structuring and Loan Distribution
 Broad scope of operations with transactions
executed in 12 countries: Germany, Mexico,
Guatemala, Honduras, Costa Rica, Panama, Dominican
Republic, Colombia, Peru, Ecuador, Brazil and Paraguay
 Diverse roster of clients and industry sectors: 21
Financial Institutions and 16 Corporations in multiple
industrial sectors (agriculture, packaging, refractory,
steel, cement, power and cable)
 Established access to capital linking clients with 74
participating counterparties world-wide: Central
America, Caribbean, South America, USA, Canada,
Taiwan, China, Japan, Europe and Israel
 Supported multiple types of transactions: Trade,
Working Capital, Bridge Loans, Acquisition Finance, Pre-
export, A/B loans, and Liability Management
transactions
2011 – September 2017
 40 Transactions
 Dedicated team of 6 professionals
 > US$3.6 B in executed transactions
 US$34.5 MM in total structured and syndicated commissions
 Loan structuring and distribution fees of total fees & other income
from 6% as of 2011 to 31% as of 9M’17
Proven track record
15
Accumulated volume of syndicated transactions
Structuring and Distribution Fees vs. Total

16. Primary Market - Transactions 2011-September’17
16
2016
(10 transactions)
2017
(5 transactions)
2015
(7 transactions)
2014
(10 transactions)
2013
(5 transactions)
2012
(2 transactions)
2011
(1 transaction)
Undisclosed
September
2017

17. Funding Sources – Regional and Global Diversification
 Proven capacity to secure funding and maintain high liquidity
levels
 Focus on increased diversification of global and regional
funding sources regarding client base, geography and
currency. Broad access to debt capital markets through
public and private debt issuance programs in USD and other
currencies, as well as to global loan syndications
 The Bank relies primarily on deposits to cover its short-term
funding needs as the lending book moved towards shorter
tenors, while increasing overall funding stability with medium
and long-term funding maintaining competitive funding costs
 Avg. deposits representing 58% of total funding as of 9M17.
$3B EoP, 63% from central banks or designees (i.e. Class
A), providing a very resilient funding base
Funding Highlights Funding Sources and Cost of Funds (avg.)
Deposits by Type of Client
(*) 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.
As of September 30, 2017 As of September 30, 2017
17
As of September 30, 2017
Diversified Funding Sources Funding by Currency (*)

18. Liquidity – Conservative Management
As of September 30, 2017
 Comfortable liquidity indicators:
 US$ 756 Million
 LCR = 1.61x
 NSFR = 1.47x
 Liquid assets are invested with the Federal Reserve and
top-tier banks
 Short term trade commercial portfolio of high quality and
liquidity, with approximately US$1 billion in loans maturing
on a monthly basis
 Target more efficient Liquidity levels as economic risks
recede in the Region
18
Liquidity Management Highlights Liquidity Placements
Liquid Assets Liquidity Coverage Ratio
(US$ million)

19. 19
Key Indicators – P&L
Profit for the period
(US$ million, except percentages)
Fees and Other Income Efficiency Ratio
Net Interest Income & Margin
Note: Financial Information from 2014 to date were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by IASB. The financial information
corresponding to the years 2011 - 2013 follows the previous accounting standard, US-GAAP. Bladex completed its transition process to IFRS from US-GAAP in 2015.
(US$ million)
(US$ million)
(US$ million, except percentages)

20. Key Indicators - Balance Sheet
20
Total Assets Loan Portfolio
Deposits Stockholder’s Equity
(US$ million)
(US$ million)(US$ million)
(US$ million)
Note: Financial Information from 2014 to date were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by IASB. The financial information
corresponding to the years 2011 - 2013 follows the previous accounting standard, US-GAAP. Bladex completed its transition process to IFRS from US-GAAP in 2015.

21. Return on Average Equity “ROAE” Return on Average Assets “ROAA”
Key Indicators - Profitability and Solvency
Tier 1 Capital Ratio
21
Risk Weighted Assets – Basel III
(US$ million)
2011 (*) $4,090
2012 (*) $4,609
2013 (*) $5,473
2014 $5,914
2015 $6,104
2016 $5,662
30-Sep-2017 $5,082
(*) Not available under Basel III. Corresponds to Basel I
Note: Financial Information from 2014 to date were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by IASB. The financial information
corresponding to the years 2011 to 2013 follows the previous accounting standard, US-GAAP. Bladex completed its transition process to IFRS from US-GAAP in 2015.

22. 22
Bladex Value Proposition to Shareholders
BLX Stock Price and Volume Evolution Bladex offers investors access to an
entire continent with improving long-
term growth prospects
 Business model provides diversified
exposure to emerging markets, with
well mitigated credit, market, &
operational risks
 Book value and dividend growth
underpins share price
 Committed to total shareholder return
(“TSR”). Attractive dividend yield
(steadily above 5%) with a pay-out
target that preserves a robust capital
base
 Attractive 12-month forward
valuations as of September 30, 2017
(analyst average):
- 11.5x P/E
- 1.1x P/BV
 Robust annualized 2017 dividend yield
at 5.5%
Dividends Pay-out and Yield
Dividend YieldPay Out

23. Outlook and Final Remarks
2017 portfolio growth expectations have not been met to date. Excess liquidity, capital markets activity, and overall sluggish
loan demand pressure margins. Markets in our Region continue to experience such abundant USD liquidity, resulting, at
times, in valuation and asset prices which do not meet our internal risk-reward targets. However…
23
 Bladex continues to privilege adequate pricing over volume growth; average portfolio balances remained largely
stable QoQ, with continued increases in disbursement activity as market loan demand showed some signs of
improvement
 Commission income benefitting from recovery of demand and greater diversification in the letters of credit
business, and solid execution in the syndications market
 No additional spikes expected in reserve requirements outside generic reserves driven by organic loan growth
 Bladex remains committed to driving down cost across the organization targeting efficiency levels below 30%.
Embarked on a process of increasing levels of automation and improving workflows, revising organizational
structures
 Bladex is cognizant of the need to effectively deploy its steadily increasing capital base to deliver on profitability
expectations through the credit cycles
 RoAE at high single digit and very strong capitalization, with aim to get back to two digit levels by the end of 2018
as portfolio growth gathers speed
 Dividend payouts continue to aim for solid dividend yield (>5.5%). The Board of Directors approved to maintain
the quarterly dividend payout at $0.385/share

24. 24
Key Financial Metrics
24
Note: Financial Information from 2014 to date were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by IASB. The financial information
corresponding to the years 2011 to 2013 follows the previous accounting standard, US-GAAP. Bladex completed its transition process to IFRS from US-GAAP in 2015.
(*) Includes results from the participation of investment funds.
(In US$ million, except percentages) 2011 2012 2013 2014 2015 2016 9M17
Total Income $138.8 $137.4 $133.7 $167.6 $173.9 $168.0 $103.8
Business Profit $66.3 $83.5 $89.4 $99.7 $99.0 $91.5 $61.4
Non-Core Items 16.9 9.5 (4.6) 2.7 5.0 (4.5) -
Net Profit $83.2 $93.0 $84.8 $102.4 $104.0 $87.0 $61.4
EPS (US$) $2.25 $2.46 $2.21 $2.65 $2.67 $2.23 $1.56
Return on Average Equity (ROAE) 11.4% 11.6% 10.0% 11.5% 11.0% 8.8% 8.1%
Business Return on Average Equity ("Business ROAE") 9.1% 10.4% 10.6% 11.2% 10.4% 9.2% 8.1%
Return on Average Assets (ROAA) 1.5% 1.5% 1.2% 1.4% 1.3% 1.2% 1.3%
Busines Return on Assets ("Business ROAA") 1.2% 1.4% 1.3% 1.3% 1.3% 1.2% 1.3%
Net Interest Margin ("NIM") 1.81% 1.70% 1.75% 1.88% 1.84% 2.08% 1.87%
Net Interest Spread ("NIS") 1.62% 1.44% 1.55% 1.72% 1.68% 1.84% 1.51%
Loan Portfolio 4,960 5,716 6,148 6,686 6,692 6,021 5,343
Commercial Portfolio 5,354 5,953 6,630 7,187 7,155 6,444 5,706
Allowance for expected credit losses on loans, loan commitments and
financial guarantee contracts to Commercial Portfolio (%) 1.82% 1.31% 1.18% 1.22% 1.33% 1.73% 2.04%
Non-Performing Loans to gross Loan Portfolio (%) 0.65% 0.00% 0.05% 0.06% 0.78% 1.09% 1.20%
Allowance for expected credit losses on loans, loan commitments and
financial guarantee contracts to Non-Performing Loans (x times) 3.0 0.0 25.0 21.7 1.8 1.7 1.8
Efficiency Ratio 36% 42% 41% 32% 30% 27% 33%
Market Capitalization 596 822 1,081 1,167 1,010 1,153 1,159
Total assets 6,360 6,756 7,471 8,022 8,286 7,181 6,200
Tier 1 Capital Ratio Basel III (Basel I for years 2011-2013) 18.6% 17.9% 15.9% 15.5% 16.1% 17.9% 20.3%
Leverage 8.4 8.2 8.7 8.8 8.5 7.1 6.0
Moody's Investor Services Baa2/P-2 Baa2/P-2 Baa2/P-2 Baa2/P-2 Baa2/P-2 Baa2/P-2 Baa2/P-2
S&P Global Ratings BBB/A-2 BBB/A-2 BBB/A-2 BBB/A-2 BBB/A-2 BBB/A-2 BBB/A-2
Fitch Ratings BBB/F2 BBB+/F2 BBB+/F2 BBB+/F2 BBB+/F2 BBB+/F2 BBB+/F2
Results
Credit Ratings
Performance
Efficiency
Scale &
Capitalization
Portfolio Quality
(*)

25. 25
Bladex’s stock price evolution 2003-2016

26. Bladex’s stock price evolution 2003-2016
26

27. Investment Highlights
27
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 Latin
America with solid track record
 Trade Finance Bank with more
than 37 years covering the Region
 Investment grade profile with
strong and unique shareholding
structure
 Deep knowledge of LatAm with
core in trade finance
 Strategically positioned to identify
and deliver on growth
opportunities
 Portfolio strategy focused on
diversification and sustainable
growth
 Strong asset quality
management
 Increased diversification of regional
and global funding sources
 Advanced liquidity management
operating under Basel III framework
 Sustained income growth
 Fee generation growth through
diversification
 Continued efficiency gains
 Attractive returns though the
cycle
 Seasoned senior management
 World-Class standards in
Corporate Governance, focused
on enterprise-wide risk
management

28. 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
Contacto: Carlos de Alvear
Email: cdealvear@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
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
PERU
Dean Valdivia 243
Piso 7, Oficina 701
San Isidro, Lima
Tel: (511) 207-8800
Contact: Federico Field
Email: ffield@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
Investor Relations Contact
Irma Garrido Arango – SVP, Corporate
Development & Investor Relations
E-mail: igarrido@bladex.com
Tel.: (+507) 210-8559

29. Appendix – Corporate Governance
Commercial
Division
Board of Directors
CEO
Internal
Audit
Nomination
and Compensation
Committee
Finance and Business
Committee
Risk Policy and
Assessment Committee
Audit and
Compliance Committee
Commercial
Division
Finance
Division
Corporate
Services
Legal Counsel
& Compliance
Risk
Management
.
FIRST LINE
OF DEFENSE
Operational
Management
-------------------------
Business and
Support Areas
Function
THIRD LINE
OF DEFENSE
Verification
-----------------------
Audit Function
SECOND LINE
OF DEFENSE
Monitoring
-------------------------
Risk & Legal
Management
function
Regulatory & Prevention
Compliance
AML
Committee
29
 Internal alignment of corporate culture, measurement system
and process management to optimize total shareholder return
 Early implementation of Basel III (2014) and IFRS 9 (2015)
 Strive to follow international best practices for Corporate
Government
 Multi-regulatory discipline
 Auditing overseen by the PCAOB of the United States

30. 30
Appendix - Balance Sheet
30
Financial Information corresponding to the year 2014-2017 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 31-Dec-2016 30-Sep-2017
Assets
Cash and cash equivalents $781 $1,300 $1,070 $799
Financial instruments:
At fair value through profit or loss 58 53 0 0
At fair value through OCI 339 142 31 17
Securities at amortized cost, net 55 108 77 71
Loans at amortized cost 6,686 6,692 6,021 5,343
Allowance for expected credit losses on loans (78) (90) (106) (112)
Unearned interest & deferred fees (9) (9) (7) (6)
Loans at amortized cost, net 6,600 6,592 5,907 5,226
At fair value - derivative financial instruments used for hedging - receivable 12 7 9 11
Other assets 178 83 87 87
Total assets $8,022 $8,286 $7,181 $6,200
Liabilities and stockholders' equity
Total deposits $2,507 $2,795 $2,803 $3,003
At fair value - derivative financial instruments used for hedging - payable 40 30 60 26
Securities sold under repurchase agreements 301 114 0 0
Short-term borrowings and debt 2,693 2,430 1,470 737
Long-term borrowings and debt, net 1,400 1,882 1,777 1,358
Allowance for expected credit losses on loan commitments and financial guarantee contracts 10 5 6 5
Other liabilities 162 57 54 54
Total stockholders' equity 911 972 1,011 1,032
Total liabilities and stockholders' equity $8,022 $8,286 $7,181 $6,200

31. 31
Appendix - Profit and Loss
31
Financial Information corresponding to the year 2014-2017 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$ thousand) 2014 2015 2016 9M17
Interest income $212,898 $220,312 $245,898 $170,280
Interest expense 71,562 74,833 90,689 78,605
Net Interest Income 141,336 145,479 155,209 91,675
Other income
Fees and commissions, net 17,502 19,200 14,306 11,847
Derivate financial instruments and foreign currency exchange 208 (23) (486) (12)
Gain (loss) per financial instrument at fair value through profit or loss 2,361 5,731 (2,883) (706)
Gain (loss) per financial instrument at fair value through OCI 1,871 363 (356) 79
Gain on sale of loans at amortized cost 2,546 1,505 806 113
Other income, net 1,786 1,603 1,378 810
Net other income 26,274 28,379 12,764 12,131
Total Income 167,610 173,858 167,974 103,806
Expenses
Impairment loss from expected credit losses on loans at amortized cost 6,782 17,248 34,760 9,981
Impairment loss (recovery) from expected credit losses on investment securities 1,030 5,290 3 (390)
Impairment loss (recovery) from expected credit losses on loan commitments and financial
guarantee contracts 3,819 (4,448) 352 (946)
Operating expenses
Salaries and other employee expenses 31,566 30,435 25,196 20,306
Depreciation of equipment and leasehold improvements 1,545 1,371 1,443 1,170
Amortization of intangible assets 942 596 644 553
Other expenses 19,560 19,382 18,533 11,732
Total operating expenses 53,612 51,784 45,816 33,763
Total Expenses 65,243 69,874 80,930 42,407
Profit for the Period $102,366 $103,983 $87,044 $61,400

32.  Stabilization after multi-year de-risking trend
 Remain cautious given market conditions
Appendix – Brazil Commercial Portfolio
(September 30, 2017)
32