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| FOREIGN TRADE BANK OF LATIN AMERICA, INC.                   | REPUBLIC OF PANAMA                                    |
|-------------------------------------------------------------|-------------------------------------------------------|
|  (Translation of Registrant’s name into English) |  (Jurisdiction of incorporation or organization) |

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| Title of each class  | Name of each exchange on which registered |
|----------------------|-------------------------------------------|
| Class E Common Stock | New York Stock Exchange                   |

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| 6,342,189                                                                                               | Shares of Class A Common Stock |
|---------------------------------------------------------------------------------------------------------|--------------------------------|
| 2,542,021                                                                                               | Shares of Class B Common Stock |
| 27,826,330                                                                                              | Shares of Class E Common Stock |
|                  0 | Shares of Class F Common Stock |
| 36,710,540                                                                                              | Total Shares of Common Stock   |

|  ̈ Large Accelerated Filer | x Accelerated Filer |  ̈ Non-accelerated Filer |
|-------------------------------------|--------------------------|-----------------------------------|

| x U.S. GAAP |  ̈ IFRS |  ̈ Other |
|------------------|------------------|-------------------|

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|                                                                                                    |                                                    | Page   |
|---------------------------------------------------------------------------------------------------------|---------------------------------------------------------|--------|
|                                                                                                    |                                                    |   |
| PART I                                                                                                  | 5                                                       |
|                                                                                                    |                                                    |
| Item 1.        Identity of Directors, Senior Management and Advisers | 5                                                       |
|                                                                                                    |                                                    |
| Item 2.        Offer Statistics and Expected Timetable               | 5                                                       |
|                                                                                                    |                                                    |
| Item 3.        Key Information                                       | 5                                                       |
| A.                                                                                                      | Selected Financial Data                                 | 5      |
| B.                                                                                                      | Capitalization and Indebtedness                         | 6      |
| C.                                                                                                      | Reasons for the Offer and Use of Proceeds               | 6      |
| D.                                                                                                      | Risk Factors                                            | 7      |
|                                                                                                    |                                                    |   |
| Item 4.        Information on the Company                            | 11                                                      |
| A.                                                                                                      | History and Development of the Company                  | 11     |
| B.                                                                                                      | Business Overview                                       | 12     |
| C.                                                                                                      | Organizational Structure                                | 29     |
| D.                                                                                                      | Property, Plant and Equipment                           | 29     |
|                                                                                                    |                                                    |   |
| Item 4A.     Unresolved Staff Comments                                         | 30                                                      |
|                                                                                                    |                                                    |   |
| Item 5.        Operating and Financial Review and Prospects          | 30                                                      |
| A.                                                                                                      | Operating Results                                       | 30     |
| B.                                                                                                      | Liquidity and Capital Resources                         | 51     |
| C.                                                                                                      | Research and Development, Patents and Licenses, etc.    | 59     |
| D.                                                                                                      | Trend Information                                       | 60     |
| E.                                                                                                      | Off-Balance Sheet Arrangements                          | 61     |
| F.                                                                                                      | Contractual Obligations and Commercial Commitments      | 61     |
|                                                                                                    |                                                    |   |
| Item 6.        Directors, Executive Officers and Employees           | 62                                                      |
| A.                                                                                                      | Directors and Executive Officers                        | 62     |
| B.                                                                                                      | Compensation                                            | 67     |
| C.                                                                                                      | Board Practices                                         | 70     |
| D.                                                                                                      | Employees                                               | 75     |
| E.                                                                                                      | Share Ownership                                         | 76     |
|                                                                                                    |                                                    |   |
| Item 7.        Major Stockholders and Related Party Transactions     | 76                                                      |
| A.                                                                                                      | Major Stockholders                                      | 76     |
| B.                                                                                                      | Related Party Transactions                              | 78     |
| C.                                                                                                      | Interests of Experts and Counsel                        | 78     |
|                                                                                                    |                                                    |   |
| Item 8.        Financial Information                                 | 79                                                      |
| A.                                                                                                      | Consolidated Statements and Other Financial Information | 79     |
| B.                                                                                                      | Significant Changes                                     | 79     |
|                                                                                                    |                                                    |   |
| Item 9.        The Offer and Listing                                 | 80                                                      |
| A.                                                                                                      | Offer and Listing Details                               | 80     |
| B.                                                                                                      | Plan of Distribution                                    | 80     |
| C.                                                                                                      | Markets                                                 | 80     |
| D.                                                                                                      | Selling Stockholders                                    | 80     |
| E.                                                                                                      | Dilution                                                | 80     |
| F.                                                                                                      | Expenses of the Issue                                   | 80     |

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| Item 10.     Additional Information                                                  | 81                                                                     |
|---------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|
| A.                                                                                                            | Share Capital                                                          | 81 |
| B.                                                                                                            | Memorandum and Articles of Association                                 | 81 |
| C.                                                                                                            | Material Contracts                                                     | 83 |
| D.                                                                                                            | Exchange Controls                                                      | 83 |
| E.                                                                                                            | Taxation                                                               | 83 |
| F.                                                                                                            | Dividends and Paying Agents                                            | 88 |
| G.                                                                                                            | Statement by Experts                                                   | 88 |
| H.                                                                                                            | Documents on Display                                                   | 88 |
| I.                                                                                                            | Subsidiary Information                                                 | 89 |
|                                                                                                          |                                                                   |   |
| Item 11.     Quantitative and Qualitative Disclosure About Market Risk                    | 89                                                                     |
|                                                                                                          |                                                                   |
| Item 12.     Description of Securities Other than Equity Securities                       | 94                                                                     |
|                                                                                                          |                                                                   |
| PART II                                                                                                       | 95                                                                     |
|                                                                                                          |                                                                   |
| Item 13.     Defaults, Dividend Arrearages and Delinquencies                              | 95                                                                     |
|                                                                                                          |                                                                   |   |
| Item 14.     Material Modifications to the Rights of Security Holders and Use of Proceeds | 95                                                                     |
|                                                                                                          |                                                                   |
| Item 15.     Controls and Procedures                                                      | 95                                                                     |
|                                                                                                          |                                                                   |
| Item 16.     [Reserved]                                                                   | 97                                                                     |
| Item 16A.                                                                                                | Audit and Compliance Committee Financial Expert                        | 97 |
| Item 16B.                                                                                                     | Code of Ethics                                                         | 97 |
| Item 16C.                                                                                                     | Principal Accountant Fees and Services                                 | 97 |
| Item 16D.                                                                                                     | Exemptions from the Listing Standards for Audit Committees             | 98 |
| Item 16E.                                                                                                     | Purchases of Equity Securities by the Issuer and Affiliated Purchasers | 98 |
| Item 16F.                                                                                                     | Change in Registrant’s Certifying Accountant                     | 98 |
| Item 16G.                                                                                                | Corporate Governance                                                   | 98 |
|                                                                                                          |                                                                   |   |
| PART III                                                                                                      | 99                                                                     |
|                                                                                                          |                                                                   |
| Item 17.     Financial Statements                                                         | 99                                                                     |
|                                                                                                          |                                                                   |
| Item 18.     Financial Statements                                                         | 99                                                                     |
|                                                                                                          |                                                                   |
| Item 19.     Exhibits                                                                     | 100                                                                    |

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|   | · | the anticipated growth of the Bank’s credit portfolio, including its trade finance portfolio; |
|--------|--------|-----------------------------------------------------------------------------------------------------|

|   | · | the Bank’s ability to increase the number of clients; |
|--------|--------|-------------------------------------------------------------|

|   | · | the Bank’s ability to maintain its investment-grade credit ratings and preferred creditor status; |
|--------|--------|---------------------------------------------------------------------------------------------------------|

|   | · | the effects of changing interest rates, inflation, exchange rates and of an improving macroeconomic environment in Latin America and the Caribbean on the Bank’s financial condition; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the execution of the Bank’s strategies and initiatives, including its revenue diversification strategy; |
|--------|--------|---------------------------------------------------------------------------------------------------------------|

|   | · | anticipated operating income and return on equity in future periods; |
|--------|--------|----------------------------------------------------------------------|

|   | · | the Bank’s level of capitalization and debt; |
|--------|--------|----------------------------------------------------|

|   | · | the implied volatility of the Bank’s Treasury and Asset Management trading revenues; |
|--------|--------|--------------------------------------------------------------------------------------------|

|   | · | levels of defaults by borrowers and the adequacy of the Bank’s allowance and provisions for credit losses; |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

|   | · | the availability and mix of future sources of funding for the Bank’s lending operations; |
|--------|--------|------------------------------------------------------------------------------------------------|

|   | · | the adequacy of the Bank’s sources of liquidity to cover large deposit withdrawals; |
|--------|--------|-------------------------------------------------------------------------------------------|

|   | · | management’s expectations and estimates concerning the Bank’s future financial performance, financing, plans and programs, and the effects of competition; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | existing and future governmental banking and tax regulations, including the impact of complying with the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, on the Bank’s business, business practices, and costs of operation; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | credit and other risks of lending and investment activities; and |
|--------|--------|------------------------------------------------------------------|

|   | · | the Bank’s ability to sustain or improve its operating performance. |
|--------|--------|---------------------------------------------------------------------------|

----

| Item 1.  | Identity of Directors, Senior Management and Advisers |
|--------------------|-------------------------------------------------------|

| Item 2.  | Offer Statistics and Expected Timetable |
|--------------------|-----------------------------------------|

| Item 3.  | Key Information |
|--------------------|-----------------|

|                                                                     |   | As of and for the Year Ended December 31,         |      |
|--------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------|-----------|
|                                                                     |   | 2010                                                                                      |      |   | 2009 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |
|                                                                     |   | (In $ thousand, except per share data and ratios) |      |
| Income Statement Data:                                                   |   |                                                                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Net interest income                                                      |   | $                                                                                         | 74,503    |   |   | $ | 64,752 |   |   | $ | 77,847 |   |   | $ | 70,570 |   |   | $ | 58,837 |   |
| Fees and commissions, net                                                |   |                                                                                      | 10,326    |   |   |   | 6,733 |   |   |   | 7,252 |   |   |   | 5,555 |   |   |   | 6,393 |   |
| Reversal (provision) for credit losses (1)                               |   |                                                                                      | 4,835     |   |   |   | (14,830 | ) |   |   | 1,544 |   |   |   | 1,475 |   |   |   | 13,045 |   |
| Derivative financial instruments and hedging                             |   |                                                                                      | (1,446    | ) |   |   | (2,534 | ) |   |   | 9,956 |   |   |   | (989 | ) |   |   | (225 | ) |
| Recoveries, net of impairment of assets                                  |   |                                                                                      | 233       |   |   |   | (120 | ) |   |   | (767 | ) |   |   | (500 | ) |   |   | 5,551 |   |
| Net gain (loss) from investment fund trading                             |   |                                                                                      | (7,995    | ) |   |   | 24,997 |   |   |   | 21,357 |   |   |   | 23,878 |   |   |   | 1,091 |   |
| Net gain (loss) from trading securities                                  |   |                                                                                      | (3,603    | ) |   |   | 13,113 |   |   |   | (20,998 | ) |   |   | (12 | ) |   |   | (212 | ) |
| Net gain on sale of securities available-for-sale                        |   |                                                                                      | 2,346     |   |   |   | 546 |   |   |   | 67 |   |   |   | 9,119 |   |   |   | 2,568 |   |
| Gain (loss) on foreign currency exchange                                 |   |                                                                                      | 1,870     |   |   |   | 613 |   |   |   | (1,596 | ) |   |   | 115 |   |   |   | (253 | ) |
| Other income (expense), net                                              |   |                                                                                      | 833       |   |   |   | 912 |   |   |   | 656 |   |   |   | (6 | ) |   |   | 36 |   |
| Total operating expenses                                                 |   |                                                                                      | (42,081   | ) |   |   | (38,202 | ) |   |   | (39,990 | ) |   |   | (37,027 | ) |   |   | (28,929 | ) |
| Net income                                                               |   |                                                                                      | 39,821    |   |   |   | 55,980 |   |   |   | 55,327 |   |   |   | 72,177 |   |   |   | 57,902 |   |
| Net income (loss) attributable to the redeemable noncontrolling interest |   |                                                                                      | (2,423    | ) |   |   | 1,118 |   |   |   | 208 |   |   |   | 0 |   |   |   | 0 |   |
| Net income attributable to Bladex                                        |   |                                                                                      | 42,244    |   |   |   | 54,862 |   |   |   | 55,119 |   |   |   | 72,177 |   |   |   | 57,902 |   |
| Balance Sheet Data:                                                      |   |                                                                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trading assets                                                           |   |                                                                                      | 50,412    |   |   |   | 50,277 |   |   |   | 44,939 |   |   |   | 0 |   |   |   | 0 |   |
| Investment securities                                                    |   |                                                                                      | 386,431   |   |   |   | 456,984 |   |   |   | 636,328 |   |   |   | 468,360 |   |   |   | 471,351 |   |
| Investment fund                                                          |   |                                                                                      | 167,291   |   |   |   | 197,575 |   |   |   | 150,695 |   |   |   | 81,846 |   |   |   | 105,199 |   |
| Loans                                                                    |   |                                                                                      | 4,064,332 |   |   |   | 2,779,262 |   |   |   | 2,618,643 |   |   |   | 3,731,838 |   |   |   | 2,980,772 |   |
| Allowance for loan losses                                                |   |                                                                                      | 78,615    |   |   |   | 73,789 |   |   |   | 54,648 |   |   |   | 69,643 |   |   |   | 51,266 |   |
| Total assets                                                             |   |                                                                                      | 5,100,087 |   |   |   | 3,878,771 |   |   |   | 4,362,678 |   |   |   | 4,698,571 |   |   |   | 3,922,373 |   |
| Total deposits                                                           |   |                                                                                      | 1,820,925 |   |   |   | 1,256,246 |   |   |   | 1,169,048 |   |   |   | 1,462,371 |   |   |   | 1,056,278 |   |
| Trading liabilities                                                      |   |                                                                                      | 3,938     |   |   |   | 3,152 |   |   |   | 14,157 |   |   |   | 13 |   |   |   | 0 |   |
| Securities sold under repurchase agreements and short-term borrowings    |   |                                                                                      | 1,360,327 |   |   |   | 399,132 |   |   |   | 1,212,921 |   |   |   | 1,504,710 |   |   |   | 1,595,604 |   |
| Borrowings and long-term debt                                            |   |                                                                                      | 1,075,140 |   |   |   | 1,390,387 |   |   |   | 1,204,952 |   |   |   | 1,010,316 |   |   |   | 558,860 |   |
| Total liabilities                                                        |   |                                                                                      | 4,384,087 |   |   |   | 3,168,234 |   |   |   | 3,783,665 |   |   |   | 4,086,320 |   |   |   | 3,338,477 |   |
| Capital Stock                                                            |   |                                                                                      | 279,980   |   |   |   | 279,980 |   |   |   | 279,980 |   |   |   | 279,980 |   |   |   | 279,980 |   |
| Total stockholders’ equity                                         |   |                                                                                      | 697,050   |   |   |   | 675,637 |   |   |   | 574,324 |   |   |   | 612,251 |   |   |   | 583,896 |   |

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|                                                                                     |   | As of and for the Year Ended December 31,         |      |
|------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------|-----------|
|                                                                                     |   | 2010                                                                                      |      |   | 2009 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |
|                                                                                     |   | (In $ thousand, except per share data and ratios) |      |
| Income Statement Data:                                                                   |   |                                                                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of shares outstanding                                            |   |                                                                                      | 36,647    |   |   |   | 36,493 |   |   |   | 36,388 |   |   |   | 36,349 |   |   |   | 37,065 |   |
| Weighted average number of diluted shares outstanding                                    |   |                                                                                      | 36,814    |   |   |   | 36,571 |   |   |   | 36,440 |   |   |   | 36,414 |   |   |   | 37,572 |   |
| Per Common Share Data:                                                                   |   |                                                                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic earnings per share                                                                 |   |                                                                                      | 1.15      |   |   |   | 1.50 |   |   |   | 1.51 |   |   |   | 1.99 |   |   |   | 1.56 |   |
| Diluted earnings per share                                                               |   |                                                                                      | 1.15      |   |   |   | 1.50 |   |   |   | 1.51 |   |   |   | 1.98 |   |   |   | 1.54 |   |
| Book value per share (period end)                                                        |   |                                                                                      | 18.99     |   |   |   | 18.49 |   |   |   | 15.77 |   |   |   | 16.83 |   |   |   | 16.07 |   |
| Regular cash dividends per share                                                         |   |                                                                                      | 0.67      |   |   |   | 0.60 |   |   |   | 0.88 |   |   |   | 0.88 |   |   |   | 0.75 |   |
| Special cash dividends per share                                                         |   |                                                                                      | 0.00      |   |   |   | 0.00 |   |   |   | 0.00 |   |   |   | 0.00 |   |   |   | 1.00 |   |
| Selected Financial Ratios:                                                               |   |                                                                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Performance Ratios:                                                                      |   |                                                                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Return on average assets                                                                 |   |                                                                                      | 0.97      | % |   |   | 1.38 | % |   |   | 1.09 | % |   |   | 1.76 | % |   |   | 1.70 | % |
| Return on average stockholders’ equity                                             |   |                                                                                      | 6.21      | % |   |   | 8.60 | % |   |   | 8.99 | % |   |   | 11.91 | % |   |   | 9.96 | % |
| Net interest margin (2)                                                                  |   |                                                                                      | 1.70      | % |   |   | 1.62 | % |   |   | 1.55 | % |   |   | 1.73 | % |   |   | 1.78 | % |
| Net interest spread (2)                                                                  |   |                                                                                      | 1.43      | % |   |   | 1.12 | % |   |   | 0.98 | % |   |   | 0.78 | % |   |   | 0.69 | % |
| Total operating expenses to total average assets                                         |   |                                                                                      | 0.97      | % |   |   | 0.96 | % |   |   | 0.79 | % |   |   | 0.90 | % |   |   | 0.85 | % |
| Regular cash dividend payout ratio                                                       |   |                                                                                      | 58.12     | % |   |   | 39.91 | % |   |   | 58.09 | % |   |   | 44.32 | % |   |   | 48.01 | % |
| Special cash dividend payout ratio                                                       |   |                                                                                      | 0.00      | % |   |   | 0.00 | % |   |   | 0.00 | % |   |   | 0.00 | % |   |   | 64.01 | % |
| Liquidity Ratios:                                                                        |   |                                                                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liquid assets(3) / total assets                                                          |   |                                                                                      | 8.25      | % |   |   | 10.36 | % |   |   | 18.92 | % |   |   | 8.43 | % |   |   | 10.16 | % |
| Liquid assets(3) / total deposits                                                        |   |                                                                                      | 23.10     | % |   |   | 32.00 | % |   |   | 70.62 | % |   |   | 27.08 | % |   |   | 37.72 | % |
| Asset Quality Ratios:                                                                    |   |                                                                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-accrual loans to total loans (4)                                                     |   |                                                                                      | 0.71      | % |   |   | 1.82 | % |   |   | 0.00 | % |   |   | 0.00 | % |   |   | 0.00 | % |
| Impaired loans to total loans (4)                                                        |   |                                                                                      | 0.71      | % |   |   | 1.29 | % |   |   | 0.00 | % |   |   | 0.00 | % |   |   | 0.00 | % |
| Charged-off loans to total loans                                                         |   |                                                                                      | 0.13      | % |   |   | 0.00 | % |   |   | 0.00 | % |   |   | 0.00 | % |   |   | 0.00 | % |
| Allowance for loan losses to total loans, net of unearned income and deferred commission |   |                                                                                      | 1.94      | % |   |   | 2.66 | % |   |   | 2.09 | % |   |   | 1.87 | % |   |   | 1.72 | % |
| Allowance for losses on off-balance sheet credit risk to total contingencies             |   |                                                                                      | 3.50      | % |   |   | 8.28 | % |   |   | 6.95 | % |   |   | 2.51 | % |   |   | 4.18 | % |
| Capital Ratios:                                                                          |   |                                                                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders’ equity to total assets                                               |   |                                                                                      | 13.67     | % |   |   | 17.42 | % |   |   | 13.16 | % |   |   | 13.03 | % |   |   | 14.89 | % |
| Average stockholders’ equity to total average assets                               |   |                                                                                      | 15.62     | % |   |   | 16.06 | % |   |   | 12.11 | % |   |   | 14.75 | % |   |   | 17.09 | % |
| Leverage ratio(5)                                                                        |   |                                                                                      | 7.3       | x |   |   | 5.7 | x |   |   | 7.6 | x |   |   | 7.7 | x |   |   | 6.7 | x |
| Tier 1 capital to risk-weighted assets(6)                                                |   |                                                                                      | 20.5      | % |   |   | 25.8 | % |   |   | 20.4 | % |   |   | 21.2 | % |   |   | 23.8 | % |
| Total capital to risk-weighted assets(7)                                                 |   |                                                                                      | 21.8      | % |   |   | 27.0 | % |   |   | 21.6 | % |   |   | 22.5 | % |   |   | 25.1 | % |
| Risk-weighted assets                                                                     |   | $                                                                                         | 3,416,782 |   |   | $ | 2,633,482 |   |   | $ | 3,143,971 |   |   | $ | 2,917,393 |   |   | $ | 2,436,812 |   |

| (1) | Includes reversal of (provision for) loan losses and for losses on off-balance sheet credit risks. For information regarding reversal of (provision for) credit losses, see Item 5, “Operating and Financial Review and Prospects/Operating Results.” |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | For information regarding calculation of the net interest margin and the net interest spread, see Item 5A, “Operating and Financial Review and Prospects/Operating Results/Net Interest Income and Margins.” |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Liquid assets consist of investment-grade ‘A’ securities, and cash and due from banks, excluding pledged regulatory deposits.  See Item 18, “Financial Statements” Note 3 to the Audited Financial Statements. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Non-accrual loans amounted $29 million in 2010, all of which corresponded to impaired loans, and $51 million in 2009 of which $36 million corresponded to impaired loans in 2009.  In determining impairment factors considered by the Bank’s Management include collection status, collateral value, the probability of collecting scheduled principal and interest payments when due, and economic conditions in the borrower’s  country of residence. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Leverage ratio is the ratio of total assets to stockholders’ equity. |
|-----|----------------------------------------------------------------------------|

| (6) | Tier 1 capital is calculated according to Basel I capital adequacy guidelines, and is equivalent to stockholders’ equity, excluding the Other Comprehensive Income account effect of the available-for-sale portfolio. The Tier 1 capital ratio is calculated as a percentage of risk-weighted assets. Risk-weighted assets are, in turn, also calculated based on Basel I capital adequacy guidelines. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Total capital refers to Tier 1 capital plus Tier 2 capital, based on Basel I capital adequacy guidelines.  Total capital refers to the total capital ratio as a percentage of risk-weighted assets. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                           |   | As of December 31,                      |   |
|--------------------------------|--------|--------------------------------------------------------|--------|
|                           |   | 2010(1)                                                |   |   | % |   |   | 2009(2) |   |   | % |   |   | 2008 |   |   | % |   |   | 2007 |   |   | % |   |   | 2006 |   |   | % |   |
|                           |   | (in $ million, except percentages) |   |
| Loans                          |   | $                                                      | 4,064  |   |   |   | 91.4 |   |   | $ | 2,779 |   |   |   | 89.4 |   |   | $ | 2,619 |   |   |   | 85.5 |   |   | $ | 3,732 |   |   |   | 87.2 |   |   | $ | 2,981 |   |   |   | 82.0 |   |
| Contingencies and other assets |   |                                                   | 382    |   |   |   | 8.6 |   |   |   | 331 |   |   |   | 10.6 |   |   |   | 444 |   |   |   | 14.5 |   |   |   | 550 |   |   |   | 12.8 |   |   |   | 654 |   |   |   | 18.0 |   |
| Total                          |   | $                                                      | 4,446  |   |   |   | 100.0 |   |   | $ | 3,110 |   |   |   | 100.0 |   |   | $ | 3,062 |   |   |   | 100.0 |   |   | $ | 4,281 |   |   |   | 100.0 |   |   | $ | 3,634 |   |   |   | 100.0 |   |

| (1) | Includes non-accrual loans for $29 million as of December 31, 2010. |
|-----|---------------------------------------------------------------------|

| (2) | Includes non-accrual loans for $51 million as of December 31, 2009. |
|-----|---------------------------------------------------------------------|

----

|                  |   | As of December 31,                      |   |
|-----------------------|--------|--------------------------------------------------------|--------|
|                  |   | 2010                                                   |   |   | % ofTotalLoans |   |   | 2009 |   |   | % ofTotalLoans |   |   | 2008 |   |   | % ofTotalLoans |   |   | 2007 |   |   | % ofTotalLoans |   |   | 2006 |   |   | % ofTotalLoans |   |
|                  |   | (in $ million, except percentages) |   |
| Argentina             |   | $                                                      | 237    |   |   |   | 5.8 |   |   | $ | 73 |   |   |   | 2.6 |   |   | $ | 151 |   |   |   | 5.8 |   |   | $ | 264 |   |   |   | 7.1 |   |   | $ | 203 |   |   |   | 6.8 |   |
| Bolivia               |   |                                                   | 0      |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 5 |   |   |   | 0.1 |   |   |   | 5 |   |   |   | 0.2 |   |
| Brazil (1)            |   |                                                   | 1,583  |   |   |   | 38.9 |   |   |   | 1,335 |   |   |   | 48.0 |   |   |   | 1,289 |   |   |   | 49.2 |   |   |   | 1,379 |   |   |   | 37.0 |   |   |   | 1,317 |   |   |   | 44.2 |   |
| Chile                 |   |                                                   | 328    |   |   |   | 8.1 |   |   |   | 258 |   |   |   | 9.3 |   |   |   | 8 |   |   |   | 0.3 |   |   |   | 10 |   |   |   | 0.3 |   |   |   | 175 |   |   |   | 5.9 |   |
| Colombia              |   |                                                   | 585    |   |   |   | 14.4 |   |   |   | 200 |   |   |   | 7.2 |   |   |   | 285 |   |   |   | 10.9 |   |   |   | 400 |   |   |   | 10.7 |   |   |   | 163 |   |   |   | 5.5 |   |
| Costa Rica            |   |                                                   | 88     |   |   |   | 2.2 |   |   |   | 83 |   |   |   | 3.0 |   |   |   | 55 |   |   |   | 2.1 |   |   |   | 77 |   |   |   | 2.1 |   |   |   | 85 |   |   |   | 2.9 |   |
| Dominican Republic    |   |                                                   | 135    |   |   |   | 3.3 |   |   |   | 31 |   |   |   | 1.1 |   |   |   | 48 |   |   |   | 1.8 |   |   |   | 29 |   |   |   | 0.8 |   |   |   | 9 |   |   |   | 0.3 |   |
| Ecuador               |   |                                                   | 18     |   |   |   | 0.4 |   |   |   | 23 |   |   |   | 0.8 |   |   |   | 36 |   |   |   | 1.4 |   |   |   | 61 |   |   |   | 1.6 |   |   |   | 43 |   |   |   | 1.4 |   |
| El Salvador           |   |                                                   | 39     |   |   |   | 1.0 |   |   |   | 41 |   |   |   | 1.5 |   |   |   | 76 |   |   |   | 2.9 |   |   |   | 47 |   |   |   | 1.2 |   |   |   | 82 |   |   |   | 2.8 |   |
| Guatemala             |   |                                                   | 92     |   |   |   | 2.3 |   |   |   | 74 |   |   |   | 2.7 |   |   |   | 61 |   |   |   | 2.3 |   |   |   | 96 |   |   |   | 2.6 |   |   |   | 89 |   |   |   | 3.0 |   |
| Honduras              |   |                                                   | 38     |   |   |   | 0.9 |   |   |   | 23 |   |   |   | 0.8 |   |   |   | 45 |   |   |   | 1.7 |   |   |   | 49 |   |   |   | 1.3 |   |   |   | 36 |   |   |   | 1.2 |   |
| Jamaica               |   |                                                   | 64     |   |   |   | 1.6 |   |   |   | 31 |   |   |   | 1.1 |   |   |   | 15 |   |   |   | 0.6 |   |   |   | 77 |   |   |   | 2.1 |   |   |   | 49 |   |   |   | 1.6 |   |
| Mexico (2)            |   |                                                   | 404    |   |   |   | 9.9 |   |   |   | 302 |   |   |   | 10.9 |   |   |   | 380 |   |   |   | 14.5 |   |   |   | 410 |   |   |   | 11.0 |   |   |   | 168 |   |   |   | 5.6 |   |
| Nicaragua             |   |                                                   | 0      |   |   |   | 0.0 |   |   |   | 1 |   |   |   | 0.0 |   |   |   | 4 |   |   |   | 0.2 |   |   |   | 13 |   |   |   | 0.3 |   |   |   | 10 |   |   |   | 0.3 |   |
| Panama                |   |                                                   | 47     |   |   |   | 1.2 |   |   |   | 41 |   |   |   | 1.5 |   |   |   | 47 |   |   |   | 1.8 |   |   |   | 140 |   |   |   | 3.7 |   |   |   | 180 |   |   |   | 6.1 |   |
| Peru                  |   |                                                   | 343    |   |   |   | 8.4 |   |   |   | 161 |   |   |   | 5.8 |   |   |   | 50 |   |   |   | 1.9 |   |   |   | 454 |   |   |   | 12.2 |   |   |   | 262 |   |   |   | 8.8 |   |
| Trinidad & Tobago |   |                                                   | 63     |   |   |   | 1.6 |   |   |   | 72 |   |   |   | 2.6 |   |   |   | 23 |   |   |   | 0.9 |   |   |   | 88 |   |   |   | 2.3 |   |   |   | 104 |   |   |   | 3.5 |   |
| Uruguay               |   |                                                   | 0      |   |   |   | 0.0 |   |   |   | 30 |   |   |   | 1.1 |   |   |   | 45 |   |   |   | 1.7 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |
| Venezuela             |   |                                                   | 0      |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 135 |   |   |   | 3.6 |   |   |   | 1 |   |   |   | 0.0 |   |
| Total                 |   | $                                                      | 4,064  |   |   |   | 100.0 |   |   | $ | 2,779 |   |   |   | 100.0 |   |   | $ | 2,619 |   |   |   | 100.0 |   |   | $ | 3,732 |   |   |   | 100.0 |   |   | $ | 2,981 |   |   |   | 100.0 |    |

| (1) | Includes non-accrual loans in Brazil of $1 million in 2010 and $7 million in 2009. |
|-----|------------------------------------------------------------------------------------|

| (2) | Includes non-accrual loans in Mexico of $28 million in 2010 and $44 million in 2009. |
|-----|--------------------------------------------------------------------------------------|

|                                                       |   | As of December 31,                      |   |
|------------------------------------------------------------|--------|--------------------------------------------------------|--------|
|                                                       |   | 2010                                                   |   |   | % ofTotalLoans |   |   | 2009 |   |   | % ofTotalLoans |   |   | 2008 |   |   | % ofTotalLoans |   |   | 2007 |   |   | % ofTotalLoans |   |   | 2006 |   |   | % ofTotalLoans |   |
|                                                       |   | (in $ million, except percentages) |   |
| Private sector commercial banks and financial institutions |   | $                                                      | 1,381  |   |   |   | 34.0 |   |   | $ | 875 |   |   |   | 31.5 |   |   | $ | 577 |   |   |   | 22.0 |   |   | $ | 1,491 |   |   |   | 39.9 |   |   | $ | 1,167 |   |   |   | 39.2 |   |
| State-owned commercial banks                               |   |                                                   | 320    |   |   |   | 7.9 |   |   |   | 334 |   |   |   | 12.0 |   |   |   | 322 |   |   |   | 12.3 |   |   |   | 241 |   |   |   | 6.5 |   |   |   | 273 |   |   |   | 9.2 |   |
| Central banks                                              |   |                                                   | 0      |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 25 |   |   |   | 1.0 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |
| Sovereign debt                                             |   |                                                   | 54     |   |   |   | 1.3 |   |   |   | 96 |   |   |   | 3.4 |   |   |   | 67 |   |   |   | 2.6 |   |   |   | 113 |   |   |   | 3.0 |   |   |   | 123 |   |   |   | 4.1 |   |
| State-owned exporting organizations                        |   |                                                   | 312    |   |   |   | 7.7 |   |   |   | 193 |   |   |   | 7.0 |   |   |   | 50 |   |   |   | 1.9 |   |   |   | 282 |   |   |   | 7.6 |   |   |   | 138 |   |   |   | 4.6 |   |
| Private middle-market companies (1)                        |   |                                                   | 225    |   |   |   | 5.5 |   |   |   | 129 |   |   |   | 4.6 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |
| Private corporations (2)                                   |   |                                                   | 1,772  |   |   |   | 43.6 |   |   |   | 1,153 |   |   |   | 41.5 |   |   |   | 1,577 |   |   |   | 60.2 |   |   |   | 1,605 |   |   |   | 43.0 |   |   |   | 1,279 |   |   |   | 42.9 |   |
| Total (3)                                                  |   | $                                                      | 4,064  |   |   |   | 100.0 |   |   | $ | 2,779 |   |   |   | 100.0 |   |   | $ | 2,619 |   |   |   | 100.0 |   |   | $ | 3,732 |   |   |   | 100.0 |   |   | $ | 2,981 |   |   |   | 100.0 |   |

| (1) | 60% of loans to private middle-market companies correspond to the industrial sector, 24% of loans correspond to the agricultural sector, and 5% correspond to oil and petroleum and derived products. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | 43% of loans to private corporations correspond to the industrial sector, 28% of loans correspond to the agricultural sector, 18% of loans correspond to oil and and petroleum derived products, and 5% of loans correspond to mining sector. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Includes $29 million and $51 million in non-accrual loans in 2010 and 2009, respectively. |
|-----|-------------------------------------------------------------------------------------------|

----

|                                                       |   | As of December 31, 2010 |   |
|------------------------------------------------------------|--------|---------------------------------------------|--------|
|                                                       |   | (in $ million)                    |   |
|                                                       |   | Due in one year orless  |   |   | Due after oneyear through fiveyears |   |   | Due after fiveyears throughten years (1) |   |   | Total |   |
| FIXED RATE                                                 |   |                                        |   |   |   |   |   |   |   |   |   |   |
| Private sector commercial banks and financial institutions |   | $                                           | 784    |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 784 |   |
| State-owned commercial banks                               |   |                                        | 316    |   |   |   | 0 |   |   |   | 0 |   |   |   | 316 |   |
| Sovereign debt                                             |   |                                        | 27     |   |   |   | 8 |   |   |   | 0 |   |   |   | 35 |   |
| State-owned exporting organizations                        |   |                                        | 257    |   |   |   | 0 |   |   |   | 0 |   |   |   | 257 |   |
| Private middle-market companies                            |   |                                        | 105    |   |   |   | 13 |   |   |   | 0 |   |   |   | 118 |   |
| Private corporations                                       |   |                                        | 473    |   |   |   | 20 |   |   |   | 0 |   |   |   | 493 |   |
| Sub-total                                                  |   | $                                           | 1,962  |   |   | $ | 42 |   |   | $ | 0 |   |   | $ | 2,004 |   |
| FLOATING RATE                                              |   |                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Private sector commercial banks and financial institutions |   | $                                           | 411    |   |   | $ | 186 |   |   | $ | 0 |   |   | $ | 597 |   |
| State-owned commercial banks                               |   |                                        | 4      |   |   |   | 0 |   |   |   | 0 |   |   |   | 4 |   |
| Sovereign debt                                             |   |                                        | 12     |   |   |   | 7 |   |   |   | 0 |   |   |   | 19 |   |
| State-owned exporting organizations                        |   |                                        | 55     |   |   |   | 0 |   |   |   | 0 |   |   |   | 55 |   |
| Private middle-market companies                            |   |                                        | 61     |   |   |   | 46 |   |   |   | 0 |   |   |   | 106 |   |
| Private corporations                                       |   |                                        | 341    |   |   |   | 911 |   |   |   | 27 |   |   |   | 1,279 |   |
| Sub-total                                                  |   | $                                           | 883    |   |   | $ | 1,150 |   |   | $ | 27 |   |   | $ | 2,061 |   |
| Total                                                      |   | $                                           | 2,845  |   |   | $ | 1,192 |   |   | $ | 27 |   |   | $ | 4,064 |   |

| (1) | The Bank’s loan portfolio contains no maturities after eight years. |
|-----|---------------------------------------------------------------------------|

----

|                                           |   | As of December 31,                      |   |
|------------------------------------------------|--------|--------------------------------------------------------|--------|
|                                           |   | 2010                                                   |   |   | 2009 |   |   | 2008 |   |
|                                           |   | Amount                                                 |   |   | % of TotalContingenciesand otherassets |   |   | Amount |   |   | % of TotalContingenciesand otherassets |   |   | Amount |   |   | % of TotalContingenciesand otherassets |   |
|                                           |   | (in $ million, except percentages) |   |
| Customers’ liabilities under acceptances |   | $                                                      | 27     |   |   |   | 7.1 |   |   | $ | 2 |   |   |   | 0.5 |   |   | $ | 1 |   |   |   | 0.3 |   |
| Contingencies                                  |   |                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brazil                                         |   |                                                   | 67     |   |   |   | 17.4 |   |   |   | 22 |   |   |   | 6.8 |   |   |   | 151 |   |   |   | 34.0 |   |
| Chile                                          |   |                                                   | 0      |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 83 |   |   |   | 18.8 |   |
| Colombia                                       |   |                                                   | 0      |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 1 |   |   |   | 0.3 |   |
| Costa Rica                                     |   |                                                   | 32     |   |   |   | 8.4 |   |   |   | 24 |   |   |   | 7.3 |   |   |   | 20 |   |   |   | 4.4 |   |
| Dominican Republic                             |   |                                                   | 0      |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 14 |   |   |   | 3.1 |   |
| Ecuador                                        |   |                                                   | 121    |   |   |   | 31.7 |   |   |   | 112 |   |   |   | 33.5 |   |   |   | 86 |   |   |   | 19.5 |   |
| El Salvador                                    |   |                                                   | 0      |   |   |   | 0.0 |   |   |   | 2 |   |   |   | 0.5 |   |   |   | 0 |   |   |   | 0.1 |   |
| Guatemala                                      |   |                                                   | 1      |   |   |   | 0.4 |   |   |   | 1 |   |   |   | 0.3 |   |   |   | 5 |   |   |   | 1.0 |   |
| Honduras                                       |   |                                                   | 0      |   |   |   | 0.1 |   |   |   | 0 |   |   |   | 0.1 |   |   |   | 0 |   |   |   | 0.1 |   |
| Mexico                                         |   |                                                   | 53     |   |   |   | 13.8 |   |   |   | 60 |   |   |   | 18.0 |   |   |   | 4 |   |   |   | 1.0 |   |
| Panama                                         |   |                                                   | 1      |   |   |   | 0.3 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 15 |   |   |   | 3.4 |   |
| Switzerland                                    |   |                                                   | 1      |   |   |   | 0.1 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |
| Uruguay                                        |   |                                                   | 0      |   |   |   | 0.0 |   |   |   | 16 |   |   |   | 4.8 |   |   |   | 0 |   |   |   | 0.0 |   |
| Venezuela                                      |   |                                                   | 78     |   |   |   | 20.5 |   |   |   | 92 |   |   |   | 27.8 |   |   |   | 62 |   |   |   | 13.9 |   |
| Total Contingencies                            |   | $                                                      | 355    |   |   |   | 92.9 |   |   | $ | 330 |   |   |   | 99.5 |   |   | $ | 442 |   |   |   | 99.7 |   |
| Total Contingencies and Other Assets           |   | $                                                      | 382    |   |   |   | 100.0 |   |   | $ | 331 |   |   |   | 100.0 |   |   | $ | 444 |   |   |   | 100.0 |   |

----

|                                  |   | As of December 31, |   |
|---------------------------------------|--------|-----------------------------------|--------|
|                                  |   | 2010                              |   |   | 2009 |   |   | 2008 |   |
|                                  |   | (in $ millions)         |   |
| Trading assets - Bonds                |   | $                                 | 50     |   |   | $ | 50 |   |   | $ | 45 |   |
| Securities held-to-maturity - Bonds   |   | $                                 | 33     |   |   | $ | 0 |   |   | $ | 28 |   |
| Securities available-for-sale - Bonds |   | $                                 | 353    |   |   | $ | 457 |   |   | $ | 608 |   |
| Total investment securities           |   | $                                 | 437    |   |   | $ | 507 |   |   | $ | 681 |   |

----

|                      |   | As of December 31,                      |   |
|---------------------------|--------|--------------------------------------------------------|--------|
|                      |   | 2010                                                   |   |   | 2009 |   |   | 2008 |   |
|                      |   | Amount                                                 |   |   | % of TotalOutstandings |   |   | Amount |   |   | % of TotalOutstandings |   |   | Amount |   |   | % of TotalOutstandings |   |
|                      |   | (in $ million, except percentages) |   |
| Argentina                 |   | $                                                      | 237    |   |   |   | 4.6 |   |   | $ | 73 |   |   |   | 1.9 |   |   | $ | 151 |   |   |   | 3.5 |   |
| Austria                   |   |                                                   | 0      |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |
| Brazil                    |   |                                                   | 1,676  |   |   |   | 32.8 |   |   |   | 1,461 |   |   |   | 37.4 |   |   |   | 1,424 |   |   |   | 32.7 |   |
| Chile                     |   |                                                   | 366    |   |   |   | 7.2 |   |   |   | 296 |   |   |   | 7.6 |   |   |   | 59 |   |   |   | 1.4 |   |
| Colombia                  |   |                                                   | 704    |   |   |   | 13.8 |   |   |   | 340 |   |   |   | 8.7 |   |   |   | 449 |   |   |   | 10.3 |   |
| Costa Rica                |   |                                                   | 93     |   |   |   | 1.8 |   |   |   | 83 |   |   |   | 2.1 |   |   |   | 66 |   |   |   | 1.5 |   |
| Dominican Republic        |   |                                                   | 138    |   |   |   | 2.7 |   |   |   | 38 |   |   |   | 1.0 |   |   |   | 55 |   |   |   | 1.3 |   |
| Ecuador                   |   |                                                   | 18     |   |   |   | 0.4 |   |   |   | 23 |   |   |   | 0.6 |   |   |   | 36 |   |   |   | 0.8 |   |
| El Salvador               |   |                                                   | 55     |   |   |   | 1.1 |   |   |   | 57 |   |   |   | 1.4 |   |   |   | 95 |   |   |   | 2.2 |   |
| France                    |   |                                                   | 11     |   |   |   | 0.2 |   |   |   | 20 |   |   |   | 0.5 |   |   |   | 24 |   |   |   | 0.5 |   |
| Germany                   |   |                                                   | 0      |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 20 |   |   |   | 0.5 |   |
| Guatemala                 |   |                                                   | 103    |   |   |   | 2.0 |   |   |   | 85 |   |   |   | 2.2 |   |   |   | 64 |   |   |   | 1.5 |   |
| Honduras                  |   |                                                   | 38     |   |   |   | 0.7 |   |   |   | 23 |   |   |   | 0.6 |   |   |   | 45 |   |   |   | 1.0 |   |
| Jamaica                   |   |                                                   | 64     |   |   |   | 1.3 |   |   |   | 31 |   |   |   | 0.8 |   |   |   | 15 |   |   |   | 0.3 |   |
| Japan                     |   |                                                   | 62     |   |   |   | 1.2 |   |   |   | 100 |   |   |   | 2.6 |   |   |   | 60 |   |   |   | 1.4 |   |
| Mexico                    |   |                                                   | 455    |   |   |   | 8.9 |   |   |   | 359 |   |   |   | 9.2 |   |   |   | 472 |   |   |   | 10.9 |   |
| Panama                    |   |                                                   | 97     |   |   |   | 1.9 |   |   |   | 85 |   |   |   | 2.2 |   |   |   | 133 |   |   |   | 3.1 |   |
| Peru                      |   |                                                   | 343    |   |   |   | 6.7 |   |   |   | 191 |   |   |   | 4.9 |   |   |   | 77 |   |   |   | 1.8 |   |
| Spain                     |   |                                                   | 0      |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 40 |   |   |   | 0.9 |   |
| Switzerland               |   |                                                   | 32     |   |   |   | 0.6 |   |   |   | 22 |   |   |   | 0.6 |   |   |   | 22 |   |   |   | 0.5 |   |
| Trinidad & Tobago     |   |                                                   | 63     |   |   |   | 1.2 |   |   |   | 72 |   |   |   | 1.8 |   |   |   | 23 |   |   |   | 0.5 |   |
| United Kingdom            |   |                                                   | 1      |   |   |   | 0.0 |   |   |   | 20 |   |   |   | 0.5 |   |   |   | 54 |   |   |   | 1.2 |   |
| United States             |   |                                                   | 297    |   |   |   | 5.8 |   |   |   | 239 |   |   |   | 6.1 |   |   |   | 633 |   |   |   | 14.5 |   |
| Uruguay                   |   |                                                   | 0      |   |   |   | 0.0 |   |   |   | 30 |   |   |   | 0.8 |   |   |   | 45 |   |   |   | 1.0 |   |
| Multilateral Organization |   |                                                   | 65     |   |   |   | 1.3 |   |   |   | 50 |   |   |   | 1.3 |   |   |   | 34 |   |   |   | 0.8 |   |
| Other countries (1)       |   |                                                   | 20     |   |   |   | 0.4 |   |   |   | 14 |   |   |   | 0.3 |   |   |   | 105 |   |   |   | 2.4 |   |
| Sub-Total                 |   | $                                                      | 4,938  |   |   |   | 96.7 |   |   | $ | 3,711 |   |   |   | 94.9 |   |   | $ | 4,201 |   |   |   | 96.5 |   |
| Investment fund (2)       |   |                                                   | 167    |   |   |   | 3.3 |   |   |   | 198 |   |   |   | 5.1 |   |   |   | 151 |   |   |   | 3.5 |   |
| Total (3)                 |   | $                                                      | 5,105  |   |   |   | 100.0 |   |   | $ | 3,909 |   |   |   | 100.0 |   |   | $ | 4,351 |   |   |   | 100.0 |   |

| (1) | Other consists of cross-border outstandings to countries in which cross-border outstandings did not exceed 1% for any of the periods indicated.  Other countries in the year 2010 was comprised of $20 million in Finland.  Other Countries in the year 2009 was comprised of $10 million in Portugal, $1 million in Nicaragua and $3 million of cash and due from banks.  Other Countries in the year 2008 was comprised of $40 million in Canada, $20 million in Australia, $20 million in Finland, $10 million in Sweden, $4 million in Nicaragua and $11 million in cash and due from banks. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The balances in the investment fund  represent the participation of the Feeder in the net asset value  of the Fund. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The outstandings by country does not include contingencies.  See Item 4, “Business Overview / Contingencies and other assets.” |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                       |   | As of December 31, |   |
|------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                       |   | 2010                              |   |   | 2009 |   |   | 2008 |   |
|                                                       |   | (in $ million)          |   |
| Private sector commercial banks and financial institutions |   | $                                 | 1,552  |   |   | $ | 1,172 |   |   | $ | 1,235 |   |
| State-owned commercial banks                               |   |                              | 402    |   |   |   | 354 |   |   |   | 362 |   |
| Central banks                                              |   |                              | 265    |   |   |   | 178 |   |   |   | 320 |   |
| Sovereign debt                                             |   |                              | 301    |   |   |   | 425 |   |   |   | 506 |   |
| State-owned exporting organizations                        |   |                              | 354    |   |   |   | 245 |   |   |   | 132 |   |
| Private middle-market companies                            |   |                              | 225    |   |   |   | 129 |   |   |   | 0 |   |
| Private corporations                                       |   |                              | 1,840  |   |   |   | 1,208 |   |   |   | 1,645 |   |
| Sub-Total                                                  |   | $                                 | 4,938  |   |   | $ | 3,711 |   |   | $ | 4,201 |   |
| Investment fund                                            |   |                              | 167    |   |   |   | 198 |   |   |   | 151 |   |
| Total                                                      |   | $                                 | 5,105  |   |   | $ | 3,909 |   |   | $ | 4,351 |   |

|                                                                     |   | For the year ended December 31, |   |
|--------------------------------------------------------------------------|--------|----------------------------------------------------------|--------|
|                                                                     |   | 2010                                                     |   |   | 2009 |   |   | 2008 |   |
|                                                                     |   | (in $ million)                                 |   |
| Argentina                                                                |   | $                                                        | 4.9    |   |   | $ | 2.0 |   |   | $ | 6.2 |   |
| Brazil                                                                   |   |                                                     | 28.6   |   |   |   | 25.9 |   |   |   | 24.4 |   |
| Chile                                                                    |   |                                                     | 2.9    |   |   |   | 1.9 |   |   |   | 1.0 |   |
| Colombia                                                                 |   |                                                     | 5.1    |   |   |   | 5.8 |   |   |   | 10.4 |   |
| Costa Rica                                                               |   |                                                     | 2.0    |   |   |   | 4.2 |   |   |   | 1.6 |   |
| Dominican Republic                                                       |   |                                                     | 1.3    |   |   |   | 0.7 |   |   |   | 1.3 |   |
| Ecuador                                                                  |   |                                                     | 4.1    |   |   |   | 3.0 |   |   |   | 2.2 |   |
| El Salvador                                                              |   |                                                     | 0.8    |   |   |   | 5.4 |   |   |   | (3.8 | ) |
| Guatemala                                                                |   |                                                     | 1.4    |   |   |   | 8.8 |   |   |   | (2.5 | ) |
| Honduras                                                                 |   |                                                     | 1.4    |   |   |   | 1.1 |   |   |   | 1.3 |   |
| Jamaica                                                                  |   |                                                     | 1.1    |   |   |   | 0.6 |   |   |   | 1.6 |   |
| Mexico                                                                   |   |                                                     | 15.7   |   |   |   | 16.8 |   |   |   | 25.1 |   |
| Panama                                                                   |   |                                                     | 1.6    |   |   |   | 3.3 |   |   |   | (1.7 | ) |
| Peru                                                                     |   |                                                     | 5.0    |   |   |   | 0.5 |   |   |   | 9.2 |   |
| Trinidad and Tobago                                                      |   |                                                     | 1.3    |   |   |   | 1.0 |   |   |   | 2.0 |   |
| Uruguay                                                                  |   |                                                     | 0.5    |   |   |   | 1.2 |   |   |   | 0.8 |   |
| Venezuela                                                                |   |                                                     | 4.6    |   |   |   | 2.5 |   |   |   | 1.8 |   |
| Other countries(1)                                                       |   |                                                     | 2.0    |   |   |   | 2.5 |   |   |   | (4.5 | ) |
| Asset Management Unit                                                    |   |                                                     | (7.7   | ) |   |   | 22.1 |   |   |   | 18.1 |   |
| Total net revenues                                                       |   | $                                                        | 76.8   |   |   | $ | 109.1 |   |   | $ | 94.5 |   |
| Reversal (provision) for credit losses                                   |   |                                                     | 4.8    |   |   |   | (14.8 | ) |   |   | 1.5 |   |
| Recoveries, net of impairment of assets                                  |   |                                                     | 0.2    |   |   |   | (0.1 | ) |   |   | (0.8 | ) |
| Operating expenses                                                       |   |                                                     | (42.1  | ) |   |   | (38.2 | ) |   |   | (40.0 | ) |
| Net income                                                               |   | $                                                        | 39.8   |   |   | $ | 56.0 |   |   | $ | 55.3 |   |
| Net income (loss) attributable to the redeemable noncontrolling interest |   |                                                     | (2.4   | ) |   |   | 1.1 |   |   |   | 0.2 |   |
| Net income attributable to Bladex                                        |   | $                                                        | 42.2   |   |   | $ | 54.9 |   |   | $ | 55.1 |   |

----

----

----

----

----

----

----

----

| Item 4A. | Unresolved Staff Comments |
|----------|---------------------------|

| Item 5. | Operating and Financial Review and Prospects |
|---------|----------------------------------------------|

|   | A. | Operating Results |
|--------|----|-------------------|

|                                                                     |   | For the Year Ended December 31,                                          |    |
|--------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------|---------|
|                                                                     |   | 2010                                                                                              |    |   | 2009 |   |   | 2008 |   |
|                                                                     |   | (in $ thousand, except per share amounts and percentages) |    |
| Total interest income                                                    |   | $                                                                                                 | 119,478 |   |   | $ | 141,964 |   |   | $ | 244,243 |   |
| Total interest expense                                                   |   |                                                                                              | 44,975  |   |   |   | 77,212 |   |   |   | 166,396 |   |
| Net interest income                                                      |   |                                                                                              | 74,503  |   |   |   | 64,752 |   |   |   | 77,847 |   |
| Reversal (provision) for loan losses                                     |   |                                                                                              | (9,091  | ) |   |   | (18,293 | ) |   |   | 18,540 |   |
| Net interest income, after reversal (provision ) for loan losses         |   |                                                                                              | 65,412  |   |   |   | 46,459 |   |   |   | 96,387 |   |
| Other income (expense):                                                  |   |                                                                                              |    |   |   |   |   |   |   |   |   |   |
| Reversal (provision) for losses on off-balance sheet credit risk         |   |                                                                                              | 13,926  |   |   |   | 3,463 |   |   |   | (16,997 | ) |
| Fees and commissions, net                                                |   |                                                                                              | 10,326  |   |   |   | 6,733 |   |   |   | 7,252 |   |
| Derivative financial instruments and hedging                             |   |                                                                                              | (1,446  | ) |   |   | (2,534 | ) |   |   | 9,956 |   |
| Recoveries, net of impairment of assets                                  |   |                                                                                              | 233     |   |   |   | (120 | ) |   |   | (767 | ) |
| Net gain (loss) from investment fund trading                             |   |                                                                                              | (7,995  | ) |   |   | 24,997 |   |   |   | 21,357 |   |
| Net gain (loss) from trading securities                                  |   |                                                                                              | (3,603  | ) |   |   | 13,113 |   |   |   | (20,998 | ) |
| Net gain on sale of securities available-for-sale                        |   |                                                                                              | 2,346   |   |   |   | 546 |   |   |   | 67 |   |
| Gain (loss) on foreign currency exchange                                 |   |                                                                                              | 1,870   |   |   |   | 613 |   |   |   | (1,596 | ) |
| Other income (expense), net                                              |   |                                                                                              | 833     |   |   |   | 912 |   |   |   | 656 |   |
| Net other income (expense)                                               |   |                                                                                              | 16,490  |   |   |   | 47,723 |   |   |   | (1,070 | ) |
| Total operating expenses                                                 |   |                                                                                              | (42,081 | ) |   |   | (38,202 | ) |   |   | (39,990 | ) |
| Net income                                                               |   |                                                                                              | 39,821  |   |   |   | 55,980 |   |   |   | 55,327 |   |
| Net income (loss) attributable to the redeemable noncontrolling interest |   |                                                                                              | (2,423  | ) |   |   | 1,118 |   |   |   | 208 |   |
| Net income attributable to Bladex                                        |   | $                                                                                                 | 42,244  |   |   | $ | 54,862 |   |   | $ | 55,119 |   |
| Basic earnings per share                                                 |   | $                                                                                                 | 1.15    |   |   | $ | 1.50 |   |   | $ | 1.51 |   |
| Diluted earnings per share                                               |   | $                                                                                                 | 1.15    |   |   | $ | 1.50 |   |   | $ | 1.51 |   |
| Return on average assets                                                 |   |                                                                                              | 0.97    | % |   |   | 1.38 | % |   |   | 1.09 | % |
| Return on average stockholders’ equity                             |   |                                                                                              | 6.21    | % |   |   | 8.60 | % |   |   | 8.99 | % |

----

----

----

|                  |   | For the Year Ended December 31,    |   |
|-----------------------|--------|------------------------------------|--------|
|                  |   | 2010                               |   |   | 2009 |   |   | 2008 |   |
|                  |   | (in $ million, except percentages) |   |
| Net interest income   |   |                               |   |   |   |   |   |   |   |
| Commercial Division   |   | $                                  | 71.6   |   |   | $ | 66.2 |   |   | $ | 78.1 |   |
| Treasury Division     |   |                               | 3.2    |   |   |   | 2.0 |   |   |   | 3.0 |   |
| Asset Management Unit |   |                               | (0.3   | ) |   |   | (3.4 | ) |   |   | (3.2 | ) |
| Consolidated          |   | $                                  | 74.5   |   |   | $ | 64.8 |   |   | $ | 77.9 |   |
| Net interest margin   |   |                               | 1.70   | % |   |   | 1.62 | % |   |   | 1.55 | % |
| Net interest spread   |   |                               | 1.43   | % |   |   | 1.12 | % |   |   | 0.98 | % |

----

|                                                      |   | Fort he Year ended December 31, |   |
|-----------------------------------------------------------|--------|----------------------------------------------------------|--------|
|                                                      |   | 2010                                                     |   |   | 2009 |   |   | 2008 |   |
| Description                                               |   | Averagebalance                                           |   |   | Interest |   |   | Averageyield/rate |   |   | Averagebalance |   |   | Interest |   |   | Averageyield/rate |   |   | Averagebalance |   |   | Interest |   |   | Averageyield/rate |   |
|                                                      |   | (in $ million, except percentages)   |   |
| Interest-Earning Assets                                   |   |                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-earning  deposits with banks           |   | $                                                        | 384    |   |   | $ | 1 |   |   |   | 0.22 | % |   | $ | 592 |   |   | $ | 1 |   |   |   | 0.21 | % |   | $ | 414 |   |   | $ | 8 |   |   |   | 1.80 | % |
| Loans, net of unearned income & deferred loan fees    |   |                                                     | 3,243  |   |   |   | 102 |   |   |   | 3.09 | % |   |   | 2,569 |   |   |   | 113 |   |   |   | 4.36 | % |   |   | 3,718 |   |   |   | 200 |   |   |   | 5.29 | % |
| Non-accrual loans                                         |   |                                                     | 44     |   |   |   | 3 |   |   |   | 7.55 | % |   |   | 17 |   |   |   | 1 |   |   |   | 4.92 | % |   |   | 0 |   |   |   | 0 |   |   | n.m. | (*) |
| Trading assets                                            |   |                                                     | 51     |   |   |   | 3 |   |   |   | 6.11 | % |   |   | 102 |   |   |   | 7 |   |   |   | 6.95 | % |   |   | 0 |   |   |   | 1 |   |   | n.m. | (*) |
| Investment securities(1)                                  |   |                                                     | 468    |   |   |   | 8 |   |   |   | 1.79 | % |   |   | 546 |   |   |   | 17 |   |   |   | 3.15 | % |   |   | 756 |   |   |   | 32 |   |   |   | 4.23 | % |
| Investment fund                                           |   |                                                     | 190    |   |   |   | 2 |   |   |   | 1.14 | % |   |   | 172 |   |   |   | 2 |   |   |   | 1.01 | % |   |   | 138 |   |   |   | 3 |   |   |   | 2.49 | % |
| Total interest-earning assets                             |   | $                                                        | 4,378  |   |   | $ | 119 |   |   |   | 2.69 | % |   | $ | 3,998 |   |   | $ | 142 |   |   |   | 3.50 | % |   | $ | 5,025 |   |   | $ | 244 |   |   |   | 4.78 | % |
| Non-interest-earning assets                               |   |                                                     | 42     |   |   |   |   |   |   |   |   |   |   |   | 46 |   |   |   |   |   |   |   |   |   |   |   | 93 |   |   |   |   |   |   |   |   |   |
| Allowance for loan losses                                 |   |                                                     | (75    | ) |   |   |   |   |   |   |   |   |   |   | (79 | ) |   |   |   |   |   |   |   |   |   |   | (70 | ) |   |   |   |   |   |   |   |   |
| Other assets                                              |   |                                                     | 12     |   |   |   |   |   |   |   |   |   |   |   | 9 |   |   |   |   |   |   |   |   |   |   |   | 15 |   |   |   |   |   |   |   |   |   |
| Total Assets                                              |   | $                                                        | 4,357  |   |   |   |   |   |   |   |   |   |   | $ | 3,975 |   |   |   |   |   |   |   |   |   |   | $ | 5,064 |   |   |   |   |   |   |   |   |   |
| Interest-Bearing Liabilities                              |   |                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits                                                  |   | $                                                        | 1,555  |   |   | $ | 9 |   |   |   | 0.54 | % |   | $ | 1,218 |   |   | $ | 11 |   |   |   | 0.93 | % |   | $ | 1,500 |   |   | $ | 44 |   |   |   | 2.91 | % |
| Trading liabilities                                       |   |                                                     | 4      |   |   |   | 0 |   |   | n.m. | (*) |   |   | 9 |   |   |   | 0 |   |   | n.m. | (*) |   |   | 0 |   |   |   | 0 |   |   | n.m | (*) |
| Investment fund                                           |   |                                                     | 0      |   |   |   | 1 |   |   | n.m. | (*) |   |   | 0 |   |   |   | 2 |   |   | n.m. | (*) |   |   | 0 |   |   |   | 2 |   |   | n.m | (*) |
| Securities sold under repurchase agreements               |   |                                                     | 179    |   |   |   | 1 |   |   |   | 0.79 | % |   |   | 263 |   |   |   | 6 |   |   |   | 2.24 | % |   |   | 540 |   |   |   | 17 |   |   |   | 3.09 | % |
| Short-term borrowings                                     |   |                                                     | 545    |   |   |   | 7 |   |   |   | 1.19 | % |   |   | 501 |   |   |   | 18 |   |   |   | 3.50 | % |   |   | 1,089 |   |   |   | 46 |   |   |   | 4.18 | % |
| Borrowings and long-term debt                             |   |                                                     | 1,241  |   |   |   | 27 |   |   |   | 2.18 | % |   |   | 1,208 |   |   |   | 40 |   |   |   | 3.24 | % |   |   | 1,182 |   |   |   | 56 |   |   |   | 4.70 | % |
| Total interest-bearing liabilities                        |   | $                                                        | 3,524  |   |   | $ | 45 |   |   |   | 1.26 | % |   | $ | 3,199 |   |   | $ | 77 |   |   |   | 2.38 | % |   | $ | 4,310 |   |   | $ | 166 |   |   |   | 3.80 | % |
| Non-interest bearing liabilities and other liabilities    |   | $                                                        | 119    |   |   |   |   |   |   |   |   |   |   | $ | 122 |   |   |   |   |   |   |   |   |   |   | $ | 137 |   |   |   |   |   |   |   |   |   |
| Total Liabilities                                         |   | $                                                        | 3,643  |   |   |   |   |   |   |   |   |   |   | $ | 3,321 |   |   |   |   |   |   |   |   |   |   | $ | 4,448 |   |   |   |   |   |   |   |   |   |
| Redeemable noncontrolling interest in the investment fund |   |                                                     | 34     |   |   |   |   |   |   |   |   |   |   |   | 16 |   |   |   |   |   |   |   |   |   |   |   | 3 |   |   |   |   |   |   |   |   |   |
| Stockholders’ equity                                |   |                                                     | 681    |   |   |   |   |   |   |   |   |   |   |   | 638 |   |   |   |   |   |   |   |   |   |   |   | 613 |   |   |   |   |   |   |   |   |   |
| Total Liabilities and Stockholders’ Equity          |   | $                                                        | 4,357  |   |   |   |   |   |   |   |   |   |   | $ | 3,975 |   |   |   |   |   |   |   |   |   |   | $ | 5,064 |   |   |   |   |   |   |   |   |   |
| Net interest spread                                       |   |                                                     |   |   |   |   |   |   |   |   | 1.43 | % |   |   |   |   |   |   |   |   |   |   | 1.12 | % |   |   |   |   |   |   |   |   |   |   | 0.98 | % |
| Net interest income and net interest margin               |   |                                                     |   |   |   | $ | 75 |   |   |   | 1.70 | % |   |   |   |   |   | $ | 65 |   |   |   | 1.62 | % |   |   |   |   |   | $ | 78 |   |   |   | 1.55 | % |

| (1) | The average yield of the investment securities portfolio using cost-based average balances, would have been 2.02%, 3.46%, and 4.55% for 2010, 2009, and 2008, respectively. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                 |   | 2010 vs. 2009   |   |   | 2009 vs. 2008 |   |
|----------------------------------------------------------------------|--------|---------------------------|--------|--------|-------------------------|--------|
|                                                                 |   | Volume(*)                 |   |   | Rate(*)                 |   |   | Net Change |   |   | Volume(*) |   |   | Rate(*) |   |   | Net Change |   |
|                                                                 |   | (in $ thousand) |   |
| Increase (decrease) in interest income                               |   |                      |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing deposits with banks                                 |   | $                         | (453   | )      |                    | $      | 32 |   |   | $ | (421 | ) |   | $ | 368 |   |   | $ | (6,681 | ) |   | $ | (6,313 | ) |
| Loans, net                                                           |   |                      | 21,017 |   |                    |   | (32,996 | ) |   |   | (11,979 | ) |   |   | (50,992 | ) |   |   | (35,573 | ) |   |   | (86,565 | ) |
| Non-accrual loans                                                    |   |                      | 2,036  |   |                    |   | 452 |   |   |   | 2,488 |   |   |   | 847 |   |   |   | 0 |   |   |   | 847 |   |
| Trading assets                                                       |   |                      | (3,162 | )      |                    |   | (863 | ) |   |   | (4,025 | ) |   |   | 7,157 |   |   |   | (647 | ) |   |   | 6,510 |   |
| Investment securities                                                |   |                      | (1,425 | )      |                    |   | (7,559 | ) |   |   | (8,984 | ) |   |   | (6,733 | ) |   |   | (8,301 | ) |   |   | (15,034 | ) |
| Investment fund                                                      |   |                      | 201    |   |                    |   | 234 |   |   |   | 435 |   |   |   | 351 |   |   |   | (2,073 | ) |   |   | (1,723 | ) |
| Total increase (decrease)                                            |   | $                         | 18,214 |   |                    | $      | (40,700 | ) |   | $ | (22,486 | ) |   | $ | (49,003 | ) |   | $ | (53,276 | ) |   | $ | (102,279 | ) |
| Increase (decrease) in interest expense                              |   |                      |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Deposits                                                             |   | $                         | 1,853  |   |                    |   | (4,816 | ) |   |   | (2,963 | ) |   | $ | (2,724 | ) |   | $ | (30,148 | ) |   | $ | (32,871 | ) |
| Trading liabilities                                                  |   |                      | 0      |   |                    |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Investment fund                                                      |   |                      | (7     | )      |                    |   | (1,355 | ) |   |   | (1,362 | ) |   |   | 318 |   |   |   | (289 | ) |   |   | 29 |   |
| Securities sold under repurchase agreement and Short-term borrowings |   |                      | (438   | )      |                    |   | (12,936 | ) |   |   | (13,374 | ) |   |   | (24,351 | ) |   |   | (17,482 | ) |   |   | (41,833 | ) |
| Borrowings and long-term debt                                        |   |                      | 714    |   |                    |   | (15,253 | ) |   |   | (14,539 | ) |   |   | 853 |   |   |   | (15,361 | ) |   |   | (14,509 | ) |
| Total increase (decrease)                                            |   | $                         | 2,123  |   |                    |   | (34,359 | ) |   |   | (32,237 | ) |   | $ | (25,904 | ) |   | $ | (63,280 | ) |   | $ | (89,184 | ) |
| Increase (decrease) in net interest income                           |   | $                         | 16,091 |   |                    | $      | (6,340 | ) |   | $ | 9,751 |   |   | $ | (23,099 | ) |   | $ | 10,004 |   |   | $ | (13,095 | ) |

| (*) | Volume variation effect in net interest income is calculated by multiplying the difference in average volumes by the current year’s average yield.  Rate variation effect in net interest income is calculated by multiplying the difference in average yield by the prior year’s average volume. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | i. | Higher average interest-earning assets balances, primarily average loan portfolio balances, which increased by $700 million, or 27%, from $3.2 billion in 2009 to $2.6 billion in 2010, resulted in a $18.2 million overall increase in interest income, partially offset by, $2.1 million increase in interest expense associated with an increase in average interest-bearing liability balances.  The effect of higher average volumes in interest-earning assets and interest-bearing liabities was a $16.1 million net increase in net interest income. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii. | Lower average interbank market rates for the Bank’s assets and liabilities, resulted in a $6.3 million decrease in net interest income during 2010 due to rate variances, as the average yield paid on interest-bearing liabilities decreased 112 bps to 1.26% in 2010 (from 2.38% in 2009), while the average yield on interest-earning assets decreased by 81 bps, to 2.69% in 2010 (from 3.50% in 2009), both effects were mostly attributable to lower interbank market rates. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | i. | Lower average volumes in the loan and investment securities portfolio, which decreased by $1.2 billion, or 28%, from $4.4 billion in 2008 to $3.2 billion in 2009, and resulted in a $49.0 million decrease in interest income, partly offset by a $25.9 million decrease in interest expense due to an overall decrease of $1.1 billion, or 37%, in average short-term liabilities (deposits, securities sold under repurchase agreements and short-term borrowings), from $3.1 billion in 2008 to $2.0 billion in 2009.  The net effect of lower average volumes in interest-earning assets and interest-bearing liabilities was a $23 million decrease in net interest income, and was the result of the deteriorating global economic environment, which led the Bank to collect loans in vulnerable sectors, allowing it to build levels of liquidity and respond to tighter funding sources in anticipation of worsening economic conditions.  Through this course of action, the Bank was able to largely offset the negative effect of decline in client deposits and decreases in interbank funding lines; and |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii. | Lower average interbank market rates for the Bank’s assets and liabilities, which resulted in a $10.0 million increase in net interest income due to rate variances, as the rates for liabilities decreased at a higher pace than the rates for assets.  The average yield paid on interest-bearing liabilities decreased by 142 bps to 2.38% in 2009 (from 3.80% in 2008), mainly due to lower interbank market rates, while the average yield on interest-earning assets decreased by 128 bps, to 3.50% in 2009 (from 4.78% in 2008), also attributable to lower interbank market rates, the effects of which were partially offset by higher lending credit spreads in the Bank’s loan portfolio. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                    |   | For the year ended December 31, |   |
|---------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------|--------|
|                                                                                                    |   | 2010                                                     |   |   | 2009 |   |   | 2008 |   |
|                                                                                                    |   | (in $ million)                                           |   |
| Brazil specific reserve reversals (provisions)                                                          |   |                                                     | 2.1    |   |   |   | (2.4 | ) |   |   | 0.0 |   |
| Mexico specific reserve reversals (provisions)                                                          |   |                                                     | (2.3   | ) |   |   | (12.0 | ) |   |   | 0.0 |   |
| Total specific reserve reversals (provisions)                                                           |   |                                                     | (0.3   | ) |   |   | (14.4 | ) |   |   | 0.0 |   |
| Generic reserve reversals (provisions) - due to changes in credit portfolio composition and risk levels |   |                                                     | (8.8   | ) |   |   | (3.9 | ) |   |   | 18.5 |   |
| Total generic reserve reversals (provisions)                                                            |   |                                                     | (8.8   | ) |   |   | (3.9 | ) |   |   | 18.5 |   |
| Total reversals (provisions) of allowance for loan losses                                               |   | $                                                        | (9.1   | ) |   | $ | (18.3 | ) |   | $ | 18.5 |   |

----

|                                                                                      |   | For the year ended December 31, |   |
|-------------------------------------------------------------------------------------------|--------|----------------------------------------------------------|--------|
|                                                                                      |   | 2010                                                     |   |   | 2009 |   |   | 2008 |   |
|                                                                                      |   | (in $ thousands)                                         |   |
| Loans in non-accrual status                                                               |   |                                                     |   |   |   |   |   |   |   |
| Private corporations                                                                      |   | $                                                        | 28,000 |   |   | $ | 39,000 |   |   | $ | 0 |   |
| Private middle-market companies                                                           |   |                                                     | 1,002  |   |   |   | 11,534 |   |   |   | 0 |   |
| Total loans in non-accrual status                                                         |   | $                                                        | 29,002 |   |   | $ | 50,534 |   |   | $ | 0 |   |
|                                                                                      |   |                                                     |   |   |   |   |   |   |   |   |   |   |
| Foregone interest revenue at beginning of the year                                        |   | $                                                        | 928    |   |   | $ | 0 |   |   | $ | 0 |   |
| Interest which would have been recorded if the loans had not been in a non-accrual status |   |                                                     | 3,403  |   |   |   | 1,775 |   |   |   | 0 |   |
| Interest income collected on non-accruing loans                                           |   |                                                     | (3,335 | ) |   |   | (847 | ) |   |   | 0 |   |
| Foregone interest revenue at end of the year                                              |   | $                                                        | 996    |   |   | $ | 928 |   |   | $ | 0 |   |

----

|                                            |   | For the Year Ended December 31, |   |
|-------------------------------------------------|--------|----------------------------------------------------------|--------|
|                                            |   | 2010                                                     |   |   | 2009 |   |   | 2008 |   |
|                                            |   |                                                     |   |   | (in $ thousand) |   |   |   |   |
| Letters of credit                               |   | $                                                        | 8,314  |   |   | $ | 4,973 |   |   | $ | 4,725 |   |
| Guarantees                                      |   |                                                     | 158    |   |   |   | 1,017 |   |   |   | 1,108 |   |
| Loan Commitments                                |   |                                                     | 1,195  |   |   |   | 224 |   |   |   | 584 |   |
| Third party investors (Bladex Asset Management) |   |                                                     | 516    |   |   |   | 281 |   |   |   | (8 | ) |
| Other(1)                                        |   |                                                     | 143    |   |   |   | 239 |   |   |   | 844 |   |
| Fees and commissions, net                       |   | $                                                        | 10,326 |   |   | $ | 6,733 |   |   | $ | 7,252 |   |

----

|                                                                                       |   | For the year ended December 31, |   |
|--------------------------------------------------------------------------------------------|--------|----------------------------------------------------------|--------|
|                                                                                       |   | 2010                                                     |   |   | 2009 |   |   | 2008(1) |   |
|                                                                                       |   | (in $ millions)                                          |   |
| Nominal amount                                                                             |   | $                                                        | 135.0  |   |   | $ | 137.0 |   |   | $ | 249.2 |   |
| Amortized cost                                                                             |   | $                                                        | (151.3 | ) |   | $ | (146.5 | ) |   | $ | (271.0 | ) |
| Proceeds                                                                                   |   |                                                     | 167.2  |   |   |   | 150.6 |   |   |   | 229.9 |   |
| Net effect of unwinding hedging derivatives of the available for-sale securities portfolio |   |                                                     | (13.6  | ) |   |   | (3.6 | ) |   |   | (2.4 | ) |
| Forward repurchase agreements                                                              |   |                                                     | 0.0    |   |   |   | 0.0 |   |   |   | 43.6 |   |
| Total net gain on sale of securities available-for-sale                                    |   | $                                                        | 2.3    |   |   | $ | 0.5 |   |   | $ | 0.1 |   |

| (1) | The 2008 amount included a net gain of $2.1 million related to the sale of securities for a nominal amount of $74 million, partially offset by a loss of $2 million resulting mainly from the sale of securities under repurchase agreements (nominal amount of $175.2 million) accounted for as sales at the transfer of those securities. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                 |   | For the Year Ended December 31, |   |
|----------------------------------------------------------------------|--------|----------------------------------------------------------|--------|
|                                                                 |   | 2010                                                     |   |   | 2009 |   |   | 2008 |   |
|                                                                 |   | (in $ thousand)                                          |   |
| Salaries and other employee expenses                                 |   | $                                                        | 23,499 |   |   | $ | 20,201 |   |   | $ | 20,227 |   |
| Depreciation, amortization and impairment of premises and equipment. |   |                                                     | 2,510  |   |   |   | 2,671 |   |   |   | 3,720 |   |
| Professional services                                                |   |                                                     | 4,945  |   |   |   | 3,262 |   |   |   | 3,765 |   |
| Maintenance and repairs                                              |   |                                                     | 1,616  |   |   |   | 1,125 |   |   |   | 1,357 |   |
| Expenses from the investment fund                                    |   |                                                     | 890    |   |   |   | 3,520 |   |   |   | 2,065 |   |
| Other operating expenses                                             |   |                                                     | 8,621  |   |   |   | 7,423 |   |   |   | 8,856 |   |
| Total operating expenses                                             |   | $                                                        | 42,081 |   |   | $ | 38,202 |   |   | $ | 39,990 |   |

|   | · | The effect of cost-cutting measures that resulted in lower overall operating expenses as average business volumes declined during 2009; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a $1 million write-off of an information technology application in 2008; offset by |
|--------|--------|------------------------------------------------------------------------------------|

|   | · | a $1 million increase in expenses attributable to general growth and better results in the Fund, mainly related to increased performance-based expenses. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                   |   | As of December 31, |      |
|------------------------------------------------------------------------|--------|-----------------------------------|-----------|
|                                                                   |   | 2010                              |      |   | 2009 |   |   | 2008 |   |
|                                                                   |   | (in $ thousand)                   |      |
| Assets                                                                 |   |                              |      |   |   |   |   |   |   |
| Cash and due from banks                                                |   | $                                 | 5,570     |   |   | $ | 2,961 |   |   | $ | 11,474 |   |
| Interest-bearing deposits in banks                                     |   |                              | 431,144   |   |   |   | 421,595 |   |   |   | 889,119 |   |
| Trading assets                                                         |   |                              | 50,412    |   |   |   | 50,277 |   |   |   | 44,939 |   |
| Securities available-for-sale                                          |   |                              | 353,250   |   |   |   | 456,984 |   |   |   | 607,918 |   |
| Securities held-to-maturity                                            |   |                              | 33,181    |   |   |   | 0 |   |   |   | 28,410 |   |
| Investment fund                                                        |   |                              | 167,291   |   |   |   | 197,575 |   |   |   | 150,695 |   |
| Loans                                                                  |   |                              | 4,064,332 |   |   |   | 2,779,262 |   |   |   | 2,618,643 |   |
| Less:                                                                  |   |                              |      |   |   |   |   |   |   |   |   |   |
| Allowance for loan losses                                              |   |                              | (78,615   | ) |   |   | (73,789 | ) |   |   | (54,648 | ) |
| Unearned income and deferred fees                                      |   |                              | (4,389    | ) |   |   | (3,989 | ) |   |   | (4,689 | ) |
| Loans, net                                                             |   |                              | 3,981,328 |   |   |   | 2,701,484 |   |   |   | 2,559,306 |   |
| Customers’ liabilities under acceptances                         |   |                              | 27,213    |   |   |   | 1,551 |   |   |   | 1,375 |   |
| Accrued interest receivable                                            |   |                              | 31,110    |   |   |   | 25,561 |   |   |   | 46,319 |   |
| Premises and equipment, net                                            |   |                              | 6,532     |   |   |   | 7,749 |   |   |   | 7,970 |   |
| Derivative financial instruments used for hedging - receivable         |   |                              | 2,103     |   |   |   | 828 |   |   |   | 7,777 |   |
| Other assets                                                           |   |                              | 10,953    |   |   |   | 12,206 |   |   |   | 7,376 |   |
| Total Assets                                                           |   | $                                 | 5,100,087 |   |   | $ | 3,878,771 |   |   | $ | 4,362,678 |   |
| Liabilities and Stockholders’ Equity                             |   |                              |      |   |   |   |   |   |   |   |   |   |
| Deposits                                                               |   | $                                 | 1,820,925 |   |   | $ | 1,256,246 |   |   | $ | 1,169,048 |   |
| Trading liabilities                                                    |   |                              | 3,938     |   |   |   | 3,152 |   |   |   | 14,157 |   |
| Securities sold under repurchase agreements                            |   |                              | 264,927   |   |   |   | 71,332 |   |   |   | 474,174 |   |
| Short-term borrowings                                                  |   |                              | 1,095,400 |   |   |   | 327,800 |   |   |   | 738,747 |   |
| Acceptances outstanding                                                |   |                              | 27,213    |   |   |   | 1,551 |   |   |   | 1,375 |   |
| Accrued interest payable                                               |   |                              | 10,084    |   |   |   | 11,291 |   |   |   | 32,956 |   |
| Borrowings and long-term debt                                          |   |                              | 1,075,140 |   |   |   | 1,390,387 |   |   |   | 1,204,952 |   |
| Derivative financial instruments used for hedging - payable            |   |                              | 53,029    |   |   |   | 65,137 |   |   |   | 91,897 |   |
| Reserve for losses on off-balance sheet credit risk                    |   |                              | 13,335    |   |   |   | 27,261 |   |   |   | 30,724 |   |
| Other liabilities                                                      |   |                              | 20,096    |   |   |   | 14,077 |   |   |   | 25,635 |   |
| Total Liabilities                                                      |   | $                                 | 4,384,087 |   |   |   | 3,168,234 |   |   |   | 3,783,665 |   |
| Redeemable noncontrolling interest in the investment fund              |   |                              | 18,950    |   |   |   | 34,900 |   |   |   | 4,689 |   |
| Stockholders’ Equity                                             |   |                              |      |   |   |   |   |   |   |   |   |   |
| Common stock, no par value                                             |   |                              | 279,980   |   |   |   | 279,980 |   |   |   | 279,980 |   |
| Additional paid-in capital in excess of assigned value of common stock |   |                              | 133,815   |   |   |   | 134,820 |   |   |   | 135,577 |   |
| Capital reserves                                                       |   |                              | 95,210    |   |   |   | 95,210 |   |   |   | 95,210 |   |
| Retained earnings                                                      |   |                              | 320,153   |   |   |   | 301,389 |   |   |   | 268,435 |   |
| Accumulated other comprehensive loss                                   |   |                              | (6,441    | ) |   |   | (6,160 | ) |   |   | (72,115 | ) |
| Treasury stock                                                         |   |                              | (125,667  | ) |   |   | (129,602 | ) |   |   | (132,763 | ) |
| Total Stockholders’ Equity                                       |   |                              | 697,050   |   |   |   | 675,637 |   |   |   | 574,324 |   |
| Total Liabilities and Stockholders’ Equity                       |   | $                                 | 5,100,087 |   |   | $ | 3,878,771 |   |   | $ | 4,362,678 |   |

----

----

| Rating |         | Classification  |         | Description                                                                                                                                                                                                                                                  |
|--------|--------------|-----------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1 to 6 |         | Normal          |         | Clients with payment ability to satisfy their financial commitments.                                                                                                                                                                                         |
|   |         |            |         |                                                                                                                                                                                                                                                         |
| 7      |         | Special Mention |         | Clients exposed to systemic risks specific to the country or the industry in which they are located, facing adverse situations in their operation or financial condition. At this level, access to new funding is uncertain.                                 |
|   |         |            |         |                                                                                                                                                                                                                                                         |
| 8      |         | Substandard     |         | Clients whose primary source of payment (operating cash flow) is inadequate and who show evidence of deterioration in their working capital that does not allow them to satisfy payments on the agreed terms, endangering recovery of unpaid balances.       |
|   |         |            |         |                                                                                                                                                                                                                                                         |
| 9      |         | Doubtful        |         | Clients whose operating cash flow continuously shows inability to service the debt on the originally agreed terms. Due to the fact that the debtor presents an impaired financial and economic situation, the likelihood of recovery is low.                 |
|   |         |            |         |                                                                                                                                                                                                                                                         |
| 10     |    | Unrecoverable   |    | Clients with operating cash flow that does not cover their costs, are in suspension of payments, or will likely have difficulties in fulfilling possible restructuring agreements, are in a state of insolvency, or have filed for bankruptcy, among others. |

----

|                                                                                          |   | As of December 31,  |   |
|-----------------------------------------------------------------------------------------------|--------|------------------------------------|--------|
|                                                                                          |   | 2010                               |   |   | 2009 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |
|                                                                                          |   | (in $ million, except percentages) |   |
| Impaired loans                                                                                |   | $                                  | 29     |   |   | $ | 36 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 0 |   |
| Allocation from the allowance for loan losses                                                 |   |                               | 12     |   |   |   | 14 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Impaired loans as a percentage of total loans, net of unearned income and deferred commission |   |                               | 0.7    | % |   |   | 1.3 | % |   |   | 0.0 | % |   |   | 0.0 | % |   |   | 0.0 | % |
| Impaired contingencies                                                                        |   | $                                  | 0      |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 0 |   |
| Allocation from the reserve for losses on off balance-sheet credit risks                      |   |                               | 0      |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Impaired contingencies as a percentage of total contingencies                                 |   |                               | 0.0    | % |   |   | 0.0 | % |   |   | 0.0 | % |   |   | 0.0 | % |   |   | 0.0 | % |
| Impaired securities (par value)                                                               |   | $                                  | 0      |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 0 |   |
| Estimated fair value adjustments on options and impaired securities(1)                        |   |                               | 0      |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Estimated fair value of impaired securities                                                   |   | $                                  | 0      |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 0 |   |
| Impaired securities as a percentage of total securities(2)                                    |   |                               | 0.0    | % |   |   | 0.0 | % |   |   | 0.0 | % |   |   | 0.0 | % |   |   | 0.0 | % |
| Impaired assets and contingencies as a percentage of total credit portfolio(3)                |   |                               | 0.6    | % |   |   | 1.0 | % |   |   | 0.0 | % |   |   | 0.0 | % |   |   | 0.0 | % |

----

| (1) | Includes impairment losses on securities, estimated unrealized gain (loss) on impaired securities, premiums and discounts. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (2) | Total securities consist of investment securities considered part of the Bank’s credit portfolio. |
|-----|---------------------------------------------------------------------------------------------------------|

| (3) | The total credit portfolio consists of loans net of unearned income, fair value of investment securities, securities purchased under agreements to resell and contingencies. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | a) | Exposure (E) (*) = the total accounting balance (on- and off-balance sheet) at the end of the period under review. |
|--------|----|--------------------------------------------------------------------------------------------------------------------|

|   | b) | Probabilities of Default (PD) = one-year probability of default applied to the portfolio.  Default rates are based on the Bank’s historical portfolio performance per rating category,  complemented by Standard & Poor’s, or S&P’s probabilities of default for categories 6, 7 and 8, in view of the greater robustness of S&P data for such cases. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | Loss Given Default (LGD) = a factor utilized, based on historical information and best practices in the banking industry.  Management applies judgment for imprecision and uncertainty and historical loss experience. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                      |   | As of December 31,  |   |
|-----------------------------------------------------------|--------|------------------------------------|--------|
|                                                      |   | 2010                               |   |   | 2009 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |
|                                                      |   | (in $ million, except percentages) |   |
| Components of the allowance for credit losses             |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Allowance for loan losses                                 |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at beginning of the year                          |   | $                                  | 74     |   |   | $ | 55 |   |   | $ | 70 |   |   | $ | 51 |   |   | $ | 39 |   |
| Provision (reversal)                                      |   |                               | 9      |   |   |   | 18 |   |   |   | (19 | ) |   |   | 12 |   |   |   | 12 |   |
| Recoveries                                                |   |                               | 1      |   |   |   | 1 |   |   |   | 4 |   |   |   | 6 |   |   |   | 0 |   |
| Loans charged-off                                         |   |                               | (5     | ) |   |   | (0 | ) |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Balance at the end of the year                            |   |                               | 79     |   |   |   | 74 |   |   |   | 55 |   |   |   | 70 |   |   |   | 51 |   |
|                                                      |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reserve for losses on off-balance sheet credit risk:      |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at beginning of the year                          |   |                               | 27     |   |   |   | 31 |   |   |   | 14 |   |   |   | 27 |   |   |   | 52 |   |
| Provision (reversal)                                      |   |                               | (14    | ) |   |   | (3 | ) |   |   | 17 |   |   |   | (13 | ) |   |   | (25 | ) |
| Balance at end of the year                                |   |                               | 13     |   |   |   | 27 |   |   |   | 31 |   |   |   | 14 |   |   |   | 27 |   |
|                                                      |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total allowance for credit losses                         |   | $                                  | 92     |   |   | $ | 101 |   |   | $ | 85 |   |   | $ | 83 |   |   | $ | 78 |   |
| Allowance for credit losses to total commercial portfolio |   |                               | 2.1    | % |   |   | 3.2 | % |   |   | 2.8 | % |   |   | 1.9 | % |   |   | 2.2 | % |
| Net charge offs to average loans outstanding              |   |                               | 0.1    | % |   |   | 0.0 | % |   |   | 0.0 | % |   |   | 0.0 | % |   |   | 0.0 | % |

----

|                                                      |   | As of December 31,                 |   |
|-----------------------------------------------------------|--------|------------------------------------|--------|
|                                                      |   | 2010                               |   |   | 2009 |   |   | 2008 |   |
|                                                      |   | Total                              |   |   | % |   |   | Total |   |   | % |   |   | Total |   |   | % |   |
|                                                      |   | (in $ million, except percentages) |   |
| Allowance for loan losses                                 |   |
| Argentina                                                 |   | $                                  | 28     |   |   |   | 35.1 |   |   | $ | 14 |   |   |   | 18.4 |   |   | $ | 25 |   |   |   | 46.3 |   |
| Brazil                                                    |   |                               | 13     |   |   |   | 15.9 |   |   |   | 17 |   |   |   | 23.5 |   |   |   | 5 |   |   |   | 8.8 |   |
| Chile                                                     |   |                               | 1      |   |   |   | 1.1 |   |   |   | 2 |   |   |   | 2.2 |   |   |   | 0 |   |   |   | 0.1 |   |
| Colombia                                                  |   |                               | 5      |   |   |   | 5.8 |   |   |   | 3 |   |   |   | 4.0 |   |   |   | 2 |   |   |   | 4.2 |   |
| Costa Rica                                                |   |                               | 2      |   |   |   | 3.0 |   |   |   | 4 |   |   |   | 4.8 |   |   |   | 0 |   |   |   | 0.6 |   |
| Dominican Republic                                        |   |                               | 5      |   |   |   | 6.9 |   |   |   | 2 |   |   |   | 2.7 |   |   |   | 0 |   |   |   | 0.4 |   |
| Ecuador                                                   |   |                               | 2      |   |   |   | 2.7 |   |   |   | 4 |   |   |   | 5.1 |   |   |   | 11 |   |   |   | 20.3 |   |
| El Salvador                                               |   |                               | 1      |   |   |   | 1.3 |   |   |   | 2 |   |   |   | 2.3 |   |   |   | 1 |   |   |   | 1.1 |   |
| Guatemala                                                 |   |                               | 1      |   |   |   | 1.4 |   |   |   | 1 |   |   |   | 1.9 |   |   |   | 1 |   |   |   | 0.9 |   |
| Honduras                                                  |   |                               | 2      |   |   |   | 1.9 |   |   |   | 1 |   |   |   | 2.0 |   |   |   | 3 |   |   |   | 5.3 |   |
| Jamaica                                                   |   |                               | 3      |   |   |   | 3.2 |   |   |   | 2 |   |   |   | 2.6 |   |   |   | 1 |   |   |   | 1.7 |   |
| Mexico                                                    |   |                               | 14     |   |   |   | 18.0 |   |   |   | 19 |   |   |   | 25.1 |   |   |   | 4 |   |   |   | 6.8 |   |
| Peru                                                      |   |                               | 2      |   |   |   | 3.1 |   |   |   | 2 |   |   |   | 2.5 |   |   |   | 0 |   |   |   | 0.2 |   |
| Uruguay                                                   |   |                               | 0      |   |   |   | 0.0 |   |   |   | 1 |   |   |   | 1.7 |   |   |   | 0 |   |   |   | 0.9 |   |
| Other                                                     |   |                               | 0      |   |   |   | 0.6 |   |   |   | 1 |   |   |   | 1.1 |   |   |   | 1 |   |   |   | 2.5 |   |
| Total Allowance for loan losses                           |   | $                                  | 79     |   |   |   | 100.0 |   |   | $ | 74 |   |   |   | 100.0 |   |   | $ | 55 |   |   |   | 100.0 |   |
|                                                      |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reserve for losses on off-balance sheet credit risk       |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brazil                                                    |   | $                                  | 0      |   |   |   | 1.3 |   |   | $ | 0 |   |   |   | 0.3 |   |   | $ | 1 |   |   |   | 1.8 |   |
| Chile                                                     |   |                               | 0      |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.1 |   |
| Costa Rica                                                |   |                               | 1      |   |   |   | 6.4 |   |   |   | 1 |   |   |   | 3.8 |   |   |   | 0 |   |   |   | 0.3 |   |
| Dominican Republic                                        |   |                               | 0      |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.3 |   |   |   | 0 |   |   |   | 0.2 |   |
| Ecuador                                                   |   |                               | 10     |   |   |   | 72.5 |   |   |   | 21 |   |   |   | 75.8 |   |   |   | 26 |   |   |   | 85.5 |   |
| El Salvador                                               |   |                               | 0      |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.3 |   |   |   | 0 |   |   |   | 0.0 |   |
| Guatemala                                                 |   |                               | 0      |   |   |   | 0.3 |   |   |   | 0 |   |   |   | 0.1 |   |   |   | 0 |   |   |   | 0.0 |   |
| Honduras                                                  |   |                               | 0      |   |   |   | 0.1 |   |   |   | 0 |   |   |   | 0.1 |   |   |   | 0 |   |   |   | 0.1 |   |
| Mexico                                                    |   |                               | 0      |   |   |   | 1.4 |   |   |   | 0 |   |   |   | 1.6 |   |   |   | 0 |   |   |   | 0.1 |   |
| Uruguay                                                   |   |                               | 0      |   |   |   | 0.0 |   |   |   | 1 |   |   |   | 2.4 |   |   |   | 0 |   |   |   | 0.0 |   |
| Venezuela                                                 |   |                               | 2      |   |   |   | 18.0 |   |   |   | 4 |   |   |   | 15.3 |   |   |   | 4 |   |   |   | 11.6 |   |
| Other                                                     |   |                               | 0      |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.5 |   |
| Total Reserve for losses on off-balance sheet credit risk |   | $                                  | 13     |   |   |   | 100.0 |   |   | $ | 27 |   |   |   | 100.0 |   |   | $ | 31 |   |   |   | 100.0 |   |
|                                                      |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Allowance for credit losses                               |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Argentina                                                 |   | $                                  | 28     |   |   |   | 30.0 |   |   | $ | 14 |   |   |   | 13.4 |   |   | $ | 25 |   |   |   | 29.7 |   |
| Brazil                                                    |   |                               | 13     |   |   |   | 13.8 |   |   |   | 17 |   |   |   | 17.3 |   |   |   | 5 |   |   |   | 6.2 |   |
| Chile                                                     |   |                               | 1      |   |   |   | 0.9 |   |   |   | 2 |   |   |   | 1.6 |   |   |   | 0 |   |   |   | 0.1 |   |
| Colombia                                                  |   |                               | 5      |   |   |   | 5.0 |   |   |   | 3 |   |   |   | 2.9 |   |   |   | 2 |   |   |   | 2.7 |   |
| Costa Rica                                                |   |                               | 3      |   |   |   | 3.5 |   |   |   | 5 |   |   |   | 4.5 |   |   |   | 0 |   |   |   | 0.5 |   |
| Dominican Republic                                        |   |                               | 5      |   |   |   | 5.9 |   |   |   | 2 |   |   |   | 2.1 |   |   |   | 0 |   |   |   | 0.3 |   |
| Ecuador                                                   |   |                               | 12     |   |   |   | 12.8 |   |   |   | 24 |   |   |   | 24.2 |   |   |   | 37 |   |   |   | 43.8 |   |
| El Salvador                                               |   |                               | 1      |   |   |   | 1.1 |   |   |   | 2 |   |   |   | 1.8 |   |   |   | 1 |   |   |   | 0.7 |   |
| Guatemala                                                 |   |                               | 1      |   |   |   | 1.2 |   |   |   | 1 |   |   |   | 1.4 |   |   |   | 1 |   |   |   | 0.6 |   |
| Honduras                                                  |   |                               | 2      |   |   |   | 1.7 |   |   |   | 2 |   |   |   | 1.5 |   |   |   | 3 |   |   |   | 3.4 |   |
| Jamaica                                                   |   |                               | 3      |   |   |   | 2.7 |   |   |   | 2 |   |   |   | 1.9 |   |   |   | 1 |   |   |   | 1.1 |   |
| Mexico                                                    |   |                               | 14     |   |   |   | 15.6 |   |   |   | 19 |   |   |   | 18.8 |   |   |   | 4 |   |   |   | 4.3 |   |
| Peru                                                      |   |                               | 2      |   |   |   | 2.7 |   |   |   | 2 |   |   |   | 1.8 |   |   |   | 0 |   |   |   | 0.1 |   |
| Uruguay                                                   |   |                               | 0      |   |   |   | 0.0 |   |   |   | 2 |   |   |   | 1.9 |   |   |   | 0 |   |   |   | 0.5 |   |
| Venezuela                                                 |   |                               | 2      |   |   |   | 2.6 |   |   |   | 4 |   |   |   | 4.1 |   |   |   | 4 |   |   |   | 4.2 |   |
| Other (1)                                                 |   |                               | 0      |   |   |   | 0.5 |   |   |   | 1 |   |   |   | 0.8 |   |   |   | 1 |   |   |   | 1.7 |   |
| Total Allowance for credit losses                         |   | $                                  | 92     |   |   |   | 100.0 |   |   | $ | 101 |   |   |   | 100.0 |   |   | $ | 85 |   |   |   | 100.0 |   |

| (1) | Other consists of allowances for credit losses allocated to countries in which allowances for credit losses outstanding did not exceed $1 million as of December 31, 2010. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                       |   | As of December 31,                 |   |
|------------------------------------------------------------|--------|------------------------------------|--------|
|                                                       |   | 2010                               |   |   | 2009 |   |   | 2008 |   |
|                                                       |   | Total                              |   |   | % |   |   | Total |   |   | % |   |   | Total |   |   | % |   |
|                                                       |   | (in $ million, except percentages) |   |
| Private sector commercial banks and Financial Institutions |   | $                                  | 15     |   |   |   | 15.5 |   |   | $ | 14 |   |   |   | 13.7 |   |   | $ | 11 |   |   |   | 12.3 |   |
| State-owned commercial banks                               |   |                               | 7      |   |   |   | 7.1 |   |   |   | 10 |   |   |   | 10.0 |   |   |   | 3 |   |   |   | 3.7 |   |
| Central banks                                              |   |                               | 9      |   |   |   | 9.9 |   |   |   | 20 |   |   |   | 20.3 |   |   |   | 27 |   |   |   | 32.0 |   |
| Sovereign debt                                             |   |                               | 0      |   |   |   | 0.4 |   |   |   | 1 |   |   |   | 1.1 |   |   |   | 1 |   |   |   | 0.8 |   |
| State-owned exporting organization                         |   |                               | 5      |   |   |   | 5.7 |   |   |   | 5 |   |   |   | 5.0 |   |   |   | 1 |   |   |   | 1.0 |   |
| Private middle - market companies                          |   |                               | 5      |   |   |   | 8.8 |   |   |   | 7 |   |   |   | 7.3 |   |   |   | 0 |   |   |   | 0.0 |   |
| Private corporations                                       |   |                               | 50     |   |   |   | 52.5 |   |   |   | 43 |   |   |   | 42.6 |   |   |   | 43 |   |   |   | 50.1 |   |
| Total                                                      |   | $                                  | 92     |   |   |   | 100.0 |   |   | $ | 101 |   |   |   | 100.0 |   |   | $ | 85 |   |   |   | 100.0 |   |

|   |   | As of December 31,                 |   |
|--------|--------|------------------------------------|--------|
|   |   | 2010                               |   |   | % |   |   | 2009 |   |   | % |   |   | 2008 |   |   | % |   |   | 2007 |   |   | % |   |   | 2006 |   |   | % |   |
|   |   | (in $ million, except percentages) |   |
|   |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brazil |   |                               | 2      |   |   |   | 40.5 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |
| Mexico |   |                               | 3      |   |   |   | 59.5 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |   |   | 0 |   |   |   | 0.0 |   |
| Total  |   | $                                  | 5      |   |   |   | 100.0 |   |   | $ | 0 |   |   |   | 0.0 |   |   | $ | 0 |   |   |   | 0.0 |   |   | $ | 0 |   |   |   | 0.0 |   |   | $ | 0 |   |   |   | 0.0 |   |

----

----

----

----

----

----

|           |   | As of December 31, |   |
|----------------|--------|-----------------------------------|--------|
|           |   | 2010                              |   |   | 2009 |   |   | 2008 |   |
|           |   | (in $ million)          |   |
| Europe         |   | $                                 | 60     |   |   | $ | 60 |   |   | $ | 135 |   |
| United States  |   |                              | 287    |   |   |   | 219 |   |   |   | 548 |   |
| Other O.E.C.D. |   |                              | 74     |   |   |   | 123 |   |   |   | 142 |   |
| Total          |   | $                                 | 421    |   |   | $ | 402 |   |   | $ | 826 |   |

|           |   | As of December 31, |   |
|----------------|--------|-----------------------------------|--------|
|           |   | Standard& Poor’s   |   |   | Moody’s |   |   | Fitch |   |
| Short -Term    |   | A-2                               |   |   | P-2 |   |   | F2 |   |
| Long-Term      |   | BBB                               |   |   | Baa2 |   |   | BBB |   |
| Rating Outlook |   | Stable                            |   |   | Stable |   |   | Stable |   |

----

|                                        |   | As of December 31, |   |
|---------------------------------------------|--------|-----------------------------------|--------|
|                                        |   | 2010                              |   |   | 2009 |   |   | 2008 |   |
|                                        |   |                              |   |   | (in percentages) |   |   |   |   |
| Interbank deposits                          |   |                              | 41.5   | % |   |   | 39.7 | % |   |   | 30.9 | % |
| Securities sold under repurchase agreements |   |                              | 6.0    | % |   |   | 2.3 | % |   |   | 12.5 | % |
| Borrowings and debts                        |   |                              | 49.5   | % |   |   | 54.2 | % |   |   | 51.4 | % |
| Other liabilities.                          |   |                              | 2.9    | % |   |   | 3.9 | % |   |   | 5.2 | % |
| Total liabilities                           |   |                              | 100.0  | % |   |   | 100.0 | % |   |   | 100.0 | % |

|                |   | As of December 31, |   |
|---------------------|--------|-----------------------------------|--------|
|                |   | 2010                              |   |   | 2009 |   |   | 2008 |   |
|                |   |                              |   |   | (in $ million) |   |   |   |   |
| Argentina           |   | $                                 | 78     |   |   | $ | 87 |   |   | $ | 90 |   |
| Bahamas             |   |                              | 2      |   |   |   | 0 |   |   |   | 0 |   |
| Barbados            |   |                              | 5      |   |   |   | 21 |   |   |   | 14 |   |
| Brazil              |   |                              | 359    |   |   |   | 266 |   |   |   | 277 |   |
| Cayman Island       |   |                              | 41     |   |   |   | 105 |   |   |   | 14 |   |
| Colombia            |   |                              | 7      |   |   |   | 55 |   |   |   | 38 |   |
| Costa Rica          |   |                              | 12     |   |   |   | 9 |   |   |   | 0 |   |
| Dominican Republic  |   |                              | 0      |   |   |   | 10 |   |   |   | 5 |   |
| Ecuador             |   |                              | 437    |   |   |   | 234 |   |   |   | 205 |   |
| El Salvador         |   |                              | 18     |   |   |   | 28 |   |   |   | 28 |   |
| Guatemala           |   |                              | 60     |   |   |   | 0 |   |   |   | 0 |   |
| Haiti               |   |                              | 3      |   |   |   | 3 |   |   |   | 3 |   |
| Honduras            |   |                              | 99     |   |   |   | 151 |   |   |   | 56 |   |
| Jamaica             |   |                              | 1      |   |   |   | 1 |   |   |   | 2 |   |
| Japan               |   |                              | 0      |   |   |   | 1 |   |   |   | 0 |   |
| Mexico              |   |                              | 50     |   |   |   | 0 |   |   |   | 3 |   |
| The Netherlands     |   |                              | 0      |   |   |   | 0 |   |   |   | 26 |   |
| Nicaragua           |   |                              | 50     |   |   |   | 50 |   |   |   | 30 |   |
| Panama              |   |                              | 147    |   |   |   | 50 |   |   |   | 36 |   |
| Paraguay            |   |                              | 200    |   |   |   | 0 |   |   |   | 0 |   |
| Peru                |   |                              | 31     |   |   |   | 2 |   |   |   | 103 |   |
| Trinidad and Tobago |   |                              | 19     |   |   |   | 20 |   |   |   | 20 |   |
| Uruguay             |   |                              | 0      |   |   |   | 0 |   |   |   | 1 |   |
| United Kingdom      |   |                              | 50     |   |   |   | 0 |   |   |   | 0 |   |
| United States       |   |                              | 15     |   |   |   | 0 |   |   |   | 0 |   |
| Venezuela           |   |                              | 137    |   |   |   | 162 |   |   |   | 219 |   |
| Total               |   | $                                 | 1,821  |   |   | $ | 1,256 |   |   | $ | 1,169 |   |

----

|                                                                        |   | As of and for the Year Ended December 31, |   |
|-----------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------|--------|
|                                                                        |   | 2010                                                                              |   |   | 2009 |   |   | 2008 |   |
|                                                                        |   | (in $ million, except percentages)                            |   |
| Short-term borrowings and securities sold under repurchase agreements       |   |                                                                              |   |   |   |   |   |   |   |
| Advances from banks                                                         |   | $                                                                                 | 1,095  |   |   | $ | 328 |   |   | $ | 739 |   |
| Securities sold under repurchase agreements                                 |   |                                                                              | 265    |   |   |   | 71 |   |   |   | 474 |   |
| Total short-term borrowings and securities sold under repurchase agreements |   | $                                                                                 | 1,360  |   |   | $ | 399 |   |   | $ | 1,213 |   |
|                                                                        |   |                                                                              |   |   |   |   |   |   |   |   |   |   |
| Maximum amount outstanding at any month-end                                 |   | $                                                                                 | 1,360  |   |   | $ | 1,094 |   |   | $ | 1,783 |   |
| Amount outstanding at year-end                                              |   | $                                                                                 | 1,360  |   |   | $ | 399 |   |   | $ | 1,213 |   |
| Average amount outstanding                                                  |   | $                                                                                 | 724    |   |   | $ | 764 |   |   | $ | 1,629 |   |
| Weighted average interest rate on average amount outstanding                |   |                                                                              | 1.09   | % |   |   | 2.77 | % |   |   | 3.82 | % |
| Weighted average interest rate on amount outstanding at year end            |   |                                                                              | 0.58   | % |   |   | 1.61 | % |   |   | 3.77 | % |

----

|                                                             |   | As of and for the Year Ended December 31, |   |
|------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------|--------|
|                                                             |   | 2010                                                                              |   |   | 2009 |   |   | 2008 |   |
|                                                             |   | (in $ million, except percentages)                                           |   |
| Borrowings and long-term debt                                    |   |                                                                              |   |   |   |   |   |   |   |
| Amount outstanding at year-end                                   |   | $                                                                                 | 1,075  |   |   | $ | 1,390 |   |   | $ | 1,205 |   |
|                                                             |   |                                                                              |   |   |   |   |   |   |   |   |   |   |
| Maximum amount outstanding at any month-end                      |   | $                                                                                 | 1,400  |   |   | $ | 1,390 |   |   | $ | 1,330 |   |
| Average amount outstanding                                       |   | $                                                                                 | 1,241  |   |   | $ | 1,208 |   |   | $ | 1,182 |   |
| Weighted average interest rate on average amount outstanding     |   |                                                                              | 2.07   | % |   |   | 3.07 | % |   |   | 4.65 | % |
| Weighted average interest rate on amount outstanding at year end |   |                                                                              | 2.10   | % |   |   | 2.07 | % |   |   | 4.58 | % |

----

|                                                                                         |   | Amount                                                |   |   | Weighted Average Cost |   |
|----------------------------------------------------------------------------------------------|--------|-------------------------------------------------------|--------|--------|---------------------------------|--------|
|                                                                                         |   | (in $ million, except percentage) |   |
| Short-term borrowings and Securities sold under repurchase agreements at fixed interest rate |   |                                                  |   |   |                            |   |
| Due in 0 to 30 days                                                                          |   |                                                  | 251    |   |                            |   | 0.99 | % |
| Due in 31 to 90 days                                                                         |   |                                                  | 490    |   |                            |   | 1.00 | % |
| Due in 91 to 180 days                                                                        |   |                                                  | 335    |   |                            |   | 1.06 | % |
| Due in 181 to 365 days                                                                       |   |                                                  | 189    |   |                            |   | 1.45 | % |
| Total                                                                                        |   | $                                                     | 1,265  |   |                            |   | 1.08 | % |
| Short-term borrowings at floating interest rate                                              |   |                                                  |   |   |                            |   |   |   |
| Due in 91 to 180 days                                                                        |   |                                                  | 10     |   |                            |   | 0.85 | % |
| Due in 181 to 365 days                                                                       |   |                                                  | 85     |   |                            |   | 1.06 | % |
| Total                                                                                        |   | $                                                     | 95     |   |                            |   | 1.04 | % |
| Medium and long-term borrowings at fixed interest rate                                       |   |                                                  |   |   |                            |   |   |   |
| Due in 0 to 30 days                                                                          |   |                                                  | 5      |   |                            |   | 6.15 | % |
| Due in 31 to 90 days                                                                         |   |                                                  | 6      |   |                            |   | 5.65 | % |
| Due in 91 to 180 days                                                                        |   |                                                  | 5      |   |                            |   | 8.20 | % |
| Due in 181 to 365 days                                                                       |   |                                                  | 4      |   |                            |   | 8.20 | % |
| Due in 1 through 6 years                                                                     |   |                                                  | 6      |   |                            |   | 8.52 | % |
| Total                                                                                        |   | $                                                     | 27     |   |                            |   | 7.31 | % |
| Medium and long-term borrowings at floating interest rate                                    |   |                                                  |   |   |                            |   |   |   |
| Due in 31 to 90 days                                                                         |   |                                                  | 3      |   |                            |   | 0.54 | % |
| Due in 91 to 180 days                                                                        |   |                                                  | 14     |   |                            |   | 0.68 | % |
| Due in 181 to 365 days                                                                       |   |                                                  | 351    |   |                            |   | 1.64 | % |
| Due in 1 through 6 years                                                                     |   |                                                  | 636    |   |                            |   | 1.87 | % |
| Total                                                                                        |   | $                                                     | 1,004  |   |                            |   | 1.77 | % |
| Medium and long-term fixed-rate placements                                                   |   |                                                  |   |   |                            |   |   |   |
| Due in 1 through 6 years                                                                     |   |                                                  | 44     |   |                            |   | 6.50 | % |
| Total                                                                                        |   | $                                                     | 44     |   |                            |   | 6.50 | % |

----

----

|                                                                       |   | Total                                                  |   |   | 0-30 Days |   |   | 31-90 Days |   |   | 91-180Days |   |   | 181-365 Days |   |   | More than365 Days |   |   | Non-InterestSensitive |   |
|----------------------------------------------------------------------------|--------|--------------------------------------------------------|--------|--------|----------------|--------|--------|-----------------|--------|--------|------------|--------|--------|-------------------|--------|--------|-----------------------------|--------|--------|-----------------------|--------|
|                                                                       |   | (in $ million, except percentages) |   |
| Interest-earning assets                                                    |   |                                                   |   |   |           |   |   |            |   |   |       |   |   |              |   |   |                        |   |   |                  |   |
| Cash, due from banks &  interest-bearing deposits with banks |   |                                                   | 437    |   |           |   | 437    |            |   |   | 0          |   |   |              | 0      |   |                        |   | 0      |                  |   |   | 0 |   |   |   | 0 |   |
| Trading assets                                                             |   |                                                   | 50     |   |           |   | 0      |            |   |   | 5          |   |   |              | 45     |   |                        |   | 0      |                  |   |   | 0 |   |   |   | 0 |   |
| Securities available-for-sale                                              |   |                                                   | 353    |   |           |   | 133    |            |   |   | 188        |   |   |              | 32     |   |                        |   | 0      |                  |   |   | 0 |   |   |   | 0 |   |
| Securities held to maturity                                                |   |                                                   | 33     |   |           |   | 0      |            |   |   | 13         |   |   |              | 5      |   |                        |   | 16     |                  |   |   | 0 |   |   |   | 0 |   |
| Investment fund                                                            |   |                                                   | 167    |   |           |   | 0      |            |   |   | 0          |   |   |              | 0      |   |                        |   | 0      |                  |   |   | 0 |   |   |   | 167 |   |
| Loans, net                                                                 |   |                                                   | 3,981  |   |           |   | 764    |            |   |   | 1,798      |   |   |              | 1,188  |   |                        |   | 218    |                  |   |   | 96 |   |   |   | (83 | ) |
| Total interest-earning assets                                              |   |                                                   | 5,022  |   |           |   | 1,334  |            |   |   | 2,004      |   |   |              | 1,269  |   |                        |   | 233    |                  |   |   | 96 |   |   |   | 86 |   |
| Non-interest earning assets                                                |   |                                                   | 67     |   |           |   | 0      |            |   |   | 0          |   |   |              | 0      |   |                        |   | 0      |                  |   |   | 0 |   |   |   | 67 |   |
| Other assets                                                               |   |                                                   | 11     |   |           |   | 0      |            |   |   | 0          |   |   |              | 0      |   |                        |   | 0      |                  |   |   | 0 |   |   |   | 11 |   |
| Total assets                                                               |   |                                                   | 5,100  |   |           |   | 1,334  |            |   |   | 2,004      |   |   |              | 1,269  |   |                        |   | 233    |                  |   |   | 96 |   |   |   | 164 |   |
| Interest-bearing liabilities                                               |   |                                                   |   |   |           |   |   |            |   |   |       |   |   |              |   |   |                        |   |   |                  |   |   |   |   |   |   |   |   |
| Deposits                                                                   |   |                                                   |   |   |           |   |   |            |   |   |       |   |   |              |   |   |                        |   |   |                  |   |   |   |   |   |   |   |   |
| Demand                                                                     |   |                                                   | 100    |   |           |   | 100    |            |   |   | 0          |   |   |              | 0      |   |                        |   | 0      |                  |   |   | 0 |   |   |   | 0 |   |
| Time                                                                       |   |                                                   | 1,721  |   |           |   | 1,173  |            |   |   | 287        |   |   |              | 143    |   |                        |   | 117    |                  |   |   | 0 |   |   |   | 0 |   |
| Trading liabilities                                                        |   |                                                   | 4      |   |           |   | 0      |            |   |   | 0          |   |   |              | 0      |   |                        |   | 0      |                  |   |   | 4 |   |   |   | 0 |   |
| Securities sold under repurchase agreements                                |   |                                                   | 265    |   |           |   | 118    |            |   |   | 147        |   |   |              | 0      |   |                        |   | 0      |                  |   |   | 0 |   |   |   | 0 |   |
| Short-term borrowings                                                      |   |                                                   | 1,095  |   |           |   | 133    |            |   |   | 438        |   |   |              | 335    |   |                        |   | 189    |                  |   |   | 0 |   |   |   | 0 |   |
| Borrowings and long-term debt                                              |   |                                                   | 1,075  |   |           |   | 74     |            |   |   | 698        |   |   |              | 238    |   |                        |   | 9      |                  |   |   | 56 |   |   |   | 0 |   |
| Total interest-bearing liabilities                                         |   |                                                   | 4,260  |   |           |   | 1,599  |            |   |   | 1,571      |   |   |              | 716    |   |                        |   | 315    |                  |   |   | 60 |   |   |   | 0 |   |
| Non-interest-bearing liabilities                                           |   |                                                   | 123    |   |           |   | 0      |            |   |   | 0          |   |   |              | 0      |   |                        |   | 0      |                  |   |   | 0 |   |   |   | 123 |   |
| Total liabilities                                                          |   |                                                   | 4,383  |   |           |   | 1,599  |            |   |   | 1,571      |   |   |              | 716    |   |                        |   | 315    |                  |   |   | 60 |   |   |   | 123 |   |
| Redeemable noncontrolling interest in the investment fund                  |   |                                                   | 19     |   |           |   | 0      |            |   |   | 0          |   |   |              | 0      |   |                        |   | 0      |                  |   |   | 0 |   |   |   | 19 |   |
| Stockholders’ equity                                                 |   |                                                   | 698    |   |           |   | 0      |            |   |   | 0          |   |   |              | 0      |   |                        |   | 0      |                  |   |   | 0 |   |   |   | 698 |   |
| Total liabilities and stockholders’ equity                           |   |                                                   | 5,100  |   |           |   | 1,599  |            |   |   | 1,571      |   |   |              | 716    |   |                        |   | 315    |                  |   |   | 60 |   |   |   | 840 |   |
| Interest rate sensitivity gap                                              |   |                                                   |   |   |           |   | (265   | )               |   |   | 433        |   |   |              | 553    |   |                        |   | (82    | )                     |   |   | 37 |   |   |   | (676 | ) |
| Cumulative interest rate sensitivity gap                                   |   |                                                   |   |   |           |   | (265   | )               |   |   | 168        |   |   |              | 721    |   |                        |   | 640    |                  |   |   | 676 |   |   |   |   |   |
| Cumulative gap as a % of total interest-earning assets                     |   |                                                   |   |   |           |   | -5     | %               |   |   | 3          | %      |   |              | 14     | %      |                        |   | 13     | %                     |   |   | 13 | % |   |   |   |   |

----

|                                                                   |   | As of December 31, |     |
|------------------------------------------------------------------------|--------|-----------------------------------|----------|
|                                                                   |   | 2010                              |     |   | 2009 |   |   | 2008 |   |
|                                                                   |   | (in $ thousand)                   |     |
| Common stock                                                           |   | $                                 | 279,980  |   |   | $ | 279,980 |   |   | $ | 279,980 |   |
| Additional paid-in capital in excess of assigned value of common stock |   |                              | 133,815  |   |   |   | 134,820 |   |   |   | 135,577 |   |
| Capital reserves                                                       |   |                              | 95,210   |   |   |   | 95,210 |   |   |   | 95,210 |   |
| Retained earnings                                                      |   |                              | 320,153  |   |   |   | 301,389 |   |   |   | 268,435 |   |
| Accumulated other comprehensive loss                                   |   |                              | (6,441   | ) |   |   | (6,160 | ) |   |   | (72,115 | ) |
| Treasury stock                                                         |   |                              | (125,667 | ) |   |   | (129,602 | ) |   |   | (132,763 | ) |
| Total stockholders’ equity                                       |   | $                                 | 697,050  |   |   | $ | 675,637 |   |   | $ | 574,324 |   |

|   | · | Reduction of accumulated other comprehensive loss by $66 million, mostly related to net unrealized gains from the investment securities portfolio (available-for-sale) due to mark-to-market adjustments; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Increased retained earnings due to net income attributable to Bladex of $55 million, partially offset by $22 million declared and paid in cash dividends. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | The effect of changes in global economic conditions, including prices of oil and other commodities, the U.S. dollar exchange rate, interest rates, and slower economic growth in developed countries and trading partners, and the effect that these changes may have on the economic condition of countries in the Region, including the Region’s foreign trade growth, and, therefore, the growth of the Bank’s trade financing business; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The effect that an economic slowdown or political events in the Region may have on the Bank’s asset quality, results of operations and growth prospects; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Risk perception in the markets in which the Bank operates, increased competition, and U.S. dollar liquidity, which could affect spreads over the cost of funds on the Bank’s loan portfolio, and in turn impact the Bank’s net interest spreads; and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | A continued downturn in the capital markets, or a continued downturn in investor confidence, which could affect the Bank’s access to funding or increase its cost of funding. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                       |   | Payments Due by Period |   |
|--------------------------------------------|--------|---------------------------------------|--------|
| Contractual Obligations (1)      |   | Total                                 |   |   | Less than 1year |   |   | 1 – 3years |   |   | 3 – 5 years |   |   | Morethan 5years |   |
|                                       |   | (in $ million)              |   |
| Deposits                                   |   | $                                     | 1,821  |   |   | $ | 1,821 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 0 |   |
| Trading liabilities                        |   |                                  | 4      |   |   |   | 0 |   |   |   | 4 |   |   |   | 0 |   |   |   | 0 |   |
| Securities sold under repurchase agreement |   |                                  | 265    |   |   |   | 265 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Short-term borrowings                      |   |                                  | 1,095  |   |   |   | 1,095 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Borrowings and long-term debt (2)          |   |                                  | 1,075  |   |   |   | 389 |   |   |   | 686 |   |   |   | 0 |   |   |   | 0 |   |
| Accrued interest payable                   |   |                                  | 10     |   |   |   | 10 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Leasehold obligations                      |   |                                  | 2      |   |   |   | 1 |   |   |   | 1 |   |   |   | 0 |   |   |   | 0 |   |
| Total contractual obligations              |   | $                                     | 4,272  |   |   | $ | 3,581 |   |   | $ | 691 |   |   | $ | 0 |   |   | $ | 0 |   |

| (1) | The contractual obligations exclude future contractual interest payment obligations as some obligations have floating interest rates. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Certain debt obligations are subject to covenants that could accelerate the payment of these obligations. |
|-----|-----------------------------------------------------------------------------------------------------------|

|                                   |   | Amount of Commitment Expiration by Period |   |
|----------------------------------------|--------|--------------------------------------------------------------------|--------|
| Other Commercial Commitments |   | Total                                                              |   |   | Less than 1year |   |   | 1 – 3 years |   |   | 3 – 5 years |   |   | More than5 years |   |
|                                   |   | (in $ million)                                           |   |
| Letters of credit (3)                  |   | $                                                                  | 223    |   |   | $ | 223 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 0 |   |
| Stand-by letters of credit             |   |                                                               | 38     |   |   |   | 38 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Guarantees                             |   |                                                               | 0      |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Credit derivative                      |   |                                                               | 0      |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Other commercial commitments           |   |                                                               | 119    |   |   |   | 92 |   |   |   | 26 |   |   |   | 0 |   |   |   | 1 |   |
| Total Commercial Commitments           |   | $                                                                  | 381    |   |   | $ | 354 |   |   | $ | 26 |   |   | $ | 0 |   |   | $ | 1 |   |

| (3) |  Includes acceptances outstanding for a total amount of $27 million as of December 31, 2010. |
|-----|---------------------------------------------------------------------------------------------------|

----

| Name                                                                           |   | Country ofCitizenship |   | Position Held withThe Bank |   | Year TermExpires |   | DirectorSince |   | Age      |   |
|--------------------------------------------------------------------------------|--------|----------------------------|--------|-------------------------------------------|--------|-----------------------|--------|---------------|--------|----------|--------|
| CLASS A                                                                        |   |                       |   |                                      |   |                  |   |          |   |     |   |
| Esteban Alejandro Acerbo                                                       |   |                       |   |                                      |   |                  |   |          |   |     |   |
| Director                                                                       |   |                       |   |                                      |   |                  |   |          |   |     |   |
| Banco de la Nación Argentina, Argentina                                   |   | Argentina                  |   | Director                                  |   | 2014                  |   | 2010          |   | 49       |   |
| Manuel Sánchez González                                              |   |                       |   |                                      |   |                  |   |          |   |     |   |
| Deputy Governor                                                                |   |                       |   |                                      |   |                  |   |          |   |     |   |
| Banco de Mexico, Mexico                                                        |   | Mexico                     |   | Director                                  |   | 2014                  |   | 2011          |   | 60       |   |
| João Carlos Nobrega Pecego                                                |   |                       |   |                                      |   |                  |   |          |   |     |   |
| Regional General Manager – Head of Latin America Banco do Brasil, Brazil |   | Brazil                     |   | Director                                  |   | 2013                  |   | 2010          |   | 47       |   |
|                                                                           |   |                       |   |                                      |   |                  |   |          |   |     |   |
| CLASS E                                                                        |   |                       |   |                                      |   |                  |   |          |   |     |   |
| Mario Covo                                                                     |   |                       |   |                                      |   |                  |   |          |   |     |   |
| Chief Executive Officer                                                        |   |                       |   |                                      |   |                  |   |          |   |     |   |
| Finaccess International, Inc., U.S.A.                                          |   | U.S.A.                     |   | Director                                  |   | 2014                  |   | 1999          |   | 53       |   |
| Herminio Blanco                                                                |   |                       |   |                                      |   |                  |   |          |   |     |   |
| Chief Executive Officer                                                        |   |                       |   |                                      |   |                  |   |          |   |     |   |
| Soluciones Estratégicas Consultoría, Mexico                          |   | Mexico                     |   | Director                                  |   | 2013                  |   | 2004          |   | 60       |   |
| Maria da Graça França                                                |   |                       |   |                                      |   |                  |   |          |   |     |   |
| Brazil                                                                         |   | Brazil                     |   | Director                                  |   | 2013                  |   | 2004          |   | 62       |   |
| William D. Hayes                                                               |   |                       |   |                                      |   |                  |   |          |   |     |   |
| President                                                                      |   |                       |   |                                      |   |                  |   |          |   |     |   |
| Whaleco, Inc.  .                                                     |   | U.S.A.                     |   | Director                                  |   | 2013                  |   | 2004          |   | 67       |   |
| Guillermo Güémez García                                         |   |                       |   |                                      |   |                  |   |          |   |     |   |
| Mexico                                                                         |   | Mexico                     |   | Director                                  |   | 2012                  |   | 1997          |   | 70       |   |
|                                                                           |   |                       |   |                                      |   |                  |   |          |   |     |   |
| ALL CLASSES OF COMMON STOCK (*)                                                |   |                       |   |                                      |   |                  |   |          |   |     |   |
| Gonzalo Menéndez Duque                                                    |   |                       |   |                                      |   |                  |   |          |   |     |   |
| Director                                                                       |   |                       |   | Chairman of the                           |   |                  |   |          |   |     |   |
| Banco de Chile, Chile                                                          |   | Chile                      |   | Board                                     |   | 2012                  |   | 1990          |   | 62  |   |
| Jaime Rivera                                                                   |   |                       |   |                                      |   |                  |   |          |   |     |   |
| Chief Executive Officer                                                        |   |                       |   |                                      |   |                  |   |          |   |     |   |
| Bladex, Panama                                                                 |   | Guatemala                  |   | Director                                  |   | 2012                  |   | 2004          |   | 58       |   |

----

----

----

| Name                   |   | Position Held with The Bank                                     |   | Country of Citizenship |   | Age |
|------------------------|--------|-------------------------------------------------------------------------------------|--------|----------------------------------|--------|-----|
| Jaime Rivera           |   | Chief Executive Officer                                                             |   | Guatemala                        |   | 58  |
| Rubens V. Amaral Jr.   |   | Executive Vice President, Chief Commercial Officer                                  |   | Brazil                           |   | 52  |
| Gregory D. Testerman   |   | Executive Vice President - Senior Managing Director, Treasury & Capital Markets |   | U.S.A.                           |   | 48  |
| Miguel Moreno          |   | Executive Vice President, Chief Operating Officer                                   |   | Colombia                         |   | 58  |
| Miguel A. Kerbes       |   | Senior Vice President, Chief Risk Officer                                           |   | Uruguay                          |   | 51  |
| Christopher Schech     |   | Senior Vice President, Chief Financial Officer                                      |   | Germany                          |   | 46  |
| Gustavo Díaz      |   | Senior Vice President, Controller                                                   |   | Colombia                         |   | 48  |
| Manuel Mejía-Aoun |   | Chief Investment OfficerBladex Asset Management                                     |   | Panama                           |   | 52  |

----

----

----

----

| Name and Position ofExecutive Officer                                        |   | Number ofSharesBeneficiallyOwned as of Dec.31, 2010 (1) |   |   | Number ofShares that maybe acquiredwithin 60 days ofDec. 31, 2010 (2) |   |    | StockOptions (3) |   |   | Restricted StockUnits (2008 StockIncentive Plan) (4) |   |   | DeferredEquityUnits (5) |   |
|--------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------------|--------|---------|-----------------------|--------|--------|-------------------------------------------------------------------------------|--------|--------|------------------------------|--------|
| Jaime RiveraChief Executive Officer                                                              |   |                                                                                  | 1,400  |   |                                                                                                                    |   | 252,158 |                  |   |   | 124,552                                                                       |   |   |                         | 28,754 |   |   |   | 0 |   |
| Rubens V. Amaral Jr.Executive Vice PresidentChief Commercial Officer                             |   |                                                                                  | 8,885  |   |                                                                                                                    |   | 212,554 |                  |   |   | 116,322                                                                       |   |   |                         | 26,792 |   |   |   | 0 |   |
| Gregory D. TestermanExecutive Vice PresidentSenior Managing DirectorTreasury and Capital Markets |   |                                                                                  | 10,463 |   |                                                                                                                    |   | 156,490 |                  |   |   | 117,744                                                                       |   |   |                         | 27,116 |   |   |   | 0 |   |
| Miguel MorenoExecutive Vice PresidentChief Operating Officer                                     |   |                                                                                  | 0      |   |                                                                                                                    |   | 73,765  |                  |   |   | 47,371                                                                        |   |   |                         | 10,892 |   |   |   | 0 |   |
| Miguel A. KerbesSenior Vice President,Chief Risk Officer                                         |   |                                                                                  | 0      |   |                                                                                                                    |   | 62,328  |                  |   |   | 27,002                                                                        |   |   |                         | 6,207  |   |   |   | 621 |   |
| Christopher SchechSenior Vice President,Chief Financial Officer                                  |   |                                                                                  | 0      |   |                                                                                                                    |   | 0       |                  |   |   | 0                                                                             |   |   |                         | 0      |   |   |   | 0 |   |
| Gustavo DíazSenior Vice President,Controller                                                |   |                                                                                  | 0      |   |                                                                                                                    |   | 0       |                  |   |   | 0                                                                             |   |   |                         | 0      |   |   |   | 0 |   |
| Manuel Mejía-Aoun (6)Chief Investment OfficerBladex Asset Management                        |   |                                                                                  | 5,000  |   |                                                                                                                    |   | 0       |                  |   |   | 0                                                                             |   |   |                         | 0      |   |   |   | 0 |   |
| Total                                                                                            |   |                                                                                  | 25,748 |   |                                                                                                                    |   | 757,295 |                  |   |   | 432,991                                                                       |   |   |                         | 99,761 |   |   |   | 621 |   |

----

| (1) | Includes shares purchased by the executive or restricted stock units transferred to the executive. |
|-----|----------------------------------------------------------------------------------------------------|

| (2) | Includes vested indexed and traditional stock options, as well as options and restricted stock units that will vest within 60 days of December 31, 2010. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Includes 203,313, 190,589, and 39,089 unvested stock options granted to executives officers on February 9, 2010, February 10, 2009, and February 12, 2008 respectively, under the 2008 Plan.  Also, an aggregate amount of 149,696; 154,062; and 30,230 stock options were granted to other non-executive employees under the 2008 Plan on February 9, 2010, February 10, 2009, and February 12, 2008 respectively; and an aggregate amount of 11,133 stock options were granted to other non-executive employees on February 13, 2007, under the 2006 Stock Option Plan.  The exercise price and expiration date of these stock options are as follows:  Grant of February 9, 2010, exercise price of $13.52 and expiration date of February 9, 2017; Grant of February 10, 2009, exercise price of $10.15 and expiration date of February 10, 2016; Grant of February 12, 2008, exercise price of $15.43 and expiration date of February 12, 2015. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Includes 49,044, 41,804, and 8,913 unvested restricted stock units granted to executive officers on February 9, 2010, February 10, 2009, and, February 12, 2008, respectively, under the 2008 Plan. Also, an aggregate amount of 36,106, 33,791, and 6,898 restricted stock units were granted to other non-executive officers under the 2008 Plan on February 9, 2010, February 10, 2009, and February 12, 2008 respectively. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Deferred Equity Units under the Bank's Deferred Compensation Plan. |
|-----|--------------------------------------------------------------------|

| (6) | The executive and non-executives of Bladex Asset Management are not eligible to receive grants under any of the equity compensation plans. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

----

| Name ofDirector                       |   | Number ofSharesBeneficiallyOwned as of Dec.31, 2010 (1) |    |   | Number ofShares that maybe acquiredwithin 60 days ofDec. 31, 2010 (2) |   |   | StockOptions (3) |   |   | RestrictedShares (4) |   |
|--------------------------------------------|--------|---------------------------------------------------------------------------------------|---------|--------|-------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------|--------|--------|---------------------------|--------|
| Esteban Alejandro Acerbo (5)               |   |                                                                                  | 0       |   |                                                                                                                    |   | 0      |                  |   |   | 0                         |   |   |   | 0 |   |
| Manuel Sánchez González (6)      |   |                                                                                  | 0       |   |                                                                                                                    |   | 0      |                  |   |   | 0                         |   |   |   | 0 |   |
| João Carlos de Nobrega Pecego (7)     |   |                                                                                  | 0       |   |                                                                                                                    |   | 0      |                  |   |   | 0                         |   |   |   | 0 |   |
| Will C. Wood                               |   |                                                                                  | 18,485  |   |                                                                                                                    |   | 8,079  |                  |   |   | 0                         |   |   |   | 10,246 |   |
| Mario Covo                                 |   |                                                                                  | 16,485  |   |                                                                                                                    |   | 8,079  |                  |   |   | 0                         |   |   |   | 10,246 |   |
| Herminio Blanco                            |   |                                                                                  | 36,010  |   |                                                                                                                    |   | 8,079  |                  |   |   | 0                         |   |   |   | 10,246 |   |
| Maria da Graça França            |   |                                                                                  | 13,635  |   |                                                                                                                    |   | 0      |                  |   |   | 0                         |   |   |   | 10,119 |   |
| William Dick Hayes                         |   |                                                                                  | 13,680  |   |                                                                                                                    |   | 8,079  |                  |   |   | 0                         |   |   |   | 10,246 |   |
| Guillermo Güémez García (8) |   |                                                                                  | 0       |   |                                                                                                                    |   | 0      |                  |   |   | 0                         |   |   |   | 0 |   |
| Gonzalo Menéndez Duque                |   |                                                                                  | 24,731  |   |                                                                                                                    |   | 12,121 |                  |   |   | 0                         |   |   |   | 15,369 |   |
| Total                                      |   |                                                                                  | 123,026 |   |                                                                                                                    |   | 44,437 |                  |   |   | 0                         |   |   |   | 66,472 |   |

|   | (1) | Includes class E shares held under the 2003 Restricted Stock Plan and the 2008 Plan. |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (2) | Includes vested indexed and traditional stock options that will vest within 60 days of December 31, 2010. |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | (3) | At present, all the stock options granted to directors have been vested. |
|--------|-----|--------------------------------------------------------------------------|

|   | (4) | Includes unvested restricted class E shares granted under the 2003 Restricted Stock Plan and the 2008 Plan. |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (5) | 4,012 class E shares corresponding to Mr. Acerbo’s entitlement under the 2008 Plan have been issued to his employer, Banco de la Nación Argentina. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | Mr. Sánchez was not a Director as of December 31, 2010, he was appointed member of the Board on April 20, 2011. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (7) | 4,012 class E shares corresponding to Mr. Pecego's entitlement under the 2008 Plan have been issued to his employer, Banco do Brasil. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (8) | 16,485 class E shares corresponding to Mr. Güémez's entitlement under the 2003 Restricted Stock Plan and the 2008 Plan have been issued to his employer, Banco de Mexico.  In addition, an aggregate number of 2,119 stock options to which Mr. Güémez was entitled under the 2006 Stock Option Plan have been granted to Banco de Mexico. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Name                                                               |   | Country of Citizenship |   | Position held byDignatariowith the Bank |   | Age |   |
|--------------------------------------------------------------------|--------|----------------------------------|--------|-------------------------------------------------------------|--------|-----|--------|
| Gonzalo Menéndez DuqueDirectorBanco de Chile, Chile           |   | Chile                            |   | Chairman of the Board                                       |   | 62  |   |
| Maria da Graça França                                    |   | Brazil                           |   | Treasurer                                                   |   | 62  |   |
| Ricardo Manuel ArangoPartnerArias, Fábrega & Fábrega |   | Panama                           |   | Secretary                                                   |   | 50  |   |

| Committee                                   |   | Number of members |   | Total number of meetings held |
|---------------------------------------------|--------|-----------------------------|--------|---------------------------------------------------|
| Audit and Compliance Committee              |   | 4                           |   | 7                                                 |
| Credit Policy and Risk Assessment Committee |   | 5                           |   | 5                                                 |
| Assets and Liabilities Committee            |   | 5                           |   | 7                                                 |
| Business Committee                          |   | 5                           |   | 6                                                 |
| Nomination and Compensation Committee       |   | 4                           |   | 10                                                |

----

----

----

----

| Name                      |   | Position                                                   |   | Country of Citizenship |   | Age    |
|---------------------------|--------|------------------------------------------------------------|--------|----------------------------------|--------|--------|
|                      |   |                                                       |   |                             |   |   |
| Roberto Feletti           |   | Secretary of EconomyMinistry of Economy and Public Finance |   | Argentina                        |   | 52     |
| Roberto Teixeira da Costa |   | Board MemberSul America, S.A.                              |   | Brazil                           |   | 76     |
| Carlos Martabit           |   | General Manager, Finance DivisionBancoEstado               |   | Chile                            |   | 57     |
| Santiago Perdomo          |   | PresidentBanco Colpatria – Red Multibanca Colpatria  |   | Colombia                         |   | 53     |
| Alberto Motta, Jr         |   | PresidentInversiones Bahía Ltd.                       |   | Panama                           |   | 64     |
| Enrique Cornejo           |   | Minister of Transportation and Communications, Peru        |   | Peru                             |   | 54     |

----

|                                        |   | As of December 31, |   |
|---------------------------------------------|--------|-----------------------------------|--------|
|                                        |   | 2010                              |   |   | 2009 |   |   | 2008 |   |
| Bladex Head Office in Panama                |   |                              | 132    |   |   |   | 127 |   |   |   | 155 |   |
| New York Agency                             |   |                              | 7      |   |   |   | 7 |   |   |   | 7 |   |
| Bladex Asset Management                     |   |                              | 9      |   |   |   | 5 |   |   |   | 5 |   |
| Representative Office in Argentina          |   |                              | 4      |   |   |   | 3 |   |   |   | 5 |   |
| Representative Office in Brazil             |   |                              | 18     |   |   |   | 12 |   |   |   | 13 |   |
| Representative Office in Mexico             |   |                              | 12     |   |   |   | 6 |   |   |   | 5 |   |
| Florida International Administrative Office |   |                              | 6      |   |   |   | 4 |   |   |   | 4 |   |
| Total Number of Permanent Employees         |   |                              | 188    |   |   |   | 164 |   |   |   | 194 |   |

----

|                                                                                                                 |   | As of December 31, 2010 |         |
|----------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|--------------|
|                                                                                                                 |   | Number of Shares                  |         |   | % of Class |   |   | % of Total CommonStock |   |
| Class A Common Stock                                                                                                 |   |                                        |         |   |   |   |   |   |   |
| Banco de la Nación Argentina (1)Bartolomé Mitre 3261036 Buenos Aires, Argentina                            |   |                                        | 1,045,348.00 |   |   |   | 16.5 |   |   |   | 2.8 |   |
| Banco do Brasil (2)SBS Quadra 1-Bloco ACEP 70.0070-100Brasilia, Brazil                                               |   |                                        | 974,551.00   |   |   |   | 15.4 |   |   |   | 2.7 |   |
| Banco de Comercio Exterior de ColombiaEdif. Centro de Comercio InternacionalCalle 28 No. 13A-15Bogotá, Colombia |   |                                        | 488,547.00   |   |   |   | 7.7 |   |   |   | 1.3 |   |
| Banco de la Nación (Perú)Ave. Republica de Panamá 3664San Isidro, Lima, Perú                     |   |                                        | 446,556.00   |   |   |   | 7.0 |   |   |   | 1.2 |   |
| Banco Central del ParaguayFederación Rusa y Sargento MarecosAsunción, Paraguay                             |   |                                        | 434,658.00   |   |   |   | 6.9 |   |   |   | 1.2 |   |
| Banco Central del EcuadorAve. Amazonas entre Juan Pablo Sanz y AtahualpaQuito, Ecuador                               |   |                                        | 431,217.00   |   |   |   | 6.8 |   |   |   | 1.2 |   |
| Banco del Estado de ChileAve. Libertador Bernardo O’Higgins 1111Santiago, Chile                                |   |                                        | 323,412.75   |   |   |   | 5.1 |   |   |   | 0.9 |   |
| Sub-total shares of Class A Common Stock                                                                             |   |                                        | 4,144,289.75 |   |   |   | 65.3 |   |   |   | 11.3 |   |
| Total Shares of Class A Common Stock                                                                                 |   |                                        | 6,342,189.16 |   |   |   | 100.0 |   |   |   | 17.3 |   |

| Class B Common Stock                                                   |   | Number of Shares |         |   | % of Class |   |   | % of Total CommonStock |   |
|---------------------------------------------------------------------------------------|--------|----------------------------|--------------|--------|----------------------|--------|--------|---------------------------------------|--------|
| Banco de la Provincia de Buenos Aires.San Martin 137C1004AAC Buenos Aires, Argentina  |   |                       | 884,460.98   |   |                 |   | 34.8   |                                  |   |   | 2.4 |   |
| Banco de la Nación ArgentinaBartolomé Mitre 3261036 Buenos Aires, Argentina |   |                       | 295,944.50   |   |                 |   | 11.6   |                                  |   |   | 0.8 |   |
| The Korea Exchange Bank181, Euljiro 2GAJungu, Seoul, Korea                            |   |                       | 147,172.50   |   |                 |   | 5.8    |                                  |   |   | 0.4 |   |
| Sub-total shares of Class B Common Stock                                              |   |                       | 1,327,577.98 |   |                 |   | 52.2   |                                  |   |   | 3.6 |   |
| Total Shares of Class B Common Stock                                                  |   |                       | 2,542,020.93 |   |                 |   | 100.0  |                                  |   |   | 6.9 |   |

| Class E Common Stock (3)                                              |   | Number of Shares |          |   | % of Class |   |   | % of Total CommonStock |   |
|-------------------------------------------------------------------------------------------|--------|----------------------------|---------------|--------|----------------------|--------|--------|---------------------------------------|--------|
| Brandes Investment Partners, LP11988 El Camino Real, Suite 500San Diego, California 92130 |   |                       | 2,732,294.00  |   |                 |   | 9.8    |                                  |   |   | 7.4 |   |
| LSV Asset Management1 N. Wacker Drive, Suite 4000Chicago, Illinois 60606                  |   |                       | 1,628,617.00  |   |                 |   | 5.9    |                                  |   |   | 4.4 |   |
| Sub-total shares of Class E Common Stock                                                  |   |                       | 4,360,911.00  |   |                 |   | 15.7   |                                  |   |   | 11.9 |   |
| Total Shares of Class E Common Stock                                                      |   |                       | 27,826,330.00 |   |                 |   | 100.0  |                                  |   |   | 75.8 |   |

| Class F Common Stock  |   | Number of Shares |          |   | % of Class |   |   | % of Total CommonStock |   |
|--------------------------------------|--------|----------------------------|---------------|--------|----------------------|--------|--------|---------------------------------------|--------|
| Total Shares of Class F Common Stock |   |                       | 0             |   |                 |   | 0.0    |                                  |   |   | 0.0 |   |
| Total Shares of Common Stock         |   |                       | 36,710,540.09 |   |                 |   |   |                                  |   |   | 100.0 |   |

----

| (1) | Does not include an aggregate of 11,294 class E common shares corresponding to former Directors’ entitlements under the 2008 Stock Incentive Plan, that were issued to their employer, Banco de la Nación Argentina. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Does not include an aggregate of 12,492 class E common shares corresponding to former Directors’ entitlements under the 2003 Restricted Stock Plan and the 2008 Stock Incentive Plan that were issued to their employer, Banco do Brasil. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)  | Source:  Schedule 13G filing with the U.S. Securities and Exchange Commission dated December 31, 2010. |
|-----------|------------------------------------------------------------------------------------------------------------------|

----

|   | · | The affirmative vote of three-quarters (3/4) of the issued and outstanding Class A shares is required (1) to dissolve and liquidate the Bank, (2) to amend certain material provisions of the Articles of Incorporation, (3) to merge or consolidate the Bank with another entity and (4) to authorize the Bank to engage in activities other than those described in its Articles of Incorporation; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The Class E shares are freely transferable without restriction to any person, while the Class A shares, Class B shares and Class F shares can only be transferred to qualified holders of each class; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The Class B shares and Class F shares may be converted into Class E shares; |
|--------|--------|-----------------------------------------------------------------------------|

|   | · | The holders of Class A shares, Class B shares and Class F shares benefit from pre-emptive rights in respect of shares of the same class of shares owned by them that may be issued by virtue of a capital increase, in proportion to the shares of the class owned by them, but the holders of Class E shares do not; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | All classes vote separately for their respective directors.  The holders of the Class A common shares have the right to elect three (3) Directors; the holders of the Class E common shares can elect five (5) Directors; and the holders of the Class F common shares have the right to elect one (1) Director, so long as the number of issued and outstanding Class F common shares is equal to or greater than fifteen per cent (15%) of the total number of issued and outstanding common shares of the corporation. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Class of Shares |   | Number of SharesOutstanding as ofDecember 31, 2010 |          |
|---------------------------|--------|----------------------------------------------------------------------------------|---------------|
| Class A Common Shares     |   |                                                                             | 6,342,189.16  |   |
| Class B Common Shares     |   |                                                                             | 2,542,020.93  |   |
| Class E Common Shares     |   |                                                                             | 27,826,330.00 |   |
| Class F Common Shares     |   |                                                                             | 0             |   |
| Total Common Shares       |   |                                                                             | 36,710,540.09 |   |

| B. | Related Party Transactions |
|----|----------------------------|

----

| Payment date |   | Record date |   | Dividend per share |   |
|-------------------|--------|------------------|--------|------------------------------|--------|
| February 11, 2011 |   | February 3, 2011 |   | $                            | 0.20   |   |
| November 1, 2010  |   | October 22, 2010 |   | $                            | 0.17   |   |
| August 4, 2010    |   | July 26, 2010    |   | $                            | 0.15   |   |
| May 6, 2010       |   | April 26, 2010   |   | $                            | 0.15   |   |
| February 8, 2010  |   | January 29, 2010 |   | $                            | 0.15   |   |
| November 2, 2009  |   | October 23, 2009 |   | $                            | 0.15   |   |
| August 3, 2009    |   | July 23, 2009    |   | $                            | 0.15   |   |
| May 7, 2009       |   | April 27, 2009   |   | $                            | 0.15   |   |
| February 9, 2009  |   | January 29, 2009 |   | $                            | 0.22   |   |
| October 31, 2008  |   | October 22, 2008 |   | $                            | 0.22   |   |
| July 31, 2008     |   | July 21, 2008    |   | $                            | 0.22   |   |
| April 4, 2008     |   | March 25, 2008   |   | $                            | 0.22   |   |
| January 17, 2008  |   | January 7, 2008  |   | $                            | 0.22   |   |

| Payment date |   | Record date |   | Dividend per share |   |
|-------------------|--------|------------------|--------|------------------------------|--------|
| May 15, 2006      |   | April 28, 2006   |   | $                            | 2.22   |   |
| November 15, 2005 |   | October 31, 2005 |   | $                            | 2.18   |   |
| May 16, 2005      |   | April 29, 2005   |   | $                            | 2.15   |   |
| November 15, 2004 |   | November 8, 2004 |   | $                            | 1.90   |   |
| May 17, 2004      |   | April 30, 2004   |   | $                            | 0.40   |   |

----

| Item 9. | The Offer and Listing |
|---------|-----------------------|

| A. | Offer and Listing Details |
|----|---------------------------|

|           |   | Price per Class E Share (in $) |   |
|----------------|--------|--------------------------------|--------|
|           |   | High                           |   |   | Low |   |
| 2010           |   |                           | 18.99  |   |   |   | 11.87 |   |
| 2009           |   |                           | 15.09  |   |   |   | 6.83 |   |
| 2008           |   |                           | 20.74  |   |   |   | 8.17 |   |
| 2007           |   |                           | 23.17  |   |   |   | 15.52 |   |
| 2006           |   |                           | 18.70  |   |   |   | 14.59 |   |
| 2011:          |   |                           |   |   |   |   |   |   |
| Abril          |   |                           | 18.04  |   |   |   | 16.75 |   |
| March          |   |                           | 17.89  |   |   |   | 16.51 |   |
| February       |   |                           | 18.11  |   |   |   | 16.41 |   |
| January        |   |                           | 19.03  |   |   |   | 17.00 |   |
| 2010:          |   |                           |   |   |   |   |   |   |
| December       |   |                           | 18.99  |   |   |   | 16.42 |   |
| November       |   |                           | 16.93  |   |   |   | 15.13 |   |
|           |   |                           |   |   |   |   |   |   |
| 2010:          |   |                           |   |   |   |   |   |   |
| First Quarter  |   |                           | 15.14  |   |   |   | 13.33 |   |
| Second Quarter |   |                           | 16.48  |   |   |   | 11.87 |   |
| Third Quarter  |   |                           | 15.00  |   |   |   | 11.90 |   |
| Fourth Quarter |   |                           | 18.99  |   |   |   | 14.16 |   |
| 2009:          |   |                           |   |   |   |   |   |   |
| First Quarter  |   |                           | 14.99  |   |   |   | 6.83 |   |
| Second Quarter |   |                           | 13.89  |   |   |   | 9.26 |   |
| Third Quarter  |   |                           | 15.09  |   |   |   | 11.80 |   |
| Fourth Quarter |   |                           | 15.00  |   |   |   | 13.10 |   |

| B. | Plan of Distribution |
|----|----------------------|

| C. | Markets |
|----|---------|

| D. | Selling Stockholders |
|----|----------------------|

| E. | Dilution |
|----|----------|

| F. | Expenses of the Issue |
|----|-----------------------|

----

| Item 10. | Additional Information |
|----------|------------------------|

| A. | Share Capital |
|----|---------------|

| B. | Memorandum and Articles of Association |
|----|----------------------------------------|

----

|   | · | the affirmative vote of three-quarters (3/4) of the issued and outstanding Class A shares is required (A) to dissolve and liquidate the Bank, (B) to amend certain material provisions of the Articles of Incorporation, (C) to merge or consolidate the Bank with another entity and (D) to authorize the Bank to engage in activities other than those described as the purposes of the Bank in its Articles of Incorporation; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the Class E  shares are freely transferable, but the Class A  shares, Class B  shares and Class F shares may only be transferred to qualified holders; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the Class B  shares and Class F shares may be converted into Class E shares; |
|--------|--------|----------------------------------------------------------------------------------------|

|   | · | the holders of Class A  shares, Class B  shares and Class F shares benefit from pre-emptive rights, but the holders of Class E  shares do not; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the classes vote separately for their representative directors; and |
|--------|--------|---------------------------------------------------------------------|

|   | · | the rights, preferences, privileges and obligations of the preferred shares are determined by the Board at the time of their issuance in a certificate of designation. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| C. | Material Contracts |
|----|--------------------|

| D. | Exchange Controls |
|----|-------------------|

| E. | Taxation |
|----|----------|

----

----

----

----

----

| F. | Dividends and Paying Agents |
|----|-----------------------------|

| G. | Statement by Experts |
|----|----------------------|

| H. | Documents on Display |
|----|----------------------|

----

| I. | Subsidiary Information |
|----|------------------------|

| Item 11. | Quantitative and Qualitative Disclosure About Market Risk |
|----------|-----------------------------------------------------------|

----

| Expected maturity date         |   |
|--------------------------------|--------|
|                           |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |   | 2015 |   |   | There-after |   |   | Withoutmaturity |   |   | Total2010 |   |   | Fair value2010 |   |
| ($ Equivalent in thousand)     |   |
| NON-TRADING ASSETS             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment Securities          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed rate                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollars                   |   |   | 31,601 |   |   |   | 5,000 |   |   |   | 101,250 |   |   |   | 70,000 |   |   |   | 70,000 |   |   |   | 10,000 |   |   |   | - |   |   |   | 287,851 |   |   |   | 323,371 |   |
| Average fixed rate             |   |   | 6.44 | % |   |   | 10.00 | % |   |   | 8.54 | % |   |   | 9.24 | % |   |   | 7.34 | % |   |   | 3.75 | % |   |   | - |   |   |   | 8.05 | % |   |   |   |   |
| Floating rate                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollars                   |   |   | - |   |   |   | 25,000 |   |   |   | - |   |   |   | - |   |   |   | 38,000 |   |   |   | - |   |   |   | - |   |   |   | 63,000 |   |   |   | 63,085 |   |
| Average floating rate          |   |   | - |   |   |   | 0.90 | % |   |   | - |   |   |   | - |   |   |   | 2.08 | % |   |   | - |   |   |   | - |   |   |   | 1.62 | % |   |   |   |   |
| Loans (1)                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed rate                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollars                   |   |   | 1,938,172 |   |   |   | 11,214 |   |   |   | 1,929 |   |   |   | 17,584 |   |   |   | 1,127 |   |   |   | - |   |   |   | - |   |   |   | 1,970,026 |   |   |   | 1,973,505 |   |
| Average fixed rate             |   |   | 2.68 | % |   |   | 6.92 | % |   |   | 5.93 | % |   |   | 3.74 | % |   |   | 5.85 | % |   |   | - |   |   |   | - |   |   |   | 2.72 | % |   |   |   |   |
| Mexican Peso                   |   |   | 23,848 |   |   |   | 6,688 |   |   |   | 2,442 |   |   |   | 627 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 33,605 |   |   |   | 37,471 |   |
| Average fixed rate             |   |   | 10.02 | % |   |   | 10.48 | % |   |   | 11.78 | % |   |   | 12.50 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 10.28 | % |   |   |   |   |
| Floating rate                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollars                   |   |   | 881,734 |   |   |   | 453,895 |   |   |   | 297,863 |   |   |   | 140,274 |   |   |   | 257,551 |   |   |   | 27,343 |   |   |   | - |   |   |   | 2,058,660 |   |   |   | 1,997,316 |   |
| Average floating rate          |   |   | 2.52 | % |   |   | 3.04 | % |   |   | 3.41 | % |   |   | 4.00 | % |   |   | 2.93 | % |   |   | 3.19 | % |   |   | - |   |   |   | 2.92 | % |   |   |   |   |
| Mexican Peso                   |   |   | 1,116 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,116 |   |   |   | 1,151 |   |
| Average floating rate          |   |   | 11.00 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 11.00 | % |   |   |   |   |
| Euro                           |   |   | 753 |   |   |   | 172 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 925 |   |   |   | 920 |   |
| Average floating rate          |   |   | 2.28 | % |   |   | 2.24 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2.28 | % |   |   |   |   |
| LIABILITIES                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Borrowings and Placements (2)  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed rate                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollars                   |   |   | 1,270,179 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,270,179 |   |   |   | 1,267,917 |   |
| Average fixed rate             |   |   | 1.09 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1.09 | % |   |   |   |   |
| Mexican Peso                   |   |   | 15,610 |   |   |   | 4,923 |   |   |   | 1,507 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 22,040 |   |   |   | 23,653 |   |
| Average fixed rate             |   |   | 8.22 | % |   |   | 8.31 | % |   |   | 9.21 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 8.31 | % |   |   |   |   |
| Peruvian Soles                 |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 43,827 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 43,827 |   |   |   | 47,753 |   |
| Average fixed rate             |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6.50 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6.50 | % |   |   |   |   |
| Floating rate                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollars                   |   |   | 463,314 |   |   |   | 293,272 |   |   |   | 226,109 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 982,695 |   |   |   | 953,767 |   |
| Average floating rate          |   |   | 1.48 | % |   |   | 0.81 | % |   |   | 1.24 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1.22 | % |   |   |   |   |
| Mexican Peso                   |   |   | - |   |   |   | - |   |   |   | 116,726 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 116,726 |   |   |   | 111,133 |   |
| Average floating rate          |   |   | - |   |   |   | - |   |   |   | 5.79 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5.79 | % |   |   |   |   |
|                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest Rate Swaps            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollars fixed to floating |   |   | 17,800 |   |   |   | 5,000 |   |   |   | 95,000 |   |   |   | 70,000 |   |   |   | 70,000 |   |   |   | 10,000 |   |   |   | - |   |   |   | 267,800 |   |   |   | (25,146 | ) |
| Average pay rate               |   |   | 8.66 | % |   |   | 10.00 | % |   |   | 8.73 | % |   |   | 9.24 | % |   |   | 7.34 | % |   |   | 3.75 | % |   |   | - |   |   |   | 8.34 | % |   |   |   |   |
| Average receive rate           |   |   | 5.21 | % |   |   | 6.68 | % |   |   | 4.89 | % |   |   | 5.19 | % |   |   | 2.91 | % |   |   | 2.30 | % |   |   | - |   |   |   | 4.41 | % |   |   |   |   |
| U.S. Dollars floating to fixed |   |   | - |   |   |   | 20,000 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 20,000 |   |   |   | (1,499 | ) |
| Average pay rate               |   |   | - |   |   |   | 5.94 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5.94 | % |   |   |   |   |
| Average receive rate           |   |   | - |   |   |   | 0.68 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 0.68 | % |   |   |   |   |
|                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cross Currency Swaps           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Receive U.S. Dollars           |   |   | 1,144 |   |   |   | 645 |   |   |   | 552 |   |   |   | 600 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,941 |   |   |   | (168 | ) |
| U.S. Dollars fixed rate        |   |   | 7.04 | % |   |   | 7.04 | % |   |   | 7.04 | % |   |   | 7.04 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 7.04 | % |   |   |   |   |
| U.S. Dollars floating rate     |   |   | 2.08 | % |   |   | 2.76 | % |   |   | 3.84 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2.47 | % |   |   |   |   |
| Pay US Dollars                 |   |   | - |   |   |   | - |   |   |   | 147,242 |   |   |   | 41,020 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 188,262 |   |   |   | (24,182 | ) |
| U.S. Dollars fixed rate        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5.35 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5.35 | % |   |   |   |   |
| U.S. Dollars floating rate     |   |   | - |   |   |   | - |   |   |   | 2.29 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2.29 | % |   |   |   |   |
| Receive Mexican Peso           |   |   | - |   |   |   | - |   |   |   | 147,242 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 147,242 |   |   |   |   |   |
| Mexican Peso floating rate     |   |   | - |   |   |   | - |   |   |   | 5.83 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5.83 | % |   |   |   |   |
| Pay Mexican Peso               |   |   | 428 |   |   |   | 483 |   |   |   | 552 |   |   |   | 600 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,063 |   |   |   |   |   |
| Mexican Peso fixed rate        |   |   | 12.50 | % |   |   | 12.50 | % |   |   | 12.50 | % |   |   | 12.50 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 12.50 | % |   |   |   |   |

----

| Expected maturity date                 |   |
|----------------------------------------|--------|
|                                   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |   | 2015 |   |   | There-after |   |   | Withoutmaturity |   |   | Total2010 |   |   | Fair value2010 |   |
| ($ Equivalent in thousand)             |   |
| Receive Peruvian Soles                 |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 41,020 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 41,020 |   |   |   |   |
| Peruvian Soles fixed rate              |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6.50 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6.50 | % |   |   |   |
| Pay Euro                               |   |   | 716 |   |   |   | 162 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 878 |   |   |   |   |
| Euro floating rate                     |   |   | 2.28 | % |   |   | 2.24 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2.28 | % |   |   |   |
|                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Forward Currency Exchange Agreements   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Receive U.S. Dollars/Pay Mexican Pesos |   |   | 1,302 |   |   |   | 455 |   |   |   | 351 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,108 |   |   |   | 69 |   |
| Average exchange rate                  |   |   | 12.08 |   |   |   | 12.63 |   |   |   | 13.14 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 12.37 |   |   |   |   |   |
| TRADING                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trading Assets                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt securities:                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed rate                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollars                           |   |   | 10,000 |   |   |   | - |   |   |   | 36,800 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 46,800 |   |   |   | 50,412 |   |
| Average fixed rate                     |   |   | 10.25 | % |   |   | - |   |   |   | 5.73 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6.69 | % |   |   |   |   |
|                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trading Liabilities                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps:                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollars fixed to floating         |   |   | 10,000 |   |   |   | - |   |   |   | 36,800 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 46,800 |   |   |   | (3,031 | ) |
| Average pay rate                       |   |   | 10.25 | % |   |   | - |   |   |   | 5.73 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6.69 | % |   |   |   |   |
| Average receive rate                   |   |   | 7.40 | % |   |   | - |   |   |   | 2.07 | % |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 3.21 | % |   |   |   |   |
| Cross currency swap:                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Receive US Dollars                     |   |   | 7,296 |   |   |   | 883 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 8,179 |   |   |   | (907 | ) |
| U.S. Dollars floating rate             |   |   | 4.79 | % |   |   | 4.79 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 4.79 | % |   |   |   |   |
| Pay Mexican Peso                       |   |   | 7,296 |   |   |   | 883 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 8,179 |   |   |   |   |   |
| Mexican Peso fixed rate                |   |   | 11.00 | % |   |   | 11.00 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 11.00 | % |   |   |   |   |

| Expected maturity date     |   |
|----------------------------|--------|
|                       |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |   | There-after |   |   | Withoutmaturity |   |   | Total2009 |   |   | Fair value2009 |   |
| ($ Equivalent in thousand) |   |
| NON-TRADING ASSETS         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment Securities      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed rate                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollars               |   |   | 30,000 |   |   |   | 21,175 |   |   |   | 5,000 |   |   |   | 90,000 |   |   |   | 73,000 |   |   |   | 135,000 |   |   |   | - |   |   |   | 354,175 |   |   |   | 408,127 |   |
| Average fixed rate         |   |   | 7.46 | % |   |   | 8.79 | % |   |   | 10 | % |   |   | 9.83 | % |   |   | 9 | % |   |   | 7.69 | % |   |   | - |   |   |   | 8.58 | % |   |   |   |   |
| Floating rate              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollars               |   |   | - |   |   |   | - |   |   |   | 25,000 |   |   |   | - |   |   |   | - |   |   |   | 25,000 |   |   |   | - |   |   |   | 50,000 |   |   |   | 48,857 |   |
| Average floating rate      |   |   | - |   |   |   | - |   |   |   | 0.86 | % |   |   | - |   |   |   | - |   |   |   | 2.08 | % |   |   | - |   |   |   | 1.47 | % |   |   |   |   |
| Loans                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed rate                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollars               |   |   | 1,195,586 |   |   |   | 39,545 |   |   |   | 6,988 |   |   |   | 1,479 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,243,598 |   |   |   | 1,243,022 |   |

----

| Expected maturity date         |   |
|--------------------------------|--------|
|                           |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |   | There-after |   |   | Withoutmaturity |   |   | Total2009 |   |   | Fair value2009 |   |
| ($ Equivalent in thousand)     |   |
| Average fixed rate             |   |   | 2.97 | % |   |   | 5.19 | % |   |   | 6.07 | % |   |   | 6.83 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3.06 | % |   |   |   |
| Mexican Peso                   |   |   | 41,944 |   |   |   | 19,037 |   |   |   | 3,606 |   |   |   | 1,980 |   |   |   | 590 |   |   |   | - |   |   |   | - |   |   |   | 67,157 |   |   |   | 71,294 |   |
| Average fixed rate             |   |   | 10.50 | % |   |   | 10.20 | % |   |   | 11.59 | % |   |   | 12.15 | % |   |   | 12.50 | % |   |   | - |   |   |   | - |   |   |   | 10.54 | % |   |   |   |   |
| Floating rate                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollars (1)               |   |   | 595,873 |   |   |   | 369,933 |   |   |   | 297,207 |   |   |   | 112,341 |   |   |   | 59,782 |   |   |   | 28,335 |   |   |   | - |   |   |   | 1,463,471 |   |   |   | 1,426,741 |   |
| Average floating rate          |   |   | 3.04 | % |   |   | 2.65 | % |   |   | 2.90 | % |   |   | 3.42 | % |   |   | 4.51 | % |   |   | 3.42 | % |   |   | - |   |   |   | 3.01 | % |   |   |   |   |
| Mexican Peso                   |   |   | 1,375 |   |   |   | 1,051 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,426 |   |   |   | 2,523 |   |
| Average floating rate          |   |   | 11.17 | % |   |   | 11.17 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 11.17 | % |   |   |   |   |
| Euro                           |   |   | 1,623 |   |   |   | 807 |   |   |   | 180 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,610 |   |   |   | 2,595 |   |
| Average floating rate          |   |   | 2.30 | % |   |   | 2.28 | % |   |   | 2.25 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2.29 | % |   |   |   |   |
| LIABILITIES                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Borrowings and Placements (2)  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed rate                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollars                   |   |   | 404,051 |   |   |   | 24,852 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 428,903 |   |   |   | 428,841 |   |
| Average fixed rate             |   |   | 1.67 | % |   |   | 2.35 | % |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1.71 | % |   |   |   |   |
| Mexican Peso                   |   |   | 29,196 |   |   |   | 11,278 |   |   |   | 1,944 |   |   |   | 1,145 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 43,563 |   |   |   | 46,226 |   |
| Average fixed rate             |   |   | 8.38 | % |   |   | 8.42 | % |   |   | 9.36 | % |   |   | 9.59 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 8.46 | % |   |   |   |   |
| Peruvian Soles                 |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 42,575 |   |   |   | - |   |   |   | - |   |   |   | 42,575 |   |   |   | 48,966 |   |
| Average fixed rate             |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6.50 | % |   |   | - |   |   |   | - |   |   |   | 6.50 | % |   |   |   |   |
| Floating rate                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollars                   |   |   | 494,995 |   |   |   | 281,264 |   |   |   | 189,280 |   |   |   | 200,000 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,165,539 |   |   |   | 1,147,296 |   |
| Average floating rate          |   |   | 1.16 | % |   |   | 1.80 | % |   |   | 0.61 | % |   |   | 1.49 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1.28 | % |   |   |   |   |
| Mexican Peso                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 108,939 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 108,939 |   |   |   | 108,902 |   |
| Average floating rate          |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5.95 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5.95 | % |   |   |   |   |
|                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest Rate Swaps            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollars fixed to floating |   |   | 30,000 |   |   |   | 20,600 |   |   |   | 5,000 |   |   |   | 90,000 |   |   |   | 73,000 |   |   |   | 135,000 |   |   |   |   |   |   |   | 353,600 |   |   |   | (30,756 | ) |
| Average pay rate               |   |   | 7.46 | % |   |   | 8.77 | % |   |   | 10.00 | % |   |   | 9.83 | % |   |   | 9.00 | % |   |   | 7.69 | % |   |   |   |   |   |   | 8.58 | % |   |   |   |   |
| Average receive rate           |   |   | 2.87 | % |   |   | 5.39 | % |   |   | 6.94 | % |   |   | 5.51 | % |   |   | 4.66 | % |   |   | 3.57 | % |   |   |   |   |   |   | 4.39 | % |   |   |   |   |
| U.S. Dollars floating to fixed |   |   |   |   |   |   |   |   |   |   | 20,000 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 20,000 |   |   |   | (1,956 | ) |
| Average pay rate               |   |   |   |   |   |   |   |   |   |   | 5.94 | % |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 5.94 | % |   |   |   |   |
| Average receive rate           |   |   |   |   |   |   |   |   |   |   | 0.63 | % |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 0.63 | % |   |   |   |   |
|                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cross Currency Swaps           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Receive U.S. Dollars           |   |   | 6,126 |   |   |   | 1,154 |   |   |   | 656 |   |   |   | 564 |   |   |   | 497 |   |   |   | - |   |   |   | - |   |   |   | 8,997 |   |   |   | (294 | ) |
| U.S. Dollars fixed rate        |   |   | 5.62 | % |   |   | 7.04 | % |   |   | 7.04 | % |   |   | 7.04 | % |   |   | 7.04 | % |   |   | - |   |   |   | - |   |   |   | 5.98 | % |   |   |   |   |
| U.S. Dollars floating rate     |   |   | 2.15 | % |   |   | 2.27 | % |   |   | 2.88 | % |   |   | 3.82 | % |   |   |   |   |   |   | - |   |   |   | - |   |   |   | 2.36 | % |   |   |   |   |
| Pay US Dollars                 |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 147,242 |   |   |   | 41,020 |   |   |   | - |   |   |   | - |   |   |   | 188,262 |   |   |   | (32,131 | ) |
| U.S. Dollars fixed rate        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5.35 | % |   |   | - |   |   |   | - |   |   |   | 5.35 | % |   |   |   |   |
| U.S. Dollars floating rate     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2.57 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2.57 | % |   |   |   |   |
| Receive Mexican Peso           |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 147,242 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 147,242 |   |   |   |   |   |
| Mexican Peso floating rate     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5.94 | % |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 5.94 | % |   |   |   |   |
| Pay Mexican Peso               |   |   | 4,694 |   |   |   | 438 |   |   |   | 494 |   |   |   | 564 |   |   |   | 497 |   |   |   |   |   |   |   |   |   |   |   | 6,687 |   |   |   |   |   |
| Mexican Peso fixed rate        |   |   | 11.15 | % |   |   | 12.50 | % |   |   | 12.50 | % |   |   | 12.50 | % |   |   | 12.50 | % |   |   |   |   |   |   |   |   |   |   | 11.55 | % |   |   |   |   |
| Receive Peruvian Soles         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 41,020 |   |   |   | - |   |   |   | - |   |   |   | 41,020 |   |   |   |   |   |
| Peruvian Soles fixed rate      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6.50 | % |   |   |   |   |   |   |   |   |   |   | 6.50 | % |   |   |   |   |
| Pay Euro                       |   |   | 1,432 |   |   |   | 716 |   |   |   | 162 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,310 |   |   |   |   |   |
| Euro floating rate             |   |   | 2.30 | % |   |   | 2.27 | % |   |   | 2.25 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2.29 | % |   |   |   |   |

----

| Expected maturity date                 |   |
|----------------------------------------|--------|
|                                   |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |   | There-after |   |   | Withoutmaturity |   |   | Total2009 |   |   | Fair value2009 |   |
| ($ Equivalent in thousand)             |   |
| Forward Currency Exchange Agreements   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Receive U.S. Dollars/Pay Mexican Pesos |   |   | 4,820 |   |   |   | 1,237 |   |   |   | 436 |   |   |   | 350 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6,843 |   |   |   | 829 |   |
| Average exchange rate                  |   |   | 11.83 |   |   |   | 11.96 |   |   |   | 12.51 |   |   |   | 13.13 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 11.96 |   |   |   |   |   |
| Pay U.S. Dollars/Receive Mexican Pesos |   |   | 11 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 11 |   |   |   | (1 | ) |
| Average exchange rate                  |   |   | 11.75 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 11.75 |   |   |   |   |   |
| TRADING                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trading Assets                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Debt securities:                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed rate                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollars                           |   |   | - |   |   |   | 10,000 |   |   |   | - |   |   |   | 36,800 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 46,800 |   |   |   | 50,275 |   |
| Average fixed rate                     |   |   | - |   |   |   | 10.25 | % |   |   | - |   |   |   | 5.73 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6.69 | % |   |   |   |   |
| Credit derivative:                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollars                           |   |   | 3,000 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,000 |   |   |   | 2 |   |
| Average fixed rate                     |   |   | 0.50 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 0.50 | % |   |   |   |   |
|                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trading Liabilities                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps:                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| U.S. Dollars fixed to floating         |   |   | - |   |   |   | 10,000 |   |   |   | - |   |   |   | 36,800 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 46,800 |   |   |   | (2,514 | ) |
| Average pay rate                       |   |   | - |   |   |   | 10.25 | % |   |   | - |   |   |   | 5.73 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6.69 | % |   |   |   |   |
| Average receive rate                   |   |   |   |   |   |   | 7.52 | % |   |   | - |   |   |   | 2.11 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3.27 | % |   |   |   |   |
| Cross currency swap:                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Receive US Dollars                     |   |   | 7,317 |   |   |   | 7,296 |   |   |   | 883 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 15,496 |   |   |   | (638 | ) |
| U.S. Dollars floating rate             |   |   | 4.77 | % |   |   | 4.77 | % |   |   | 4.77 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 4.77 | % |   |   |   |   |
| Pay Mexican Peso                       |   |   | 7,317 |   |   |   | 7,296 |   |   |   | 883 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 15,496 |   |   |   |   |   |
| Mexican Peso fixed rate                |   |   | 11.00 | % |   |   | 11.00 | % |   |   | 11.00 | % |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 11.00 | % |   |   |   |   |

----

|                          |   | CarryingAmount |    |   | FairValue |   |
|-------------------------------|--------|----------------|---------|--------|-----------|--------|
| ($ Equivalent in thousand)    |   |
|                          |   |           |    |   |      |   |
| NON-TRADING ASSETS            |   |           |    |   |      |   |
| Investment Securities         |   |           |    |   |      |   |
| Investment available for sale |   |           | 353,250 |   |      |   | 353,250 |   |
| Investment held-to-maturity   |   |           | 33,181  |   |      |   | 33,206 |   |
| LIABILITIES                   |   |           |    |   |      |   |   |   |
| Interest rate swaps           |   |           | (25,737 | )      |      |   | (25,737 | ) |
|                          |   |           |    |   |      |   |   |   |
| TRADING ASSETS                |   |           |    |   |      |   |   |   |
| Trading Assets                |   |           | 50,412  |   |      |   | 50,412 |   |
| TRADING LIABILITIES           |   |           |    |   |      |   |   |   |
| Interest rate swaps           |   |           | (3,031  | )      |      |   | (3,031 | ) |

|                          |   | CarryingAmount |    |   | FairValue |   |
|-------------------------------|--------|----------------|---------|--------|-----------|--------|
| ($ Equivalent in thousand)    |   |
|                          |   |           |    |   |      |   |
| NON-TRADING ASSETS            |   |           |    |   |      |   |
| Investment Securities         |   |           |    |   |      |   |
| Investment available for sale |   |           | 456,984 |   |      |   | 456,984 |   |
| LIABILITIES                   |   |           |    |   |      |   |   |   |
| Interest rate swaps           |   |           | (30,756 | )      |      |   | (30,756 | ) |
|                          |   |           |    |   |      |   |   |   |
| TRADING ASSETS                |   |           |    |   |      |   |   |   |
| Trading Assets                |   |           | 50,275  |   |      |   | 50,275 |   |
| TRADING LIABILITIES           |   |           |    |   |      |   |   |   |
| Interest rate swaps           |   |           | (2,514  | )      |      |   | (2,514 | ) |

| Item 12. | Description of Securities Other than Equity Securities |
|----------|--------------------------------------------------------|

----

| Item 13. | Defaults, Dividend Arrearages and Delinquencies |
|----------|-------------------------------------------------|

| Item 14. | Material Modifications to the Rights of Security Holders and Use of Proceeds |
|----------|------------------------------------------------------------------------------|

| Item 15. | Controls and Procedures |
|----------|-------------------------|

----

----

|   | · | There has been no change in the Bank’s internal control over financial reporting  during the fiscal year ended December 31, 2010 that has materially affected, or is reasonably likely to materially affect, the Bank’s internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 16. | [Reserved] |
|----------|------------|

| Item 16A. | Audit and Compliance Committee Financial Expert |
|-----------|-------------------------------------------------|

| Item 16B. | Code of Ethics |
|-----------|----------------|

| Item 16C. | Principal Accountant Fees and Services |
|-----------|----------------------------------------|

----

|               |   | 2010 |    |   | 2009   |   |
|--------------------|--------|------|---------|--------|--------|--------|
| Audit fees         |   | $    | 595,000 |   |   | $      | 565,000 |   |
| Audit-related fees |   | $    | 277,000 |   |   | $      | 93,500 |   |
| Tax fees           |   | $    | 0       |   |   | $      | 0 |   |
| All other fees     |   | $    | 0       |   |   | $      | 0 |   |
| Total              |   | $    | 872,000 |   |   | $      | 658,500 |   |

|   | · | Audit fees include aggregate fees billed for professional services rendered by Deloitte, Inc. for the audit of the Bank’s annual financial statements and services that are normally provided in connection with statutory and regulatory filings or engagements. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Audit–related fees include, aggregate fees billed for professional services rendered by Deloitte, Inc. related to the revision of the renewal of the Bank’s EMTN Program in 2010.  In 2009, aggregate fees billed for professional services rendered by Deloitte, Inc. related to the application of FASB ASC Topic 860. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 16D. | Exemptions from the Listing Standards for Audit Committees |
|-----------|------------------------------------------------------------|

| Item 16E. | Purchases of Equity Securities by the Issuer and Affiliated Purchasers |
|-----------|------------------------------------------------------------------------|

| Item 16F. | Change in Registrant’s Certifying Accountant |
|-----------|----------------------------------------------------|

| Item 16G. | Corporate Governance |
|-----------|----------------------|

----

| Item 17. | Financial Statements |
|----------|----------------------|

| Item 18. | Financial Statements |
|----------|----------------------|

| List of Consolidated Financial Statements                                                                                                                                           |   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                                                                                                                                                                                |   |   |
| Report of Independent Registered Public Accounting Firm                                                                                                                             |   | F-3    |
| Consolidated Balance Sheets as of December 31, 2010 and 2009                                                                                                                        |   | F-4    |
| Consolidated Statements of Income for the Years  Ended December 31, 2010, 2009 and 2008                                                                                   |   | F-5    |
| Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interest in the Investment Fund for the Years Ended December 31, 2010, 2009 and 2008 |   | F-6    |
| Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2010, 2009 and 2008                                                                         |   | F-7    |
| Consolidated Statements of Cash Flows for the Years Ended December 31, 2010, 2009 and 2008                                                                                          |   | F-8    |
| Notes to Consolidated Financial Statements                                                                                                                                          |   | F-9    |

----

----

| Contents                                                                                                                       |   | Pages            |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|------------------|--------|
|                                                                                                                           |   |             |   |
| Report of Independent Registered Public Accounting Firm – Consolidated Financial Statements                              |   | F-3              |   |
|                                                                                                                           |   |             |   |
| Consolidated balance sheets                                                                                                    |   | F-4              |   |
|                                                                                                                           |   |             |   |
| Consolidated statements of income                                                                                              |   | F-5              |   |
|                                                                                                                           |   |             |   |
| Consolidated statements of changes in stockholders’ equity and redeemable noncontrolling interest in the investment fund |   | F-6              |   |
|                                                                                                                           |   |             |   |
| Consolidated statements of comprehensive income (loss)                                                                         |   | F-7              |   |
|                                                                                                                           |   |             |   |
| Consolidated statements of cash flows                                                                                          |   | F-8              |   |
|                                                                                                                           |   |             |   |
| Notes to consolidated financial statements                                                                                     |   | F-9 – F-58 |   |

----

|   | Deloitte, Inc.Contadores Públicos AutorizadosApartado 0816-01558Panamá Rep. de Panamá Teléfono: (507) 303-4100Facsimile: (507) 269-2386www.deloitte.com.pa |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Audit · Tax · Consulting · Corporate Finance · | A member firm ofDeloitte Touche Tohmatsu |
|-----------------------------------------------------------------------------------|------------------------------------------|

----

| Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries |
|--------------------------------------------------------------------|
|                                                               |
| Consolidated balance sheets                                        |
| December 31, 2010 and 2009                                         |
| (in US$ thousand, except share amounts)                            |

|                                                                        |   | Notes          |   |   | 2010   |      |   | 2009   |   |
|-----------------------------------------------------------------------------|--------|----------------|--------|--------|--------|-----------|--------|--------|--------|
| Assets                                                                      |   |           |   |   |   |      |   |   |   |
| Cash and due from banks                                                     |   | 3,22           |   |   |   | 5,570     |   |   |   | 2,961 |   |
| Interest-bearing deposits in banks (including pledged deposits              |   |           |   |   |   |      |   |   |   |   |   |
| of $16,075 in 2010 and $22,582 in 2009)                                     |   | 3,22           |   |   |   | 431,144   |   |   |   | 421,595 |   |
| Trading assets (including pledged securities to creditors of                |   |           |   |   |   |      |   |   |   |   |   |
| $34,208 in 2010)                                                            |   | 4,22           |   |   |   | 50,412    |   |   |   | 50,277 |   |
| Securities available-for-sale (including pledged securities to creditors of |   |           |   |   |   |      |   |   |   |   |   |
| $235,581 in 2010 and $78,512 in 2009)                                       |   | 5,22           |   |   |   | 353,250   |   |   |   | 456,984 |   |
| Securities held-to-maturity (market value of $33,206 in 2010)               |   |           |   |   |   |      |   |   |   |   |   |
| (including pledged securities to creditors of $13,018)                      |   | 5,22           |   |   |   | 33,181    |   |   |   | - |   |
| Investment fund                                                             |   | 6,22           |   |   |   | 167,291   |   |   |   | 197,575 |   |
| Loans                                                                       |   | 7,22           |   |   |   | 4,064,332 |   |   |   | 2,779,262 |   |
| Less:                                                                       |   |           |   |   |   |      |   |   |   |   |   |
| Allowance for loan losses                                                   |   | 8,22           |   |   |   | 78,615    |   |   |   | 73,789 |   |
| Unearned income and deferred fees                                           |   |           |   |   |   | 4,389     |   |   |   | 3,989 |   |
| Loans, net                                                                  |   |           |   |   |   | 3,981,328 |   |   |   | 2,701,484 |   |
|                                                                        |   |           |   |   |   |      |   |   |   |   |   |
| Customers' liabilities under acceptances                                    |   | 22             |   |   |   | 27,213    |   |   |   | 1,551 |   |
| Accrued interest receivable                                                 |   | 22             |   |   |   | 31,110    |   |   |   | 25,561 |   |
| Premises and equipment (net of accumulated depreciation and                 |   |           |   |   |   |      |   |   |   |   |   |
| amortization of $16,640 in 2010 and $14,290 in 2009)                        |   | 9              |   |   |   | 6,532     |   |   |   | 7,749 |   |
| Derivative financial instruments used for hedging - receivable              |   | 20,22          |   |   |   | 2,103     |   |   |   | 828 |   |
| Other assets                                                                |   | 10             |   |   |   | 10,953    |   |   |   | 12,206 |   |
| Total assets                                                                |   |           |   |   |   | 5,100,087 |   |   |   | 3,878,771 |   |
|                                                                        |   |           |   |   |   |      |   |   |   |   |   |
| Liabilities and stockholders' equity                                        |   |           |   |   |   |      |   |   |   |   |   |
| Deposits:                                                                   |   | 11,22          |   |   |   |      |   |   |   |   |   |
| Noninterest-bearing - Demand                                                |   |           |   |   |   | 705       |   |   |   | 788 |   |
| Interest-bearing - Demand                                                   |   |           |   |   |   | 99,647    |   |   |   | 50,587 |   |
| Time                                                                        |   |           |   |   |   | 1,720,573 |   |   |   | 1,204,871 |   |
| Total deposits                                                              |   |           |   |   |   | 1,820,925 |   |   |   | 1,256,246 |   |
|                                                                        |   |           |   |   |   |      |   |   |   |   |   |
| Trading liabilities                                                         |   | 4,22           |   |   |   | 3,938     |   |   |   | 3,152 |   |
| Securities sold under repurchase agreement                                  |   | 3,4,5,12,22    |   |   |   | 264,927   |   |   |   | 71,332 |   |
| Short-term borrowings                                                       |   | 13,22          |   |   |   | 1,095,400 |   |   |   | 327,800 |   |
| Acceptances outstanding                                                     |   | 22             |   |   |   | 27,213    |   |   |   | 1,551 |   |
| Accrued interest payable                                                    |   | 22             |   |   |   | 10,084    |   |   |   | 11,291 |   |
| Borrowings and long-term debt                                               |   | 14,22          |   |   |   | 1,075,140 |   |   |   | 1,390,387 |   |
| Derivative financial instruments used for hedging - payable                 |   | 20,22          |   |   |   | 53,029    |   |   |   | 65,137 |   |
| Reserve for losses on off-balance sheet credit risk                         |   | 8              |   |   |   | 13,335    |   |   |   | 27,261 |   |
| Other liabilities                                                           |   |           |   |   |   | 20,096    |   |   |   | 14,077 |   |
| Total liabilities                                                           |   |           |   |   |   | 4,384,087 |   |   |   | 3,168,234 |   |
|                                                                        |   |           |   |   |   |      |   |   |   |   |   |
| Commitments and contingencies                                               |   | 18,19,20,23    |   |   |   |      |   |   |   |   |   |
|                                                                        |   |           |   |   |   |      |   |   |   |   |   |
| Redeemable noncontrolling interest in the investment fund                   |   |           |   |   |   | 18,950    |   |   |   | 34,900 |   |
|                                                                        |   |           |   |   |   |      |   |   |   |   |   |
| Stockholders' equity:                                                       |   | 15,16,17,21,24 |   |   |   |      |   |   |   |   |   |
| "Class A" common stock, no par value, assigned value of $6.67               |   |           |   |   |   |      |   |   |   |   |   |
| (Authorized 40,000,000; outstanding 6,342,189)                              |   |           |   |   |   | 44,407    |   |   |   | 44,407 |   |
| "Class B" common stock, no par value, assigned value of $6.67               |   |           |   |   |   |      |   |   |   |   |   |
| (Authorized 40,000,000; outstanding 2,542,021 in 2010                       |   |           |   |   |   |      |   |   |   |   |   |
| and 2,584,882 in 2009)                                                      |   |           |   |   |   | 20,736    |   |   |   | 21,099 |   |
| "Class E" common stock, no par value, assigned value of $6.67               |   |           |   |   |   |      |   |   |   |   |   |
| (Authorized 100,000,000; outstanding 27,826,330 in 2010                     |   |           |   |   |   |      |   |   |   |   |   |
| and 27,618,545 in 2009)                                                     |   |           |   |   |   | 214,837   |   |   |   | 214,474 |   |
| Additional paid-in capital in excess of assigned value of common stock      |   |           |   |   |   | 133,815   |   |   |   | 134,820 |   |
| Capital reserves                                                            |   |           |   |   |   | 95,210    |   |   |   | 95,210 |   |
| Retained earnings                                                           |   |           |   |   |   | 320,153   |   |   |   | 301,389 |   |
| Accumulated other comprehensive loss                                        |   | 5,20,21        |   |   |   | (6,441    | )      |   |   | (6,160 | ) |
| Treasury stock                                                              |   | 15             |   |   |   | (125,667  | )      |   |   | (129,602 | ) |
| Total stockholders' equity                                                  |   |           |   |   |   | 697,050   |   |   |   | 675,637 |   |
|                                                                        |   |           |   |   |   |      |   |   |   |   |   |
| Total liabilities and stockholders' equity                                  |   |           |   |   |   | 5,100,087 |   |   |   | 3,878,771 |   |

----

| Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries |
|--------------------------------------------------------------------|
|                                                               |
| Consolidated statements of income                                  |
| Years ended December 31, 2010, 2009 and 2008                       |
| (in US$ thousand, except per share amounts)                        |

|                                                                     |   | Notes  |   |   | 2010   |    |   | 2009   |   |    | 2008   |   |
|--------------------------------------------------------------------------|--------|--------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Interest income:                                                         |   | 20     |   |   |   |    |   |   |   |    |   |   |
| Deposits with banks                                                      |   |   |   |   |   | 839     |   |   |   | 1,260   |   |   |   | 7,574 |   |
| Trading assets                                                           |   |   |   |   |   | 3,133   |   |   |   | 7,158   |   |   |   | 648 |   |
| Investment securities:                                                   |   |   |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Available-for-sale                                                       |   |   |   |   |   | 8,188   |   |   |   | 17,267  |   |   |   | 31,745 |   |
| Held-to-maturity                                                         |   |   |   |   |   | 285     |   |   |   | 190     |   |   |   | 746 |   |
| Investment fund                                                          |   |   |   |   |   | 2,198   |   |   |   | 1,763   |   |   |   | 3,485 |   |
| Loans                                                                    |   |   |   |   |   | 104,835 |   |   |   | 114,326 |   |   |   | 200,045 |   |
| Total interest income                                                    |   |   |   |   |   | 119,478 |   |   |   | 141,964 |   |   |   | 244,243 |   |
| Interest expense:                                                        |   | 20     |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Deposits                                                                 |   |   |   |   |   | 8,531   |   |   |   | 11,493  |   |   |   | 44,364 |   |
| Investment fund                                                          |   |   |   |   |   | 963     |   |   |   | 2,325   |   |   |   | 2,296 |   |
| Short-term borrowings                                                    |   |   |   |   |   | 8,058   |   |   |   | 23,729  |   |   |   | 63,239 |   |
| Borrowings and long-term debt                                            |   |   |   |   |   | 27,423  |   |   |   | 39,665  |   |   |   | 56,497 |   |
| Total interest expense                                                   |   |   |   |   |   | 44,975  |   |   |   | 77,212  |   |   |   | 166,396 |   |
| Net interest income                                                      |   |   |   |   |   | 74,503  |   |   |   | 64,752  |   |   |   | 77,847 |   |
|                                                                     |   |   |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Reversal (provision) for loan losses                                     |   | 8      |   |   |   | (9,091  | )      |   |   | (18,293 | )      |   |   | 18,540 |   |
|                                                                     |   |   |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Net interest income, after reversal (provision)                          |   |   |   |   |   |    |   |   |   |    |   |   |   |   |   |
| for loan losses                                                          |   |   |   |   |   | 65,412  |   |   |   | 46,459  |   |   |   | 96,387 |   |
|                                                                     |   |   |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Other income (expense):                                                  |   |   |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Reversal (provision) for losses on off-balance sheet credit risk         |   | 8      |   |   |   | 13,926  |   |   |   | 3,463   |   |   |   | (16,997 | ) |
| Fees and commissions, net                                                |   |   |   |   |   | 10,326  |   |   |   | 6,733   |   |   |   | 7,252 |   |
| Derivative financial instruments and hedging                             |   | 20     |   |   |   | (1,446  | )      |   |   | (2,534  | )      |   |   | 9,956 |   |
| Recoveries, net of impairment of assets                                  |   |   |   |   |   | 233     |   |   |   | (120    | )      |   |   | (767 | ) |
| Net gain (loss) from investment fund trading                             |   |   |   |   |   | (7,995  | )      |   |   | 24,997  |   |   |   | 21,357 |   |
| Net gain (loss) from trading securities                                  |   |   |   |   |   | (3,603  | )      |   |   | 13,113  |   |   |   | (20,998 | ) |
| Net gain on sale of securities available-for-sale                        |   | 5      |   |   |   | 2,346   |   |   |   | 546     |   |   |   | 67 |   |
| Gain (loss) on foreign currency exchange                                 |   |   |   |   |   | 1,870   |   |   |   | 613     |   |   |   | (1,596 | ) |
| Other income (expense), net                                              |   |   |   |   |   | 833     |   |   |   | 912     |   |   |   | 656 |   |
| Net other income (expense)                                               |   |   |   |   |   | 16,490  |   |   |   | 47,723  |   |   |   | (1,070 | ) |
|                                                                     |   |   |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Operating expenses:                                                      |   |   |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Salaries and other employee expenses                                     |   |   |   |   |   | 23,499  |   |   |   | 20,201  |   |   |   | 20,227 |   |
| Depreciation, amortization and impairment of premises and equipment      |   |   |   |   |   | 2,510   |   |   |   | 2,671   |   |   |   | 3,720 |   |
| Professional services                                                    |   |   |   |   |   | 4,945   |   |   |   | 3,262   |   |   |   | 3,765 |   |
| Maintenance and repairs                                                  |   |   |   |   |   | 1,616   |   |   |   | 1,125   |   |   |   | 1,357 |   |
| Expenses from the investment fund                                        |   |   |   |   |   | 890     |   |   |   | 3,520   |   |   |   | 2,065 |   |
| Other operating expenses                                                 |   |   |   |   |   | 8,621   |   |   |   | 7,423   |   |   |   | 8,856 |   |
| Total operating expenses                                                 |   |   |   |   |   | 42,081  |   |   |   | 38,202  |   |   |   | 39,990 |   |
|                                                                     |   |   |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Net income                                                               |   |   |   |   |   | 39,821  |   |   |   | 55,980  |   |   |   | 55,327 |   |
|                                                                     |   |   |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Net income (loss) attributable to the redeemable noncontrolling interest |   |   |   |   |   | (2,423  | )      |   |   | 1,118   |   |   |   | 208 |   |
|                                                                     |   |   |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Net income attributable to Bladex                                        |   |   |   |   |   | 42,244  |   |   |   | 54,862  |   |   |   | 55,119 |   |
|                                                                     |   |   |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Basic earnings per share                                                 |   | 17     |   |   |   | 1.15    |   |   |   | 1.50    |   |   |   | 1.51 |   |
|                                                                     |   |   |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Diluted earnings per share                                               |   | 17     |   |   |   | 1.15    |   |   |   | 1.50    |   |   |   | 1.51 |   |
|                                                                     |   |   |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Weighted average basic shares                                            |   | 17     |   |   |   | 36,647  |   |   |   | 36,493  |   |   |   | 36,388 |   |
|                                                                     |   |   |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Weighted average diluted shares                                          |   | 17     |   |   |   | 36,814  |   |   |   | 36,571  |   |   |   | 36,440 |   |

----

| Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries                                                       |
|--------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                     |
| Consolidated statements of changes in stockholders' equity and redeemable noncontrolling interest in the investment fund |
| Years ended December 31, 2010, 2009 and 2008                                                                             |
| (in US$ thousand)                                                                                                        |

|                                          |   | Stockholders' equity |    |   |            |   |
|----------------------------------------------------|--------|----------------------|---------|--------|-----------------|--------|
|                                               |   |                 |    |   | Additional      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   |                 |    |   | paid-in capital |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   |                 |    |   | in excess of    |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |   | Redeemable |   |
|                                               |   |                 |    |   | assigned value  |   |   |   |   |   |   |   |   | other |   |   |   |   |   | Total |   |   | noncontrolling |   |
|                                               |   | Common               |    |   | of common       |   |   | Capital |   |   | Retained |   |   | comprehensive |   |   | Treasury |   |   | stockholders' |   |   | interest in the |   |
|                                               |   | stock                |    |   | stock           |   |   | reserves |   |   | earnings |   |   | income (loss) |   |   | stock |   |   | equity |   |   | investment fund |   |
|                                               |   |                 |    |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances at January 1, 2008                        |   |                 | 279,980 |   |            |   | 135,142 |   |   |   | 95,210 |   |   |   | 245,348 |   |   |   | (9,641 | ) |   |   | (133,788 | ) |   |   | 612,251 |   |   |   | - |   |
| Net income                                         |   |                 | -       |   |            |   | - |   |   |   | - |   |   |   | 55,119 |   |   |   | - |   |   |   | - |   |   |   | 55,119 |   |   |   | 208 |   |
| Redeemable noncontrolling interest - subscriptions |   |                 | -       |   |            |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6,000 |   |
| Redeemable noncontrolling interest - redemptions   |   |                 | -       |   |            |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,519 | ) |
| Other comprehensive loss                           |   |                 | -       |   |            |   | - |   |   |   | - |   |   |   | - |   |   |   | (62,474 | ) |   |   | - |   |   |   | (62,474 | ) |   |   | - |   |
| Compensation cost - stock options and              |   |                 |    |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| stock units plans                                  |   |                 | -       |   |            |   | 1,033 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,033 |   |   |   | - |   |
| Issuance of restricted stock                       |   |                 | -       |   |            |   | (484 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 745 |   |   |   | 261 |   |   |   | - |   |
| Exercised options                                  |   |                 | -       |   |            |   | (114 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 280 |   |   |   | 166 |   |   |   | - |   |
| Dividends declared                                 |   |                 | -       |   |            |   | - |   |   |   | - |   |   |   | (32,032 | ) |   |   | - |   |   |   | - |   |   |   | (32,032 | ) |   |   | - |   |
| Balances at December 31, 2008                      |   |                 | 279,980 |   |            |   | 135,577 |   |   |   | 95,210 |   |   |   | 268,435 |   |   |   | (72,115 | ) |   |   | (132,763 | ) |   |   | 574,324 |   |   |   | 4,689 |   |
| Net income                                         |   |                 | -       |   |            |   | - |   |   |   | - |   |   |   | 54,862 |   |   |   | - |   |   |   | - |   |   |   | 54,862 |   |   |   | 1,118 |   |
| Redeemable noncontrolling interest - subscriptions |   |                 | -       |   |            |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 32,090 |   |
| Redeemable noncontrolling interest - redemptions   |   |                 | -       |   |            |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (2,997 | ) |
| Other comprehensive income                         |   |                 | -       |   |            |   | - |   |   |   | - |   |   |   | - |   |   |   | 65,955 |   |   |   | - |   |   |   | 65,955 |   |   |   | - |   |
| Compensation cost - stock options and              |   |                 |    |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| stock units plans                                  |   |                 | -       |   |            |   | 1,596 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,596 |   |   |   | - |   |
| Issuance of restricted stock                       |   |                 | -       |   |            |   | (905 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 905 |   |   |   | - |   |   |   | - |   |
| Exercised options and stock units vested           |   |                 | -       |   |            |   | (1,448 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,256 |   |   |   | 808 |   |   |   | - |   |
| Dividends declared                                 |   |                 | -       |   |            |   | - |   |   |   | - |   |   |   | (21,908 | ) |   |   | - |   |   |   | - |   |   |   | (21,908 | ) |   |   | - |   |
| Balances at December 31, 2009                      |   |                 | 279,980 |   |            |   | 134,820 |   |   |   | 95,210 |   |   |   | 301,389 |   |   |   | (6,160 | ) |   |   | (129,602 | ) |   |   | 675,637 |   |   |   | 34,900 |   |
| Net income (loss)                                  |   |                 | -       |   |            |   | - |   |   |   | - |   |   |   | 42,244 |   |   |   | - |   |   |   | - |   |   |   | 42,244 |   |   |   | (2,423 | ) |
| Redeemable noncontrolling interest - subscriptions |   |                 | -       |   |            |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 9,900 |   |
| Redeemable noncontrolling interest - redemptions   |   |                 | -       |   |            |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (23,427 | ) |
| Other comprehensive loss                           |   |                 | -       |   |            |   | - |   |   |   | - |   |   |   | - |   |   |   | (281 | ) |   |   | - |   |   |   | (281 | ) |   |   | - |   |
| Compensation cost - stock options and              |   |                 |    |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| stock units plans                                  |   |                 | -       |   |            |   | 2,099 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,099 |   |   |   | - |   |
| Issuance of restricted stock                       |   |                 | -       |   |            |   | (909 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 909 |   |   |   | - |   |   |   | - |   |
| Exercised options and stock units vested           |   |                 | -       |   |            |   | (2,195 | ) |   |   |   |   |   |   | - |   |   |   | - |   |   |   | 3,029 |   |   |   | 834 |   |   |   | - |   |
| Repurchase of common stock "Class E"               |   |                 | -       |   |            |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (3 | ) |   |   | (3 | ) |   |   | - |   |
| Dividends declared                                 |   |                 | -       |   |            |   | - |   |   |   | - |   |   |   | (23,480 | ) |   |   | - |   |   |   | - |   |   |   | (23,480 | ) |   |   | - |   |
| Balances at December 31, 2010                      |   |                 | 279,980 |   |            |   | 133,815 |   |   |   | 95,210 |   |   |   | 320,153 |   |   |   | (6,441 | ) |   |   | (125,667 | ) |   |   | 697,050 |   |   |   | 18,950 |   |

----

| Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries |
|--------------------------------------------------------------------|
|                                                               |
| Consolidated statements of comprehensive income (loss)             |
| Years ended December 31, 2010, 2009 and 2008                       |
| (in US$ thousand)                                                  |

|                                                                               |   | Notes  |   |   | 2010   |   |   | 2009   |   |   | 2008    |   |
|------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|---------|--------|
|                                                                               |   |   |   |   |   |   |   |   |   |   |    |   |
| Net income                                                                         |   |   |   |   |   | 39,821 |   |   |   | 55,980 |    |   |   | 55,327 |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |
| Other comprehensive income (loss)                                                  |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |
| Unrealized gains (losses) on securities available-for-sale:                        |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |
| Unrealized gains (losses) arising from the year                                    |   |   | 21     |   |   |   | 2,325  |   |   |   | 63,556  |   |   |   | (58,453 | ) |
| Less: reclassification adjustments for net gains                                   |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |   |
| included in net income                                                             |   |   | 21     |   |   |   | (2,825 | )      |   |   | (649    | )      |   |   | (67 | ) |
| Net change in unrealized gains (losses) on securities                              |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |   |
| available-for-sale                                                                 |   |   |   |   |   |   | (500   | )      |   |   | 62,907  |   |   |   | (58,520 | ) |
|                                                                               |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |   |
| Unrealized gains (losses) on derivative financial instruments:                     |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |   |
| Unrealized gains (losses) arising from the year                                    |   |   | 21     |   |   |   | 1,391  |   |   |   | 1,971   |   |   |   | (2,433 | ) |
| Less: reclassification adjustments for net (gains) losses                          |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |   |
| included in net income                                                             |   |   | 21     |   |   |   | (1,172 | )      |   |   | 1,077   |   |   |   | (1,521 | ) |
| Net change in unrealized gains (losses) on derivative financial                    |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |   |
| instruments                                                                        |   |   |   |   |   |   | 219    |   |   |   | 3,048   |   |   |   | (3,954 | ) |
|                                                                               |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |   |
| Other comprehensive income (loss)                                                  |   |   |   |   |   |   | (281   | )      |   |   | 65,955  |   |   |   | (62,474 | ) |
|                                                                               |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |   |
| Comprehensive income (loss)                                                        |   |   |   |   |   |   | 39,540 |   |   |   | 121,935 |   |   |   | (7,147 | ) |
|                                                                               |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |   |
| Comprehensive income (loss) attributable to the redeemable noncontrolling interest |   |   |   |   |   |   | (2,423 | )      |   |   | 1,118   |   |   |   | 208 |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |   |
| Comprehensive income (loss) attributable to Bladex                                 |   |   |   |   |   |   | 41,963 |   |   |   | 120,817 |   |   |   | (7,355 | ) |

----

| Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries |
|--------------------------------------------------------------------|
|                                                               |
| Consolidated statements of cash flows                              |
| Years ended December 31, 2010, 2009 and 2008                       |
| (in US$ thousand)                                                  |

|                                                                          |   | 2010   |       |   | 2009   |   |     | 2008   |   |
|-------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|----------|--------|--------|
| Cash flows from operating activities:                                         |   |   |       |   |   |   |     |   |   |
| Net income                                                                    |   |   | 39,821     |   |   |   | 55,980   |   |   |   | 55,327 |   |
| Adjustments to reconcile net income to net cash provided by                   |   |   |       |   |   |   |     |   |   |   |   |   |
| operating activities:                                                         |   |   |       |   |   |   |     |   |   |   |   |   |
| Activities of derivative financial instruments and hedging                    |   |   | (6,498     | )      |   |   | 1,391    |   |   |   | 30,198 |   |
| Depreciation, amortization and impairment of premises and equipment           |   |   | 2,510      |   |   |   | 2,671    |   |   |   | 3,720 |   |
| Provision (reversal of provision) for loan losses                             |   |   | 9,091      |   |   |   | 18,293   |   |   |   | (18,540 | ) |
| Provision (reversal of provision) for losses on off-balance sheet credit risk |   |   | (13,926    | )      |   |   | (3,463   | )      |   |   | 16,997 |   |
| Impairment loss on assets                                                     |   |   | -          |   |   |   | 120      |   |   |   | 767 |   |
| Net gain on sale of securities available-for-sale                             |   |   | (2,346     | )      |   |   | (546     | )      |   |   | (67 | ) |
| Compensation cost - compensation plans                                        |   |   | 2,099      |   |   |   | 1,596    |   |   |   | 1,033 |   |
| Issuance of restricted stock                                                  |   |   | -          |   |   |   | -        |   |   |   | 261 |   |
| Exercised deferred compensation units                                         |   |   | -          |   |   |   | -        |   |   |   | 15 |   |
| Amortization of premium and discounts on investments                          |   |   | 7,597      |   |   |   | 9,382    |   |   |   | 12,115 |   |
| Net decrease (increase) in operating assets:                                  |   |   |       |   |   |   |     |   |   |   |   |   |
| Trading assets                                                                |   |   | (135       | )      |   |   | (5,338   | )      |   |   | (1,355 | ) |
| Investment fund                                                               |   |   | 30,284     |   |   |   | (46,880  | )      |   |   | (68,849 | ) |
| Accrued interest receivable                                                   |   |   | (5,549     | )      |   |   | 20,758   |   |   |   | 16,056 |   |
| Other assets                                                                  |   |   | (24,409    | )      |   |   | (5,126   | )      |   |   | 683 |   |
| Net increase (decrease) in operating liabilities:                             |   |   |       |   |   |   |     |   |   |   |   |   |
| Trading liabilities                                                           |   |   | 786        |   |   |   | (11,005  | )      |   |   | 14,144 |   |
| Accrued interest payable                                                      |   |   | (1,207     | )      |   |   | (21,665  | )      |   |   | (5,671 | ) |
| Other liabilities                                                             |   |   | 30,921     |   |   |   | 1,303    |   |   |   | (6,088 | ) |
| Net cash provided by operating activities                                     |   |   | 69,039     |   |   |   | 17,471   |   |   |   | 50,746 |   |
|                                                                          |   |   |       |   |   |   |     |   |   |   |   |   |
| Cash flows from investing activities:                                         |   |   |       |   |   |   |     |   |   |   |   |   |
| Net decrease (increase) in pledged deposits                                   |   |   | 6,507      |   |   |   | 52,422   |   |   |   | (69,504 | ) |
| Net decrease (increase) in loans                                              |   |   | (1,308,935 | )      |   |   | (160,471 | )      |   |   | 1,089,851 |   |
| Proceeds from the sale of loans                                               |   |   | 20,000     |   |   |   | -        |   |   |   | 25,617 |   |
| Acquisition of premises and equipment                                         |   |   | (1,293     | )      |   |   | (2,450   | )      |   |   | (1,514 | ) |
| Proceeds from the redemption of securities available-for-sale                 |   |   | 33,074     |   |   |   | 50,509   |   |   |   | 58,074 |   |
| Proceeds from the sale of securities available-for-sale                       |   |   | 151,267    |   |   |   | 146,471  |   |   |   | 229,877 |   |
| Proceeds from the maturity of securities held-to-maturity                     |   |   | -          |   |   |   | 28,275   |   |   |   | - |   |
| Purchases of investments available for sale                                   |   |   | (93,009    | )      |   |   | (9,994   | )      |   |   | (507,795 | ) |
| Purchases of investments held to maturity                                     |   |   | (33,196    | )      |   |   | -        |   |   |   | (29,085 | ) |
| Net cash provided by (used in) investing activities                           |   |   | (1,225,585 | )      |   |   | 104,762  |   |   |   | 795,521 |   |
|                                                                          |   |   |       |   |   |   |     |   |   |   |   |   |
| Cash flows from financing activities:                                         |   |   |       |   |   |   |     |   |   |   |   |   |
| Net increase (decrease) in due to depositors                                  |   |   | 564,679    |   |   |   | 87,198   |   |   |   | (293,323 | ) |
| Net increase (decrease) in short-term borrowings                              |   |   |       |   |   |   |     |   |   |   |   |   |
| and securities sold under repurchase agreements                               |   |   | 961,195    |   |   |   | (813,789 | )      |   |   | (291,789 | ) |
| Proceeds from borrowings and long-term debt                                   |   |   | 212,960    |   |   |   | 335,598  |   |   |   | 631,099 |   |
| Repayments of borrowings and long-term debt                                   |   |   | (528,207   | )      |   |   | (150,163 | )      |   |   | (436,463 | ) |
| Dividends paid                                                                |   |   | (22,720    | )      |   |   | (34,593  | )      |   |   | (30,862 | ) |
| Subscriptions of redeemable noncontrolling interest in the investment fund    |   |   | 9,900      |   |   |   | 32,090   |   |   |   | 6,000 |   |
| Redemptions of redeemable noncontrolling interest in the investment fund      |   |   | (23,427    | )      |   |   | (2,997   | )      |   |   | (1,519 | ) |
| Exercised stock options                                                       |   |   | 834        |   |   |   | 808      |   |   |   | 151 |   |
| Repurchase of common stock                                                    |   |   | (3         | )      |   |   | -        |   |   |   | - |   |
| Net cash provided by (used in) financing activities                           |   |   | 1,175,211  |   |   |   | (545,848 | )      |   |   | (416,706 | ) |
|                                                                          |   |   |       |   |   |   |     |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                          |   |   | 18,665     |   |   |   | (423,615 | )      |   |   | 429,561 |   |
| Cash and cash equivalents at beginning of the year                            |   |   | 401,974    |   |   |   | 825,589  |   |   |   | 396,028 |   |
| Cash and cash equivalents at end of the year                                  |   |   | 420,639    |   |   |   | 401,974  |   |   |   | 825,589 |   |
|                                                                          |   |   |       |   |   |   |     |   |   |   |   |   |
| Supplemental disclosures of cash flow information:                            |   |   |       |   |   |   |     |   |   |   |   |   |
| Cash paid during the year for interest                                        |   |   | 46,182     |   |   |   | 98,877   |   |   |   | 172,067 |   |

----

----

| 1. | Organization |
|----|--------------|

|   | Banco Latinoamericano de Comercio Exterior, S. A. (“Bladex Head Office” and together with its subsidiaries “Bladex” or the “Bank”), headquartered in Panama City, Republic of Panama, is a specialized supranational bank established to finance trade in Latin America and the Caribbean (the “Region”).  The Bank was established pursuant to a May 1975 proposal presented to the Assembly of Governors of Central Banks in the Region, which recommended the creation of a multinational organization to increase the foreign trade financing capacity of the Region.  The Bank was organized in 1977, incorporated in 1978 as a corporation pursuant to the laws of the Republic of Panama, and officially initiated operations on January 2, 1979.  Under a contract signed in 1978 between the Republic of Panama and Bladex, the Bank was granted certain privileges by the Republic of Panama, including an exemption from payment of income taxes in Panama. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | On April 15, 2009, the Bank’s shareholders approved at its Annual Shareholders’ Meeting some amendments to the Bank’s Articles of Incorporation.  The amendments, that were effective on June 17, 2009, include, among others: |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | A change in the legal name of the Bank from Banco Latinoamericano de Exportaciones, S. A. to Banco Latinoamericano de Comercio Exterior, S. A. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | An extension of the scope of the Bank’s activities to encompass all types of banking, investment, and financial or other businesses that support foreign trade and the development of Latin American countries. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Authorization of: (1) an increase in the total share capital of the Bank to two hundred ninety million (290,000,000) shares, including  up to ten million of new preferred stock, with a par value US$10 each, to be issued in one or more series from time to time at the discretion of the Bank’s Board of Directors; and (2) the establishment of a new class of common shares (Class F) that will only be issued to (a) state entities and agencies of non-Latin American countries, including, among others, central banks and majority state-owned banks in those countries, and (b) multilateral financial institutions either international or regional institutions.  When the number of issued and outstanding Class F common shares is equal to or greater than 15% of the total number of issued and outstanding common shares, the Class F shareholders shall have the right to elect one director of the Bank. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | - | Bladex Holdings Inc., is a wholly owned subsidiary, incorporated under the laws of the State of Delaware, United States of America (USA), on May 30, 2000.  Bladex Holdings Inc. exercises control over the following subsidiary companies: |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Bladex Asset Management Inc., incorporated on May 24, 2006, under the laws of the State of Delaware, USA, serves as investment manager for Bladex Offshore Feeder Fund (the “Feeder”) and Bladex Capital Growth Fund (the “Fund”).  On September 8, 2009, Bladex Asset Management Inc. was registered as a foreign entity in the Republic of Panama, to establish a branch in Panama, which is mainly engaged in providing administrative and operating services to Bladex Asset Management Inc. in USA. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Clavex, LLC incorporated on June 15, 2006, under the laws of the State of Delaware, USA, a dormant company since February 2007. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------|

|   | - | The Feeder is an entity in which Bladex Head office owns 88.67% as of December 31, 2010, and 82.34% as of December 31, 2009.  The Feeder was incorporated on February 21, 2006 under the laws of the Cayman Islands, and invests substantially all its assets in the Fund, which is also incorporated under the laws of the Cayman Islands.  The Feeder and the Fund are registered with the Cayman Island Monetary Authority (“CIMA”), under the Mutual Funds Law of the Cayman Islands. The objective of the Fund is to achieve capital appreciation by investing in Latin American debt securities, stock indexes, currencies, and trading derivative instruments. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Bladex Representacao Ltda., incorporated under the laws of Brazil on January 7, 2000, acts as the Bank’s representative office in Brazil.  Bladex Representacao Ltda. is 99.999% owned by Bladex Head Office and the remaining 0.001% owned by Bladex Holdings Inc. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Clavex, S. A., is a wholly owned subsidiary, incorporated on May 18, 2006, under the laws of the Republic of Panama, to mainly provide specialized training. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 2. | Summary of significant accounting policies |
|----|--------------------------------------------|

|   | a) | Basis of presentation |
|--------|----|-----------------------|

|   | b) | Principles of consolidation |
|--------|----|-----------------------------|

|   | The consolidated financial statements include the accounts of Bladex Head Office and its subsidiaries.  Bladex Head Office consolidates its subsidiaries in which it holds a controlling financial interest.  All intercompany balances and transactions have been eliminated for consolidation purposes. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | When Bladex holds an interest in investment companies under the “Feeder-Master” structure where the Feeder’s shareholding is diluted and such entity is registered as a mutual fund with a regulatory body, it is considered an investment company.  In those cases, the Feeder, and thereby Bladex indirectly, consolidates its participation in the Fund in one line item in the balance sheet, as required by the specialized accounting in the ASC Topic 946 - Financial Services – Investment Companies. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | Equity method |
|--------|----|---------------|

|   | d) | Specialized accounting for investment companies |
|--------|----|-------------------------------------------------|

----

----

|   | e) | Use of estimates |
|--------|----|------------------|

|   | The preparation of the consolidated financial statements requires management to make estimates and use assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Material estimates that are particularly susceptible to significant changes relate to the determination of the allowances for credit losses, impairment of securities available-for-sale and held-to-maturity, and the fair value of financial instruments.  Actual results could differ from those estimates.  Management believes these estimates are adequate. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | f) | Cash equivalents |
|--------|----|------------------|

|   | g) | Repurchase agreements |
|--------|----|-----------------------|

----

----

|   | h) | Trading assets and liabilities |
|--------|----|--------------------------------|

|   | i) | Investment securities |
|--------|----|-----------------------|

|   | Securities classified as held-to-maturity represent securities that the Bank has the ability and the intent to hold until maturity.  These securities are carried at amortized cost and are subject to the same approval criteria as the rest of the credit portfolio. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Interest on securities is recognized based on the interest method. Amortization of premiums and discounts are included in interest income as an adjustment to the yield. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | Impairment |
|--------|------------|

|   | The Bank conducts periodic reviews of all securities with unrealized losses to evaluate whether the impairment is other-than-temporary.  Impairment of securities is evaluated considering numerous factors, and their relative significance varies case by case.  Factors considered in determining whether unrealized losses are temporary include: the length of time and extent to which the market value has been less than cost, the severity of the impairment, the cause of the impairment and the financial condition of the issuer, activity in the market of the issuer which may indicate adverse credit conditions, the intent and ability of the Bank to retain the security for a sufficient period of time to allow of an anticipated recovery in the market value (with respect to equity securities) and  the intent and probability of the Bank to sell the security before the recovery of its amortized cost (with respect to debt securities).  If, based on the analysis, it is determined that the impairment is other-than-temporary, the security is written down to its fair value, and a loss is recognized through earnings as impairment loss on assets. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | In cases where the Bank does not intend to sell a debt security and estimates that it will not be required to sell the security before the recovery of its amortized cost basis, the Bank periodically estimates if it will recover the amortized cost of the security through the present value of expected cash flows.  If the present value of expected cash flows is less than the amortized cost of the security, it is determined that an other-than-temporary impairment has occurred.  The amount of this impairment representing credit loss is recognized through earnings and the residual of the other-than-temporary impairment related to non-credit factors is recognized in other comprehensive income (loss). |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | In periods subsequent to the recognition of the other-than-temporary impairment, the difference between the new amortized cost and the expected cash flows to be collected is accreted as interest income.  The present value of the expected cash flows is estimated over the life of the debt security. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The other-than-temporary impairment of securities held-to-maturity that has been recognized in other comprehensive income is accreted to the amortized cost of the debt security prospectively over its remaining life. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Interest accrual is suspended on securities that are in default, or on which it is likely that future interest payments will not be received as scheduled. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | j) | Investment Fund |
|--------|----|-----------------|

----

----

|   | k) | Other investments |
|--------|----|-------------------|

|   | l) | Loans |
|--------|----|-------|

|   | Loans are reported at their principal outstanding amounts net of unearned income, deferred fees and allowance for loan losses.  Interest income is recognized using the interest method.  The amortization of net unearned income and deferred fees are recognized as an adjustment to the related loan yield using the effective interest method. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Purchased loans are recorded at acquisition cost.  The difference between the principal and the acquisition cost of loans, the premiums and discounts, is amortized over the life of the loan as an adjustment to the yield.  All other costs related to acquisition of loans are expensed when incurred. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The Bank identifies loans as delinquent when no debt service and/or interest payment has been received for 30 days after such payments were due. The outstanding balance of a loan is considered past due when the total principal balance with one single balloon payment has not been received within 30 days after such payment was due, or when no agreed-upon periodical payment has been received for a period of 90 days after the agreed-upon date. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Loans are placed on a cash basis (non-accrual) when interest or principal is overdue for 90 days or more, or before if the Bank’s management believes there is an uncertainty with respect to the ultimate collection of principal or interest. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Rating |         | Classification  |         | Description                                                                                                                                                                                                                                                          |
|--------|--------------|-----------------|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1 to 6 |         | Normal          |         | Clients with payment ability to satisfy their financial commitments.                                                                                                                                                                                            |
| 7      |         | Special Mention |         | Clients exposed to systemic risks specific to the country or the industry in which they are located, facing adverse situations in their operation or financial condition. At this level, access to new funding is uncertain.                                    |
| 8      |         | Substandard     |         | Clients whose primary source of payment (operating cash flow) is inadequate and who show evidence of deterioration in their working capital that does not allow them to satisfy payments on the agreed terms, endangering recovery of unpaid balances.          |
| 9      |         | Doubtful        |         | Clients whose operating cash flow continuously shows insufficiency to service the debt on the originally agreed terms.  Due to the fact that the debtor presents an impaired financial and economic situation, the likelihood of recovery is low.     |
| 10     |    | Unrecoverable   |    | Clients with operating cash flow that does not cover their costs, are in suspension of payments, presumably they will also have difficulties to fulfill possible restructuring agreements, are in a state of insolvency, or have filed for bankruptcy, among others. |

|   | m) | Transfer of financial assets |
|--------|----|------------------------------|

----

----

|   | n) | Allowance for credit losses |
|--------|----|-----------------------------|

|   | - | Exposure (E) = the total accounting balance (on and off-balance sheet) at the end of the period under review. |
|--------|---|---------------------------------------------------------------------------------------------------------------|

|   | - | Probabilities of Default (PD) = one-year probability of default applied to the portfolio.  Default rates are based on Bladex’s historical portfolio performance per rating category, complemented by Standard & Poor’s (“S&P”) probabilities of default for categories 6, 7 and 8, in view of the greater robustness of S&P data for such cases. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Loss Given Default (LGD) = a factor is utilized, based on historical information, same as based on best practices in the banking industry. Management applies judgment and historical loss experience. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | o) | Fair value of guarantees including indirect indebtedness of others |
|--------|----|--------------------------------------------------------------------|

|   | p) | Fees and commissions |
|--------|----|----------------------|

|   | q) | Premises and equipment |
|--------|----|------------------------|

|   | The Bank defers the cost of internal-use software that has a useful life in excess of one year in accordance with ASC Topic 350-40 - Intangibles – Goodwill and Other – Internal-Use Software.  These costs consist of payments made to third parties related to the use of licenses and installation of both, software and hardware.  Subsequent additions, modifications or upgrades to internal-use software are capitalized only to the extent that they allow the software to perform a task it previously did not perform.  Software maintenance and training costs are expensed in the period in which they are incurred.  Capitalized internal use software costs are amortized using the straight-line method over their estimated useful lives, generally consisting of 5 years. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | r) | Borrowings and debt |
|--------|----|---------------------|

----

----

|   | s) | Capital reserves |
|--------|----|------------------|

|   | t) | Stock-based compensation and stock options plans |
|--------|----|--------------------------------------------------|

|   | u) | Derivative financial instruments and hedge accounting |
|--------|----|-------------------------------------------------------|

|   | The Bank uses derivative financial instruments for its management of interest rate and foreign exchange risks.  Interest rate swap contracts and cross-currency swap contracts have been used to manage interest rate and foreign exchange risks associated with debt securities and borrowings with fixed rates, and loans and borrowings in foreign currency.  The accounting for changes in value of a derivative depends on whether the contract is for trading purposes or has been designated and qualifies for hedge accounting. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1. | It is determined that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | The derivative expires or is sold, terminated or exercised. |
|--------|----|-------------------------------------------------------------|

----

----

|   | 3. | The Bank otherwise determines that designation of the derivative as a hedging instrument is no longer appropriate. |
|--------|----|--------------------------------------------------------------------------------------------------------------------|

|   | v) | Foreign currency transactions |
|--------|----|-------------------------------|

|   | w) | Income taxes |
|--------|----|--------------|

|   | · | Bladex Head Office is exempted from payment of income taxes in Panama in accordance with the contract signed between the Republic of Panama and Bladex. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The Feeder and the Fund are not subject to income taxes in accordance with the laws of the Cayman Islands.  The Feeder and the Fund received an undertaking exempting them from taxation of all future profits until March 7, 2026. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Clavex, S. A. is subject to income taxes in Panama on profits from local operations. |
|--------|--------|--------------------------------------------------------------------------------------|

|   | · | Bladex Representacao Ltda. is subject to income taxes in Brazil. |
|--------|--------|------------------------------------------------------------------|

|   | · | The New York Agency and Bladex’s subsidiaries incorporated in USA are subject to federal and local taxation in USA based on the portion of income that is effectively connected with its operations in that country. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | x) | Redeemable noncontrolling interest in the investment fund |
|--------|----|-----------------------------------------------------------|

----

----

|   | y) | Earnings per share |
|--------|----|--------------------|

|   | z) | Recently issued accounting standards |
|--------|----|--------------------------------------|

----

----

| 3. | Cash and cash equivalents |
|----|---------------------------|

|                               |   | December 31, |    |
|------------------------------------|--------|--------------|---------|
| (In thousands of US$)              |   | 2010         |    |   | 2009 |   |
|                               |   |         |    |   |   |   |
| Cash and due from banks            |   |         | 5,570   |   |   |   | 2,961 |   |
| Interest-bearing deposits in banks |   |         | 431,144 |   |   |   | 421,595 |   |
| Total                              |   |         | 436,714 |   |   |   | 424,556 |   |
| Less:                              |   |         |    |   |   |   |   |   |
| Pledged deposits                   |   |         | 16,075  |   |   |   | 22,582 |   |
|                               |   |         | 420,639 |   |   |   | 401,974 |   |

| 4. | Trading assets and liabilities |
|----|--------------------------------|

|                               |   | December 31, |   |
|------------------------------------|--------|--------------|--------|
|                               |   | 2010         |   |   | 2009 |   |
| (In thousands of US$)              |   |         |   |   |   |   |
|                               |   |         |   |   |   |   |
| Trading assets:                    |   |         |   |   |   |   |
| Sovereign bonds                    |   |         | 45,058 |   |   |   | 44,875 |   |
| Corporate bonds                    |   |         | 5,354  |   |   |   | 5,400 |   |
| Credit default swap                |   |         | -      |   |   |   | 2 |   |
| Total                              |   |         | 50,412 |   |   |   | 50,277 |   |
|                               |   |         |   |   |   |   |   |   |
| Trading liabilities:               |   |         |   |   |   |   |   |   |
| Interest rate swaps                |   |         | 3,031  |   |   |   | 2,514 |   |
| Cross-currency interest rate swaps |   |         | 907    |   |   |   | 638 |   |
| Total                              |   |         | 3,938  |   |   |   | 3,152 |   |

----

----

|                               |   | December 31, |   |
|------------------------------------|--------|--------------|--------|
|                               |   | 2010         |   |   | 2009 |   |
| (In thousands of US$)              |   |         |   |
|                               |   |         |   |   |   |   |
| Forward repurchase agreements      |   |         | -      |   |   |   | 2,570 |   |
| Interest rate swaps                |   |         | (2,091 | ) |   |   | (551 | ) |
| Cross-currency interest rate swaps |   |         | (1,662 | ) |   |   | (638 | ) |
| Credit default swap                |   |         | 13     |   |   |   | 110 |   |
| Total                              |   |         | (3,740 | ) |   |   | 1,491 |   |

|                                 |   | 2010    |   |   | 2009            |   |
|--------------------------------------|--------|---------|--------|--------|-----------------|--------|
| (In thousands of US$) |   | Nominal |   |   | Fair Value |   |   | Nominal |   |   | Fair Value |   |
|                                 |   | Amount  |   |   | Asset           |   |   | Liability |   |   | Amount |   |   | Asset |   |   | Liability |   |
|                                 |   |    |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps                  |   |    | 46,800 |   |            |   | - |   |   |   | 3,031 |   |   |   | 46,800 |   |   |   | - |   |   |   | 2,514 |   |
| Cross-currency interest rate swaps   |   |    | 8,179  |   |            |   | - |   |   |   | 907 |   |   |   | 15,496 |   |   |   | - |   |   |   | 638 |   |
| Credit default swap                  |   |    | -      |   |            |   | - |   |   |   | - |   |   |   | 3,000 |   |   |   | 2 |   |   |   | - |   |
|                                 |   |    |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                |   |    | 54,979 |   |            |   | - |   |   |   | 3,938 |   |   |   | 65,296 |   |   |   | 2 |   |   |   | 3,152 |   |

----

----

| 5. | Investment securities |
|----|-----------------------|

|                                 |   | December 31, 2010 |    |
|--------------------------------------|--------|-----------------------------|---------|
| (In thousands of US$) |   | AmortizedCost               |    |   | UnrealizedGross Gain |   |   | UnrealizedGross Loss |   |   | FairValue |   |
| Corporate debt:                      |   |                        |    |   |   |   |   |   |   |   |   |   |
| Brazil                               |   |                        | 39,600  |   |   |   | 995 |   |   |   | 290 |   |   |   | 40,305 |   |
| Chile                                |   |                        | 26,493  |   |   |   | 1,090 |   |   |   | - |   |   |   | 27,583 |   |
|                                 |   |                        | 66,093  |   |   |   | 2,085 |   |   |   | 290 |   |   |   | 67,888 |   |
| Sovereign debt:                      |   |                        |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brazil                               |   |                        | 42,259  |   |   |   | 5,253 |   |   |   | - |   |   |   | 47,512 |   |
| Colombia                             |   |                        | 101,222 |   |   |   | 5,634 |   |   |   | 355 |   |   |   | 106,501 |   |
| Dominican Republic                   |   |                        | 3,118   |   |   |   | 79 |   |   |   | - |   |   |   | 3,197 |   |
| El Salvador                          |   |                        | 15,299  |   |   |   | 292 |   |   |   | - |   |   |   | 15,591 |   |
| Mexico                               |   |                        | 45,796  |   |   |   | 2,057 |   |   |   | 8 |   |   |   | 47,845 |   |
| Panama                               |   |                        | 36,605  |   |   |   | 2,269 |   |   |   | 79 |   |   |   | 38,795 |   |
| Venezuela                            |   |                        | 25,100  |   |   |   | 1,050 |   |   |   | 229 |   |   |   | 25,921 |   |
|                                 |   |                        | 269,399 |   |   |   | 16,634 |   |   |   | 671 |   |   |   | 285,362 |   |
|                                 |   |                        |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                |   |                        | 335,492 |   |   |   | 18,719 |   |   |   | 961 |   |   |   | 353,250 |   |

|                                 |   | December 31, 2009 |    |
|--------------------------------------|--------|-----------------------------|---------|
| (In thousands of US$) |   | AmortizedCost               |    |   | UnrealizedGross Gain |   |   | UnrealizedGross Loss |   |   | FairValue |   |
| Corporate debt:                      |   |                        |    |   |   |   |   |   |   |   |   |   |
| Brazil                               |   |                        | 26,428  |   |   |   | 1,044 |   |   |   | - |   |   |   | 27,472 |   |
| Chile                                |   |                        | 26,763  |   |   |   | 1,308 |   |   |   | - |   |   |   | 28,071 |   |
| Panama                               |   |                        | 20,008  |   |   |   | 912 |   |   |   | - |   |   |   | 20,920 |   |
|                                 |   |                        | 73,199  |   |   |   | 3,264 |   |   |   | - |   |   |   | 76,463 |   |
| Sovereign debt:                      |   |                        |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Brazil                               |   |                        | 86,583  |   |   |   | 6,817 |   |   |   | - |   |   |   | 93,400 |   |
| Colombia                             |   |                        | 131,852 |   |   |   | 8,210 |   |   |   | 892 |   |   |   | 139,170 |   |
| Dominican Republic                   |   |                        | 6,347   |   |   |   | 93 |   |   |   | - |   |   |   | 6,440 |   |
| El Salvador                          |   |                        | 15,755  |   |   |   | 174 |   |   |   | - |   |   |   | 15,929 |   |
| Mexico                               |   |                        | 56,194  |   |   |   | 1,236 |   |   |   | 550 |   |   |   | 56,880 |   |
| Panama                               |   |                        | 21,057  |   |   |   | 1,649 |   |   |   | - |   |   |   | 22,706 |   |
| Peru                                 |   |                        | 28,441  |   |   |   | 1,746 |   |   |   | - |   |   |   | 30,187 |   |
| Venezuela                            |   |                        | 14,979  |   |   |   | 830 |   |   |   | - |   |   |   | 15,809 |   |
|                                 |   |                        | 361,208 |   |   |   | 20,755 |   |   |   | 1,442 |   |   |   | 380,521 |   |
|                                 |   |                        |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                |   |                        | 434,407 |   |   |   | 24,019 |   |   |   | 1,442 |   |   |   | 456,984 |   |

----

----

|                  |   | December 31, 2010   |   |
|-----------------------|--------|---------------------|--------|
| (In thousands of US$) |   | Less than 12 months |   |   | 12 months or longer |   |   | Total |   |
|                  |   | FairValue           |   |   | UnrealizedGrossLosses |   |   | FairValue |   |   | UnrealizedGrossLosses |   |   | FairValue |   |   | UnrealizedGrossLosses |   |
|                  |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate debt        |   |                | 13,756 |   |   |   | 290 |   |   |   | - |   |   |   | - |   |   |   | 13,756 |   |   |   | 290 |   |
| Sovereign debt        |   |                | 35,737 |   |   |   | 464 |   |   |   | 10,063 |   |   |   | 207 |   |   |   | 45,800 |   |   |   | 671 |   |
|                  |   |                | 49,493 |   |   |   | 754 |   |   |   | 10,063 |   |   |   | 207 |   |   |   | 59,556 |   |   |   | 961 |   |

|                  |   | December 31, 2009   |   |
|-----------------------|--------|---------------------|--------|
| (In thousands of US$) |   | Less than 12 months |   |   | 12 months or longer |   |   | Total |   |
|                  |   | FairValue           |   |   | UnrealizedGrossLosses |   |   | FairValue |   |   | UnrealizedGrossLosses |   |   | FairValue |   |   | UnrealizedGrossLosses |   |
|                  |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sovereign debt        |   |                | 24,138 |   |   |   | 550 |   |   |   | 24,720 |   |   |   | 892 |   |   |   | 48,858 |   |   |   | 1,442 |   |

| (In thousands of US$) |   | Year ended December 31, |
|-----------------------|--------|-------------------------|
|                  |   |                    | 2010 |   |   |   | 2009 |   |   |   | 2008 |   |
|                  |   |                    |   |   |   |   |   |   |   |   |   |   |
| Gains                 |   |                    | 2,346 |   |   |   | 1,276 |   |   |   | 2,173 |   |
| Losses                |   |                    | - |   |   |   | (730 | ) |   |   | (2,106 | )  |
| Net                   |   |                    | 2,346 |   |   |   | 546 |   |   |   | 67 |   |

|                                                                                                         |   | Year ended December 31, |    |
|--------------------------------------------------------------------------------------------------------------|--------|-------------------------|---------|
| (In thousands of US$)                                                                                        |   | 2010                    |    |   | 2009 |   |   | 2008 |   |
|                                                                                                         |   |                    |    |   |   |   |   |   |   |
| Realized losses on sale of securities available-for-sale                                                     |   |                    | -       |   |   |   | (730 | ) |   |   | (79 | ) |
| Realized losses for transfers of securities under repurchase agreements accounted for as sales (see Note 12) |   |                    |  - |   |   |   |  - |   |   |   | (2,027 | ) |
| Total realized loss                                                                                          |   |                    | -       |   |   |   | (730 | ) |   |   | (2,106 | ) |

----

----

| (In thousands of US$) |   | AmortizedCost |    |   | FairValue |   |
|--------------------------------------|--------|---------------|---------|--------|-----------|--------|
|                                 |   |          |    |   |      |   |
| Due within 1 year                    |   |          | 18,417  |   |      |   | 18,788 |   |
| After 1 year but within 5 years      |   |          | 306,960 |   |      |   | 324,576 |   |
| After 5 years but within 10 years    |   |          | 10,115  |   |      |   | 9,886 |   |
|                                 |   |          | 335,492 |   |      |   | 353,250 |   |

|                                       |   | December 31, 2010 |   |
|--------------------------------------------|--------|-----------------------------|--------|
|  (In thousands of US$) |   | Amortized Cost         |   |   | UnrealizedGross Gain |   |   | UnrealizedGross Loss |   |   | Fair Value |   |
|                                       |   |                        |   |   |   |   |   |   |   |   |   |   |
| Corporate debt:                            |   |                        |   |   |   |   |   |   |   |   |   |   |
| Panama                                     |   |                        | 8,500  |   |   |   | - |   |   |   | - |   |   |   | 8,500 |   |
|                                       |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sovereign debt:                            |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Colombia                                   |   |                        | 13,018 |   |   |   | 64 |   |   |   | - |   |   |   | 13,082 |   |
| Costa Rica                                 |   |                        | 5,025  |   |   |   | - |   |   |   | 12 |   |   |   | 5,013 |   |
| Honduras                                   |   |                        | 4,638  |   |   |   | - |   |   |   | 27 |   |   |   | 4,611 |   |
| Panama                                     |   |                        | 2,000  |   |   |   | - |   |   |   | - |   |   |   | 2,000 |   |
|                                       |   |                        | 24,681 |   |   |   | 64 |   |   |   | 39 |   |   |   | 24,706 |   |
|                                       |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                      |   |                        | 33,181 |   |   |   | 64 |   |   |   | 39 |   |   |   | 33,206 |   |

| (In thousands of US$) |   | AmortizedCost |   |
|--------------------------------------|--------|---------------|--------|
|                                 |   |          |   |
| Due within 1 year                    |   |          | 13,525 |   |
| After 2 years but within 5 years     |   |          | 19,656 |   |
|                                 |   |          | 33,181 |   |

| 6. | Investment fund |
|----|-----------------|

----

----

| 7. | Loans |
|----|-------|

| (In thousands of US$) |   | December 31, |      |
|--------------------------------------|--------|-------------------|-----------|
|                                 |   | 2010              |      |   | 2009 |   |
|                                 |   |              |      |   |   |   |
| Corporations:                        |   |              |      |   |   |   |
| Private                              |   |              | 1,772,232 |   |   |   | 1,152,834 |   |
| State-owned                          |   |              | 312,154   |   |   |   | 193,486 |   |
| Banking and financial institutions:  |   |              |      |   |   |   |   |   |
| Private                              |   |              | 1,381,266 |   |   |   | 874,884 |   |
| State-owned                          |   |              | 319,796   |   |   |   | 333,574 |   |
| Middle-market companies:             |   |              |      |   |   |   |   |   |
| Private                              |   |              | 224,758   |   |   |   | 128,710 |   |
| Sovereign                            |   |              | 54,126    |   |   |   | 95,774 |   |
| Total                                |   |              | 4,064,332 |   |   |   | 2,779,262 |   |

----

----

| (In thousands of US$) |   | December 31, |      |
|--------------------------------------|--------|-------------------|-----------|
|                                 |   | 2010              |      |   | 2009 |   |
|                                 |   |              |      |   |   |   |
| Banking and financial institutions   |   |              | 1,701,062 |   |   |   | 1,208,458 |   |
| Industrial                           |   |              | 894,355   |   |   |   | 712,931 |   |
| Oil and petroleum derived products   |   |              | 616,708   |   |   |   | 318,850 |   |
| Agricultural                         |   |              | 548,894   |   |   |   | 230,674 |   |
| Mining                               |   |              | 111,639   |   |   |   | 71,383 |   |
| Services                             |   |              | 61,587    |   |   |   | 70,968 |   |
| Sovereign                            |   |              | 54,126    |   |   |   | 95,774 |   |
| Others                               |   |              | 75,961    |   |   |   | 70,224 |   |
| Total                                |   |              | 4,064,332 |   |   |   | 2,779,262 |   |

| (In thousands of US$) |   |         |      |   |                                        |   |    |                   |   |   |        |   |   |    |    |
|--------------------------------------|--------|--------------|-----------|--------|---------------------------------------------|--------|---------|------------------------|--------|--------|-------------|--------|--------|---------|---------|
| Rating (1)                      |   | Corporations |      |   | Banking and financialinstitutions |   |    | Middle-marketcompanies |   |   | Sovereign   |   |   | Total   |    |
|                                 |   | Private      |      |   | State-owned                                 |   |    | Private                |   |   | State-owned |   |   | Private |    |   |   |   |   |   |   |
| 1-6                                  |   |         | 1,744,232 |   |                                        |   | 312,154 |                   |   |   | 1,381,266   |   |   |    | 319,796 |   |   |   | 223,756 |   |   |   | 54,126 |   |   |   | 4,035,330 |   |
| 7                                    |   |         | -         |   |                                        |   | -       |                   |   |   | -           |   |   |    | -       |   |   |   | - |   |   |   | - |   |   |   | - |   |
| 8                                    |   |         | 28,000    |   |                                        |   | -       |                   |   |   | -           |   |   |    | -       |   |   |   | 1,002 |   |   |   | - |   |   |   | 29,002 |   |
| 9                                    |   |         | -         |   |                                        |   | -       |                   |   |   | -           |   |   |    | -       |   |   |   | - |   |   |   | - |   |   |   | - |   |
| 10                                   |   |         | -         |   |                                        |   | -       |                   |   |   | -           |   |   |    | -       |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total                                |   |         | 1,772,232 |   |                                        |   | 312,154 |                   |   |   | 1,381,266   |   |   |    | 319,796 |   |   |   | 224,758 |   |   |   | 54,126 |   |   |   | 4,064,332 |   |

|   | (1) | Current ratings as of December 31, 2010. |
|--------|-----|------------------------------------------|

| (In thousands of US$)             |   | December 31, |      |
|-----------------------------------|--------|--------------|-----------|
|                              |   | 2010         |      |   | 2009 |   |
| Current(1):                       |   |         |      |   |   |   |
| Up to 1 month                     |   |         | 473,836   |   |   |   | 252,792 |   |
| From 1 month to 3 months          |   |         | 705,147   |   |   |   | 490,757 |   |
| From 3 months to 6 months         |   |         | 942,989   |   |   |   | 559,640 |   |
| From 6 months to 1 year           |   |         | 718,649   |   |   |   | 526,385 |   |
| From 1 year to 2 years            |   |         | 463,969   |   |   |   | 422,796 |   |
| From 2 years to 5 years           |   |         | 703,397   |   |   |   | 458,327 |   |
| More than 5 years                 |   |         | 27,343    |   |   |   | 28,335 |   |
|                              |   |         | 4,035,330 |   |   |   | 2,739,032 |   |
|                              |   |         |      |   |   |   |   |   |
| Delinquent                        |   |         | -         |   |   |   | 4,480 |   |
|                              |   |         |      |   |   |   |   |   |
| Impaired:                         |   |         |      |   |   |   |   |   |
| Current balances with impairment  |   |         | 28,000    |   |   |   | 30,000 |   |
| Past due balances with impairment |   |         | 1,002     |   |   |   | 5,750 |   |
|                              |   |         | 29,002    |   |   |   | 35,750 |   |
| Total                             |   |         | 4,064,332 |   |   |   | 2,779,262 |   |

----

----

| (In thousands of US$) |   | December 31, |      |
|--------------------------------------|--------|-------------------|-----------|
|                                 |   | 2010              |      |   | 2009 |   |
| Country:                             |   |              |      |   |   |   |
| Argentina                            |   |              | 237,062   |   |   |   | 72,746 |   |
| Brazil                               |   |              | 1,582,761 |   |   |   | 1,334,905 |   |
| Chile                                |   |              | 328,447   |   |   |   | 258,257 |   |
| Colombia                             |   |              | 584,549   |   |   |   | 200,490 |   |
| Costa Rica                           |   |              | 87,537    |   |   |   | 82,906 |   |
| Dominican Republic                   |   |              | 135,291   |   |   |   | 31,364 |   |
| Ecuador                              |   |              | 18,121    |   |   |   | 23,097 |   |
| El Salvador                          |   |              | 39,036    |   |   |   | 40,650 |   |
| Guatemala                            |   |              | 92,104    |   |   |   | 73,809 |   |
| Honduras                             |   |              | 37,518    |   |   |   | 22,984 |   |
| Jamaica                              |   |              | 64,457    |   |   |   | 31,297 |   |
| Mexico                               |   |              | 403,829   |   |   |   | 301,929 |   |
| Nicaragua                            |   |              | -         |   |   |   | 700 |   |
| Panama                               |   |              | 47,485    |   |   |   | 41,492 |   |
| Peru                                 |   |              | 343,135   |   |   |   | 161,047 |   |
| Trinidad and Tobago                  |   |              | 63,000    |   |   |   | 71,589 |   |
| Uruguay                              |   |              | -         |   |   |   | 30,000 |   |
|                                 |   |              | 4,064,332 |   |   |   | 2,779,262 |   |

| (In thousands of US$)   |   | December 31, |      |
|-------------------------|--------|--------------|-----------|
|                    |   | 2010         |      |   | 2009 |   |
|                    |   |         |      |   |   |   |
| Fixed interest rates    |   |         | 2,003,631 |   |   |   | 1,310,754 |   |
| Floating interest rates |   |         | 2,060,701 |   |   |   | 1,468,508 |   |
|                    |   |         | 4,064,332 |   |   |   | 2,779,262 |   |

----

----

| (In thousands of US$)                                                      |   | December 31, |   |
|-------------------------------------------------------------------------------------------|--------|-------------------|--------|
|                                                                                      |   | 2010              |   |   | 2009 |   |   | 2008 |   |
|                                                                                      |   |              |   |   |   |   |   |   |   |
| Loans in non-accrual status                                                               |   |              |   |   |   |   |   |   |   |
| Private corporations                                                                      |   |              | 28,000 |   |   |   | 39,000 |   |   |   | - |   |
| Private middle-market companies                                                           |   |              | 1,002  |   |   |   | 11,534 |   |   |   | - |   |
| Total loans in non-accrual status                                                         |   |              | 29,002 |   |   |   | 50,534 |   |   |   | - |   |
|                                                                                      |   |              |   |   |   |   |   |   |   |   |   |   |
| Foregone interest revenue at beginning of the year                                        |   |              | 928    |   |   |   | - |   |   |   | - |   |
| Interest which would have been recorded if the loans had not been in a non-accrual status |   |              | 3,403  |   |   |   | 1,775 |   |   |   | - |   |
| Interest income collected on non-accruing loans                                           |   |              | (3,335 | ) |   |   | (847 | ) |   |   | - |   |
| Foregone interest revenue at end of the year                                              |   |              | 996    |   |   |   | 928 |   |   |   | - |   |

| (In thousands of US$) |   |                         |   |   |                   |   |   |                             |   |   |                           |   |
|--------------------------------------|--------|------------------------------|--------|--------|------------------------|--------|--------|----------------------------------|--------|--------|--------------------------------|--------|
|                                 |   | Unpaid principalbalance |   |   | Related allowance |   |   | Average balanceof loan |   |   | Interest incomerecognized |   |
| 2010                                 |   |                         |   |   |                   |   |   |                             |   |   |                           |   |
| With an allowance recorded           |   |                         |   |   |                   |   |   |                             |   |   |                           |   |
| Private corporations                 |   |                         | 28,000 |   |                   |   | 11,200 |                             |   |   | 29,151                         |   |   |   | 2,492 |   |
| Private middle-market companies      |   |                         | 1,002  |   |                   |   | 300    |                             |   |   | 887                            |   |   |   | - |   |
| Total                                |   |                         | 29,002 |   |                   |   | 11,500 |                             |   |   | 30,038                         |   |   |   | 2,492 |   |

| (In thousands of US$) |   |                         |   |   |                   |   |   |                             |   |   |                           |   |
|--------------------------------------|--------|------------------------------|--------|--------|------------------------|--------|--------|----------------------------------|--------|--------|--------------------------------|--------|
|                                 |   | Unpaid principalbalance |   |   | Related allowance |   |   | Average balanceof loan |   |   | Interest incomerecognized |   |
| 2009                                 |   |                         |   |   |                   |   |   |                             |   |   |                           |   |
| With an allowance recorded           |   |                         |   |   |                   |   |   |                             |   |   |                           |   |
| Private corporations                 |   |                         | 30,000 |   |                   |   | 12,000 |                             |   |   | 15,123                         |   |   |   | 712 |   |
| Private middle-market companies      |   |                         | 5,750  |   |                   |   | 2,357  |                             |   |   | 1,465                          |   |   |   | - |   |
| Total                                |   |                         | 35,750 |   |                   |   | 14,357 |                             |   |   | 16,588                         |   |   |   | 712 |   |

| (In thousands of US$) |   | 91-120days |   |   | 121-150days |   |   | 151-180days |   |   | Greaterthan 180days |   |   | TotalPast Due |   |   | Delinquent |   |   | Current |   |   | TotalLoans |   |
|--------------------------------------|--------|------------|--------|--------|-------------|--------|--------|-------------|--------|--------|--------------------------|--------|--------|--------------------|--------|--------|------------|--------|--------|---------|--------|--------|------------|--------|
| 2010                                 |   |       |   |   |        |   |   |        |   |   |                     |   |   |               |   |   |       |   |   |    |   |   |       |   |
| Corporations                         |   |       | -      |   |        |   | -      |        |   |   | -                        |   |   |               | -      |   |       |   | -      |    |   |   | -          |   |   |   | 2,084,386 |   |   |   | 2,084,386 |   |
| Banking and financial institutions   |   |       | -      |   |        |   | -      |        |   |   | -                        |   |   |               | -      |   |       |   | -      |    |   |   | -          |   |   |   | 1,701,062 |   |   |   | 1,701,062 |   |
| Middle-market companies              |   |       | -      |   |        |   | -      |        |   |   | -                        |   |   |               | 1,002  |   |       |   | 1,002  |    |   |   | -          |   |   |   | 223,756 |   |   |   | 224,758 |   |
| Sovereign                            |   |       | -      |   |        |   | -      |        |   |   | -                        |   |   |               | -      |   |       |   | -      |    |   |   | -          |   |   |   | 54,126 |   |   |   | 54,126 |   |
| Total                                |   |       | -      |   |        |   | -      |        |   |   | -                        |   |   |               | 1,002  |   |       |   | 1,002  |    |   |   | -          |   |   |   | 4,063,330 |   |   |   | 4,064,332 |   |

----

----

| (In thousands of US$) |   | 91-120days |   |   | 121-150days |   |   | 151-180days |   |   | Greaterthan 180days |   |   | TotalPast Due |   |   | Delinquent |   |   | Current |   |   | TotalLoans |   |
|--------------------------------------|--------|------------|--------|--------|-------------|--------|--------|-------------|--------|--------|--------------------------|--------|--------|--------------------|--------|--------|------------|--------|--------|---------|--------|--------|------------|--------|
| 2009                                 |   |       |   |   |        |   |   |        |   |   |                     |   |   |               |   |   |       |   |   |    |   |   |       |   |
| Corporations                         |   |       | -      |   |        |   | -      |        |   |   | -                        |   |   |               | -      |   |       |   | -      |    |   |   | -          |   |   |   | 1,346,320 |   |   |   | 1,346,320 |   |
| Banking and financial institutions   |   |       | -      |   |        |   | -      |        |   |   | -                        |   |   |               | -      |   |       |   | -      |    |   |   | -          |   |   |   | 1,208,458 |   |   |   | 1,208,458 |   |
| Middle-market companies              |   |       | -      |   |        |   | 5,750  |        |   |   | -                        |   |   |               | -      |   |       |   | 5,750  |    |   |   | 4,480      |   |   |   | 118,480 |   |   |   | 128,710 |   |
| Sovereign                            |   |       | -      |   |        |   | -      |        |   |   | -                        |   |   |               | -      |   |       |   | -      |    |   |   | -          |   |   |   | 95,774 |   |   |   | 95,774 |   |
| Total                                |   |       | -      |   |        |   | 5,750  |        |   |   | -                        |   |   |               | -      |   |       |   | 5,750  |    |   |   | 4,480      |   |   |   | 2,769,032 |   |   |   | 2,779,262 |   |

| 8. | Allowance for credit losses |
|----|-----------------------------|

|   | a) | Allowance for loan losses: |
|--------|----|----------------------------|

| (In thousands of US$)                    |   | December 31, |   |
|---------------------------------------------------------|--------|-------------------|--------|
|                                                    |   | 2010              |   |   | 2009 |   |   | 2008 |   |
|                                                    |   |              |   |   |   |   |   |   |   |
| Balance at beginning of the year                        |   |              | 73,789 |   |   |   | 54,648 |   |   |   | 69,643 |   |
|                                                    |   |              |   |   |   |   |   |   |   |   |   |   |
| Provision (reversal of provision) for loan losses       |   |              | 9,091  |   |   |   | 18,293 |   |   |   | (18,540 | ) |
| Loan recoveries                                         |   |              | 996    |   |   |   | 866 |   |   |   | 3,545 |   |
| Loans written-off against the allowance for loan losses |   |              | (5,261 | ) |   |   | (18 | ) |   |   | - |   |
| Balance at end of the year                              |   |              | 78,615 |   |   |   | 73,789 |   |   |   | 54,648 |   |
| Components:                                             |   |              |   |   |   |   |   |   |   |   |   |   |
| Generic allowance                                       |   |              | 67,115 |   |   |   | 59,432 |   |   |   | 54,648 |   |
| Specific allowance                                      |   |              | 11,500 |   |   |   | 14,357 |   |   |   | - |   |
| Total allowance for loan losses                         |   |              | 78,615 |   |   |   | 73,789 |   |   |   | 54,648 |   |

----

----

| (In thousands of US$)              |   |         |      |   |                               |   |      |                   |   |   |      |   |   |   |   |
|------------------------------------|--------|--------------|-----------|--------|------------------------------------|--------|-----------|------------------------|--------|--------|-----------|--------|--------|--------|--------|
|                               |   | Corporations |      |   | Banking and financial institutions |   |      | Middle-marketcompanies |   |   | Sovereign |   |   | Total  |   |
| Allowance for loan losses          |   |         |      |   |                               |   |      |                   |   |   |      |   |   |   |   |
| Specific allowance                 |   |         | 11,200    |   |                               |   | -         |                   |   |   | 300       |   |   |   | -      |   |   |   | 11,500 |   |
| Generic allowance                  |   |         | 42,960    |   |                               |   | 18,790    |                   |   |   | 4,965     |   |   |   | 400    |   |   |   | 67,115 |   |
| Total of allowance for loan losses |   |         | 54,160    |   |                               |   | 18,790    |                   |   |   | 5,265     |   |   |   | 400    |   |   |   | 78,615 |   |
| Loans                              |   |         |      |   |                               |   |      |                   |   |   |      |   |   |   |   |   |   |   |   |   |
| Loans with specific allowance      |   |         | 28,000    |   |                               |   | -         |                   |   |   | 1,002     |   |   |   | -      |   |   |   | 29,002 |   |
| Loans with generic allowance       |   |         | 2,056,386 |   |                               |   | 1,701,062 |                   |   |   | 223,756   |   |   |   | 54,126 |   |   |   | 4,035,330 |   |
| Total loans                        |   |         | 2,084,386 |   |                               |   | 1,701,062 |                   |   |   | 224,758   |   |   |   | 54,126 |   |   |   | 4,064,332 |   |

|   | b) | Reserve for losses on off-balance sheet credit risk: |
|--------|----|------------------------------------------------------|

| (In thousands of US$)                                          |   | December 31, |    |
|-------------------------------------------------------------------------------|--------|-------------------|---------|
|                                                                          |   | 2010              |    |   | 2009 |   |   | 2008 |   |
|                                                                          |   |              |    |   |   |   |   |   |   |
| Balance at beginning of the year                                              |   |              | 27,261  |   |   |   | 30,724 |   |   |   | 13,727 |   |
|                                                                          |   |              |    |   |   |   |   |   |   |   |   |   |
| Provision (reversal of provision) for losses on off-balance sheet credit risk |   |              | (13,926 | ) |   |   | (3,463 | ) |   |   | 16,997 |   |
| Balance at end of the year                                                    |   |              | 13,335  |   |   |   | 27,261 |   |   |   | 30,724 |   |

| 9. | Premises and equipment |
|----|------------------------|

| (In thousands of US$)            |   | December 31, |   |
|-------------------------------------------------|--------|-------------------|--------|
|                                            |   | 2010              |   |   | 2009 |   |
|                                            |   |              |   |   |   |   |
| Land                                            |   |              | 462    |   |   |   | 462 |   |
| Building and improvements                       |   |              | 5,365  |   |   |   | 5,254 |   |
| Furniture and equipment                         |   |              | 17,345 |   |   |   | 16,323 |   |
|                                            |   |              | 23,172 |   |   |   | 22,039 |   |
| Less: accumulated depreciation and amortization |   |              | 16,640 |   |   |   | 14,290 |   |
|                                            |   |              | 6,532  |   |   |   | 7,749 |   |

----

----

| 10. | Other assets |
|-----|--------------|

| 11. | Deposits |
|-----|----------|

| (In thousands of US$) |   | December 31, |      |
|--------------------------------------|--------|-------------------|-----------|
|                                 |   | 2010              |      |   | 2009 |   |
|                                 |   |              |      |   |   |   |
| Demand                               |   |              | 100,352   |   |   |   | 51,375 |   |
| Up to 1 month                        |   |              | 1,173,415 |   |   |   | 586,949 |   |
| From 1 month to 3 months             |   |              | 286,806   |   |   |   | 324,702 |   |
| From 3 months to 6 months            |   |              | 143,352   |   |   |   | 273,220 |   |
| From 6 months to 1 year              |   |              | 117,000   |   |   |   | 20,000 |   |
|                                 |   |              | 1,820,925 |   |   |   | 1,256,246 |   |

| (In thousands of US$)                        |   | December 31, |      |
|-------------------------------------------------------------|--------|-------------------|-----------|
|                                                        |   | 2010              |      |   | 2009 |   |
|                                                        |   |              |      |   |   |   |
| Aggregate amounts of time deposits of $100,000 or more      |   |              | 1,720,106 |   |   |   | 1,204,657 |   |
| Aggregate amounts of deposits in offices outside Panama     |   |              | 221,185   |   |   |   | 418,157 |   |
| Interest expense paid to deposits in offices outside Panama |   |              | 2,746     |   |   |   | 5,821 |   |

| 12. | Securities sold under repurchase agreements |
|-----|---------------------------------------------|

----

----

| (In thousands of US$)                                                                         |   | 2008   |        |
|-----------------------------------------------------------------------------------------------|--------|--------|-------------|
|                                                                                          |   |   |        |
| Cash received from counterparties                                                             |   |   | 147,301     |   |
| Amortized cost of securities at the transfer dates                                            |   |   | (192,907    | ) |
| Fair value of forward repurchase agreements                                                   |   |   | 36,451      |   |
| Retained interest on securities transferred under repurchase agreements                       |   |   |  7,128 |   |
| Recognized loss in transfers of securities under repurchase agreements accounted for as sales |   |   | (2,027      | ) |

| (In thousands of US$)                                                                                                   |   | 2008   |    |
|-------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|
|                                                                                                                    |   |   |    |
| Changes in fair value of forward repurchase agreements                                                                  |   |   | (8,133  | ) |
| Changes in fair value of sovereign bonds                                                                                |   |   | (1,583  | ) |
| Changes in fair value of interest rate swaps that hedged transferred securities                                         |   |   | (11,219 | ) |
| Total changes in fair value of financial instruments resulting from transfers of securities under repurchase agreements |   |   | (20,935 | ) |

| (In thousands of US$)                                                                                             |   | 2008   |    |
|-------------------------------------------------------------------------------------------------------------------|--------|--------|---------|
|                                                                                                              |   |   |    |
| Loss in sale transactions under repurchase agreements                                                             |   |   | (2,027  | ) |
| Changes in fair value of financial instruments resulting from transfers of securities under repurchase agreements |   |   | (20,935 | ) |
| Total loss in transfers of securities under repurchase agreements                                                 |   |   | (22,962 | ) |

----

----

| 13. | Short-term borrowings |
|-----|-----------------------|

|                                                           |   | December 31, |      |
|----------------------------------------------------------------|--------|-------------------|-----------|
| (In thousands of US$)                                          |   | 2010              |      |   | 2009 |   |
|                                                           |   |              |      |   |   |   |
| Advances from financial institutions:                          |   |              |      |   |   |   |
| At fixed interest rates                                        |   |              | 1,000,400 |   |   |   | 317,800 |   |
| At floating interest rates                                     |   |              | 95,000    |   |   |   | 10,000 |   |
| Total short-term borrowings                                    |   |              | 1,095,400 |   |   |   | 327,800 |   |
|                                                           |   |              |      |   |   |   |   |   |
| Average outstanding balance during the year                    |   |              | 541,978   |   |   |   | 498,751 |   |
|                                                           |   |              |      |   |   |   |   |   |
| Maximum balance at any month-end                               |   |              | 1,095,400 |   |   |   | 693,900 |   |
|                                                           |   |              |      |   |   |   |   |   |
| Range of fixed interest rates on borrowings in U.S. dollars    |   | 0.69% to 1.65     | %    |   | 0.85% to 2.70 | %  |
|                                                           |   |              |      |   |   |   |   |   |
| Range of floating interest rates on borrowings in U.S. dollars |   | 0.85% to 1.29%    |      |   |   | 2.66 | % |
|                                                           |   |              |      |   |   |   |   |   |
| Weighted average interest rate at end of the year              |   |              | 1.13      | % |   |   | 1.62 | % |
|                                                           |   |              |      |   |   |   |   |   |
| Weighted average interest rate during the year                 |   |              | 1.20      | % |   |   | 3.34 | % |

| 14. | Borrowings and long-term debt |
|-----|-------------------------------|

|                                                                              |   | December 31, |            |
|-----------------------------------------------------------------------------------|--------|-------------------|-----------------|
| (In thousands of US$)                                                             |   | 2010              |            |   | 2009 |   |
|                                                                              |   |              |            |   |   |   |
| Borrowings:                                                                       |   |              |            |   |   |   |
| At fixed interest rates with due dates from January 2011 to September 2013        |   |              | 26,892          |   |   |   | 83,334 |   |
| At floating interest rates with due dates from March 2011  to July 2013 |   |              |  1,004,421 |   |   |   |  1,259,478 |   |
| Total borrowings                                                                  |   |              | 1,031,313       |   |   |   | 1,342,812 |   |
|                                                                              |   |              |            |   |   |   |   |   |
| Debt:                                                                             |   |              |            |   |   |   |   |   |
| At fixed interest rates with due dates in November 2014                           |   |              | 43,827          |   |   |   | 42,575 |   |
| At floating interest rates                                                        |   |              | -               |   |   |   | 5,000 |   |
| Total debt                                                                        |   |              | 43,827          |   |   |   | 47,575 |   |
|                                                                              |   |              |            |   |   |   |   |   |
| Total borrowings and long-term debt outstanding                                   |   |              | 1,075,140       |   |   |   | 1,390,387 |   |

----

----

|                                                                    |   | December 31, |      |
|-------------------------------------------------------------------------|--------|-------------------|-----------|
| (In thousands of US$)                                                   |   | 2010              |      |   | 2009 |   |
|                                                                    |   |              |      |   |   |   |
| Average outstanding balance during the year                             |   |              | 1,240,750 |   |   |   | 1,208,007 |   |
|                                                                    |   |              |      |   |   |   |   |   |
| Maximum outstanding balance at any month-end                            |   |              | 1,400,307 |   |   |   | 1,390,387 |   |
|                                                                    |   |              |      |   |   |   |   |   |
| Range of fixed interest rates on borrowings and debt in U.S. dollars    |   | 2.53% to 3.10     | %    |   | 2.25% to 4.64 | % |
|                                                                    |   |              |      |   |   |   |   |   |
| Range of floating interest rates on borrowings and debt in U.S. dollars |   | 0.53% to 2.52     | %    |   | 0.55% to 2.78 | % |
|                                                                    |   |              |      |   |   |   |   |   |
| Range of fixed interest rates on borrowings in Mexican pesos            |   | 7.50% to 9.90     | %    |   | 8.20% to 9.90 | %  |
|                                                                    |   |              |      |   |   |   |   |   |
| Range of floating interest rates on borrowings in Mexican pesos         |   | 5.76% to 5.80     | %    |   | 5.93% to 5.96 | % |
|                                                                    |   |              |      |   |   |   |   |   |
| Fixed interest rate on debt in Peruvian soles                           |   |              | 6.50      | % |   |   | 6.50 | % |
|                                                                    |   |              |      |   |   |   |   |   |
| Weighted average interest rate at the end of the year                   |   |              | 2.10      | % |   |   | 2.07 | % |
|                                                                    |   |              |      |   |   |   |   |   |
| Weighted average interest rate during the year                          |   |              | 2.07      | % |   |   | 3.07 | % |

| (In thousands of US$) |   |        |      |
|--------------------------------------|--------|-------------|-----------|
| Due in:                         |   | Outstanding |      |
|                                 |   |        |      |
| 2011                                 |   |        | 388,775   |   |
| 2012                                 |   |        | 298,196   |   |
| 2013                                 |   |        | 344,342   |   |
| 2014                                 |   |        | 43,827    |   |
|                                 |   |        | 1,075,140 |   |

----

----

|   | 1) | “Class A”; shares may only be issued to Latin American Central Banks or banks in which the state or other government agency is the majority shareholder. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2) | “Class B”; shares may only be issued to banks or financial institutions. |
|--------|----|--------------------------------------------------------------------------------------|

|   | 3) | “Class E”; shares may be issued to any person whether a natural person or a legal entity. |
|--------|----|-------------------------------------------------------------------------------------------------------|

|   | 4) | “Class F”; can only be issued to state entities and agencies of non-Latin American countries, including, among others, central banks and majority state-owned banks in those countries, and multilateral financial institutions either international or regional institutions. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (Share units)                                |   | “Class A” |       |   | “Class B” |   |       | “Class E” |   |   | “Class F” |   |   | Total  |        |
|----------------------------------------------|--------|-----------------------|------------|--------|-----------------------|--------|------------|-----------------------|--------|--------|-----------------------|--------|--------|--------|-------------|
|                                         |   |                  |       |   |                  |   |       |                  |   |   |                  |   |   |   |        |
| Authorized                                   |   |                  | 40,000,000 |   |                  |   | 40,000,000 |                  |   |   | 100,000,000           |   |   |   | 100,000,000 |   |   |   | 280,000,000 |   |
|                                         |   |                  |       |   |                  |   |       |                  |   |   |                  |   |   |   |        |   |   |   |   |   |
| Outstanding at January 1, 2008               |   |                  | 6,342,189  |   |                  |   | 2,660,847  |                  |   |   | 27,367,113            |   |   |   | -           |   |   |   | 36,370,149 |   |
| Conversions                                  |   |                  | -          |   |                  |   | (43,063    | )                     |   |   | 43,063                |   |   |   | -           |   |   |   | - |   |
| Restricted stock issued                      |   |                  | -          |   |                  |   | -          |                  |   |   | 31,246                |   |   |   | -           |   |   |   | 31,246 |   |
| Exercised stock options - compensation plans |   |                  | -          |   |                  |   | -          |                  |   |   | 11,693                |   |   |   | -           |   |   |   | 11,693 |   |
| Outstanding at December 31, 2008             |   |                  | 6,342,189  |   |                  |   | 2,617,784  |                  |   |   | 27,453,115            |   |   |   | -           |   |   |   | 36,413,088 |   |
| Conversions                                  |   |                  | -          |   |                  |   | (32,902    | )                     |   |   | 32,901                |   |   |   | -           |   |   |   | (1 | ) |
| Restricted stock issued                      |   |                  | -          |   |                  |   | -          |                  |   |   | 37,934                |   |   |   | -           |   |   |   | 37,934 |   |
| Exercised stock options - compensation plans |   |                  | -          |   |                  |   | -          |                  |   |   | 82,180                |   |   |   | -           |   |   |   | 82,180 |   |
| Restricted stock units - vested              |   |                  | -          |   |                  |   | -          |                  |   |   | 12,415                |   |   |   | -           |   |   |   | 12,415 |   |
| Outstanding at December 31, 2009             |   |                  | 6,342,189  |   |                  |   | 2,584,882  |                  |   |   | 27,618,545            |   |   |   | -           |   |   |   | 36,545,616 |   |
| Conversions                                  |   |                  | -          |   |                  |   | (42,861    | )                     |   |   | 42,860                |   |   |   | -           |   |   |   | (1 | ) |
| Repurchase of common stock                   |   |                  | -          |   |                  |   | -          |                  |   |   | (200                  | )      |   |   | -           |   |   |   | (200 | ) |
| Restricted stock issued                      |   |                  | -          |   |                  |   | -          |                  |   |   | 38,115                |   |   |   | -           |   |   |   | 38,115 |   |
| Exercised stock options - compensation plans |   |                  | -          |   |                  |   | -          |                  |   |   | 82,106                |   |   |   | -           |   |   |   | 82,106 |   |
| Restricted stock units - vested              |   |                  | -          |   |                  |   | -          |                  |   |   | 44,904                |   |   |   | -           |   |   |   | 44,904 |   |
| Outstanding at December 31, 2010             |   |                  | 6,342,189  |   |                  |   | 2,542,021  |                  |   |   | 27,826,330            |   |   |   | -           |   |   |   | 36,710,540 |   |

| (In thousands, except for share data) |   | “Class A” |    |   | “Class B” |   |   | “Class E” |   |   | Total   |   |
|----------------------------------------------------------------|--------|----------------------------|---------|--------|----------------------------|--------|--------|----------------------------|--------|--------|---------|--------|
|                                                           |   | Shares                     |    |   | Amount                     |   |   | Shares                     |   |   | Amount  |   |   | Shares |   |   | Amount |   |   | Shares |   |   | Amount |   |
|                                                           |   |                       |    |   |                       |   |   |                       |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Outstanding at January 1, 2008                                 |   |                       | 318,140 |   |                       |   | 10,708 |                       |   |   | 568,010 |   |   |   | 15,655 |   |   |   | 4,723,543 |   |   |   | 107,425 |   |   |   |  5,609,693 |   |   |   |  133,788 |   |
| Restricted stock issued                                        |   |                       | -       |   |                       |   | -      |                       |   |   | -       |   |   |   | - |   |   |   | (31,246 | ) |   |   | (745 | ) |   |   | (31,246 | ) |   |   | (745 | ) |
| Exercised stock options – compensation plans             |   |                       | -       |   |                       |   | -      |                       |   |   | -       |   |   |   | - |   |   |   | (11,693 | ) |   |   | (280 | ) |   |   | (11,693 | ) |   |   | (280 | ) |
| Outstanding at December 31, 2008                               |   |                       | 318,140 |   |                       |   | 10,708 |                       |   |   | 568,010 |   |   |   | 15,655 |   |   |   | 4,680,604 |   |   |   | 106,400 |   |   |   | 5,566,754 |   |   |   | 132,763 |   |
| Restricted stock issued                                        |   |                       | -       |   |                       |   | -      |                       |   |   | -       |   |   |   | - |   |   |   | (37,934 | ) |   |   | (905 | ) |   |   | (37,934 | ) |   |   | (905 | ) |
| Exercised stock options – compensation plans             |   |                       | -       |   |                       |   | -      |                       |   |   | -       |   |   |   | - |   |   |   | (82,180 | ) |   |   | (1,960 | ) |   |   | (82,180 | ) |   |   | (1,960 | ) |
| Restricted stock units - vested                                |   |                       | -       |   |                       |   | -      |                       |   |   | -       |   |   |   | - |   |   |   | (12,415 | ) |   |   | (296 | ) |   |   | (12,415 | ) |   |   | (296 | ) |
| Outstanding at December 31, 2009                               |   |                       | 318,140 |   |                       |   | 10,708 |                       |   |   | 568,010 |   |   |   | 15,655 |   |   |   | 4,548,075 |   |   |   | 103,239 |   |   |   | 5,434,225 |   |   |   | 129,602 |   |
| Repurchase of common stock                                     |   |                       | -       |   |                       |   | -      |                       |   |   | -       |   |   |   | - |   |   |   | 200 |   |   |   | 3 |   |   |   | 200 |   |   |   | 3 |   |
| Restricted stock issued                                        |   |                       | -       |   |                       |   | -      |                       |   |   | -       |   |   |   | - |   |   |   | (38,115 | ) |   |   | (909 | ) |   |   | (38,115 | ) |   |   | (909 | ) |
| Exercised stock options – compensation plans             |   |                       | -       |   |                       |   | -      |                       |   |   | -       |   |   |   | - |   |   |   | (82,106 | ) |   |   | (1,958 | ) |   |   | (82,106 | ) |   |   | (1,958 | ) |
| Restricted stock units - vested                                |   |                       | -       |   |                       |   | -      |                       |   |   | -       |   |   |   | - |   |   |   | (44,904 | ) |   |   | (1,071 | ) |   |   | (44,904 | ) |   |   | (1,071 | ) |
| Outstanding at December 31, 2010                               |   |                       | 318,140 |   |                       |   | 10,708 |                       |   |   | 568,010 |   |   |   | 15,655 |   |   |   | 4,383,150 |   |   |   | 99,304 |   |   |   | 5,269,300 |   |   |   | 125,667 |   |

----

----

| 16. | Cash and stock-based compensation plans |
|-----|-----------------------------------------|

|                             |   | Shares |    |   | Weighted averagegrant date fair value |   |
|----------------------------------|--------|--------|---------|--------|-----------------------------------------------------------|--------|
| Outstanding at January 1, 2008   |   |   | -       |   |                                                      |   | - |   |
| Granted                          |   |   | 31,246  |   |                                                      | $      | 15.20 |   |
| Vested                           |   |   | -       |   |                                                      |   | - |   |
| Outstanding at December 31, 2008 |   |   | 31,246  |   |                                                      |   | 15.20 |   |
| Granted                          |   |   | 37,934  |   |                                                      |   | 12.52 |   |
| Vested                           |   |   | (6,242  | )      |                                                      |   | 15.20 |   |
| Outstanding at December 31, 2009 |   |   | 62,938  |   |                                                      |   | 13.58 |   |
| Granted                          |   |   | 38,115  |   |                                                      |   | 12.46 |   |
| Vested                           |   |   | (13,026 | )      |                                                      |   | 13.80 |   |
| Outstanding at December 31, 2010 |   |   | 88,027  |   |                                                      | $      | 13.07 |   |
| Expected to vest                 |   |   | 88,027  |   |                                                      | $      | 13.07 |   |

----

----

|                             |   | Stock units |    |   | Weightedaverage grantdate fair value |   | Weightedaverageremainingcontractualterm |   | Aggregateintrinsic value(thousands) |   |
|----------------------------------|--------|------------------|---------|--------|-----------------------------------------------------|--------|-----------------------------------------|--------|------------------------------------------|--------|
| Outstanding at January 1, 2008   |   |             | -       |   |                                                |   | -                                       |   |                                     |   |   |   |
| Granted                          |   |             | 52,982  |   |                                                | $      | 15.43                                   |   |                                     |   |   |   |
| Forfeited                        |   |             | (756    | )      |                                                |   | 15.43                                   |   |                                     |   |   |   |
| Outstanding at December 31, 2008 |   |             | 52,226  |   |                                                |   | 15.43                                   |   |                                     |   |   |   |
| Granted                          |   |             | 132,020 |   |                                                |   | 8.67                                    |   |                                     |   |   |   |
| Forfeited                        |   |             | (5,713  | )      |                                                |   | 11.44                                   |   |                                     |   |   |   |
| Vested                           |   |             | (12,415 | )      |                                                |   | 15.43                                   |   |                                     |   |   |   |
| Outstanding at December 31, 2009 |   |             | 166,118 |   |                                                |   | 10.20                                   |   |                                     |   |   |   |
| Granted                          |   |             | 101,496 |   |                                                |   | 12.04                                   |   |                                     |   |   |   |
| Forfeited                        |   |             | -       |   |                                                |   | -                                       |   |                                     |   |   |   |
| Vested                           |   |             | (44,904 | )      |                                                |   | 10.59                                   |   |                                     |   | $ | 162 |   |
| Outstanding at December 31, 2010 |   |             | 222,710 |   |                                                | $      | 10.96                                   |   | 2.53 years                          |   | $ | 1,671 |   |
| Expected to vest                 |   |             | 222,710 |   |                                                | $      | 10.96                                   |   |                                     |   | $ | 1,671 |   |

----

----

|                                     |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Weighted average fair value per option   |   | $      | 2.91   |   |   | $      | 1.90   |   |   | $ | 3.52 |   |
| Weighted average expected term, in years |   |   | 4.75   |   |   |   | 4.75   |   |   |   | 5.50 |   |
| Expected volatility                      |   |   | 37     | %      |   |   | 37     | %      |   |   | 37 | % |
| Risk-free rate                           |   |   | 2.32   | %      |   |   | 1.79   | %      |   |   | 2.72 | % |
| Expected dividend                        |   |   | 5.00   | %      |   |   | 6.00   | %      |   |   | 4.84 | % |

|                             |   | Options |      |   | Weightedaverageexercise price |   | Weightedaverageremainingcontractualterm |   | Aggregateintrinsicvalue(thousands) |   |
|----------------------------------|--------|---------|-----------|--------|------------------------------------|--------|-----------------------------------------|--------|------------------------------------|--------|
| Outstanding at January 1, 2008   |   |    | -         |   |                               |   | -                                       |   |                               |   |   |   |
| Granted                          |   |    | 232,403   |   |                               | $      | 15.43                                   |   |                               |   |   |   |
| Forfeited                        |   |    | (3,318    | )      |                               |   | 15.43                                   |   |                               |   |   |   |
| Outstanding at December 31, 2008 |   |    | 229,085   |   |                               |   | 15.43                                   |   |                               |   |   |   |
| Granted                          |   |    | 601,985   |   |                               |   | 10.15                                   |   |                               |   |   |   |
| Forfeited                        |   |    | (27,076   | )      |                               |   | 12.43                                   |   |                               |   |   |   |
| Outstanding at December 31, 2009 |   |    | 803,994   |   |                               | $      | 11.58                                   |   |                               |   |   |   |
| Granted                          |   |    | 420,777   |   |                               |   | 13.52                                   |   |                               |   |   |   |
| Forfeited                        |   |    | (646      | )      |                               |   | 15.43                                   |   |                               |   |   |   |
| Exercised                        |   |    | (82,106   | )      |                               |   | 10.15                                   |   |                               |   |   |   |
| Outstanding at December 31, 2010 |   |    | 1,142,019 |   |                               | $      | 12.39                                   |   | 5.29 years                    |   | $ | 6,928 |   |
| Exercisable                      |   |    | 172,898   |   |                               | $      | 13.46                                   |   | 4.12 years                         |   | $ | 865 |   |
| Expected to vest                 |   |    | 969,121   |   |                               | $      | 12.20                                   |   | 5.44 years                         |   | $ | 6,063 |   |

----

----

|                            |   | Shares |    |   | Weighted averagegrant date fair value |   |
|---------------------------------|--------|--------|---------|--------|-----------------------------------------------------------|--------|
| Non vested at January 1, 2008   |   |   | 44,456  |   |                                                      | $      | 17.87 |   |
| Granted                         |   |   | -       |   |                                                      |   | - |   |
| Vested                          |   |   | (23,037 | )      |                                                      |   | 15.83 |   |
| Non vested at December 31, 2008 |   |   | 21,419  |   |                                                      |   | 20.07 |   |
| Granted                         |   |   | -       |   |                                                      |   | - |   |
| Vested                          |   |   | (6,746  | )      |                                                      |   | 19.25 |   |
| Non vested at December 31, 2009 |   |   | 14,673  |   |                                                      |   | 20.45 |   |
| Granted                         |   |   | -       |   |                                                      |   | - |   |
| Vested                          |   |   | (5,756  | )      |                                                      |   | 19.95 |   |
| Non vested at December 31, 2010 |   |   | 8,917   |   |                                                      | $      | 20.77 |   |
| Expected to vest                |   |   | 8,917   |   |                                                      | $      | 20.77 |   |

----

----

|                             |   | Options |    |   | Weighted averageexercise price |   | Weightedaverageremainingcontractualterm |   | Aggregateintrinsic value(thousands) |   |
|----------------------------------|--------|---------|---------|--------|------------------------------------------|--------|-----------------------------------------|--------|------------------------------------------|--------|
| Outstanding at January 1, 2008   |   |    | 208,765 |   |                                     | $      | 16.34                                   |   |                                     |   |   |   |
| Forfeited                        |   |    | (1,059  | )      |                                     |   | 16.34                                   |   |                                     |   |   |   |
| Outstanding at December 31, 2008 |   |    | 207,706 |   |                                     |   | 16.34                                   |   |                                     |   |   |   |
| Forfeited                        |   |    | -       |   |                                     |   |  -                                 |   |                                     |   |   |   |
| Outstanding at December 31, 2009 |   |    | 207,706 |   |                                     |   | 16.34                                   |   |                                     |   |   |   |
| Forfeited                        |   |    | -       |   |                                     |   | -                                       |   |                                     |   |   |   |
| Outstanding at December 31, 2010 |   |    | 207,706 |   |                                     | $      | 16.34                                   |   | 3.12 years                          |   | $ | 440 |   |
| Exercisable at December 31, 2010 |   |    | 140,652 |   |                                     | $      | 16.34                                   |   | 3.12 years                               |   | $ | 298 |   |
| Expected to vest                 |   |    | 67,054  |   |                                     | $      | 16.34                                   |   | 3.12 years                          |   | $ | 142 |   |

|                             |   | Options |    |   | Weighted averageexercise price |   |   | Weightedaverageremainingcontractualterm |   |   | Aggregateintrinsic value(thousands) |   |
|----------------------------------|--------|---------|---------|--------|------------------------------------------|--------|--------|-----------------------------------------|--------|--------|------------------------------------------|--------|
| Outstanding at January 1, 2008   |   |    | 504,885 |   |                                     | $      | 14.47  |                                    |   |   |                                     |   |   |   |   |   |
| Forfeited                        |   |    | (26,574 | )      |                                     |   |   |                                    |   |   |                                     |   |   |   |   |   |
| Exercised                        |   |    | (10,662 | )      |                                     |   | 14.19  |                                    |   |   |                                     |   |   |   |   |   |
| Outstanding at December 31, 2008 |   |    | 467,649 |   |                                     |   | 12.93  |                                    |   |   |                                     |   |   |   |   |   |
| Forfeited                        |   |    | -       |   |                                     |   | -      |                                    |   |   |                                     |   |   |   |   |   |
| Exercised                        |   |    | (82,180 | )      |                                     |   | 9.84   |                                    |   |   |                                     |   |   |   |   |   |
| Outstanding at December 31, 2009 |   |    | 385,469 |   |                                     |   | 17.46  |                                    |   |   |                                     |   |   |   |   |   |
| Forfeited                        |   |    | -       |   |                                     |   | -      |                                    |   |   |                                     |   |   |   |   |   |
| Exercised                        |   |    | -       |   |                                     |   | -      |                                    |   |   |                                     |   |   |   |   |   |
| Outstanding at December 31, 2010 |   |    | 385,469 |   |                                     | $      | 17.98  |                                    |   |   | 4.45 years                          |   |   | $ | 348 |   |
| Exercisable at December 31, 2010 |   |    | 385,469 |   |                                     | $      | 17.98  |                                    |   |   | 4.45 years                          |   |   | $ | 348 |   |

----

----

|                             |   | Options |    |   | Weighted averageexercise price |   | Weightedaverageremainingcontractualterm |   | Aggregateintrinsic value(thousands) |   |
|----------------------------------|--------|---------|---------|--------|------------------------------------------|--------|-----------------------------------------|--------|------------------------------------------|--------|
|                             |   |    |    |   |                                     |   |                                    |   |                                     |   |
| Outstanding at January 1, 2008   |   |    | 38,163  |   |                                     | $      | 31.46                                   |   |                                     |   |   |   |
| Forfeited                        |   |    | (15,163 | )      |                                     |   | 27.63                                   |   |                                     |   |   |   |
| Expired                          |   |    | (8,650  | )      |                                     |   | 42.56                                   |   |                                     |   |   |   |
| Outstanding at December 31, 2008 |   |    | 14,350  |   |                                     |   | 28.81                                   |   |                                     |   |   |   |
| Forfeited                        |   |    | (533    | )      |                                     |   | 27.72                                   |   |                                     |   |   |   |
| Expired                          |   |    | (2,082  | )      |                                     |   | 23.03                                   |   |                                     |   |   |   |
| Outstanding at December 31, 2009 |   |    | 11,735  |   |                                     |   | 29.89                                   |   |                                     |   |   |   |
| Forfeited                        |   |    | -       |   |                                     |   | -                                       |   |                                     |   |   |   |
| Expired                          |   |    | (3,615  | )      |                                     |   | 23.16                                   |   |                                     |   |   |   |
| Outstanding at December 31, 2010 |   |    | 8,120   |   |                                     | $      | 32.88                                   |   | 0.10 years                               |   | $ | 0 |   |
| Exercisable at December 31, 2010 |   |    | 8,120   |   |                                     | $      | 32.88                                   |   | 0.10 years                               |   | $ | 0 |   |

|                             |   | 2010   |   |   | 2009   |   |   | 2008   |   |
|----------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Outstanding at beginning of year |   |   | 18,755 |   |   |   | 19,609 |   |   |   | 22,182 |   |
| Exercised                        |   |   | (1,009 | )      |   |   | (854   | )      |   |   | (2,573 | ) |
| Outstanding at end of year       |   |   | 17,746 |   |   |   | 18,755 |   |   |   | 19,609 |   |

|   | The Bank sponsors a defined contribution plan for its expatriate top executives based in Panama, which are not eligible to participate in the Panamanian social security system.  The Bank’s contributions are determined as a percentage of the annual salaries of top executives eligible for the plan, each contributing an additional amount withheld from their salary.  Contributions to this plan are managed by a fund manager through a trust.  The executives are entitled to the Bank’s contributions after completing at least three years of service in the Bank.  During the years 2010, 2009 and 2008, the Bank charged to salaries expense $117 thousand, $116 thousand and $241 thousand, respectively, that correspond to the Bank’s contributions to this plan.  As of December 31, 2010 and 2009, the accumulated liability payable amounted to $307 thousand and $386 thousand, respectively. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 17. | Earnings per share |
|-----|--------------------|

|   | The following table presents a reconciliation of the income and share data used in the basic and diluted earnings per share (“EPS”) computations for the dates indicated: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (In thousands of US$, except per share amounts) |   | Year ended December 31, |   |
|------------------------------------------------------------------------------------|--------|----------------------------------------|--------|
|                                                                               |   | 2010                                   |   |   | 2009 |   |   | 2008 |   |
|                                                                               |   |                                   |   |   |   |   |   |   |   |
| Net income attributable to Bladex for both basic and diluted EPS                   |   |                                   | 42,244 |   |   |   | 54,862 |   |   |   | 55,119 |   |
|                                                                               |   |                                   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding - applicable to basic EPS               |   |                                   | 36,647 |   |   |   | 36,493 |   |   |   | 36,388 |   |
| Basic earnings per share                                                           |   |                                   | 1.15   |   |   |   | 1.50 |   |   |   | 1.51 |   |
|                                                                               |   |                                   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding                                         |   |                                   |   |   |   |   |   |   |   |   |   |   |
| applicable to diluted EPS                                                          |   |                                   | 36,647 |   |   |   | 36,493 |   |   |   | 36,388 |   |
| Effect of dilutive securities (1):                                                 |   |                                   |   |   |   |   |   |   |   |   |   |   |
| Stock options and restricted stock units plans                                     |   |                                   | 167    |   |   |   | 78 |   |   |   | 52 |   |
| Adjusted weighted average common shares outstanding applicable to diluted EPS      |   |                                   | 36,814 |   |   |   | 36,571 |   |   |   | 36,440 |   |
| Diluted earnings per share                                                         |   |                                   | 1.15   |   |   |   | 1.50 |   |   |   | 1.51 |   |

|   | (1) | As of December 31, 2010, 2009 and 2008, weighted average options of 760,284, 769,790 and 943,051, respectively, were excluded from the computation of diluted earnings per share because the option’s exercise price was greater than the average quoted market price of the Bank’s common stock. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18. | Financial instruments with off-balance sheet credit risk |
|-----|----------------------------------------------------------|

|   | In the normal course of business, to meet the financing needs of its customers, the Bank is party to financial instruments with off-balance sheet credit risk.  These financial instruments involve, to varying degrees, elements of credit and market risk in excess of the amount recognized in the consolidated balance sheet.  Credit risk represents the possibility of loss resulting from the failure of a customer to perform in accordance with the terms of a contract. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (In thousands of US$)       |   | December 31, |    |
|--------------------------------------------|--------|-------------------|---------|
|                                       |   | 2010              |    |   | 2009 |   |
|                                       |   |              |    |   |   |   |
| Confirmed letters of credit                |   |              | 196,287 |   |   |   | 206,953 |   |
| Stand-by letters of credit and guarantees: |   |              |    |   |   |   |   |   |
| Country risk                               |   |              | -       |   |   |   | 10,000 |   |
| Commercial risk                            |   |              | 38,410  |   |   |   | 40,651 |   |
| Credit derivative                          |   |              | -       |   |   |   | 3,000 |   |
|                                       |   |              | 38,410  |   |   |   | 53,651 |   |
| Credit commitments                         |   |              | 118,863 |   |   |   | 70,181 |   |
|                                       |   |              | 353,560 |   |   |   | 330,785 |   |

----

----

| (In thousands of US$) |   |   |    |
|--------------------------------------|--------|--------|---------|
| Maturities                           |   | Amount |    |
|                                 |   |   |    |
| Within 1 year                        |   |   | 326,597 |   |
| From 1 to 2 years                    |   |   | 26,185  |   |
| From 2 to 5 years                    |   |   | -       |   |
| After 5 years                        |   |   | 778     |   |
|                                 |   |   | 353,560 |   |

| (In thousands of US$) |   |   |    |
|-----------------------|--------|--------|---------|
| Country:              |   | 2010   |    |   | 2009 |   |
| Brazil                |   |   | 66,700  |   |   |   | 22,500 |   |
| Colombia              |   |   | -       |   |   |   | 3,000 |   |
| Costa Rica            |   |   | 32,160  |   |   |   | 24,278 |   |
| Dominican Republic    |   |   | 86      |   |   |   | 130 |   |
| Ecuador               |   |   | 121,245 |   |   |   | 112,039 |   |
| El Salvador           |   |   | 25      |   |   |   | 1,770 |   |
| Guatemala             |   |   | 1,475   |   |   |   | 975 |   |
| Honduras              |   |   | 430     |   |   |   | 430 |   |
| Jamaica               |   |   | 125     |   |   |   | - |   |
| Mexico                |   |   | 50,964  |   |   |   | 57,682 |   |
| Panama                |   |   | 1,200   |   |   |   | - |   |
| Peru                  |   |   | 39      |   |   |   | - |   |
| Switzerland           |   |   | 500     |   |   |   | - |   |
| Uruguay               |   |   | 170     |   |   |   | 15,788 |   |
| Venezuela             |   |   | 78,441  |   |   |   | 92,193 |   |
|                  |   |   | 353,560 |   |   |   | 330,785 |   |

|   | The Bank, on behalf of its client base, advises and confirms letters of credit to facilitate foreign trade transactions.  When confirming letters of credit, the Bank adds its own unqualified assurance that the issuing bank will pay and that if the issuing bank does not honor drafts drawn on the credit, the Bank will.  The Bank provides stand-by letters of credit and guarantees, including country risk guarantees, which are issued on behalf of institutional customers in connection with financing between its customers and third parties.  The Bank applies the same credit policies used in its lending process, and once issued the commitment is irrevocable and remains valid until its expiration.  Credit risk arises from the Bank's obligation to make payment in the event of a customer’s contractual default to a third party.  Risks associated with stand-by letters of credit and guarantees are included in the evaluation of the Bank’s overall credit risk. The Bank issues stand-by letters and guarantees to provide coverage for country risk arising from the risk of convertibility and transferability of local currency of countries in the Region into hard currency, and to provide coverage for country risk arising from political risks, such as expropriation, nationalization, war and/or civil disturbances. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 19. | Leasehold commitments |
|-----|-----------------------|

| (In thousands of US$) |   |
|-----------------------|--------|
|                  |   |   |   |
| Year                  |   |   |   |
| 2011                  |   |   | 561 |   |
| 2012                  |   |   | 261 |   |
| 2013                  |   |   | 243 |   |
| 2014                  |   |   | 243 |   |
| 2015                  |   |   | 203 |   |
|                  |   |   | 1,511 |   |

| 20. | Derivative financial instruments for hedging purposes |
|-----|-------------------------------------------------------|

|                                                            |   | 2010    |    |   | 2009                     |   |
|----------------------------------------------------------------------|--------|---------|---------|--------|--------------------------|--------|
| (In thousands of US$)                                 |   | Nominal |    |   | Fair Value (1) |   |   | Nominal |   |   | Fair Value (1) |   |
|                                                                 |   | Amount  |    |   | Asset                    |   |   | Liability |   |   | Amount |   |   | Asset |   |   | Liability |   |
| Fair value hedges:                                                   |   |    |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps                                                  |   |    | 267,800 |   |                     |   | 591 |   |   |   | 25,737 |   |   |   | 353,600 |   |   |   | - |   |   |   | 30,756 |   |
| Cross-currency interest rate swaps                                   |   |    | 148,570 |   |                     |   | 24 |   |   |   | 25,631 |   |   |   | 150,118 |   |   |   | - |   |   |   | 31,975 |   |
| Cash flow hedges:                                                    |   |    |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps                                                  |   |    | 20,000  |   |                     |   | - |   |   |   | 1,499 |   |   |   | 20,000 |   |   |   | - |   |   |   | 1,956 |   |
| Cross-currency interest rate swaps                                   |   |    | 42,633  |   |                     |   | 1,407 |   |   |   | 150 |   |   |   | 47,141 |   |   |   | - |   |   |   | 450 |   |
| Forward foreign exchange                                             |   |    | 2,108   |   |                     |   | 81 |   |   |   | 12 |   |   |   | 6,832 |   |   |   | 828 |   |   |   | - |   |
|                                                                 |   |    |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                                |   |    | 481,111 |   |                     |   | 2,103 |   |   |   | 53,029 |   |   |   | 577,691 |   |   |   | 828 |   |   |   | 65,137 |   |
|                                                                 |   |    |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net gain (loss) on the ineffective portion of hedging activities (2) |   |    | (1,446  | )      |                     |   |   |   |   |   |   |   |   |   | (2,534 | ) |   |   |   |   |   |   |   |   |

|   | (1) | The fair value of assets and liabilities is reported within the derivative financial instruments used for hedging - receivable and payable lines in the consolidated balance sheets, respectively. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Gains and losses resulting from ineffectiveness and credit risk in hedging activities are reported within the derivative financial instruments and hedging line in the consolidated statements of income. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 2010                                 |   |
|--------------------------------------|--------|
| (In thousands of US$) |   | Gain (loss)recognized in OCI(effective portion) |   | Classification of gain (loss) |   | Gain (loss) reclassified fromaccumulated OCI to thestatements of income(effective portion) |   |   | Gain (loss)recognized onderivatives(ineffective portion) |   |
| Derivatives – cash flow hedge  |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps                  |   |   | 460 |   |   |   |   |   |   |   |   |
|                                 |   |   |   |   |   |   |   |   |   |   |   |
| Cross-currency interest rate swaps   |   |   | 1,690 |   | Gain (loss) on foreign currency exchange |   |   | 1,171 |   |   |   | - |   |
| Forward foreign exchange             |   |   | (759 | ) | Interest income - loans |   |   | (477 | ) |   |   | - |   |
|                                 |   |   |   |   | Gain (loss) on foreign currency exchange |   |   | 478 |   |   |   | - |   |
| Total                                |   |   | 1,391 |   |   |   |   | 1,172 |   |   |   | - |   |

| 2009                                 |   |
|--------------------------------------|--------|
| (In thousands of US$) |   | Gain (loss)recognized in OCI(effective portion) |   | Classification of gain(loss)  |   | Gain (loss) reclassified fromaccumulated OCI to thestatements of income(effective portion) |   |   | Gain (loss)recognized onderivatives(ineffective portion) |   |
| Derivatives – cash flow hedge  |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps                  |   |   | 513 |   |   |   |   |   |   |   |   |
|                                 |   |   |   |   |   |   |   |   |   |   |   |
| Cross-currency interest rate swaps   |   |   | 6,231 |   | Gain (loss) on foreign currency exchange |   |   | (3,430 | ) |   |   | - |   |
|                                 |   |   |   |   | Derivative financial instruments and hedging |   |   | - |   |   |   | (3 | ) |
|                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Forward foreign exchange             |   |   | (4,773 | ) | Interest expense – borrowings |   |   | 336 |   |   |   | - |   |
|                                 |   |   |   |   | Interest income - loans |   |   | 313 |   |   |   | - |   |
|                                 |   |   |   |   | Gain (loss) on foreign currency exchange |   |   | 3,861 |   |   |   | - |   |
| Total                                |   |   | 1,971 |   |   |   |   | 1,080 |   |   |   | (3 | ) |

----

----

| 2010                                      |   |
|-------------------------------------------|--------|
| (In thousands of US$)      |   | Classification in statements ofincome |   | Gain (loss) on derivatives |   |   | Gain (loss) on hedged item |   |   | Net gain (loss) |   |
| Derivatives -  fair value hedge |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps                       |   | Interest income – available-for-sale |   |   | (14,760 | ) |   |   | 22,000 |   |   |   | 7,240 |   |
|                                      |   | Derivative financial instruments and hedging (ineffectiveness) |   |   | 419 |   |   |   | - |   |   |   | 419 |   |
|                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cross-currency interest rate swaps        |   | Derivative financial instruments and hedging (ineffectiveness) |   |   | (1,865 | ) |   |   | - |   |   |   | (1,865 | ) |
|                                      |   | Interest  income – loans |   |   | (45 | ) |   |   | 89 |   |   |   | 44 |   |
|                                      |   | Interest expense – borrowings |   |   | 3,812 |   |   |   | (7,046 | ) |   |   | (3,234 | ) |
|                                      |   | Gain (loss) on foreign currency exchange |   |   | 7,922 |   |   |   | (7,994 | ) |   |   | (72 | ) |
|                                      |   |   |   |   | (4,517 | ) |   |   | 7,049 |   |   |   | 2,532 |   |

| 2009                                      |   |
|-------------------------------------------|--------|
| (In thousands of US$)      |   | Classification in statements ofincome |   | Gain (loss) onderivatives |   |   | Gain (loss) onhedged item |   |   | Net gain(loss) |   |
| Derivatives -  fair value hedge |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps                       |   | Interest income –available-for-sale |   |   | (11,959 | ) |   |   | 27,477 |   |   |   | 15,518 |   |
|                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cross-currency interest rate swaps        |   | Derivative financial instruments and hedging (ineffectiveness) |   |   | (2,531 | ) |   |   | - |   |   |   | (2,531 | ) |
|                                      |   | Interest  income – loans |   |   | (62 | ) |   |   | 619 |   |   |   | 557 |   |
|                                      |   | Interest expense – borrowings |   |   | 3,480 |   |   |   | (8,098 | ) |   |   | (4,618 | ) |
|                                      |   | Gain (loss) on foreign currency exchange |   |   | 591 |   |   |   | (5,681 | ) |   |   | (5,090 | ) |
|                                      |   |   |   |   | (10,481 | ) |   |   | 14,317 |   |   |   | 3,836 |   |

----

----

| 21. | Accumulated other comprehensive income (loss) |
|-----|-----------------------------------------------|

|   | As of December 31, 2010, 2009 and 2008 the breakdown of accumulated other comprehensive income (loss) related to investment securities available-for-sale and derivative financial instruments is as follows: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (In thousands of US$)                                           |   | SecuritiesAvailable-for-Sale |    |   | DerivativeFinancialInstruments |   |   | Total  |   |
|--------------------------------------------------------------------------------|--------|------------------------------|---------|--------|--------------------------------|--------|--------|--------|--------|
|                                                                           |   |                         |    |   |                           |   |   |   |   |
| Balance as of January 1, 2008                                                  |   |                         | (7,631  | )      |                           |   | (2,010 | )      |   |   | (9,641 | ) |
| Net unrealized gains (losses) arising from the year                            |   |                         | (58,453 | )      |                           |   | (2,433 | )      |   |   | (60,886 | ) |
| Reclassification adjustment for (gains) losses included in net income(1)       |   |                         | (67     | )      |                           |   | (1,521 | )      |   |   | (1,588 | ) |
| Balance as of December 31, 2008                                                |   |                         | (66,151 | )      |                           |   | (5,964 | )      |   |   | (72,115 | ) |
| Net unrealized gains (losses) arising from the year                            |   |                         | 63,556  |   |                           |   | 1,971  |   |   |   | 65,527 |   |
| Reclassification adjustment for (gains) losses included in net income (1) |   |                         | (649    | )      |                           |   | 1,077  |   |   |   | 428 |   |
| Balance as of December 31, 2009                                                |   |                         | (3,244  | )      |                           |   | (2,916 | )      |   |   | (6,160 | ) |
| Net unrealized gains (losses) arising from the year                            |   |                         | 2,325   |   |                           |   | 1,391  |   |   |   | 3,716 |   |
| Reclassification adjustment for (gains) losses included in net income(1)       |   |                         | (2,825  | )      |                           |   | (1,172 | )      |   |   | (3,997 | ) |
| Balance as of December 31, 2010                                                |   |                         | (3,744  | )      |                           |   | (2,697 | )      |   |   | (6,441 | ) |

|   | (1) | Reclassification adjustments include amounts recognized in net income during the current year that had been part of other comprehensive income (loss) in this and previous years. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22. | Fair value of financial instruments |
|-----|-------------------------------------|

|   | Level 1 – Assets or liabilities for which an identical instrument is traded in an active market, such as publicly-traded instruments or futures contracts. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | Level 2 – Assets or liabilities valued based on observable market data for similar instruments, quoted prices in markets that are not active; or other observable inputs that can be corroborated by observable market data for substantially the full term of the asset or liability. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | When quoted prices are available in an active market, available-for-sale securities and trading assets and liabilities are classified in level 1 of the fair value hierarchy.  If quoted market prices are not available or they are available in markets that are not active, then fair values are estimated based upon quoted prices of similar instruments, or where these are not available, by using internal valuation techniques, principally discounted cash flows models.  Such securities are classified within level 2 of the fair value hierarchy. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   | Investment fund |
|--------|-----------------|

|   | The Fund is not traded in an active market and, therefore, representative market quotes are not readily available.  Its fair value is adjusted on a monthly basis based on its financial results, its operating performance, its liquidity and the fair value of its long and short investment portfolio that are quoted and traded in active markets.  Such investment is classified within level 2 of the fair value hierarchy. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Derivative financial instruments |
|--------|----------------------------------|

|   | The valuation techniques and inputs depend on the type of derivative and the nature of the underlying instrument.  Exchange-traded derivatives that are valued using quoted prices are classified within level 1 of the fair value hierarchy. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | For those derivative contracts without quoted market prices, fair value is based on internal valuation techniques using inputs that are readily observable and that can be validated by information available in the market.  The principal technique used to value these instruments is the discounted cash flows model and the key inputs considered in this technique include interest rate yield curves and foreign exchange rates.  These derivatives are classified within level 2 of the fair value hierarchy. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Adjustments for credit risk of the counterparty are applied to those derivative financial instruments where the internal credit risk rating of said counterparties deviates substantially from the credit risk implied by the London Interbank Offered rate (“LIBOR”).  Not all counterparties have the same credit rating that is implicit in the LIBOR curve; therefore, it is necessary to take into account the current credit rating of the counterparty for the purpose of obtaining the true fair value of a particular instrument.  In addition, adjustments to bilateral or own risk are adjusted to reflect the bank’s credit risk when measuring all liabilities at fair value. The methodology is consistent with the adjustments applied to generate the counterparty credit risk. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                           |   | 2010                                                                     |    |
|-----------------------------------------------------|--------|--------------------------------------------------------------------------|---------|
| (In thousands of US$)           |   | Quoted marketprices in an activemarket(Level 1) |    |   | Internally developedmodels withsignificantobservable marketinformation(Level 2) |   |   | Internallydeveloped modelswith significantunobservablemarketinformation(Level 3) |   |   | Total carryingvalue in theconsolidatedbalance sheets |   |
| Assets                                              |   |                                                                     |    |   |   |   |   |   |   |   |   |   |
| Trading assets                                      |   |                                                                     |    |   |   |   |   |   |   |   |   |   |
| Sovereign bonds                                     |   |                                                                     | 45,058  |   |   |   | - |   |   |   | - |   |   |   | 45,058 |   |
| Corporate bonds                                     |   |                                                                     | 5,354   |   |   |   | - |   |   |   | - |   |   |   | 5,354 |   |
| Total trading assets                                |   |                                                                     | 50,412  |   |   |   | - |   |   |   | - |   |   |   | 50,412 |   |
| Securities available –for-sale                |   |                                                                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate debt                                      |   |                                                                     | 67,888  |   |   |   | - |   |   |   | - |   |   |   | 67,888 |   |
| Sovereign debt                                      |   |                                                                     | 285,362 |   |   |   | - |   |   |   | - |   |   |   | 285,362 |   |
| Total securities available-for-sale                 |   |                                                                     | 353,250 |   |   |   | - |   |   |   | - |   |   |   | 353,250 |   |
| Investment fund                                     |   |                                                                     | -       |   |   |   | 167,291 |   |   |   | - |   |   |   | 167,291 |   |
| Derivative financial instruments - receivable       |   |                                                                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps                                 |   |                                                                     | -       |   |   |   | 591 |   |   |   | - |   |   |   | 591 |   |
| Cross-currency interest rate swaps                  |   |                                                                     | -       |   |   |   | 1,431 |   |   |   | - |   |   |   | 1,431 |   |
| Forward foreign exchange                            |   |                                                                     | -       |   |   |   | 81 |   |   |   | - |   |   |   | 81 |   |
| Total derivative financial instruments - receivable |   |                                                                     | -       |   |   |   | 2,103 |   |   |   | - |   |   |   | 2,103 |   |
| Total assets at fair value                          |   |                                                                     | 403,662 |   |   |   | 169,394 |   |   |   | - |   |   |   | 573,056 |   |
|                                                |   |                                                                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities                                         |   |                                                                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trading liabilities                                 |   |                                                                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps                                 |   |                                                                     | -       |   |   |   | 3,031 |   |   |   | - |   |   |   | 3,031 |   |
| Cross-currency interest rate swaps                  |   |                                                                     | -       |   |   |   | 907 |   |   |   | - |   |   |   | 907 |   |
| Total trading liabilities                           |   |                                                                     | -       |   |   |   | 3,938 |   |   |   | - |   |   |   | 3,938 |   |
| Derivative financial instruments - payable          |   |                                                                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps                                 |   |                                                                     | -       |   |   |   | 27,236 |   |   |   | - |   |   |   | 27,236 |   |
| Cross-currency interest rate swaps                  |   |                                                                     | -       |   |   |   | 25,781 |   |   |   | - |   |   |   | 25,781 |   |
| Forward foreign exchange                            |   |                                                                     | -       |   |   |   | 12 |   |   |   | - |   |   |   | 12 |   |
| Total derivative financial instruments - payable    |   |                                                                     | -       |   |   |   | 53,029 |   |   |   | - |   |   |   | 53,029 |   |
| Total liabilities at fair value                     |   |                                                                     | -       |   |   |   | 56,967 |   |   |   | - |   |   |   | 56,967 |   |

----

----

|                                           |   | 2009                                                                     |    |
|-----------------------------------------------------|--------|--------------------------------------------------------------------------|---------|
| (In thousands of US$)                |   | Quoted marketprices in an activemarket(Level 1) |    |   | Internally developedmodels withsignificantobservable marketinformation(Level 2) |   |   | Internallydeveloped modelswith significantunobservablemarketinformation(Level 3) |   |   | Total carryingvalue in theconsolidatedbalance sheets |   |
|                                                |   |                                                                     |    |   |   |   |   |   |   |   |   |   |
| Assets                                              |   |                                                                     |    |   |   |   |   |   |   |   |   |   |
| Trading assets                                      |   |                                                                     |    |   |   |   |   |   |   |   |   |   |
| Sovereign bonds                                     |   |                                                                     | 44,875  |   |   |   | - |   |   |   | - |   |   |   | 44,875 |   |
| Corporate bonds                                     |   |                                                                     | 5,400   |   |   |   | - |   |   |   | - |   |   |   | 5,400 |   |
| Credit default swap                                 |   |                                                                     | -       |   |   |   | 2 |   |   |   | - |   |   |   | 2 |   |
| Total trading assets                                |   |                                                                     | 50,275  |   |   |   | 2 |   |   |   | - |   |   |   | 50,277 |   |
| Securities available –for-sale                |   |                                                                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate debt                                      |   |                                                                     | 55,543  |   |   |   | 20,920 |   |   |   | - |   |   |   | 76,463 |   |
| Sovereign debt                                      |   |                                                                     | 380,521 |   |   |   | - |   |   |   | - |   |   |   | 380,521 |   |
| Total securities available-for-sale                 |   |                                                                     | 436,064 |   |   |   | 20,920 |   |   |   | - |   |   |   | 456,984 |   |
| Investment fund                                     |   |                                                                     | -       |   |   |   | 197,575 |   |   |   | - |   |   |   | 197,575 |   |
| Derivative financial instruments - receivable       |   |                                                                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Forward foreign exchange                            |   |                                                                     | -       |   |   |   | 828 |   |   |   | - |   |   |   | 828 |   |
| Total derivative financial instruments - receivable |   |                                                                     | -       |   |   |   | 828 |   |   |   | - |   |   |   | 828 |   |
| Total assets at fair value                          |   |                                                                     | 486,339 |   |   |   | 219,325 |   |   |   | - |   |   |   | 705,664 |   |
|                                                |   |                                                                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities                                         |   |                                                                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trading liabilities                                 |   |                                                                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps                                 |   |                                                                     | -       |   |   |   | 2,514 |   |   |   | - |   |   |   | 2,514 |   |
| Cross-currency interest rate swaps                  |   |                                                                     | -       |   |   |   | 638 |   |   |   | - |   |   |   | 638 |   |
| Total trading liabilities                           |   |                                                                     | -       |   |   |   | 3,152 |   |   |   | - |   |   |   | 3,152 |   |
| Derivative financial instruments - payable          |   |                                                                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate swaps                                 |   |                                                                     | -       |   |   |   | 32,712 |   |   |   | - |   |   |   | 32,712 |   |
| Cross-currency interest rate swaps                  |   |                                                                     | -       |   |   |   | 32,425 |   |   |   | - |   |   |   | 32,425 |   |
| Total derivative financial instruments - payable    |   |                                                                     | -       |   |   |   | 65,137 |   |   |   | - |   |   |   | 65,137 |   |
| Total liabilities at fair value                     |   |                                                                     | -       |   |   |   | 68,289 |   |   |   | - |   |   |   | 68,289 |   |

----

----

----

----

|                                                                                      |   | December 31, |      |
|-------------------------------------------------------------------------------------------|--------|-------------------|-----------|
| (In thousands of US$)                                                      |   | 2010              |      |   | 2009 |   |
|                                                                                      |   | Carrying          |      |   | Fair |   |   | Carrying |   |   | Fair |   |
|                                                                                      |   | Value             |      |   | Value |   |   | Value |   |   | Value |   |
| Financial assets:                                                                         |   |              |      |   |   |   |   |   |   |   |   |   |
| Instruments with carrying value that approximates fair value                              |   |              | 495,037   |   |   |   | 495,037 |   |   |   | 451,668 |   |   |   | 451,668 |   |
| Securities held-to-maturity                                                               |   |              | 33,181    |   |   |   | 33,206 |   |   |   | - |   |   |   | - |   |
| Loans, net of allowance                                                                   |   |              | 3,981,328 |   |   |   | 4,010,363 |   |   |   | 2,701,484 |   |   |   | 2,746,175 |   |
|                                                                                      |   |              |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financial liabilities:                                                                    |   |              |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Instruments with carrying value that approximates fair value                              |   |              | 2,123,149 |   |   |   | 2,123,149 |   |   |   | 1,340,420 |   |   |   | 1,340,420 |   |
| Short-term borrowings                                                                     |   |              | 1,095,400 |   |   |   | 1,092,265 |   |   |   | 327,800 |   |   |   | 327,877 |   |
| Borrowings and long-term debt                                                             |   |              | 1,075,140 |   |   |   | 1,047,031 |   |   |   | 1,390,387 |   |   |   | 1,381,022 |   |
| Commitments to extend credit, standby letters of credit, and financial guarantees written |   |              | 12,162    |   |   |   | 11,761 |   |   |   | 29,011 |   |   |   | 28,113 |   |

| 23. | Litigation |
|-----|------------|

|   | Bladex is not engaged in any litigation that is material to the Bank’s business or, to the best of the knowledge of the Bank’s management that is likely to have an adverse effect on its business, financial condition or results of operations. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24. | Capital adequacy |
|-----|------------------|

|   | The Banking Law in the Republic of Panama requires banks with general banking license to maintain a total capital adequacy index that shall not be lower than 8% of total assets and off-balance sheet irrevocable contingency transactions, weighted according to their risk; and primary capital equivalent that shall not be less than 4% of its assets and off-balance sheet irrevocable contingency transactions, weighted according to their risk.  As of December 31, 2010, the Bank’s capital adequacy ratio is 16% which is in compliance with the capital adequacy ratios required by the Banking Law in the Republic of Panama. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25. | Business segment information |
|-----|------------------------------|

----

----

----

----

| (In millions of US$)                                                |   | 2010   |    |   | 2009   |   |    | 2008   |   |
|---------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
|                                                                |   |   |    |   |   |   |    |   |   |
| COMMERCIAL                                                          |   |   |    |   |   |   |    |   |   |
| Interest income                                                     |   |   | 104.8   |   |   |   | 114.3   |   |   |   | 200.1 |   |
| Interest expense                                                    |   |   | (33.2   | )      |   |   | (48.1   | )      |   |   | (122.0 | ) |
| Net interest income                                                 |   |   | 71.6    |   |   |   | 66.2    |   |   |   | 78.1 |   |
| Net other income (2)                                                |   |   | 10.1    |   |   |   | 6.9     |   |   |   | 7.8 |   |
| Operating expenses                                                  |   |   | (29.9   | )      |   |   | (23.4   | )      |   |   | (27.5 | ) |
| Net operating income (3)                                            |   |   | 51.8    |   |   |   | 49.7    |   |   |   | 58.4 |   |
| (Provision) reversals for loans and off-balance sheet credit losses |   |   | 4.8     |   |   |   | (14.8   | )      |   |   | 1.5 |   |
| Recoveries, net of impairment on assets                             |   |   | 0.2     |   |   |   | (0.1    | )      |   |   | (0.8 | ) |
| Net income attributable to Bladex                                   |   |   | 56.8    |   |   |   | 34.8    |   |   |   | 59.1 |   |
| Commercial assets and contingencies (end of period balances):       |   |   |    |   |   |   |    |   |   |   |   |   |
| Interest-earning assets (4)                                         |   |   | 4,060.0 |   |   |   | 2,775.3 |   |   |   | 2,614.0 |   |
| Other assets and contingencies (5)                                  |   |   | 382.4   |   |   |   | 331.2   |   |   |   | 443.6 |   |
| Total interest-earning assets, other assets and contingencies       |   |   | 4,442.4 |   |   |   | 3,106.5 |   |   |   | 3,057.6 |   |

----

----

| (In millions of US$)                                                     |   | 2010   |    |   | 2009   |   |    | 2008   |   |
|--------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
|                                                                     |   |   |    |   |   |   |    |   |   |
| TREASURY                                                                 |   |   |    |   |   |   |    |   |   |
| Interest income                                                          |   |   | 12.4    |   |   |   | 25.9    |   |   |   | 40.7 |   |
| Interest expense                                                         |   |   | (9.2    | )      |   |   | (23.9   | )      |   |   | (37.7 | ) |
| Net interest income                                                      |   |   | 3.2     |   |   |   | 2.0     |   |   |   | 3.0 |   |
| Net other income (2)                                                     |   |   | (0.4    | )      |   |   | 12.0    |   |   |   | (12.4 | ) |
| Operating expenses                                                       |   |   | (7.7    | )      |   |   | (7.9    | )      |   |   | (6.9 | ) |
| Net operating income (3)                                                 |   |   | (4.9    | )      |   |   | 6.1     |   |   |   | (16.3 | ) |
| Net income (loss) attributable to Bladex                                 |   |   | (4.9    | )      |   |   | 6.1     |   |   |   | (16.3 | ) |
|                                                                     |   |   |    |   |   |   |    |   |   |   |   |   |
| Treasury assets and contingencies (end of period balances):              |   |   |    |   |   |   |    |   |   |   |   |   |
| Interest-earning assets (6)                                              |   |   | 873.6   |   |   |   | 931.8   |   |   |   | 1,581.9 |   |
| Other assets and contingencies (5)                                       |   |   | -       |   |   |   | 3.0     |   |   |   | 3.0 |   |
| Total interest-earning assets, other assets and contingencies            |   |   | 873.6   |   |   |   | 934.8   |   |   |   | 1,584.9 |   |
|                                                                     |   |   |    |   |   |   |    |   |   |   |   |   |
| ASSET MANAGEMENT                                                         |   |   |    |   |   |   |    |   |   |   |   |   |
| Interest income                                                          |   |   | 2.3     |   |   |   | 1.8     |   |   |   | 3.5 |   |
| Interest expense                                                         |   |   | (2.6    | )      |   |   | (5.2    | )      |   |   | (6.7 | ) |
| Net interest income                                                      |   |   | (0.3    | )      |   |   | (3.4    | )      |   |   | (3.2 | ) |
| Net other income (2)                                                     |   |   | (7.3    | )      |   |   | 25.4    |   |   |   | 21.3 |   |
| Operating expenses                                                       |   |   | (4.5    | )      |   |   | (6.8    | )      |   |   | (5.6 | ) |
| Net operating income (3)                                                 |   |   | (12.1   | )      |   |   | 15.2    |   |   |   | 12.5 |   |
| Net income (loss)                                                        |   |   | (12.1   | )      |   |   | 15.2    |   |   |   | 12.5 |   |
| Net income (loss) attributable to the redeemable noncontrolling interest |   |   | (2.4    | )      |   |   | 1.1     |   |   |   | 0.2 |   |
| Net income (loss) attributable to Bladex                                 |   |   | (9.7    | )      |   |   | 14.1    |   |   |   | 12.3 |   |
|                                                                     |   |   |    |   |   |   |    |   |   |   |   |   |
| Fund’s assets and contingencies (end of period balances):          |   |   |    |   |   |   |    |   |   |   |   |   |
| Interest-earning assets (6)                                              |   |   | 167.3   |   |   |   | 197.6   |   |   |   | 150.7 |   |
| Non-interest-earning assets                                              |   |   | -       |   |   |   | 0.1     |   |   |   | - |   |
| Total interest-earning assets, other assets and contingencies            |   |   | 167.3   |   |   |   | 197.7   |   |   |   | 150.7 |   |
| TOTAL                                                                    |   |   |    |   |   |   |    |   |   |   |   |   |
| Interest income                                                          |   |   | 119.5   |   |   |   | 142.0   |   |   |   | 244.3 |   |
| Interest expense                                                         |   |   | (45.0   | )      |   |   | (77.2   | )      |   |   | (166.4 | ) |
| Net interest income                                                      |   |   | 74.5    |   |   |   | 64.8    |   |   |   | 77.9 |   |
| Net other income (2)                                                     |   |   | 2.4     |   |   |   | 44.3    |   |   |   | 16.7 |   |
| Operating expenses                                                       |   |   | (42.1   | )      |   |   | (38.2   | )      |   |   | (40.0 | ) |
| Net operating income (3)                                                 |   |   | 34.8    |   |   |   | 70.9    |   |   |   | 54.6 |   |
| (Provision) reversals for loans and off-balance sheet credit losses      |   |   | 4.8     |   |   |   | (14.8   | )      |   |   | 1.5 |   |
| Recoveries, net of impairment on assets                                  |   |   | 0.2     |   |   |   | (0.1    | )      |   |   | (0.8 | ) |
| Net income                                                               |   |   | 39.8    |   |   |   | 56.0    |   |   |   | 55.3 |   |
| Net income (loss) attributable to the redeemable noncontrolling interest |   |   | (2.4    | )      |   |   | 1.1     |   |   |   | 0.2 |   |
| Net income attributable to Bladex                                        |   |   | 42.2    |   |   |   | 54.9    |   |   |   | 55.1 |   |
|                                                                     |   |   |    |   |   |   |    |   |   |   |   |   |
| Total assets and contingencies (end of period balances):                 |   |   |    |   |   |   |    |   |   |   |   |   |
| Interest-earning assets (4 & 6)                                      |   |   | 5,100.9 |   |   |   | 3,904.7 |   |   |   | 4,346.6 |   |
| Other assets and contingencies (5)                                       |   |   | 382.4   |   |   |   | 334.3   |   |   |   | 446.6 |   |
| Total interest-earning assets, other assets and contingencies            |   |   | 5,483.3 |   |   |   | 4,239.0 |   |   |   | 4,793.2 |   |

|   | (1) | The numbers set out in these tables have been rounded and accordingly may not total exactly. |
|--------|-----|----------------------------------------------------------------------------------------------|

|   | (2) | Net other income excludes reversals (provisions) for loans and off-balance sheet credit losses, and recoveries on assets. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

| Reconciliation of Net other income:                                   |   |   |   |   |   |   |   |   |   |
|-----------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Net other income – business segment                             |   |   | 2.4    |   |   |   | 44.3   |   |   |   | 16.7 |   |
| Reversal (provision) for losses on off-balance sheet credit risk      |   |   | 13.9   |   |   |   | 3.5    |   |   |   | (17.0 | ) |
| Recoveries, net of impairment on assets                               |   |   | 0.2    |   |   |   | (0.1   | )      |   |   | (0.8 | ) |
| Net other income  – consolidated financial statements |   |   | 16.5   |   |   |   | 47.7   |   |   |   | (1.1 | ) |

|   | (3) | Net operating income refers to net income excluding reversals (provisions) for loans and off-balance sheet credit losses and recoveries on assets |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | Includes loans, net of unearned income and deferred loan fees. |
|--------|-----|----------------------------------------------------------------|

|   | (5) | Includes customers’ liabilities under acceptances, letters of credit and guarantees covering commercial and country risk, and credit commitments and equity investments recorded as other assets. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | Includes cash and due from banks, interest-bearing deposits with banks, securities available for sale and held to maturity, trading securities and the balance of the  Investment Fund. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Reconciliation of Total assets:                                   |   |   |    |   |   |   |    |   |   |
|-------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Interest-earning assets – business segment                  |   |   | 5,100.9 |   |   |   | 3,904.7 |   |   |   | 4,346.6 |   |
| Allowance for loan losses                                         |   |   | (78.6   | )      |   |   | (73.8   | )      |   |   | (54.6 | ) |
| Customers’ liabilities under acceptances                    |   |   | 27.2    |   |   |   | 1.6     |   |   |   | 1.3 |   |
| Premises and equipment                                            |   |   | 6.5     |   |   |   | 7.7     |   |   |   | 8.0 |   |
| Accrued interest receivable                                       |   |   | 31.1    |   |   |   | 25.6    |   |   |   | 46.3 |   |
| Derivative financial instruments used for hedging - receivable    |   |   | 2.1     |   |   |   | 0.8     |   |   |   | 7.8 |   |
| Other assets                                                      |   |   | 10.9    |   |   |   | 12.2    |   |   |   | 7.3 |   |
| Total assets  – consolidated financial statements |   |   | 5,100.1 |   |   |   | 3,878.8 |   |   |   | 4,362.7 |   |

----

----

|                                 |   | 2010   |    |
|--------------------------------------|--------|--------|---------|
| (In thousands of US$) |   | Panama |    |   | UnitedStates ofAmerica |   |   | CaymanIslands |   |   | Total |   |
|                                 |   |   |    |   |   |   |   |   |   |   |   |   |
| Interest income                      |   |   | 106,673 |   |   |   | 10,607 |   |   |   | 2,198 |   |   |   | 119,478 |   |
| Interest expense                     |   |   | (41,266 | ) |   |   | (2,746 | ) |   |   | (963 | ) |   |   | (44,975 | ) |
| Net interest income                  |   |   | 65,407  |   |   |   | 7,861 |   |   |   | 1,235 |   |   |   | 74,503 |   |
|                                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-lived assets:                   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Premises and equipment, net          |   |   | 6,039   |   |   |   | 493 |   |   |   | - |   |   |   | 6,532 |   |

|                                 |   | 2009   |    |
|--------------------------------------|--------|--------|---------|
| (In thousands of US$) |   | Panama |    |   | UnitedStates ofAmerica |   |   | CaymanIslands |   |   | Total |   |
|                                 |   |   |    |   |   |   |   |   |   |   |   |   |
| Interest income                      |   |   | 122,731 |   |   |   | 17,470 |   |   |   | 1,763 |   |   |   | 141,964 |   |
| Interest expense                     |   |   | (69,066 | ) |   |   | (5,821 | ) |   |   | (2,325 | ) |   |   | (77,212 | ) |
| Net interest income                  |   |   | 53,665  |   |   |   | 11,649 |   |   |   | (562 | ) |   |   | 64,752 |   |
|                                 |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-lived assets:                   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Premises and equipment, net          |   |   | 7,096   |   |   |   | 653 |   |   |   | - |   |   |   | 7,749 |   |

|                                 |   | 2008   |     |
|--------------------------------------|--------|--------|----------|
| (In thousands of US$) |   | Panama |     |   | UnitedStates ofAmerica |   |   | CaymanIslands |   |   | Total |   |
|                                 |   |   |     |   |   |   |   |   |   |   |   |   |
| Interest income                      |   |   | 221,351  |   |   |   | 19,407 |   |   |   | 3,485 |   |   |   | 244,243 |   |
| Interest expense                     |   |   | (152,665 | ) |   |   | (11,435 | ) |   |   | (2,296 | ) |   |   | (166,396 | ) |
| Net interest income                  |   |   | 68,686   |   |   |   | 7,972 |   |   |   | 1,189 |   |   |   | 77,847 |   |
|                                 |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-lived assets:                   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Premises and equipment, net          |   |   | 7,156    |   |   |   | 814 |   |   |   | - |   |   |   | 7,970 |   |

----

| Item 19. | Exhibits |
|----------|----------|

| List of Exhibits |
|------------------|
|             |   |
| Exhibit 1.1.     | Amended and Restated Articles of Incorporation* |
| Exhibit 1.2.     | By-Laws** |
| Exhibit 8.1.     | List of Subsidiaries** |
| Exhibit 11.1.    | Code of Ethics** |
| Exhibit 12.1.    | Rule 13a-14(a) Certification of Principal Executive Officer |
| Exhibit 12.2.    | Rule 13a-14(a) Certification of Principal Financial Officer |
| Exhibit 13.1.    | Rule 13a-14(b) Certification of Principal Executive Officer |
| Exhibit 13.2.    | Rule 13a-14(b) Certification of Principal Financial Officer |

| * | Filed as an exhibit to the Form 20-F for the fiscal year ended December 31, 2008 filed with the SEC on June 26, 2009. |
|---|-----------------------------------------------------------------------------------------------------------------------|

| ** | Filed as an exhibit to the Form 20-F for the fiscal year ended December 31, 2009 filed with the SEC on June 11, 2010. |
|----|-----------------------------------------------------------------------------------------------------------------------|

----

| /s/ JAIME RIVERA        |   |
|-------------------------|--------|
| Jaime Rivera            |   |
| Chief Executive Officer |   |
|                    |   |
| May 24, 2011            |   |

----

| Exhibit   1.1. | Amended and Restated Articles of Incorporation* |
|-------------------------------|-------------------------------------------------|

| Exhibit   1.2. | By-Laws** |
|-------------------------------|-----------|

| Exhibit   8.1. | List of Subsidiaries** |
|-------------------------------|------------------------|

| Exhibit 11.1. | Code of Ethics** |
|---------------|------------------|

| Exhibit 12.1. | Rule 13a-14(a) Certification of Principal Executive Officer |
|---------------|-------------------------------------------------------------|

| Exhibit 12.2. | Rule 13a-14(a) Certification of Principal Financial Officer |
|---------------|-------------------------------------------------------------|

| Exhibit 13.1. | Rule 13a-14(b) Certification of Principal Executive Officer |
|---------------|-------------------------------------------------------------|

| Exhibit 13.2. | Rule 13a-14(b) Certification of Principal Financial Officer |
|---------------|-------------------------------------------------------------|

| * | Filed as an exhibit to the Form 20-F for the fiscal year ended December 31, 2008 filed with the SEC on  June 26, 2009. |
|---|----------------------------------------------------------------------------------------------------------------------------------|

| ** | Filed as an exhibit to the Form 20-F for the fiscal year ended December 31, 2009 filed with the SEC on June 11, 2010. |
|----|-----------------------------------------------------------------------------------------------------------------------|

----