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<SEC-DOCUMENT>0001275287-07-000369.txt : 20070326
<SEC-HEADER>0001275287-07-000369.hdr.sgml : 20070326
<ACCEPTANCE-DATETIME>20070129154252
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001275287-07-000369
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20070129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LATIN AMERICAN EXPORT BANK
		CENTRAL INDEX KEY:			0000890541
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		CALLE 50 Y AQUILINO DE LA GUARDIA
		STREET 2:		EL DORADO PANAMA CITY
		CITY:			REPUBLIC OF PANAMA
		STATE:			R1

	MAIL ADDRESS:	
		STREET 1:		CALLE 50 Y AQUILINO DE LA GUARDIA
		STREET 2:		EL DORADO PANAMA CITY
		CITY:			REPUBLIC OF PANAMA
		STATE:			R1
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<p><font size="2" face="Times New Roman">January 26<sup>th</sup>, 2007<br>CEO: 002/07</font></p>
<p>
<font size="2" face="Times New Roman">Mr. Kevin W. Vaughn<br> Accounting Branch Chief<br> Division of Corporation Finance<br> United States Securities and Exchange Commission<br> Washington, D.C. 20549<br> U.S.A</font></p>
<p>
<font size="2" face="Times New Roman">Re:&nbsp;&nbsp;&nbsp;&nbsp;Latin American Export Bank<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 20-F for the Fiscal Year Ended December 31, 2005<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No. 001-11414</font></p>
<p>
<font size="2" face="Times New Roman">Dear Mr. Vaughn:</font></p>
<p align="justify">
<font size="2" face="Times New Roman">Attached please find our response to the comments raised in your second staff comment letter dated December 8<sup>th</sup>, 2006, received at the Bank on January 3<sup>rd</sup>, 2007.&#160; As in our previous letter, staff comments are presented in bold italics, with our responses following each comment. </font></p>
<p align="justify">
<font size="2" face="Times New Roman">We again wish to express our satisfaction with the results of your review, and thank you for your comments, which will contribute to improving the quality of our disclosures, for the benefit of all our stakeholders.</font></p>
<p>
<font size="2" face="Times New Roman">As per your request, we have asked KPMG to provide a preferability letter.</font></p>
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<font size="2" face="Times New Roman">Kind   regards,</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p><font size="2" face="Times New Roman">/s/ JAIME RIVERA</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Jaime Rivera</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman"><i>Chief   Executive Officer</i></font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<p  align=right>
<font size="2" face="Times New Roman">1</font></p>

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<p>
<font size="2" face="Times New Roman"><b><i><u>&#160;Annex 1</u></i></b></font></p>
<p>
<font size="2" face="Times New Roman"><b><u>Form 20-F for the Fiscal Year Ended December 31, 2005</u></b></font></p>
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<font size="2" face="Times New Roman">1.</font></p>  </td>
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  <p align="justify">
<font size="2" face="Times New Roman"><b><i>In response to comment two of our letter   dated September 19, 2006 as well as in what appears to be proposed disclosure   for future filings in Annex 1 of your response dated November 22, 2006 you   indicate that the change in estimating the generic allowance for loan losses   represents a substantial change in methodology that qualifies as a change in   accounting principle from one acceptable method to another under paragraph   7-8 of APB 20.&#160; In light of your response,   it does not appear as though this change represents a change in accounting   principle as defined in paragraph 7-9 of APB 20 but rather a change in   accounting estimate as described in paragraph 10 of APB 20.&#160; Please tell us whether you continue to   believe that this change represents a change in principle as opposed to a   change in accounting estimate.&#160; If you   believe it represents a change in principle, please more clearly explain how   you made that determination,
and provide us with a preferability letter from   your independent public accountant stating whether or not the change is to an   alternative principle which In his judgment is preferable under the   circumstances.&#160; Alternatively, if you   believe that this change represents a change in accounting estimate, provide   us with your revised disclosure clarifying that fact, and confirm that you   will include such disclosure in your December 31, 2006 Form 20-F.</i></b></font></p>  </td>
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<br>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">We continue   to believe that this change represents a change in accounting principle, as   it involves a change in the method of applying an accounting principle due to   the following:</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman">The source of probability   of default data has been changed, from external to primarily internal.</font></p>  </td>
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  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman">The underlying methodology   formula and the calculation of reserves for credit losses have also been   changed;</font></p>  </td>
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<br>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="90%" valign="top">
  <p align="justify">
<font size="2" face="Times New Roman">We therefore   believe that there is a change in the method used to apply FAS 5 and,   consequently, a change in accounting principle according to APB 20.&#160; This is in line with paragraph 7 of APB   20, which states that &#147;The term accounting principle includes not only   accounting principles and practices but also the methods of applying them.&#148;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p align="justify">
<font size="2" face="Times New Roman">For further   clarification, we outline the major changes in the source of data and in the   formula for the calculation of the reserve for credit losses per FAS 5:</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman"><u><i>Change in Source of Data</i></u></font></p>  </td>
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   <td  valign="top"><p><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="top"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="top"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p align="justify">
<font size="2" face="Times New Roman">The source   of data used to calculate probable losses was changed.&#160; Under the previous methodology, we used   third party probabilities of default and country classifications, whereas the   current calculation for probable losses is based on Bladex&#180;s own internal   historical probability of default factors and country risk   classifications.&#160; The only exception   relates to countries classified as high risk, in which case third party   probabilities of default are utilized, in view of the Bank&#146;s lack of   extensive data for these cases.</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><u><i>Change in Formula</i></u></font></p>  </td>
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   <td  valign="top"><p><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="top"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="top"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p align="justify">
<font size="2" face="Times New Roman">Under the   previous methodology reserves for probable credit losses for purposes of FAS   5 were calculated based&#160; on a formula   that calculated different total loss factors for transactional risk, client   risk and country risk, with the sum of the weighted totals used as the   estimated generic allowance for a given client.&#160; The current methodology, however, estimates probable losses   based on Bladex&#146;s historical probability of default and a loss given default   factor.</font></p>  </td>
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<p  align=right><font size="2" face="Times New Roman">2</font></p>

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<div style="page-break-before:always"></div>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p align="justify">
<font size="2" face="Times New Roman">Under the   previous methodology, reserves for probable credit losses for purposes of FAS   5, were calculated using the following formula:</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <img src="image001.jpg" width="346" height="33">  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">a)</font></p>  </td>
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  <p align="justify">
<font size="2" face="Times New Roman">Exposure (E)   = Accounting balance (on and off-balance sheet) at the end of the period   under review.</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="80%"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">b)</font></p>  </td>
  <td  colspan="2" valign="top">
  <p align="justify">
<font size="2" face="Times New Roman">Loss Factor   (LF) = Loss factor based on external sources:</font></p>  </td>
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  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p  align="center">
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman">LF<sub>T</sub>   = Loss Factor by transaction type, depending on whether the transaction was   foreign trade / non-trade, on / off-balance sheet, etc.</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman">LF<sub>C</sub>   = Loss Factor by client type (bank, non bank), and by internal credit risk   classification.</font></p>  </td>
 </tr>
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  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">LF<sub>CTY&#160; </sub>= Loss Factor by country risk   classification.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">c)</font></p>  </td>
  <td  colspan="2" valign="top">
  <p align="justify">
<font size="2" face="Times New Roman">Weight   Factor (WF) =&#160; weighting factors for   transaction, client and country risks, based on a table driven by country   risk classification, with the sum total of the three weight factors   (transaction, client and country) adding to 100%:</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">a.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">WF<sub>T</sub>&#160; =&#160;   Weight Factor for transaction type exposure.&#160;&#160; </font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">b.</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">WF<sub>C</sub>&#160; =&#160; Weight Factor for client exposure.</font><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">c.</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman">WF<sub>CTY</sub>   = Weight Factor for country exposure.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman">Under the   current methodology, reserves for probable credit losses according to FAS 5   are calculated using the following formula:</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td colspan="3"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font><img src="image002.jpg" width="165" height="29">    </p>  </td>
  </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">a)</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">Exposure (E)   = the total accounting balance (on and off-balance sheet) at the end of the   period under review, segregated by country.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">b)</font></p>  </td>
  <td  colspan="2" valign="top">
  <p align="justify">
<font size="2" face="Times New Roman">Probabilities   of Default (PD) = one-year probability of default applied to the portfolio in   each country.&#160; Default rates are based   on Bladex&#146;s historical portfolio performance during an eight-year period,   complemented by Standard&amp;Poor&#146;s probabilities of default for higher risk   cases, in view of the greater robustness of S&amp;P data for such cases.&#160; </font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">c)</font></p>  </td>
  <td  colspan="2" valign="top">
  <p align="justify">
<font size="2" face="Times New Roman">Loss Given   Default (LGD) = a factor of 45% is utilized, based on best practices in the   banking industry.&#160; This factor applies   to all countries, except those classified as higher risk, in which case   management applies historical loss experience on a case-by-case basis. </font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><i>2.</i></font></p>  </td>
  <td  colspan="4"  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>As a related matter, please revise your   proposed disclosure for future filings to incorporate the following as it   relates to your allowance methodology</i></b><i>:</i></font></p>  </td>
 </tr>
 <tr>
   <td  valign="top"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="top"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="top"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="top"><p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="top"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman"><b><i>A detailed description of your methodology   for both on and off-balance sheet exposures.</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman"><b><i>The formula used to calculate allowance as   presented in response to bullet point two in comment two of our letter dated   September 19, 2006.</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman"><b><i>A detailed explanation of why the change in   estimate resulted in a positive impact on the 2005 net income as it relates   to the allowance for loan losses and a negative impact as it relates to the   reserve for losses on off-balance sheet credit risk.</i></b></font></p>  </td>
 </tr>
</table>

<p  align=right><font size="2" face="Times New Roman">3</font></p>

<hr size="3" width="100%" noshade color=black>
<div style="page-break-before:always"></div>
<PAGE>
<br>


<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td width="90%" valign="top">
  <p align="justify">
<font size="2" face="Times New Roman"><b><i>The fact that you began compiling   historical data in 2004, completed the effort in 2005 and the effect on your   determination of the allowance.</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman"><b><i>A table depicting the reversals   (provisions) of allowance for loan losses along with a detailed descriptions   of the adjustments as presented in response to bullet point four in comment   three of our letter dated September 19, 2006, and</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman"><b><i>A discussion of how your methodology   accurately captures the estimated losses incurred prior to year-end but   charged off in subsequent periods.&#160; If   true, specifically confirm in your disclosure that &#147;the new methodology   utilizes one-year probabilities of default&#148; in order to estimate the amount   of loss that &#147;has been incurred at the date of the financial statements&#148;   pursuant to paragraph 8 of SFAS5.</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i>3.</i></b></font></p>  </td>
  <td  colspan="2" valign="top">
  <p align="justify">
<font size="2" face="Times New Roman"><b><i>We note your response to comment three of   our letter dated September 19, 2006 along with what appears to be proposed   disclosure for future filings in Annex 1 of your response dated November 22,   2006.&#160; Please enhance this disclosure   to include the following:</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman"><b><i>quantification of restructurings and sales   of loans from your Argentine portfolio,</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman"><b><i>a more robust discussion of the timing of   these restructurings and sales of loans from the Argentine portfolio,</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman"><b><i>a detailed discussion of the factors that   led to the improved scenario in Argentina resulting in higher commodity   prices and the restructuring of its sovereign debt,</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman"><b><i>other factors to support the reported loan   loss provision reversals in 2003, 2004 and 2005, and</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman"><b><i>the amount of loans remaining in your   Argentine portfolio and related allowance associated with these loans.</i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman"><b>Note:</b> The following proposed disclosure   responds to comments two and three of your letter, and will be incorporated   in the Bank&#146;s December 31, 2006 Form 20-F:</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman"><b><i><u>Allowance for Credit Losses</u></i></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman">The   allowance credit losses is provided for risk on losses derived from the   credit extension process, inherent in the loan portfolio and off-balance   sheet financial instruments, using the reserve method of providing for credit   losses.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman">During the   third quarter of 2005, Bladex implemented a new methodology for estimating   generic allowances for credit losses.&#160;   The new methodology is now driven primarily by Bladex&#146;s own historical   probability of default and loss experience, as well as an internal country   risk classification , rather than relying exclusively on third party data, as   was formerly the case.&#160; This change in   methodology was the result of the Bank&#146;s decision to adapt best practices in   the banking industry, and is in line with FAS 5, which calls for internal   historical performance data in the estimation of credit loss reserves.&#160; The Bank began compiling its eight-year   historical data-base in 2004, completing the effort during 2005.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman">The   allowance for credit losses includes an asset-specific component and a   formula-based component.&#160; The   asset-specific component relates to provision for losses on credits   considered impaired and measured on a case-by-case basis pursuant to FAS   114.&#160; An allowance is established when   the discounted cash flows (or collateral value of observable market price) of   the credit is lower than the carrying value of that credit.&#160; The formula-based component covers the   Bank&#146;s performing credit portfolio and is established based in a process that   estimates the probable loss inherent in the portfolio, based on various   statistical analysis and management&#146;s qualitative judgment.&#160; The statistical calculation is a product   of internal risk classifications, probabilities of default, and loss give   default.</font></p>  </td>
 </tr>
</table>

<p  align=right>
<font size="2" face="Times New Roman">4</font></p>

<hr size="3" width="100%" noshade color=black>
<div style="page-break-before:always"></div>
<PAGE>
<br>


<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p align="justify">
<font size="2" face="Times New Roman">The reserve   balances, for both on and off-balance sheet credit exposures, are calculated   applying the following formula:</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="85%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top"><img src="image003.jpg" width="165" height="29">
    </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">a)</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman">Exposure (E)   = the total accounting balance (on and off-balance sheet) at the end of the   period under review, segregated by country.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">b)</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman">Probabilities   of Default (PD) = one-year probability of default applied to the portfolio in   each country.&#160; Default rates are based   on Bladex&#180;s historical portfolio performance per rating category during an   eight-year period, complemented by Standard&amp;Poor&#146;s probabilities of   default for high risk cases, in view of the greater robustness of S&amp;P   data for such cases.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">c)</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Times New Roman">Loss Given   Default (LGD) = a factor of 45% is utilized, based on best practices in the   banking industry.&#160; This factor applies   to all countries, except those classified as higher risk, in which case   management applies historical loss experience on a case-by-case basis. .</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p align="justify">
<font size="2" face="Times New Roman">Bladex&#146;s new   methodology used to assess its generic reserve for credit losses is in line   with FAS 5 because it provides a reasonable estimate of credit losses by   calculating Probability of Default and Loss Given Default factors (FAS 5, par   8), supported by the Bank&#146;s own historical experience (FAS 5, par. 23).&#160; According to best market practices, the   new methodology utilizes one-year probabilities of default, which are updated   annually in order to capture the Bank portfolios&#146; most recent performance. These Probabilities of Default, along with   the Loss Given Default factor, are used to estimate the amount of losses   incurred at the date of the financial statements on the basis of historical   performance, but which are not yet identifiable pursuant to paragraph   8 of FAS 5.&#160; These amounts, therefore,   represent loan net charge-offs that are likely to be realized in subsequent   periods.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">The Bank   classifies the allowance for credit losses into two components:</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">1)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Allowance   for Loan Losses:</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="8"  valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman"><b>December   31,</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="8"  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><i>(In US$ thousand)</i></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman"><b>2005</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman"><b>2004</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman"><b>2003</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Balance at   beginning of the year</font></p>  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>106,352</u></font></p>  </td>
  <td width="2%" valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>224,347</u></font></p>  </td>
  <td width="2%" valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>429,720</u></font></p>  </td>
  <td width="1%" valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Reversal of   provision for loan losses:</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="2" face="Times New Roman">Current year allocation</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">(48,180</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">)</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">(111,400</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">)</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">(69,508</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="2" face="Times New Roman">Effect of a change in the credit loss reserve methodology - 2005</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>(5,975</u></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman"><u>)</u></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</u></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</u></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>(54,155</u></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman"><u>)</u></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>(111,400</u></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman"><u>)</u></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>(69,508</u></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman"><u>)</u></font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Cumulative   effect on prior years (to December 31, 2004) of a change in the credit loss   reserve methodology</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">(5,937</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">)</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Loan   recoveries</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">2,612</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">6,396</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">1,971</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Loans   written-off against the allowance for loan losses</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>(9,424</u></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman"><u>)</u></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>(12,991</u></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">)</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>(137,836</u></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">)</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Balance at   end of the year</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">39,448</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">106,352</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">224,347</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="border-top: 3px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>

  </td>
  <td  valign="bottom">
    <p style="border-top: 3px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>

  </td>
  <td  valign="bottom">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="border-top: 3px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>

  </td>
  <td  valign="bottom">
  <p style="border-top: 3px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>

  </td>
  <td  valign="bottom">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="border-top: 3px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>

  </td>
  <td  valign="bottom">
  <p style="border-top: 3px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>

  </td>
  <td  valign="bottom">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<p  align=right><font size="2" face="Times New Roman">5</font></p>


<hr size="3" width="100%" noshade color=black>
<div style="page-break-before:always"></div>
<PAGE>
<br>


<p align=justify><font size="2" face="Times New Roman">2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserve for Losses on Off-Balance Sheet Credit Risk, such as confirmed letters of credit, stand-by letters of credit, guarantees and credit commitments: </font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">


 <tr>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><I>(In US$ thousand)</I></font></p> </td>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td colspan="7"  valign="bottom"> <p  align="center">
<font size="2" face="Times New Roman"><b>December   31,</b></font></p>
   </td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>

<tr valign="top" style="line-height: 2pt;">
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
   <td colspan="7"  valign="bottom"><p style="border-bottom: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>   </td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>

 <tr>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p  align=center><font size=2 face="Times New Roman"><b>2005</b></font></p></td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p  align=center><font size=2 face="Times New Roman"><b>2004</b></font></p></td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p  align=center><font size=2 face="Times New Roman"><b>2003</b></font></p></td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>

<tr valign="top" style="line-height: 2pt;">
  <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
   <td><p style="border-bottom: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>
   </td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
    <td><p style="border-bottom: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>
   </td>
  <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
    <td><p style="border-bottom: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>
   </td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
<tr valign="top" style="line-height: 6pt;">
 <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
</tr>
 <tr>
  <td width="65%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Balance at   beginning of the year</font></p>  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>33,101</u></font></p>  </td>
  <td width="2%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>33,972</u></font></p>  </td>
  <td width="2%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>23,369</u></font></p>  </td>
  <td width="1%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr valign="top" style="line-height: 6pt;">
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Provision   (reversal) for losses on off-balance sheet credit risk:</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr valign="top" style="line-height: 6pt;">
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="2" face="Times New Roman">Current year allocation</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">(210)</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">(871)</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">10,603</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr valign="top" style="line-height: 6pt;">
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="2" face="Times New Roman">Effect of a change in the credit loss reserve methodology &#150; 2005</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>15,991</u></font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</u></font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</u></font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr valign="top" style="line-height: 6pt;">
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>15,781</u></font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>(871)</u></font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>10,603</u></font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr valign="top" style="line-height: 6pt;">
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Cumulative   effect on prior years (to December 31, 2004) of a change in the credit loss   reserve methodology</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>3,204</u></font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</u></font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</u></font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr valign="top" style="line-height: 6pt;">
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Balance at   end of the year</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">52,086</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">33,101</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">33,972</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr valign="top" style="line-height: 2pt;">
  <TD><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>

 <td><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 <td><p style="border-top: 3px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 <td><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 <td><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
  <td><p style="border-top: 3px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
  <td><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 <td><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td><p style="border-top: 3px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<p align=justify>
<font size="2" face="Times New Roman">The effect of the change in methodology for 2005 decreased net income by US$10.0 million, or US$0.26 per share (resulting from a loan loss reserve provision reversal of US$6.0 million, and an off-balance sheet reserve provision charge of US$16.0 million). In addition, the adjustment to apply retroactively the new methodology (to December 31, 2004) increased net income for 2005 by US$2.7 million (resulting from a loan loss reserve provision reversal of US$5.9 million and an off-balance sheet reserve provision charge of US$3.2 million).&#160; The pro-forma amounts shown on the income statement have been adjusted for the effect of retroactive application of the credit loss reserve, which could have been applied, had the new methodology been in effect. </font></p>
<p align=justify>
<font size="2" face="Times New Roman">The US$11.9 million overall positive impact on 2005 net income as it relates to the allowance for loan losses results from the use by the Bank of its own historical portfolio performance to determine the Probabilities of Default, whereas the previous methodology utilized only S&amp;P Probabilities of Default, which are more severe, given the more selective and specialized nature of the Bank&#146;s portfolio (short-term trade finance).&#160; To a lesser extent, the result was also affected by the fact that the current methodology utilizes one-year probabilities of default, given the short-term nature of the Bank&#146;s portfolio (average maturity of 264 days), whereas the previous methodology utilized the probabilities of default of the remaining tenor of each loan, which resulted in more severe factors when exposures were longer term. </font></p>

<p align=justify><font size="2" face="Times New Roman">With regard to the reserve for losses on off-balance sheet credit risk, the US$19.2 million overall negative impact on 2005 net income resulted from the fact that the previous methodology considered a somewhat lower probability of default for off-balance sheet items, whereas the current methodology applies the same factor to both, on and off-balance sheet items. This is because the Bank&#146;s data at this date is insufficient to allow for segregated probabilities of default on a robust basis.&#160; In this regard, we note that the Bank was forced in the aftermath of the Argentine crisis to reserve for both on and off-balance sheet items on an equal basis.</font></p>
<p align=justify><b>
<font size="2" face="Times New Roman"><i><u>Reversals of Argentine Specific Provision for Credit Losses </u></i></font></b></p>
<p align=justify>
<font size="2" face="Times New Roman">The crisis in Argentina that began in December 2001, escalated into a full-scale political and economic crisis, which resulted in the default by the Argentine government on more than $50 billion of sovereign debt.&#160; Efforts by the Argentine government to contain the situation were followed by civil unrest and riots and a succession of government collapses and resignations.&#160; This economic crisis resulted in the imposition by the Argentine government of a number of measures, including a freeze on bank deposits, forced conversion of dollar-denominated bank deposits, a 70% currency devaluation, and the imposition of exchange controls.&#160; Because of the Argentine crisis, the Bank&#146;s</font></p>
<p  align=right>
<font size="2" face="Times New Roman">6</font></p>

<hr size="3" width="100%" noshade color=black>
<div style="page-break-before:always"></div>
<PAGE>
<br>

<p align=justify>
<font size="2" face="Times New Roman">Argentine obligors faced repayment difficulties.&#160; At December 31, 2001, the Bank&#146;s Argentine credit portfolio totaled US $1.1 billion.&#160; The Bank classified as impaired nearly its entire Argentine exposure due to these collectibility concerns and increased its allowance for credit losses during 2001 and 2002 by $77 million and $279 million, respectively, bringing the total credit reserves assigned to its Argentine portfolio to $380 million at December 31, 2002.</font></p>
<p align=justify>
<font size="2" face="Times New Roman">In the years following the crisis, Argentina continued to experience important problems and uncertainties, such as its defaults on debt with the World Bank and IMF, exchange controls, the need for important structural reforms (related to public security and the financial system), and political conflicts and domestic uncertainty.&#160; These factors forced the Bank to maintain strong provisioning coverage on its Argentine portfolio during these years. </font></p>

<p align=justify><font size="2" face="Times New Roman">Beginning in 2002, the Bank negotiated the restructuring of its Argentine portfolio and sold at a discount most of the positions that the Bank estimated had the lowest probability of collection.&#160; At the close of 2003, the Bank had restructured, sold or charged-off all of its non-performing exposures, with the exception of four clients for a total $33.8 million. During 2004 and 2005, the Bank was able to sell these four exposures.&#160; The restructuring process was made possible in part by the exception granted to Bladex by the Central Bank of Argentina regarding the foreign exchange controls imposed at the early stage of the crisis.&#160; </font></p>
<p align=justify>
<font size="2" face="Times New Roman">In 2003, the economic scenario in Argentina started to improve gradually.&#160; After an 11% negative economic growth in 2002, the country achieved a 9% GDP growth in 2003, and in each of the following two years.&#160; The country benefited from post-crisis catch-up effects and a declining interest rate environment, combined with increasing prices of its most important commodities, wheat and soy, driven by a strong demand from Asian markets, which had a positive effect on the country&#146;s balance of payments and current accounts.&#160; During 2005, the country benefited from the sovereign foreign debt restructuring process, involving a deep descent in value and reduced interest payments, which eased the pressure on its balance of payments and consequently, increased the availability of hard currency for Argentine corporations to repay their obligations.&#160; </font></p>
<p align=justify>
<font size="2" face="Times New Roman">The following table shows Argentina&#146;s key economic indicators for the years indicated, reflecting an improved economic scenario from 2003 through 2005:</font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr bgcolor="#e6e6e6">
  <td width="32%" valign="bottom" bgcolor="#e6e6e6">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b>Key Economic Indicators &#150; Argentina</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="2%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="2%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="2%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="2%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="2%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
<tr valign="top" bgcolor="#e6e6e6" style="line-height: 2pt;">
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
 </tr>

 <tr bgcolor="#e6e6e6">
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p  align="center">
<font size="2" face="Times New Roman"><b>2000</b></font></p> </td>
   <td  valign="bottom"><p align=justify> <font size="2" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p  align="center">
<font size="2" face="Times New Roman"><b>2001</b></font></p></td>
   <td  valign="bottom"><p align=justify> <font size="2" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p  align="center">
<font size="2" face="Times New Roman"><b>2002</b></font></p></td>
   <td  valign="bottom"><p align=justify> <font size="2" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p  align="center">
<font size="2" face="Times New Roman"><b>2003</b></font></p></td>
   <td  valign="bottom"><p align=justify> <font size="2" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p  align="center">
<font size="2" face="Times New Roman"><b>2004</b></font></p></td>
   <td  valign="bottom"><p align=justify> <font size="2" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p  align="center">
<font size="2" face="Times New Roman"><b>2005</b></font></p></td>
   <td  valign="bottom"><p align=justify> <font size="2" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr valign="top" bgcolor="#e6e6e6" style="line-height: 2pt;">
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="border-bottom: 1px double #000000;" align=right><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="border-bottom: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="border-bottom: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="border-bottom: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="border-bottom: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="border-bottom: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="border-bottom: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="border-bottom: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="border-bottom: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="border-bottom: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="border-bottom: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="border-bottom: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td colspan="2"  valign="bottom"><p  align="center"> <font size="2" face="Times New Roman"><b>&nbsp;</b></font></p></td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td colspan="2"  valign="bottom"><p  align="center"> <font size="2" face="Times New Roman">&nbsp;</font></p>     </td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td colspan="2"  valign="bottom"><p  align="center"><font size="2" face="Times New Roman">&nbsp;</font></p>     </td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td colspan="2"  valign="bottom"><p  align="center"><font size="2" face="Times New Roman">&nbsp;</font></p>     </td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td colspan="2"  valign="bottom"><p  align="center"> <font size="2" face="Times New Roman">&nbsp;</font></p>     </td>
   <td  valign="bottom"><p align=justify> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td colspan="2"  valign="bottom"><p  align="center"> <font size="2" face="Times New Roman">&nbsp;</font></p>     </td>
  </tr>

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Real GDP   Growth (%)</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">-0.8%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">-4.4%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">-10.9%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">8.8%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">9.0%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">9.2%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#e6e6e6">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Fiscal   Balance (% GDP)</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">-2.4%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">-3.2%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">-1.5%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">0.5%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">2.6%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">1.8%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Public-sector   Debt (% GDP)</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">45.1%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">53.8%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">145.9%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">138.3%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">126.4%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">72.8%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#e6e6e6">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Inflation   (%)</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">-0.7%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">-1.5%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">41.0%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">3.7%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">6.1%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">12.5%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Current   Account&#160; (US$ millions)</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">-8,989</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">-3,336</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">8,710</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">8,051</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">3,427</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">5,705</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Current   Account&#160; (% GDP)</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">-3.2%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">-1.2%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">8.5%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">6.2%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">2.2%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">3.1%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#e6e6e6">
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Forex   Reserves (US$ millions)</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">25,147</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">14,553</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">10,489</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">14,153</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">18,884</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">27,179</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Debt Service   ratio (%)</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">70.8%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">42.2%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">59.8%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">79.3%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">66.9%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">47.3%</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<p align=justify>
<font size="2" face="Times New Roman">All of these factors contributed to a gradual improvement and more stable economic situation, which in turn improved the financial flexibility of many clients, allowing them to comply with their contracted payments or even make prepayments, in view of the fact that the restructured loans and those that continued to perform as originally contracted carried substantially higher rates than </font></p>

<p  align=right>
<font size="2" face="Times New Roman">7</font></p>
<hr size="3" width="100%" noshade color=black>
<div style="page-break-before:always"></div>
<PAGE>
<br>

<p align=justify><font size="2" face="Times New Roman">prevailing rates at the time of prepayments.&#160; As a result, the Bank was able to decrease its impaired loan portfolio in Argentina by $294 million, $191 million, and $184 million, respectively, for the years 2003, 2004 and 2005, respectively, as well as to recover previously charged-off loans, resulting in reversals of loan loss provisions for $69 million, $105 million and $48 million, respectively.&#160; These reversals resulted from loan collections and sales that exceeded their respective net book values.&#160; At December 31, 2005, the Bank&#146;s total Argentine restructured loan portfolio amounted to US$23 million and allocations from the allowance for loan losses amounted to $10 million.</font></p>
<p align=justify>
<font size="2" face="Times New Roman">The following table sets forth information regarding the Bank&#146;s reversals (provisions) of allowance for loan losses during the years indicated:</font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr bgcolor="#e6e6e6">
  <td width="67%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Reversals   (Provisions) of Allowance for Loan Losses</b></font></p>  </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr valign="top" bgcolor="#e6e6e6" style="line-height: 2pt;">
  <td width="67%"  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td width="1%"  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td width="1%"  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
 </tr>
 <tr bgcolor="#e6e6e6">
  <td width="67%"  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">(US$millions)</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman"><b>2005</b></font></p>  </td>
  <td width="1%"  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman"><b>2004</b></font></p>  </td>
  <td width="1%"  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="2" face="Times New Roman"><b>2003</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
  <tr valign="top" bgcolor="#e6e6e6" style="line-height: 2pt;">
  <td width="67%"> <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom" bgcolor="#e6e6e6">
  <p style="border-bottom: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td width="1%"  valign="bottom" bgcolor="#e6e6e6">
 <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
  <td  colspan="2" valign="bottom" bgcolor="#e6e6e6">
  <p style="border-bottom: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td width="1%"  valign="bottom" bgcolor="#e6e6e6">
  <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
  <td  colspan="2" valign="bottom" bgcolor="#e6e6e6">
  <p style="border-bottom: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
 <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td width="67%"  valign="bottom">
  <p style="margin-left:5em; text-indent:-1em">
<font size="2" face="Times New Roman">Argentine   reversals related to sale of loans</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman">2.9</font></p>  </td>
  <td width="1%"  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">6.3</font></p>  </td>
  <td width="1%"  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman">62.8</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td width="67%"  valign="bottom">
  <p style="margin-left:5em; text-indent:-1em">
<font size="2" face="Times New Roman">Argentine reversals related   to credit restructurings and collections, and changes in expected loss levels</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman">45.1</font></p>  </td>
  <td width="1%"  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">92.5</font></p>  </td>
  <td width="1%"  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman">5.0</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
  <tr valign="top" bgcolor="#e6e6e6" style="line-height: 2pt;">
  <td width="67%" bgcolor="#FFFFFF">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#FFFFFF">
  <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td width="1%"  valign="bottom" bgcolor="#e6e6e6">
  <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom" bgcolor="#FFFFFF">
 <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="top" bgcolor="#FFFFFF">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td width="1%"  valign="bottom" bgcolor="#FFFFFF">
  <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
 <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td width="67%"  valign="bottom">
  <p style="margin-left:3em; text-indent:-1em">
<font size="2" face="Times New Roman">Argentine   Specific Reserves Reversals - Total</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman">47.9</font></p>  </td>
  <td width="1%"  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">98.8</font></p>  </td>
  <td width="1%"  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman">67.8</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td width="67%"  valign="bottom">
  <p style="margin-left:3em; text-indent:-1em"><font size="2" face="Times New Roman">Brazil Specific Reserves   Reversals (Provisions)</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman">13.2</font></p>  </td>
  <td width="1%"  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">(2.2)</font></p>  </td>
  <td width="1%"  valign="bottom">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman">2.3</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr valign="top" bgcolor="#e6e6e6" style="line-height: 2pt;">
   <td bgcolor="#FFFFFF"><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#FFFFFF"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#FFFFFF"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="top" bgcolor="#FFFFFF"><p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#FFFFFF"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td width="67%"  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b>Total   Specific Reserves Reversals</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman"><b>61.1</b></font></p>  </td>
  <td width="1%"  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><b>96.6</b></font></p>  </td>
  <td width="1%"  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman"><b>70.2</b></font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td width="67%"  valign="bottom">
  <p style="margin-left:3em; text-indent:-1em">
<font size="2" face="Times New Roman">Generic Reserves Reversals   (Provisions) - due to changes in credit portfolio composition and risk levels</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman">(15.5)</font></p>  </td>
  <td width="1%"  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">8.4</font></p>  </td>
  <td width="1%"  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman">(2.6)</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td width="67%"  valign="bottom">
  <p style="margin-left:3em; text-indent:-1em"><font size="2" face="Times New Roman">Generic Reserves Reversals   - due to change in credit loss reserve methodology</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman">6.0</font></p>  </td>
  <td width="1%"  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></p>  </td>
  <td width="1%"  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr valign="top" bgcolor="#e6e6e6" style="line-height: 2pt;">
   <td bgcolor="#FFFFFF"><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#FFFFFF"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#FFFFFF"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="top" bgcolor="#FFFFFF"><p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#FFFFFF"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td width="67%"  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b>Total Generic   Reserves Reversals (Provisions)</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman"><b>(9.6)</b></font></p>  </td>
  <td width="1%"  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><b>8.4</b></font></p>  </td>
  <td width="1%"  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman"><b>(2.6)</b></font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="2" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td width="67%"  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Recoveries - Argentine   credits</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman">0.3</font></p>  </td>
  <td width="1%"  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">6.4</font></p>  </td>
  <td width="1%"  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman">1.1</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td width="67%"  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Recoveries - Other credits</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman">2.3</font></p>  </td>
  <td width="1%"  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></p>  </td>
  <td width="1%"  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman">0.9</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr valign="top" bgcolor="#e6e6e6" style="line-height: 2pt;">
   <td bgcolor="#FFFFFF"><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#FFFFFF"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#FFFFFF"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="top" bgcolor="#FFFFFF"><p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#FFFFFF"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td width="67%"  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b>Total   Recoveries</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman"><b>2.6</b></font></p>  </td>
  <td width="1%"  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><b>6.4</b></font></p>  </td>
  <td width="1%"  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman"><b>2.0</b></font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr valign="top" bgcolor="#e6e6e6" style="line-height: 2pt;">
   <td bgcolor="#FFFFFF"><p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#FFFFFF"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#FFFFFF"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="top" bgcolor="#FFFFFF"><p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#FFFFFF"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="border-top: 1px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom" bgcolor="#e6e6e6"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td width="67%"  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b>Total   Reversals of Provisions for Loan Losses</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman"><b>54.2</b></font></p>  </td>
  <td width="1%"  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman"><b>111.4</b></font></p>  </td>
  <td width="1%"  valign="bottom">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="2" face="Times New Roman"><b>69.5</b></font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr valign="top" style="line-height: 2pt;">
  <td width="67%">  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p> </td>
  <td>  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p> </td>
  <td  bgcolor="#e6e6e6">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p style="border-top: 3px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td width="1%"  valign="bottom" bgcolor="#e6e6e6">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
 <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom">
  <p style="border-top: 3px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td width="1%"  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
 <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p style="border-top: 3px double #000000;" align=right> <font size="1" face="Times New Roman">&nbsp;</font></p>


  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
 <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<br>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="top">
  <p align=justify>
<font size="2" face="Times New Roman"><b>1.</b></font></p>  </td>
  <td  colspan="2" valign="top">
  <p align=justify>
<font size="2" face="Times New Roman"><b><u>2005</u></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p align=justify>
<font size="2" face="Times New Roman">The Bank&#146;s US$54 million reversal of provision for loan losses during   2005 was mainly   due to the net effect of:</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td width="90%" valign="top">
  <p align=justify>
<font size="2" face="Times New Roman">a US$3   million reversal related to the sale of an Argentine loan with a nominal   value of US$11 million;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="2" face="Times New Roman">a US$45   million reversal related to the decrease in Argentine restructured loans,   reflecting payments and prepayments received during the year;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="2" face="Times New Roman">a US$13   million reversal related to the decrease in Brazilian restructured loans,   reflecting payments and prepayments received during the year;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="2" face="Times New Roman">a US$3   million reversal due to recoveries from loans charged-off in previous years;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="2" face="Times New Roman">US$16   million in generic provision charges, due to increased loan exposure; and</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="2" face="Times New Roman">a US$6   million reversal due to the change in the credit loss reserve methodology   during 2005.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="2" face="Times New Roman"><b>2.</b></font></p>  </td>
  <td  colspan="2" valign="top">
  <p align=justify>
<font size="2" face="Times New Roman"><b><u>2004</u></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p align=justify>
<font size="2" face="Times New Roman">The US$111 million   provision reversal during 2004 was mainly due to reversals of provisions   related to Argentina, including:</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="2" face="Times New Roman">US$92   million in payments and prepayments received on restructured loans,</font></p>  </td>
 </tr>
</table>

<p  align=right>
<font size="2" face="Times New Roman">8</font></p>
<hr size="3" width="100%" noshade color=black>
<div style="page-break-before:always"></div>
<PAGE>
<br>



<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="5%" valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td width="90%" valign="top">
  <p align=justify>
<font size="2" face="Times New Roman">US$6 million   in loan recoveries, and</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="2" face="Times New Roman">US$6 million   reversal in   specific reserves related to sales of loans totaling US$23 million.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p align=justify>
<font size="2" face="Times New Roman">In addition, during 2004,   the Bank decreased US$8 million in generic reserves assigned to certain   countries mainly due to improved risk levels, and reversed US$2 million in   specific reserves related to a non-accruing loan in Brazil due to payments   received.&#160; These reversals were   partially offset by a US$4 million increase in specific reserves assigned to   a loan in Brazil placed on non-accrual status during the fourth quarter of   2004.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="2" face="Times New Roman"><b>3.</b></font></p>  </td>
  <td  colspan="2" valign="top">
  <p align=justify>
<font size="2" face="Times New Roman"><b><u>2003</u></b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p align=justify>
<font size="2" face="Times New Roman">The Bank&#146;s US$70 million reversal of provision for loan losses during   2003 was mainly   due to the net effect of:</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="2" face="Times New Roman">US$63   million reversal in   specific reserves related to sales of Argentine loans totaling US$214   million,</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="2" face="Times New Roman">US$5 million   reversal in specific   reserves related to payments and prepayments received on restructured   Argentine loans,</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="2" face="Times New Roman">US$2 million   reversal in   specific reserves related to a non-accruing loan in Brazil due to payments   received,</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="2" face="Times New Roman">US$3 million   in generic provision charges, due to changes in loan portfolio and risk levels,</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align=justify>
<font size="2" face="Times New Roman">US$1 million reversal   due to recoveries from Argentine loans charged-off in previous years; and</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p align=justify>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p align=justify><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size="2" face="Times New Roman">&#149;</font></p>  </td>
  <td  valign="top">
  <p align=justify><font size="2" face="Times New Roman">US$1 million reversal   due to recoveries from other loans charged-off in previous years.</font></p>  </td>
 </tr>
</table>

<p  align=right>
<font size="2" face="Times New Roman">9</font></p>

<hr size="3" width="100%" noshade color=black>


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end
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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
