<SEC-DOCUMENT>0001144204-14-061314.txt : 20141016
<SEC-HEADER>0001144204-14-061314.hdr.sgml : 20141016
<ACCEPTANCE-DATETIME>20141015162146
ACCESSION NUMBER:		0001144204-14-061314
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20141015
FILED AS OF DATE:		20141015
DATE AS OF CHANGE:		20141015

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FOREIGN TRADE BANK OF LATIN AMERICA, INC.
		CENTRAL INDEX KEY:			0000890541
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11414
		FILM NUMBER:		141157837

	BUSINESS ADDRESS:	
		STREET 1:		BUSINESS PARK, TORRE V, PISO 5
		STREET 2:		AVENIDA LA ROTONDA
		CITY:			URBANIZACI?N COSTA DEL ESTE
		STATE:			R1
		ZIP:			000000
		BUSINESS PHONE:		5072108674

	MAIL ADDRESS:	
		STREET 1:		0819-08730
		CITY:			PANAM?
		STATE:			R1
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LATIN AMERICAN EXPORT BANK
		DATE OF NAME CHANGE:	19940829
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>v391391_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>FORM
6-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">REPORT OF FOREIGN PRIVATE ISSUER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">PURSUANT TO RULE 13a-16
OR 15d-16 UNDER THE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SECURITIES EXCHANGE
ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Short Form of Press Release</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>BANCO
LATINOAMERICANO DE COMERCIO EXTERIOR, S.A.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of Registrant as specified in
its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>FOREIGN
TRADE BANK OF LATIN AMERICA, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Translation of Registrant&rsquo;s
name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Business Park, Torre V, Ave. La Rotonda,
Costa del Este</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">P.O. Box 0819-08730</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Panama City, Republic of Panama</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of Registrant&rsquo;s
Principal Executive Offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F <FONT STYLE="font: 10pt Wingdings">x</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F </FONT><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Indicate by check mark whether the registrant
by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule
12g-3-2(b) under the Securities Exchange Act of 1934.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Yes&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;No
<FONT STYLE="font-family: Wingdings">x</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(If &ldquo;Yes&rdquo; is marked, indicate
below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82__.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">October 15, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">FOREIGN TRADE BANK OF LATIN AMERICA, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By: /s/ Pedro Toll</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: Pedro Toll</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;General Manager</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v391391_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tpg1.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BLADEX THIRD QUARTER 2014 NET INCOME
INCREASED 29% QoQ, AND 17% YoY, TO $26.6 MILLION, OR $0.69 PER SHARE.<BR>
YEAR-TO-DATE 2014 NET INCOME TOTALED $70.8 MILLION (+16% YoY).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PANAMA CITY, REPUBLIC OF PANAMA, October
15, 2014</B> &ndash; Banco Latinoamericano de Comercio Exterior, S.A. (NYSE: BLX, &ldquo;Bladex&rdquo;, or &ldquo;the Bank&rdquo;),
a Panama-based supranational bank established by the central banks of 23 Latin-American and Caribbean countries to promote foreign
trade finance and economic integration in the Region, today announced its results for the third quarter and the first nine months
ended September 30, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Third Quarter and Nine Months 2014 Highlights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reported results:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Bladex&rsquo;s third quarter 2014 Net
Income reached $26.6 million (+29% QoQ; +17% YoY). The Bank&rsquo;s first 9M14 Net Income totaled $70.8 million (+16% YoY) mainly
on higher net interest income, fees and commissions and improved efficiency.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net interest income totaled $36.8 million
in 3Q14 (+9% QoQ; +1% YoY) and $102.8 million for 9M14 (+$10.8 million, or +12% YoY) on higher average portfolio growth, higher
margins and spreads, and lower average funding costs. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fees and commissions amounted to $4.1
million in 3Q14 (+10% YoY; -2% QoQ), to reach $12.6 million for 9M14 (+$3.6 million, +40% YoY). </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Key performance metrics:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net interest margin reached 1.93% in 3Q14
(+9 bps QoQ; -3 bps YoY), and 1.85% in the first 9M14 (+8 bps YoY), while net interest spread improved to 1.77% (+10 bps QoQ; -1
bps YoY) and 1.69% (+12 bps YoY), respectively.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">3Q14 annualized return on average equity
(&ldquo;ROAE&rdquo;) reached 11.7% versus 9.3% in 2Q14 and 10.7% in the 3Q13, while 9M14 ROAE stood at 10.7% versus 9.7% in 9M13.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Business Efficiency Ratio improved
to 30% in 3Q14 (-3 pts. QoQ; -4 pts. YoY), and to 33% for the first 9M14 (-5 pts. YoY).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Credit Growth &amp; Quality:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The end-of-period Commercial Portfolio
balance amounted to $7.2 billion as of September 30, 2014 (+4% QoQ; +9% YoY), while average Commercial Portfolio balances reached
$7.0 billion in 3Q14 (+1% QoQ; +3% YoY), and $6.8 billion in the first 9M14 (+9% YoY).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Credit disbursements totaled $3.6 billion
in 3Q14 (+3% QoQ; +10% YoY), as 9M14 disbursements reached $10.3 billion (-4% YoY).</FONT></TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>




<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Credit quality remained healthy with a
ratio of 0.06% of non-accrual loans to total loan portfolio balances as of September 30, 2014. The ratio of the allowance for credit
losses to the Commercial Portfolio ending balances was 1.19% as of 3Q14 (+1 bps QoQ; -1 bp YoY). The credit provision to non-performing
loan balances ratio was 21.1 times, compared to 20.3 times in 2Q14, and not meaningful in 3Q13.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FINANCIAL SNAPSHOT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt/normal Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">(US$ million, except percentages and per share amounts)</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>9M14</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>9M13</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; border-right: Black 1pt solid">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3Q14</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2Q14</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3Q13</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font-weight: bold; text-align: left">Key Income Statement Highlights</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 10%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 10%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 10%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 10%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 10%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 8pt">Operating revenues</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">116.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">101.5</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">43.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">37.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">31.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 8pt">Operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(39.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(40.7</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(12.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(12.9</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(12.9</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Business Net Income<SUP> (1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">73.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">62.2</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">26.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">22.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">26.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-Core Items <SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1.4</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(4.1</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net Income attributable to Bladex Stockholders<SUP> (3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">70.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">60.8</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">26.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">20.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">22.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Profitability Ratios</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Earnings per Share (&quot;EPS&quot;) <SUP>(4)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.59</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.69</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.59</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 8pt">Return on Average Equity (&ldquo;ROAE&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.7</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.7</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Business ROAE<SUP> (5)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.9</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.4</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.6</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 8pt">Business Return on Average Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.31</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.20</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.36</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.24</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.43</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 8pt">Net Interest Margin ("NIM")</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.85</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.77</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.93</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.84</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.96</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 8pt">Net Interest Spread ("NIS")</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.69</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.57</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.77</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.67</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.78</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Business Efficiency Ratio <SUP>(6)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Assets, Capital, Liquidity &amp; Credit Quality</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 8pt">Commercial Portfolio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,196</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,584</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,196</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,901</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,584</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 8pt">Treasury Portfolio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">402</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">361</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">402</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">376</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">361</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tier 1 Capital Ratio <SUP>(7)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.9</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.9</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leverage (times) <SUP>(8)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.9</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Liquid Assets / Total Assets <SUP>(9)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.5</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.5</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 8pt">Non-Accruing Loans to Total Loans, net of discounts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.06</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left; border-right: Black 1pt solid">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.06</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.06</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 8pt">Allowance for Credit Losses to Commercial Portfolio</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1.19</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1.20</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-right: Black 1pt solid">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1.19</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1.18</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1.20</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CEO's Comments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Rubens V. Amaral, Jr., Bladex&rsquo;s
Chief Executive Officer, stated the following regarding the Bank&rsquo;s Third Quarter 2014 results: &ldquo;As 2014 draws to a
close I would like to take this opportunity to briefly convey our views on current environment and trends for 2015.&nbsp; We all
are aware of diverging growth dynamics in the global economy, exacerbated by growing political tensions in various parts of the
world, including, to a lesser extent, Latin America.&nbsp; The Region has seen a slowing of growth in various economies, with the
two largest, Brazil and Mexico, presenting full year growth forecasts that are well below projections made at the beginning of
the year.&nbsp; Also, commodity prices have decreased, posing a challenge to the sustainability of economic growth in a Region
which is still largely dependent on the primary sector.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Despite these trends, Bladex has been able
to harness significant growth in its business activities, which should see us on track to achieve the portfolio growth of 10% to
13% that was originally envisioned for 2014.&nbsp; This growth has not been achieved at the expense of earnings quality, as revenues
diversification progresses, and as risk indicators continue to signal a stable, well diversified risk profile.&nbsp; Ongoing efforts
to increase the efficiency in the way we do business have started to yield results as business growth outpaces related expenses.&nbsp;
All the above is making its mark on Bladex&acute;s bottom line, as third quarter results attest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">One of the key benefits of Bladex&acute;s
inherent short-tenor portfolio profile is that we are able to react very swiftly to changes in the business climate, by re-positioning
individual client and country exposures to pro-actively avoid risks that would fall outside of our conservatively framed risk appetite.&nbsp;
At the same time, our portfolio diversification allows us to redeploy our resources to other sectors, or other parts of the Region
that are less impacted, or even benefit from these changes in the business environment.&nbsp; Our policies and business practices
do not allow for any material uncovered foreign exchange exposures, nor do they allow the Bank to be exposed to significant interest
rate or other market risks.&nbsp; All these factors are conducive to a gradual rise in profitability of our business, and to increased
strength and quality of earnings achieved over the last quarters and years.&nbsp; The third quarter results highlight, then, the
Bank&acute;s ability to deliver solid results not only in the best of times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As we look ahead to 2015, GDP growth in
the Region is forecasted to moderately improve over a modest 2014, which should bring about enhanced growth prospects for Bladex
next year.&nbsp; But, irrespective of whether these growth expectations will actually be met or not, Bladex will continue to focus
on its core strengths, and will seek to further improve efficiency levels while diversifying revenue streams,&rdquo; Mr. Amaral
concluded.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RECENT EVENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Quarterly dividend payment: </B>At
the Board of Director&rsquo;s meeting held October 13, 2014, the Bank&rsquo;s Board approved a quarterly common dividend of $0.35
per share corresponding to the third quarter 2014. The dividend will be paid on November 7, 2014, to stockholders registered as
of October 27, 2014.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Ratings affirmed: </B>On July 29, 2014,
Fitch Ratings affirmed the Bank&rsquo;s long- and short-term foreign currency Issuer Default Rating at BBB+/F2 respectively; with
a &ldquo;Stable&rdquo; Outlook.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Risk-sharing facility to support key
commodities businesses in Latin America: </B>On July 21, 2014, the International Finance Corporation (&ldquo;IFC&rdquo;) and Bladex
signed a risk-sharing facility of up to $350 million to enable enhanced access to trade finance for key commodities businesses
in Latin America in order to contribute to regional food security. The three-year extendable facility consists of trade and commodity-related
transactions, including short-term, pre-export and post-import financings, originated by Bladex through its network of corporate
clients, and provides financing for the production, processing, and trade of key commodities in nine countries across Latin America.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>


<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note: </B>Numbers and percentages set
forth in this press release may not add due to rounding. <B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Footnotes:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Business Net Income refers to Net income or loss attributable to Bladex Stockholders, deducting
non-core items.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Non-Core Items includes: net results from the participations in the investment funds (net interest
income, net gain (loss) from investment funds, and expenses from investment funds), net results from discontinued operations, and
net income (loss) attributable to the redeemable non-controlling interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Net income or loss attributable to Bladex Stockholders (&ldquo;Net Income&rdquo;, or &ldquo;Net
Loss&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">Earnings per Share (&ldquo;EPS&rdquo;) calculations are based on the average number of shares outstanding
during each period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">Business ROAE: Annualized Business Net Income divided by average stockholders&rsquo; equity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(6)</TD><TD STYLE="text-align: justify">Business Efficiency Ratio refers to consolidated operating expenses excluding expenses from the
investment funds, as a percentage of net operating revenues excluding the net interest income from the investment funds and the
net income (loss) from investment funds.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(7)</TD><TD STYLE="text-align: justify">Tier 1 Capital is calculated according to Basel I capital adequacy guidelines, and is equivalent
to stockholders&rsquo; equity excluding the OCI effect of the available for sale portfolio. Tier 1 Capital ratio is calculated
as a percentage of risk weighted assets. Risk-weighted assets are, in turn, also calculated based on Basel I capital adequacy guidelines.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(8)</TD><TD STYLE="text-align: justify">Leverage corresponds to assets divided by stockholders&rsquo; equity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(9)</TD><TD STYLE="text-align: justify">Liquid assets consist of investment-grade &lsquo;A&rsquo; securities, and cash and due from banks,
excluding pledged regulatory deposits. Liquidity ratio refers to liquid assets as a percentage of total assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SAFE HARBOR STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<DIV STYLE="padding: 5pt; border: Black 1pt solid; width: 98%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This press release contains forward-looking
statements of expected future developments. The Bank wishes to ensure that such statements are accompanied by meaningful cautionary
statements pursuant to the safe harbor established by the Private Securities Litigation Reform Act of 1995. The forward-looking
statements in this press release refer to the growth of the credit portfolio, including the trade portfolio, the increase in the
number of the Bank&rsquo;s corporate clients, the positive trend of lending spreads, the increase in activities engaged in by
the Bank that are derived from the Bank&rsquo;s client base, anticipated operating income and return on equity in future periods,
including income derived from the Treasury Division, the improvement in the financial and performance strength of the Bank and
the progress the Bank is making. These forward-looking statements reflect the expectations of the Bank&rsquo;s management and
are based on currently available data; however, actual experience with respect to these factors is subject to future events and
uncertainties, which could materially impact the Bank&rsquo;s expectations. Among the factors that can cause actual performance
and results to differ materially are as follows: the anticipated growth of the Bank&rsquo;s credit portfolio; the continuation
of the Bank&rsquo;s preferred creditor status; the impact of increasing/decreasing interest rates and of the macroeconomic environment
in the Region on the Bank&rsquo;s financial condition; the execution of the Bank&rsquo;s strategies and initiatives, including
its revenue diversification strategy; the adequacy of the Bank&rsquo;s allowance for credit losses; the need for additional provisions
for credit losses; the Bank&rsquo;s ability to achieve future growth, to reduce its liquidity levels and increase its leverage;
the Bank&rsquo;s ability to maintain its investment-grade credit ratings; the availability and mix of future sources of funding
for the Bank&rsquo;s lending operations; potential trading losses; the possibility of fraud; and the adequacy of the Bank&rsquo;s
sources of liquidity to replace deposit withdrawals.</I></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">About Bladex</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bladex is a Panama-based supranational
bank established by the central banks of Latin-American and Caribbean countries, to promote foreign trade finance and economic
integration in the Region. Bladex is listed on the NYSE-Euronext in the United States (ticker symbol: BLX). In 2014, Bladex is
celebrating the 35th anniversary of commencement of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bladex&acute;s shareholders include central
banks, state-owned banks and entities representing 23 Latin American countries, as well as commercial banks and financial institutions,
institutional and retail investors through its public listing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Bank has offices in Argentina, Brazil,
Colombia, Mexico, Panama, Peru, and the United States of America, to support the expansion and servicing of its client base, which
includes financial institutions and corporations. Through September 30, 2014, Bladex had disbursed accumulated credits of approximately
$216 billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Conference Call Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There will be a conference call to discuss
the Bank&rsquo;s quarterly results on Thursday, October 16, 2014 at 11:00 a.m. New York City time (Eastern Time).&nbsp; For those
interested in participating, please dial (800) 311-9401 in the United States or, if outside the United States, (334) 323-7224.&nbsp;
Participants should use conference ID# 8034, and dial in five minutes before the call is set to begin.&nbsp; There will also be
a live audio webcast of the conference at http://www.bladex.com. The webcast presentation is available for viewing and downloads
on http://www.bladex.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The conference call will become available
for review on Conference Replay one hour after its conclusion, and will remain available&nbsp;for 60 days. Please dial&nbsp;(877)
919-4059&nbsp;or&nbsp;(334) 323-0140,&nbsp;and follow the instructions.&nbsp; The replay passcode is: 94622267.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For more information, please access http://www.bladex.com
or contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Christopher Schech</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bladex</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Business Park Torre V, Piso 5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Avenida La Rotonda</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Urbanizaci&oacute;n Costa del Este</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Panama City, Panama</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: +507 210-8630</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">E-mail address: <U>cschech@bladex.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>tpg1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tpg1.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`)D%D
M;V)E`&3``````0,`%00#!@H-```&M@``$-0``!<B```?Y__;`(0``0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0("`@("`@("
M`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"`@(!`@(#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#_\(`$0@`,P"<`P$1
M``(1`0,1`?_$`/P```$$`P$!```````````````!!@<(!`4)`@,!``$%`0$!
M```````````````!`@,$!@4'"!````8!`@0&`00#`````````0(#!`4&`!$'
M$#`2%"`Q01,5""%`(D(6,S0V$0`!`P($`P,)!@4%`0`````"`0,$$04`$A,&
M(4$4,5$B$&%Q@3)R(Q4',)%"4B06(-%BDC-`H;&BQ782``$#`@,$!P4&!P``
M``````$``@,1$B$Q!$%1(A,0(#!A@3(C0'%",P6AX5)R@J*1L<'Q8E,4$P$`
M`@(!`@8"`P$!`0`````!`!$A,4%181#P<8&1H;'!(##1X4#Q_]H`#`,!``(1
M`Q$```'OX```````"(,/!=R%_GOTAK870SS].>52I[!CU`````````````#R
MPU%-E-/`W<H/=<C(7&RO67G;BSGH&A0`&.K(F>E@HWYR"@B*JHJJ!Y1%445I
M<Z"$LAQ>2E/RG<8F6^'6W-_?;-S61S-BYCX;)(;'9P<S-Y@GE0N0/W>-='+Z
MF6>5TI%IW.8N]P?27"[;3RLV,<N6UU,?&,;3'R/%]._HWU*?=IV8M5D7S5-M
M+"W8KMKH)^7_`*'YYNJ,\>=.I8+A=RFNKRTFT;WIB[JK)@.-@]T_\+KS'YCT
MJ"^+83JU](^H>WKB"4NEAM5&_3BR8C^9>]P3_H7:MZ7@8JL?G/O9HC=DB>D-
MBP&>[S#N4F9?J=%?-=K&W"HS7J^K%2MC@;-HKK:[Z"BGSA1&@X`01'N(45[4
M:HX%9]I94B/4HC0`<*``'__:``@!`0`!!0+DOY]DP!U='ZF?V6;ZJS-*2R7/
M$-<=.F;%&U7.K+!9MR[PU?;<7&Y'+MY<'5A#C+RCEB)+/;7+OVU>VUX:^#7B
M[@XI^>P;:0\BA?:PNY:UV,^(A]H6QS2F.5+;;9"'^<A)H9B/9O6[EN[2S[..
MGK.MR>ST8%?C+K8;9]?=M9IJQVLC+K4)I=5=)!/?ZV1<E34W*#6.B;+7Y[$)
MJ)=/!DF`/-V80J:F;<PQHFO9:K0VJ;"+F068N9T\D6B"Y93^?:3_`)*P4S>6
M6KA++6YG82FHU539;=Q_7YNHW^5D;>\^P5.J\%2+_-Q<KN-(L%;)<]WXUS0K
M3M3%FD6U]9=[5:9`&L,X4H%#4,<)HK([;.&#7'LL1$E;@S1*6?9IH_?5M7>I
M@A%1M#LL!M)9X*Q.=I-UKNWO>W5K@9MHTWGN(7RF[IU.<;S[+=^/F"NHM7=B
MZ[.C.T:S2Z(N(JBUL*[#8\)(Q<E++W.TEAX1A"1H%`OC#/7UX#R__]H`"`$"
M``$%`N3)3S2-Q]N'(&-_=)_JJ5A/.M^?IKB@H)$GT:])%K&VU)>Q]T:1U;5A
M)0[X.(!F@<M1LBKCZ`:."4^96@9BSR?S$Y5DQ%3AYYIQKR::C@DD?N#LFZ$W
M((B,F=NX3#\CD,U/W6@B=1%9+.@X%T-TV9F73()KVS'@!=1]H"8;A6O]A%Q%
M(N"MUD9IZ9P$M%E7!RQ1(W)!.5UGC1$R4>DJ"+2).5\A(GZ#3"/NQT0R[YT`
M:<3ZYI@\*Z<I''PZHJJ/T'$JBX0^5BV@M'[5PD;(=MVCJ.=)"@>+41PBP1S6
M5[=V@X(*B$0R*Q;>,<]/Y>IM-1S\=8X;R_F'G@<0\/\`_]H`"`$#``$%`N2U
M8+.A;5E``^`C-)B,".6_0&,!<;VA2/-(WN=4,6:E7F,'8N"^#4>69,AL<1Z2
MI'C<<;I=)(@/W8(:YY>"=.<J1HXO;D=++P[)8"L".FZF"(`$PX*9`I@*DFX1
M6P%4A-UEZI9$NGY#&*/LH8(Z88_27W3&$O"?_P`*K62.W]Y%2(:@@,9(G0,W
M>*G7&9;()-G*A3O3IBJYDBBS7CR>X#XO6U9(BLX].`:8.!PGBF%(90I$2,U4
M(]9)?X^1=`Z8N45"A*..[;/VR@+$DDU!,G\BYC?=:K*AU)M&_;I</R.`'(+Y
M!@:X'`?+TY/_V@`(`0("!C\"[&C@^2;\+&G^>2Y>DA$/Y\2KN=@G-U(MUT7F
M[QL]@QR7JVAG>BQD?K_C;A_=-UG'J?Q;.+<5#I_H+(X)W"KK0>(;*E.CF^</
M8/48TA5A%DB.DU;J:-_"1N_R4VK'D\K?RC:I)?#KR<QH<VRN*LDBB,-:>4**
M.,#DO^%2QP-P#L@KGL<![E08E.;/'ARSF%09DKU6.;[Q17D&S>KZ<&]-U8WT
M*W)I=\Q^/3:L'=,E<N2B>4ZZ[`UR4+Y3=<:@J4::[FEQR[UR=9+<7--6$U[U
MJM>!C$2&IPF<2#&Y2ZJ$7:AQM'<I(/JC[KL6C-P/]$[Z5-N)8=Q0T#,(HOW'
M>5(WX@*JA^2TXJFSIPZDEQ`X*8X(F5T8BJ2>('!:=D)]*+;X+5BYH?(.$J_4
MO9D[XEJ=!(X-;*204Z2=\8X#M4OTV5UH<<"BZ9[+-]:_8@^,@ZN6GZ1]ZB^H
MQ$<UWF&U/:,RTJWXW''L#U-O1X=_1MSZ#O[+_]H`"`$#`@8_`NQX;0.\T5VH
M?7W*EI_BAROE.]AJXT7HDR,W%%D=D+.['[5=J9BZBM?YQ[!Q"JX,'JT^<=#G
MC+IIU(["0;Z+F-?*)`*YI[Y">8TY^*CDF=3#,JC'M)5QP"9R'XW[$'..%J])
MP=3<K`X7JRO&A-MJL%CF>F]4+>F.G^U`"04MRWJ2.(6EN8\5'_T4Y8&U<W21
MEK0X4=DM/I*_,I<F.8VE'J+2S&D+6U]Z9-H&64S.PA-^I1[Z.&\(ZY^,DG[1
MN3N[%6_"%3KQV@GCK@J1L>9*;E/)*/4DV>*T[@#:S,*S3M=F-BT^MC:3RP*A
M!D+7GCW*+7QMN(`J$&Q-==[D6O#O^:.OZC]R=H)0>7L.Q%O<J'S]@.ILZW=V
M7__:``@!`0$&/P+[$D^+)<2O@C-$XB>\Y32'[\*D1AF./>?QG/77*"?=C-UQ
M>C3:R_=DPZ,A`21'4<Y`E!<`T6AT_"M4X_Z#C@GI<AB*P'M./&#3:>:I43!A
M;HCDV:E4":PG2Q\W+.9#G?"O]/KP]!_16C)Q#I(R/$XTOL/-R)>KF$D[A3%S
MGN[@N)"KC##>8F\F8$-QRC>GD_&G+$J#<LA3H;8O"^`H'4,$615,$\(N-GW<
M%K_`VW#A%.D&).*T.:HMC1,WA0EXE@(8;6<CH\N1)CW4:+->&H=6Q&@=O;C2
MUEUM'+KY1KJ9::N6F7VN7V6I.@1YA\EE!U&7W!=4A#U4P;EJ9&USD12;TE7I
M'B[<CS-50$+\PTIB2RY'4+Q:#<RMT^(2#_GC</:1P?$'GIWXAPU_RH&M)7OD
M/>-S^SV?5BZRZ?#9@MQZ_P!;[Z&B?VL^24S9KA^V-M6]YR(5TZ5'KQ>IC)9)
M'0MOY0AVUAQ,NI[;A(M.&&[1<+H]>8\AM'&GY'^7*N?Q+Q)0,"#BE514Q*>F
M.&V1J++9Z9$`LM^[5?$7'LP#\9X'V32HN-EF%>_BG-/)MI^#-EPC^?FT90Y+
M\4C$X#Y92)@P4D16\.W"R;DWA9KPQ;%G1IO[GN<A@9#<;J*2&'WB%6").-%1
M43&\9]UER%NEG+H6KNT91Y,IMAZVR&W2=9TUZD$=5LR2F;GQKC:-TOMT:C-?
M)X_47"Z3!!%<-QQ!U9,EQ,QEYUJN.EM.Y;)<9*]D>)<HCSY>ZT+N<_4F#>><
M!IIL5-QUTA;;;`>)&9FJ"`HG-<07MK[FBR9$/<T%N5\DNXJ\`.QIPY7NC?SZ
M:FB=OAJF&I,M]N.PU$9<?D2'!::;'2',;KKBH(IYU7#WR2]6R[=.M'TM\Z-+
M5KC3X@LN$HI7GV8?M\:Y09$^+7J8+,N.[,CY502UXP.*\UE):+5,!;EF1DN#
MC*R`@J^UUAQT7*KXQLVLK*%PS4IB#?61IK+T4VG,Q%3C.KYU%%'U)Y&7'1RR
M;F77.U]I`-$2,"^AE*^OR)<),&Y36R50_01E>!HDIE68^JH$1HE6F8N&/WH\
MGS&1+<"$U`AYJVQLD+3B@A`KDB63BHA+1$7/5.&"C/;8DNM$'Q'#(VB;S/:(
MZ)]'XW*>+PK_`+<<;CLJFIQHU'$YB+P/DSF3\JO-]ON^3;O_`-)_YTS'2COB
MU7*&[";U[-"MG[?DW&(K*9[>EU;ZHVE>:\'X47GC>EKL%G/;SFW(/07.RNGK
MNQY1RV5*0LJ@G+ZIP"J9(A9A5%[,;1<WD-M*Q0[3"FO_`#:G1"['=>)@C`EH
M\2&OA#CF7DN$ONTMB2[3$M,Z$Y!WND"-MQHD-W3!JVQTTKC/9>)4H>01!4KC
MZ0_3IV8^W%W7;;1>MS/-&H.SF>G`R9)4IX2T'C5.Q35.[%FDV:PVNV2(M\@0
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MS@PXK\HFP;@/#F)&&W%$:N<\`S9MI;WNMX&(VS%AEMFX16#DBT(#JR'`\+*'
MVT15ICZFW6^07AW!O%(SZ6AALGY;+/S`7/B,,:BH^ZY+,E!*J`(E>>/I++:L
MT^XV_;KS<K<=@!AY)+K+3_PS?AY=8@0&C!?#X=6O9B;:]K;8W8^B/VHY3KE@
ME0XMM1J0"C&H8H<EVJ94%@3$4XJJ)CZ2?4VQVJ9<W]IV6T1KW9VF'$N"VY(K
M6H;<=1U5<:SO`:4J.9%[*XM\?;6W-URFF[U#ERY<BPSXC44P8DB$1`<:U93Y
M*YQ5M"`$'B7%,;.^I]ALO[@6S0X#-\L?3]0\Y'8$C!X(Q`9.4:DF"T%2;)!*
MF(4;;>V-UW6ZR76&W;>[9Y-K9MH&8B^[<+G,`8++<8*KX2+/2B8FLWB',:^G
MVSNHAQHTEI^*FX]Q26C9>GHCB-JY#MC9KI%V9J*G:N-P?2^]1I[MK:E/W#;5
MW*,^L$VS^*;/5("L!U4=4<RYN#HFG/%R80<RO0);:"G%24V#%$1.]57#8.BG
MS"9ED3BYB:CX(]?RL#P]ZOD=N46"]=(TEO(^Q'<;&4T0T42;!XVVW4X=_/!6
MFW6AS:UID(K=PO=UD1SN)1BX.L6RV0W7U%QT.&HZ8T3EB/:X;?Z>./:XB&;K
MB^V\XM.+AKCPHB>A$3_C^#GY.>/Y8YXY^3GC^>/N]'V7_]H`"`$!`P$_(?Z-
M1H<ST%X]\;=H[D$4H\<H/5'6>;Q?3TYA"FI1*Z"X#'_@`5D/''HRSLWN8%%X
M#+!\(0G]U-5ZU'77%DW,G)47"#!4)]NY@&%*13629,SF0MH!P9\+#;X9TR;@
M%&<JE(>E9/:\N0U/,=G&3;"I3R,OU^&4\C!'S7B@W^%_$&]>"7-V*%X(/IBJ
M5<`%AJ!C*Z&,ETJVN'AEAA"(`$8@Z,75Y`[3<]9N#ZQ!WP<H?[7V)ZE]$<`7
M&_A*+`J,T*F4(("]6T;5144DNO@<"81R._#9UQD\)V`J#,.G"<BA!;T6:J/F
MJJT9T5'0#DLVRJH[U\91;`QA]Z^%>\0L3_2MC,E`"*I&4^M47')U(9B2-U%_
MY!*8E8(\%CF`BW6%OME"K`@:.E.L+'/PG>5,HUO,+N[(45`>;WP+W<&*Y?@J
M4ZOPP,0P<J1>MR^9PEJ.R+AHD@BF*D5[<;P#Y8;AW]Z*O2H*M\&5/34'.1(A
MD-D(U9I`P/S+2+E8'3-,(B\S53CFC#%!,2G5/>!#>A!!>K(VG/>_"W`-3F`,
M#*V,4T<K6VF'<>9]T5`%E)3_`+V5.KH)KKJR#^^#9%W)>5W"P?&W-,9HVFFX
MRDZMCUE6'3%]XZ1:O<J<<0'J<0GPQU``-`""*`T9"[:IQ<&G=XEU9$MW'MB2
MHOG>C@TY+RD*B)X*XW`NIG2+:QZQ"Y'%>`^\GT)\U`@%F./KA:>,M-C!/1_4
MSE1^T4:`3_P$+$W_`!-3,D'!U=LU(?%`C$&HR9`3<QU*E;F9QR>D-WI`,75,
M6Y^"4GU!I`/)F+'EN(`79A<F>\K7S%YHJ##(G8+5<Z.=B(N,=U%DP$TN@V*U
M;6O4ESX!>6WP!8+%5:^6R*E_4D4@T:MF`)P@U!9T"MH`T8)CA^AGO0OQX=^W
MFYY=)R_K<Y]1ZS]GL]H_8:WY_4-NWG]=I\[XW[3KW]J^N9[M/=_D^?\`J1AY
M^_Z/_]H`"`$"`P$_(?Z-;A#Q<Q?K3\HF8'D5S!51["#3K%>;;M_X&A,H^3D"
M7/[F'CO7TYC.S&SCT1F^TRF0,1Y??KSB=<M]3^`+F=SPOZ\+-_PO-<^*]=YS
M&P:J+^R#I,90!0[L,A[F<)`?E7@(<7,"]16S4UOPH0#J+U,T%<`*+35:9B9%
M=@L<,68H`+UO!Q/7;BA8"KH-RXB[=XSS%@U31*.K=.9Z7$$9:1CTN5*RF^`]
M%E<:O$YE<U0T;OUE2:*W@%Q[M!X!.!VOA5#D?F4T=X$8X4YJ#S)EP)2T$JM;
MI3V8E/%IA@&5Z'BI;R.7ASG\1'^CGFN.DS1Q-UO9T>\L+R*>@Y_!GT/T^OK`
M/\RS/)^B=64?:5Y;3]./F`*8.#T\+IEE"XAU:CN@T>`<>O-RB<^0.^47EK4*
M+4%L&(J5`%<'H]7]02%>1"MC'7`GJ[_>)0FM154<2R3'KRA4[<+>E#.8W.$)
ME/CUYZJ$+PKA)S7GB:PP^I2>ZKQP2XWX]7S\1JG7MOVF+:T:N_>-6ULZWYZ3
M$_U?M-SS\?N/N^Y_E38OKYU*7O#HNX5I5US=^URN+R_'AJ>KX/\`)__:``@!
M`P,!/R'^GW(`?E/TPWS*/S2#MFUS^/\`PBX2(RE[L7^O66,$JOQ09>=+8K[E
M_!4XG8G$_?AS4YKQLNOX/$")FLJXI@^>9;X)31J%]:#C,WKPL*6C&X7%M*T$
M+S,,A35<(5:V2<VQOW0EO0>6+P=5=H5H`M?27=]M:ZB%D;+S\1,46R'+W)C+
M*C.*:DZKPJ33%;G&>7,:/"Z&W^(W%M`V*U%2@@F[IF9C+G1A8#K'."N$K=3&
M91]WFF8,7U^Y7;Q=]73VE5XZ`JYR=8>N*=8=.F,047#Z!P]>88^13VER'*O6
M``''@PK/>+.LP<OAAB]2X9PO+877+G%Q:E-@SL2ZDW>WM.G^Q-='1!3J/">J
M\>66UE%5%=ON=;?RXA):V-0]X`,.UZ7RJ6F;77AS5]XIV54+9)M?UX*FHT5J
M4%?P-4\_,SYJ-]_KZF;_`/D_^#4MWT[JI@+_`%^ISKZ_["^:^I;T>U>_,;Z=
M-Z_W^K__V@`,`P$``A$#$0``$````-B9```````&G-0)XZTP*1,0Q`EG\>3A
M!*`4H.ZPJ'R!PM$#>N=O),#N4&4':73B,Z`/_]H`"`$!`P$_$/Z%`J@&56@.
MZZAR/I0J$)I>3$,'J%1E5Z0X**W'TT;#:8;;,-+*W+!WY2$H=$H:@CI'T;_E
M9U[^W7^E`1M(M%4@X1O3!"V*MQ;5-.4FA8.ZR_A!=YF&LC99V^WX4H,[04@D
MWY!?KN?\#-54H8DVVG!=*F6%HH`!;JVKK=>ERS415_.+B,HK`*YU+ASV6,JH
MJ@2TSI\VFH_&QB=UST3\$0"IAT3X`5@H(J.J2[%Z7Q-)=[I%'J(/BC2;2P$/
MH!M@"\BZTFO7PLY(#*+]*?\`*@P7@*\&'`+-HE3!_P#U$49%$'"!0!U=3N(I
M;L-$&@ZAW1JI3.@DY^?U*]^>;U#8E44LA<;$KRL'NP)8P&>-"60#A\HP+$88
M+4J"I@V,8#,5VKZJ*4E>1X@W5A0',:3$R+NR=DJFQ#\Q2Z]C*7@J*JGT/$$_
M?,HMB/X4.FQT!PW$0TW"V+9MH!2)0/\`34FH,Q*L$LSQ'!X.K.6Y;C^QQ`"P
M7P$P)B3.NBX,O"G+8L]SF65BI@%3*4(SC1XTO<R@\$6K5*JU>*HRS`="[TZ6
M/N'ABA^@F-@NMU4#@I1O2L#6FX1\M?\`T`=*VB%9:=A4)@Z"$L0E(T(SB6"J
M44Z%K4Y!E28^UZ.?4Y^40*1[\&N:5#**J>@GSL^8KLJ$)NA;$:4(37=1LA/@
M%#4C6-4)?@%AUS[/0<3`QAU"GTV0#IB#>&=N!Y:`/CT6/+D#J&.01F8T@2&V
M@7%:!W+:289(2[2QU$1975O8K@"5V\500[\PXD!H`*`F'Q(3-:BM99>R7MN=
M8A00U5"!!]`Q@QL528:1=.J9Q<:UWM4-W.':U[*-E4@*&'@,#%5H.%ZH(-QN
M$AYVJBEH"U&+GHVJP0#C$(1CZ;UJ;XD:`43&A(!=`&CELE$!/3X-NNIQNH8N
M1IN9KMO#<<*[3@-ZLH+R+D'ZTXMC^+D8)3AUJZO\Q%,`@S?&<+B'F-="*@-8
M@5`I`%94A+MYA!'U3Z-<'3T\_9$$E_0ZA2`=0E0F\17`TE#QXD2@F"@!&5K(
M"B"`M0VUBJ]`4OQ]CB^VOIZ9CY-<.;S&^;9QX]^?U'3\#A\SCN^@Y]&+ZS_E
M/INO/*<SXF_3C\+AKR%^RX7O[W4-]R;'+-AP*KHZU[QNO1O7Z%_N:/IY]YP_
M=?ACP9\^T/?W_A__V@`(`0(#`3\0_H4%H"-TRT5EQH/6]N)<(H=+T-1Q?,>M
MYI!J[54JD@*I8%-O(IU_C?\`6&7G':)6UV@>]\RC^M2P60TN&2F15YA#J:FY
M"F"^]H,B:X2K*B@!RZC#!K8U10T>YX74W+(@8FZI,7VE,[7:*&XU4R7QG\01
MUXUME0O2X\6"DVY.7;6HB6)0Z%#%YHM[RI4ZK>9L665LSF5R&J%=&FL05AS:
M2X2J'NE7?6SPO5@W*V@BA>LSZQ:78]265?$K*L`!P:2KOZYA:_5+`#RHP)>=
M=8]N3#=(@ZIIIN+GX>@W`8&,QD"[1![H$"WL!6EZ',$_!B@*;%*L.F;95SP"
MW>"CZ(C3>T!V+9C9?I`;T:*<D<@*%#<UH"N`C[B(52NZ</+%9`(@.1*+=;>\
MIY]L^+TZ;\'=$OZ@NUH^8DO%>@L_/S"N-"[ZRN("2T*=1%GQ$2@M>60$,%&\
M=\P/X@.1@U10<<S$<`M12[9'=UWE!85-E77?-E[N`MJ$*R'HQ9ZX9G7QQIXY
M8`-45K6H@FQ!:H/6%;IBAFE[0U-@J`0M+^6Z):P6VPH\*+('"G29PI#D^5<T
MOI-;F#!P!SG1WICWQ@!IK8.Z`AHP()P"J^CP$`;AP!A?^2IRAG@XL^!TKB86
MB4O-XKIF(4>0";JW*U#;B73:7$$%O@0KHKB%$34O3)KT)K:&6Z%!=92T9NFM
M]8U<DC$J-@E,K.<:C@@9&#/#C5TTMD-WFO19,7K*#LPI!`G#&ET0EX%";8CD
MQ2E-JN\%&V0W4H/EZ.(M@TY+QBW$(*SAU55*9&`E*JT;=>`#MJ<FV+6W<";N
M&L[\*\FCK?\`Q_VYHJR.7V8N.W^P3AQTKWQ-YA]0[K-_"MSO;]7L];XE,FJ[
MWQPS[N:J=G^Q\G-RG06W=^VU^L[`/Q.F:^ZJ8WD#TO6<D]%W]_.N(;GEG?PU
MYG+]Q_A__]H`"`$#`P$_$/Z:-BQIU<;"_$#JO35;]3:SBRH-#(81??#$#"#D
M)]N*92;_`/!=(/+@]I;E`$7RH5R+JQ@(`*JCGVX7N?,=:E<!?':5[;5U+K]_
MP>H23O9;ES4$0;*TX_,O?:=3"=<?F66Y'B@$@NH(ZX:\-F>IQ[%P\@"@:7@7
M1;S$:-9[O73\PA`"I'IE@[-P/5L]^/"NP"-!.7,')@]X)L$G:9O3KJ4&+/1S
M#&XFX`.2S73"Q?:E,`I;.N1[,+]:PM4%NU#ZG:9`;?2(!DJE!75X[1=I$V<*
MQKV8Y0%`<+6YFME`%W)T.6`V.Q"#J[5WF!RMLI-AM#EE,4!5UXOM,!F%#YQ*
MV`PJ[GAD,W`N8``7#@R,K3GM4-@#@.D_,#)6,>C:GYF*5X&@6]5:8+3/6,+,
M0=O8W:.]8E<;C-FP'+EHY@U11B"Y@N5ZUU@`=A&@Z'G_`%((`%#&[*7J<;W4
MKYE!:3$F550=WK$'4VM^#I4"6[]B#S!?L&`Z$"U[0=2Q6,QM2BW6%4WB+`MO
MJ9?,PG'8UA@.]UN:F!7A1PZJ,*,'DS:(L=9\!52W8P`W79WV@WX#18C!3D:U
M*D6!V+&NUV]ACK[<1N9&Q0$3W5+&)4N`U%;U6.#4IL&@B,KO+R:KI%JLB1&?
M5W:Q,"5GP!Q6C)=>M2IS=I:WTXUCUQJ$'6!1%++JBF6;`U<8@"]HBV?V((U&
M#JHT?,QC2H4YURP'AJ%PK)9YGDV8`>-^@[57OM\1Q;NJ=X>]9J:JRO'#Y?=\
M769ZE^6.*Z\])[6WS;OKWG6P^0'O?3[G-*KG';O:_JIY+$8W1;O#ZSZ]YD7>
87Y.&G3GK.1HIAS-5OTOFO#U\?B/\/__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
