Analogy 1: HSBC for Latin American trade finance.

Analogy 2: Like Citigroup's global trade finance unit, but exclusively serving and specializing in the Latin American market.

• Trade Finance: Provides short-term financing and instruments like letters of credit to facilitate international import and export transactions for clients in Latin America and the Caribbean.
• Corporate Lending: Offers medium to long-term loans to corporations and financial institutions for working capital, project financing, and other general corporate purposes.
• Treasury Services: Delivers foreign exchange solutions, interest rate and currency derivative products, and manages money market placements and investments.
• Syndicated Loans: Structures, arranges, and participates in large-scale, multi-bank lending facilities for major corporate and sovereign clients throughout the region.

Banco Latinoamericano de Comercio Exterior (BLX) primarily sells its financial products and services to other companies and financial institutions, rather than directly to individuals.

Due to the nature of its diversified lending portfolio and client confidentiality, Bladex does not publicly disclose the names of its specific major customer companies. Instead, its client base comprises a broad range of institutions across Latin America and the Caribbean. However, its primary customer categories can be described as:

• Financial Institutions: These include commercial banks and other financial entities throughout Latin America and the Caribbean. Bladex provides them with foreign trade financing, working capital, and other credit facilities, which these institutions then use to support their own clients' international trade activities.
• Corporations: Large and medium-sized corporations operating in various sectors across Latin America and the Caribbean that are engaged in international trade (importers and exporters). Bladex offers them direct financing for trade-related transactions, working capital, and other corporate banking solutions.

• PricewaterhouseCoopers S.A.
• Society for Worldwide Interbank Financial Telecommunication (SWIFT)

Jorge L. Salas Taurel, Chief Executive Officer

Jorge L. Salas Taurel was appointed Chief Executive Officer in March 2020. He is an international banker with extensive experience in financial services across Latin America and the United States. Prior to joining Bladex, he served as President and CEO of Banesco USA for five years, and before that, as General Manager of Banesco Panama. He holds a Master's degree in Business Administration and a Master's degree in Public Policy, both from the University of Chicago. Under his leadership, Bladex issued its first Best Efforts ESG bond in May 2021.

Annette van Hoorde de Solis, Executive Vice President - Chief Financial Officer

Annette van Hoorde de Solis was appointed Chief Financial Officer in April 2025. She joined Bladex in 2005 as a Project Manager and has accumulated 19 years of experience in various capacities, primarily within the Treasury and Capital Markets area. Her most recent role before becoming CFO was Senior Vice President of Funding and Asset-Liability Management. She possesses over 20 years of experience in asset and liability management, funding strategy, and capital markets execution. Before joining Bladex, she worked for different consulting firms in the United States as a Project Manager from 1994 to 2001. She holds a Bachelor's degree in Industrial and Systems Engineering from Virginia Polytechnic Institute and State University (Virginia Tech).

Samuel Canineu, Executive Vice President - Commercial Banking

Samuel Canineu was appointed Executive Vice President – Commercial Banking in August 2021. From 2020 to 2021, he served as Chief Country Officer in Greensill, Sao Paulo, Brazil. Between 2003 and 2020, he held various positions at ING Group in the Americas, including VP of Leverage Finance (New York), Head of Loan Syndications Latin America (New York), and CEO of ING Brazil. Mr. Canineu holds a Bachelor's Degree in Business Administration from Fundacao Getulio Vargas in Brazil and a Master's Degree in Business Administration from Columbia University.

Eduardo Vivone, Executive Vice President - Treasury and Capital Markets

Eduardo Vivone was appointed Executive Vice President, Treasury and Capital Markets, in February 2018. He previously served as Senior Vice President, Head of Treasury, since September 2013, and Senior Vice President, Funding, from April through August 2013 at Bladex. Before joining the Bank, he served as Head of Global Markets for HSBC Bank Panama (2010-2012), Regional Sector Head, Government Sector – Global Banking, Americas for HSBC Securities, New York (2007-2010), Head of Treasury for HSBC Bank, Spain (2003-2007), and Head of Balance Sheet Management and Forward Foreign Exchange for HSBC Bank, Argentina (1998-2003). He is a Certified Public Accountant and holds a Master's degree in Finance from the University of CEMA, Buenos Aires, Argentina, and a Bachelor's degree in Accounting from the University of Buenos Aires, Argentina.

Alejandro Tizzoni, Executive Vice President - Chief Risk Officer

Alejandro Tizzoni has served as Executive Vice President – Chief Risk Officer since April 2016. He previously held the role of Senior Vice President of Risk Management and other positions within Bladex's Risk Department over a ten-year period. Prior to joining Bladex, Mr. Tizzoni spent nine years in various credit risk roles in banking and the international private sector in Argentina and Chile between 1997 and 2006. He holds a Master's Degree in Risk Management from the NYU Stern School of Business.

The clear emerging threat for Banco Latinoamericano de Comercio Exterior (BLX) is the rapid development and adoption of distributed ledger technology (DLT) and blockchain-based platforms for trade finance. These emerging technologies aim to digitize, streamline, and increase transparency in cross-border trade transactions, potentially disintermediating traditional banking processes and reducing the need for intermediaries. As these platforms mature and gain wider acceptance among corporations and financial institutions, they could significantly alter the landscape of international trade finance, challenging BLX's established business model based on conventional financing, letters of credit, and correspondent banking relationships.

Banco Latinoamericano de Comercio Exterior (BLX) specializes in financing foreign trade and economic integration in Latin America and the Caribbean. Its primary products and services include bilateral short- and medium-term loans, structured and syndicated credits, loan commitments, financial guarantee contracts, and project financing.

• Trade Finance: The global trade finance market size was estimated at USD 52.23 billion in 2024 and is projected to reach USD 68.63 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.7% from 2025 to 2030. Another estimate for the global trade finance market size is USD 80.64 billion in 2025, forecast to expand to USD 95.74 billion by 2030. While a specific overall market size for trade finance solely in Latin America is not readily available, the region's trade finance industry is driven by factors such as the digitalization of financial services, increased cross-border trade, and government initiatives supporting exports.
• Structured Finance: The structured finance market in Latin America is projected to have an issuance volume of USD 35 billion in 2025. This market is expected to grow moderately, driven by corporate funding needs, infrastructure financing, and a stable investment environment in the region.
• Syndicated Loans: The syndicated loan market in Latin America experienced significant growth of 21% in 2024, reaching USD 36.7 billion across 67 transactions.

Expected Drivers of Future Revenue Growth for Banco Latinoamericano de Comercio Exterior (BLX)

Over the next 2-3 years, Banco Latinoamericano de Comercio Exterior (BLX) is expected to drive revenue growth through several key initiatives and market trends:

1. Expansion of Client Base and Commercial Portfolio Growth: BLX has demonstrated robust client acquisition and loan origination activities across Latin America, onboarding 7% more new clients year-to-date in 2025. This has contributed to a record growth in its Commercial Portfolio, which reached US$10.9 billion, a 12% increase year-over-year in Q3 2025, and an all-time high credit portfolio of $11,950 million as of March 31, 2025. The bank's strategy to expand its client base and deepen relationships with existing clients is anticipated to continue boosting deposit growth and supporting a strong pipeline of high-value transactions, thereby driving interest income.
2. Growth in Non-Interest Income through Digital Transformation and Enhanced Services: A significant driver will be the sustained growth in non-interest income, particularly fee income. In Q3 2025, non-interest income grew by 40% year-over-year, and for the full year 2024, fee income increased by 37% year-over-year. This growth is linked to the implementation of two main IT platforms aimed at enhancing scalability and fee generation. The rollout of a new digital trade finance platform is specifically expected to increase transaction volumes, improve client retention, and expand service offerings to underbanked Small and Medium-sized Enterprises (SMEs), consequently boosting fee income and overall revenue growth.
3. Leveraging Capital for High-Value Transactions and Structured Lending: The successful issuance of an oversubscribed additional Tier 1 (AT1) capital instrument has provided BLX with newly raised capital. The bank aims to capitalize on this increased capital to support a strong pipeline of high-value transactions, including structured lending and infrastructure financing. This enhanced capital base strengthens the bank's financial position and its capacity to support economic development in the region, leading to increased interest-earning assets.
4. Diversification of Funding Sources and Market Presence: BLX is strategically focused on expanding its funding sources. The expanding deposit base, which reached a record $6.8 billion in Q3 2025 (a 21% increase from the previous year) and an all-time high of $5,859 million in Q1 2025, enhances funding stability and helps reduce the cost of funds. Furthermore, processes like bond issuance in countries such as Colombia allow the bank to broaden its funding sources and strengthen its market presence in key Latin American regions, which can support further loan growth.

Share Repurchases

• Banco Latinoamericano de Comercio Exterior, S.A. (Bladex) authorized a common stock repurchase program of up to $60 million on May 5, 2021.
• This $60 million repurchase program was completed on December 29, 2021, resulting in the repurchase of 3,558,093 Class E common shares at an approximate volume-weighted average price of $16.86 per share.
• On February 22, 2024, Bladex announced a new share repurchase plan, authorizing the repurchase of up to $50 million of the Bank's common stock.

Outbound Investments

• Bladex co-led a syndicated loan for YPF, totaling $700 million, aimed at financing YPF's Vaca Muerta exports.