68
! " # $ % & ' % ! ( ! " ( ! ) * + ( " ! + ' , - * , * . ( ' ! $ - / ! ) * " - 0 ' , $ $, +!,2!)*" #/!&$.!,! 0!'&3 4!.!'-! 0*%)/"!+ (*,'2'! .56'-* 7!%!.8 7!"!#/!9 7$": +/"'%!.$ "$7:(,'-! )*.'%'-!%! - * + & ! " ' - ! % ' - ! " ! # / ! / " / # / ! 9 &"'%')!) ; &*(!#*

Bladex Reporte Anual 2011

  • Upload
    bladex

  • View
    219

  • Download
    0

Embed Size (px)

DESCRIPTION

Reporte Anual 2011 - Bladex

Citation preview

Page 1: Bladex Reporte Anual 2011

!"#$%& '%!

(!"(!)*+

("!+' ,

-*, *.(' !

$-/!)*"

-0' , $

$,1 +!,2!)*"

#/!& $.!,!

0!' &3

4 !.!' -!

0*%)/"!+

(*,' 2' !

.56' -*

7!%!.8

7!"!#/!9

7$":

+/"' %!.$

"$7:(, ' -

!1 )*.' %' -!%!

-*+&!1 "' -!

%' -!"!#/!

/"/#/!9

& "' %' )!)1 ;1 & *

(!#*

Page 2: Bladex Reporte Anual 2011

!

"#

"!

"$

"%

#&

#'

#(

##

)*+,-.*-/01,/23341+4,5-,

6*,78*+94+-+34*:1/;1+,104<-<1

=>?2@/ A>BCD6=>/ ;>6E>62?CF>/ G6*H*:*+5*/ -/ 0-/ I*334J+/ !&!2/ <*0/ )-+7-0/ <*/D8K:*,-,/L4,5-<-,/*+/0-/B10,-/<*/F-01:*,/<*/=7*M-/N1:O/P/6*Q0-,/<*/A1R4*:+1/;1:K1:-54M1ST

B0-<*U/<*34<4J/4+3074:/*+/,7/KVQ4+-/<*/4+5*:+*5/GWWWTR0-<*UT318S/0-/4+H1:8-34J+/X/<1378*+5-34J+/+*3*,-:4-,/K-:-/378K04:/31+/0-/I*334J+/!&!2/<*0/)-+7-0/<*/D8K:*,-,/L4,5-<-,/*+/0-/B10,-/<*/F-01:*,/<*/=7*M-/N1:O/G=NIDST/Y*/5-0/H1:8-Z/B0-<*U/8-+5*+<:V/K*:8-+*+5*8*+5*/-357-04[-<-/*,-/4+H1:8-34J+T

)4,4J+X/F4,4J+

D+51:+1)-3:1*31+J8431

Y4M4,4J+/;18*:34-0

?*,1:*:\-X/)*:3-<1,<*/;-K45-0*,

6*,705-<1/<*>K*:-341+*,

;18K:184,1I134-0

D]74K1^78-+1

#_

!&

!"

!# $#

!`

a7+5-Y4:*354M-

23341+4,5-,

D]74K1D.*3754M1

E*:,1+-0D.*3754M1

>H434+-,6*Q41+-0*,

D,5-<1,94+-+34*:1,

B26B2Y>I

B 6 2 I C L

; >L >)BC 2

D;b2Y>6

; ^ C L D

D L/ I2L F2Y>6

Ab2 ?D)2 L2

^2C ?c

a 2)2C ;2

^>=Yb62I

B>L C FC 2

)deC ;>

E2=2)f

E262Ab2N

ED6g

I b6 C=2)D

6DEgBLC ;2/ Y>)C =C ;2=2

26AD=? C =

2

;>I? 2/ 6C ;2

?6C=C Y2Y/ h/ ?>B 2

A>

b6bAb2N

F D=DibDL2

=C;262Ab2!"#$!%&'(#)(*+$&$,-!#,*.#!/01!+&2*#'!#

".#),"$,1.##".$&*(.3!1&).*.4#5,!#.#$1.67+#'!##6.1&.'(+#!+$&"(+4#'&+!8(+4#)("(1!+#-#+93:("(+#"(;1.*#$1.*+3&$&1#".#!+!*)&.#'!#*,!+$1(+#0,!:"(+<

Page 3: Bladex Reporte Anual 2011

!

!"#$%&"'%#("$)*+$'%,,-+#-$)%$

"#$%&#'()$("%"*+",)$-'./.0'"1)$("$2#/("3$1"-#"4/$#/$0)*2'./0'&.$("$5./$/0"16/(/$ "%61/6"7'/$ 8$ ("$5./$ "-"06'9/$7"%6'&.$("%6'./(/$/$ +1)*)9"1$ 8$/+1)9"0:/1$#)%$01"0'".6"%$-#54)%$("$0)*"10')$"36"1')1$("$/*;1'0/$#/6'./<

"=$>?@AB?A$>?$>=$CD>$E>$F>E>GH>IJ$2=KF>L$FDBK?@>$>=$>M>BNONOA$PQRR$NABB>EHA?FOJ$K$FAE$B>K=OFKF>E$CD>$>=$2K?NA$EDHA$S>E@OA?KB$F>$GK?>BK$T>?@KMAEK<$ +AB$D?$=KFAU$V$K$H>EKB$F>$=KE$FOWOND=@KF>E$>NA?JGONKE$>LH>BOG>?@KFKE$>?$=K$5?OJ?$"DBAH>KU$F>$=K$B>=K@OTK$BK=>?@OXKNOJ?$F>$=K$>NA?AGYK$NZO?K$V$F>$=K$=>?@K$B>NDH>BKNOJ?$F>$=K$KN@OTOFKF$>?$""55U$/G[BONK$ #K@O?K$ NA?@O?DJ$ ED$ >LHK?EOJ?$ >NA?JGONK$ \\$ >LHK?EOJ?$ >E@K$ CD>$ ZK$NAGHBA]KFA$E>B$EAE@>?O]=>$HAB$>EHKNOA$F>$D?K$F[NKFK<$

/D?CD>$G>?AB$CD>$>=$ Y?FON>$F>$NB>NOGO>?@A$F>$^<R_$>LH>BOG>?@KFA$>?$>=$KIA$F>$B>NDH>BKNOJ?$F>=$PQRQU$ =K$>LHK?EOJ?$F>$=KE$>NA?AGYKE$=K@O?AKG>BONK?KE$FDBK?@>$>=$PQRR$WD>$N>BNK?K$K$`<^_U$NA?$ANZA$F>$?D>E@BAE$HKYE>E$EA]B>HKEK?FA$=K$]KBB>BK$F>$a<Q_$ V$ Rb$ EDH>BK?FA$ >=$ `<Q_<$ "E@>$ F>E>GH>IA$ >E@DTA$ WD?FKG>?@KFA$ >?$ =K$NAG]O?KNOJ?$F>=$KDG>?@A$F>=$NA?EDGA$HAB$HKB@>$F>$HA]=KNOA?>E$NDVA$?OT>=$F>$TOFK$NA?@O?cK$ G>MABK?FAU$ >?$ W=DMAE$ F>$ O?T>BEOJ?$ >L@BK?M>BK$ CD>$ >?$ GDNZAE$ HKYE>E$KDG>?@KBA?$ K$ ?OT>=>E$ B[NABFU$ >?$ HB>NOAE$ F>$ dNAGGAFO@O>Ed$ CD>U$ KD?CD>$ TA=e@O=>EU$H>BGK?>NO>BA?$K@BKN@OTAE$V$>?$D?K$S>E@OJ?$>NA?JGONK$CD>U$>?$=K$GKVABYK$F>$?D>E@BAE$HKYE>EU$HBA]J$E>BU$D?K$T>X$GeEU$HBDF>?@>$V$>W>N@OTK<

"=$NB>NOGO>?@A$>NA?JGONA$F>$=K$1>SOJ?$@BKMA$NAGA$NA?E>ND>?NOK$D?$KDG>?@A$>?$EDE$W=DMAE$F>$NAG>BNOA$>L@>BOAB$F>$GeE$F>$P!_U$=A$CD>$H>BGO@OJ$K$2=KF>L$KHBAT>NZKB$F>$GK?>BK$>EH>NOK=G>?@>$>W>N@OTK$ED$HAEONOA?KGO>?@A$V$NKHKNOFKF$F>$S>?>BKNOJ?$F>$?>SANOAEU$AH@OGOXKFAE$NAGA$B>ED=@KFA$F>$=KE$O?T>BEOA?>E$==>TKFKE$K$NK]A$$F>$GK?>BK$NA?ENO>?@>$ V$ NDOFKFAEKG>?@>$ H=K?OWONKFK$ FDBK?@>$ =AE$ KIAE$ PQQf$ V$ PQRQU$$HB>NOEKG>?@>$>?$K?@ONOHKNOJ?$F>=$>?@AB?A$CD>$HB>TK=>NOJ$>?$>=$PQRR$V$CD>$NB>>GAE$CD>U$GeE$K==e$F>$=K$TA=K@O=OFKF$?K@DBK=$>?$=AE$G>BNKFAEU$TK$K$NKBKN@>BOXKB$K$=K$HBJLOGK$F[NKFK$>?$?D>E@BK$1>SOJ?<

#K$E>SD?FK$B>K=OFKF$F>=$>?@AB?A$K$=K$CD>$E>$TOA$>?WB>?@KFA$2=KF>L$FDBK?@>$>=$PQRR$WD>$B>ED=@KFA$HBO?NOHK=G>?@>$F>$=K$NBOEOE$F>$F>DFK$EA]>BK?K$>?$=K$5?OJ?$"DBAH>KU$=K$NDK=$B>ED=@J$>?$@KEKE$F>$NB>NOGO>?@A$>?$>EK$B>SOJ?$N>BNK?KE$K$N>BA$V$>?$>=>TKFAE$?OT>=>E$F>$O?N>B@OFDG]B>$V$TA=K@O=OFKF$>?$=AE$G>BNKFAE$WO?K?NO>BAE<$$"EK$$EO@DKNOJ?$A]=OSJ$K$2=KF>L$K$OGH=>G>?@KB$D?$GK?>MA$HKB@OND=KBG>?@>$HBDF>?@>$V$>LO@AEA$F>$ED$=OCDOF>XU$$NKHO@K=OXKNOJ?$V$NK=OFKF$F>$NKB@>BK<$

Page 4: Bladex Reporte Anual 2011

!"# $%&'(")*# +,-"$($-$(.)*/# 01# 2)&$-10+('(0"$)# 301# 04,(5)# 30# -$0"+(6"# -1#+1(0"$0/#1-#075-"*(6"#30#1-#&03#30#)2(+("-*#30#&05&0*0"$-+(6"/#01#30*-&&)11)#30# ",0.)*# 5&)3,+$)*# 8# ,"# 9&-"# ":'0&)# 30# '0;)&-*# 0"# 1)*# 5&)+0*)*#("$0&")*#0"#-&-*#30#<,*+-&#'-8)&#-9(1(3-3#8#'0;)&#+-1(3-3#30#-$0"+(6"/#50&'($(0&)"# -1# =-"+)# -'51(-&# *,*# 30*0'<)1*)*# 0"# >?@#3,&-"$0# 01# -A)#B-*$-#*,50&-&#1-#<-&&0&-#30#1)*#CDE#'(1#'(11)"0*#30#361-&0*F# G)"#01#"09)+()#

0"#2&-"+)#+&0+('(0"$)/#01#*-13)#5&)'03()#30#1-#+-&$0&-#30#+&%3($)#-,'0"$6#-#*,#.0H#0"#II@F##

J-&$(+,1-&'0"$0#2-.)&-<10#3,&-"$0#01#-A)#&0*,1$6#01#+&0+('(0"$)#301#"09)+()#30#30*+,0"$)#30# 2-+$,&-*/#01#+,-1#*(9"(2(+6#'K*#30#C?F>#'(1#'(11)"0*#30#30*0'<)1*)*/#-#5-&$(&#30#,"-#504,0A-#<-*0#01#-A)#-"$0&()&F#

=1-307# *0# B-# +-&-+$0&(H-3)# 5)&# *-<0&# 90*$()"-&# *,# +&0+('(0"$)# *("#30*+,(3-&#*,*#*61(3)*#("3(+-3)&0*#30#+-1(3-3#30#+-&$0&-#8#01#-A)#?EDD#")#2,0#,"-#07+05+(6"F##J-&-#2("-10*#301#-A)/#01#L"3(+0#30#5&%*$-')*#0"#0*$-3)#30#")#-+,',1-+(6"#30#("$0&0*0*#2,0#30#-50"-*#EFM@#*)<&0#1-#+-&$0&-#30#5&%*$-')*#8#01#L"3(+0#30#+)<0&$,&-#30#1-*#&0*0&.-*#5-&-#5)*(<10*#5%&3(3-*#*)<&0#1-#+-&$0&-#0"#0*$-3)#30#")#-+,',1-+(6"#30#("$0&0*0*#07+03L-#IE>@F#

NOC#P(1#P(11)"0*

DEFQ

RF>

!"#$%&'(%)%*+,"),)'-.%$/0/1/,)

NOC#P(1#P(11)"0*

QFQ

>FD

!"#$%&'2'-#.0%.#'$%'-.3$/0,4#"$,'5.,*%$/,

EFM@

EFR@

!"#$%&'2'5.3)0#*,)'%6'7)0#$,'$%'6,2#18*8"#1/96'$%':60%.%)%)'),+.%';,0#"'$%'-#.0%.#'$%'5.3)0#*,)<'6%0,

>

=>?> =>?? =>?> =>?? =>?> =>??

DEFE

E

QFE

E

DFE

E

-,*@,)/1/96'$%'"#'-#.0%.#'-,.@,.#0/A#'@,.':6$8)0./#ID#30#3(+(0'<&0#30#?EDD

S-*#8#J0$&610)

P0$-10*TP-",2-+$,&-U

V$&)*TG)"*$&,++(6"/WH:+-&/#0$+FU

W1('0"$)*

X,L'(+)*

G-2%

Y&-"*5)&$0W%&0)

?M@??@

DR@

DD@R@M@

M@Q@

J&)3,+$)*W9&)50+,-&()*

Page 5: Bladex Reporte Anual 2011

!"#$$

!"$$$

%"#$$

%"$$$

#$$

$&'()*+,,-./0

!"1$2

%"3!%

!"#$%&'(')*+#"'$%',%-./0+*/ !"#$%&'(')*+#"'$%'1#/02*/'304#450%6*/7#"$*'#"'304#"'$%"'1%68*$*

$

%"$$$

!"$$$

1"$$$

2"$$$

#"$$$

4"$$$

2"!4$

#"2563$

6$

4$

#$

2$

1$

!$

%$

$

9:;: 9:;;9:;: 9:;;

&'()*+,,-./0

#!7!

437%

&'()*+,,-./0

<+0"0$#$'=%+#'>',020/0*4%/'?*@%650#"'A')%/*6%68#

#

8,) 0-09/.+:-) ;</;+=+/.9-):/,)>?.;-) </@A+<+B).?9A<?,=/.9/):/)A.) </.-C?:-)?A=/.9-)/.),?)D?0/):/)E-.:/-):/),?)F.09+9A;+B."),?);A?,)0/)/GH?.:+B)A.)!5I);-.)D?0/)/.)/,):/0?<<-,,-):/).A/C-0)=/<;?:-0):/)E-.:-0)+.9/<D?.;?<+-0)J):/)?A=/.9-0) /.) ,-0) :/HB0+9-0) :/) .A/09<-0) D?.;-0) ;/.9<?,/0) ?;;+-.+09?0") ,-0);A?,/0) ;-=H/.0?<-.) K-,L?:?=/.9/) ,?) </:A;;+B.) @A/) 0/) /GH/<+=/.9B) /.)?,LA.?0),M./?0):/);-<</0H-.0?,/0)/A<-H/-07)

8,)</0A,9?:-);-=D+.?:-):/)/09?0)?;9+C+:?:/0)EA/)A.)?A=/.9-):/)1$I)/.),?)&9+,+:?:)N/9?):/),?0):+C+0+-./0)O-=/<;+?,)J)P/0-</<M?")?,;?.Q?.:-)/09?)(437%)=+,,-./0):A<?.9/)/,)?R-7)

SA.9-) ;-.) /,) TG+9-) :/) ,?0) ?;9+C+:?:/0) :/) ,?0) A.+:?:/0)O-=/<;+?,) J) :/)P/0-</<M?") ,?) A.+:?:) :/)U:=+.+09<?;+B.) :/)U;9+C-0) </;-D<B) 0A) /=HAV/");-.9<+DAJ/.:-) ;-.) (%#7%) =+,,-./0) ?,) </0A,9?:-) :/,) >?.;-7) O-.) ,-0)/G;/,/.9/0)</0A,9?:-0):/,)!$%%"),?)&.+:?:):/)U:=+.+09<?;+B.):/)U;9+C-0)K?)?H-<9?:-)A9+,+:?:/0)?;A=A,?:?0)?,)>?.;-):/)(#$7%)=+,,-./0)/.),-0)W,9+=-0);+.;-)?R-07

8,)=?<;?:-)?A=/.9-)/.),-0)0?,:-0):/),?);?<9/<?):/);<T:+9-")?;-=H?R?:-);-=-)/09AC-):/)=?J-</0)=X<L/./0):/)+.9/<=/:+?;+B.")/.);-=D+.?;+B.);-.)/,);</;+=+/.9-):/)2I)/.),-0)+.L</0-0):/);-=+0+-./0)J),?);-.9<+DA;+B.)

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

9:;: 9:;;

Page 6: Bladex Reporte Anual 2011

!"#$%

&"#'%

(&&#

)*+,-./01.*.21-+3/4-53

)*+,-./6-/7.5-+89/4-53

(&&' (&&: (&!& (&!!

&":'%!"!(%

!";$%!"<(%

!"==% !"<(% !"#&% !"'!%

>?*6-@/A/)B+,-.-9/01.*.21-+39

<

:&

'&

#&

<&

=&

;&

$&

(&

!&

&

!"#" !"##

CDE/)1??3.-9

;("(

'$"(

>?*6-@/A/C51?16*6/4-5*/

$%&'()*+)*,-%&'./01%/)&'20*3-*4%*'5)6-*-)*+0'/%'7&38%3)9-%'+)/':%*,0;

F39/G1?*+-9/6-/?*/-95+*5-,1*/6-/>?*6-@/-95B./6-H1.1639/G3+/5+-9/G395I?*639/HI.6*J-.5*?-9K

!L/>?*6-@/3G1.*/MI-/-?/JI.63/-95B/-./I./G+32-93/6-/,+*.6-9/2*JN139/-95+I25I+*?-9/6-/2*+B25-+/ 5*.53/-23.OJ123/23J3/6-J3,+BH123"/ P./-95-/ 9-.5163Q/ >?*6-@/ 23.916-+*/ MI-/ -?/ *IJ-.53/ -./ +-?-R*.21*Q/1.H?I-.21*/S/G36-+T3/-23.OJ123/6-/G*T9-9/23J3/UV1.*Q/>+*91?/-/7.61*/-9/*G-.*9/I.3/6-/?39/-?-J-.539/6-/I./G+32-93/6-/2*JN13/,?3N*?/MI-/+-9I?5*+B/-./*IJ-.539/9395-.1639/-./?*/6-J*.6*/6-/*?1J-.539Q/-.-+,T*Q/J-5*?-9Q/5+*.9G3+5-Q/R1R1-.6*Q/-.5+-5-.1J1-.53Q/9-+R12139/6-/9*?I6Q/-52"Q/G3+/G*+5-/6-/,+*.6-9/9-,J-.539/6-/?*/G3N?*21O./JI.61*?/MI-/V*95*/V*2-/G323/9-/-.23.5+*N*./*?/J*+,-./6-/?39/N-.-H12139/6-?/ 6-9*++3??3/ -23.OJ123/ -./ 9I9/ G*T9-9"/ >?*6-@/ V*/ +-15-+*63/5*JN18./9I/3G1.1O./*2-+2*/6-/MI-Q/6-.5+3/6-/-95-/G+32-93Q/JI2V39/6-/ ?39/ 2-.5+39/ 6-/ J*.IH*25I+*/ 23.51.I*+B./ J1,+*.63/ V*21*/ ?39/

G*T9-9/ -J-+,-.5-9Q/ *?/ 51-JG3/ MI-/ ?*9/ -23.3JT*9/ 6-9*++3??*6*9/23.2-.5+*+B./ 9I9/ -9HI-+W39/ -./ ?39/ 9-253+-9/ 6-/ *?5*/ 5-2.3?3,T*/ S/9-+R12139Q/91./MI-/-953/91,.1H1MI-/MI-/-?/6-9*++3??3/6-?/9-,J-.53/6-/ *?5*/ 5-2.3?3,T*/ S*/ -./ R1,3+/ -./ I./ NI-./ .XJ-+3/ 6-/ G*T9-9/?*51.3*J-+12*.39/9-/6-5-.6+B"

(L/>?*6-@/-95B/23.R-.2163/6-/MI-/YJ8+12*/F*51.*/9-,I1+B/619H+I5*.63/6-/91,.1H12*51R*9/ R-.5*Z*9/ 23JG*+*51R*9/ -./ ?*/ G+36I221O./ 6-/ ?39/*?1J-.539Q/J1.-+*?-9Q/J*5-+1*9/G+1J*9Q/9-+R12139/S/J*.IH*25I+*9/MI-/23.51.I*+B/6-J*.6*.63/-?/G+32-93/6-/2*JN13"

$L/P./?*/3G1.1O./6-/>?*6-@Q/?*/1.5-+.*213.*?1W*21O./6-/JI2V*9/-JG+-9*9/?*51.3*J-+12*.*9/ AA/ ?*9/ *9T/ ??*J*6*9/ [)I?51?*51.*9[/ AA/ -9/ I./ V-2V3/-95*N?-2163/MI-/5-.6-+B/*/*2-.5I*+9-/23J3/+-9I?5*63/6-?/-JGIZ-/6-/23JG*\T*9/ 1.5-+-9*6*9/ -./ *JG?1*+/ 9I9/J-+2*639/ V*21*/ 9I9/ G*T9-9/R-21.39/-./I.*/]-,1O./-./2+-21J1-.53/9395-.163/S/-./?*/2I*?/,3W*./6-/1JG3+5*.5-9/R-.5*Z*9/23JG-5151R*9"

P?/6-9*++3??3/6-/?39/*23.5-21J1-.539/-95B/23JG+3N*.63/?3/*2-+5*63/6-/-9539/ 5+-9/ G395I?*639/ -95+*58,1239/ 9-,X./ ?39/ G?*.5-O/ >?*6-@K/ YJ8+12*/F*51.*/9-/V*/23.R-+5163/-H-251R*J-.5-/-./I.//G+3R--63+/2?*R-/6-/JI2V39/6-/?39/G+36I2539/23./6-J*.6*/-95+I25I+*?J-.5-/9395-.16*/-./-?/JI.63/S/-?/.XJ-+3/6-/-JG+-9*9/?*51.3*J-+12*.*9/3G-+*.63/+-,13.*?J-.5-/-95B/*IJ-.5*.63Q//-./*?,I.39/2*939/6-/H3+J*/[email protected]*?"

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

Page 7: Bladex Reporte Anual 2011

!"#$%&!'(!)%*!'+,-...('//0'1.'(!'-2+.$3%&%.3,$.-)!('1.('+(!*.)!

!"#$ !"#$!"#%

!"&! !"&! !"&! !"&!

!"&$

'()*

%

!"#$%&!'(!)%*!'+,-...('//0'1.'(!'-2+.$3%&%.3,$.-)!('1.('+(!*.)!

!"#$%&!'(!)%*!'+,-...('//0'1.'(!'-2+.$3%&%.3,$.-)!('1.('+(!*.)!

&456789:;<=4';>'#?:94'@4<'*A;B984B'!@@:4<:B97B

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

1:C:=;<=4'648'!@@:D<

!A5;<94'=;'=:C:=;<=4B

E)$%"EF /)$%"EF G)$%"EF H)$%"EF E)$%"EE /)$%"EE G)$%"EE H)$%"EE

Page 8: Bladex Reporte Anual 2011

!

"#$%&'()&*%'+%,'&-*)&.-++)/,'+/$%'-0'12-'1#'3%4'567'1#'.#89#9%'1#'6:;6<'#0'=9#+)%'1#'0-'-++)/,'1#0'>-,+%' &#' 3-' -=9#+)-1%' #,' ?,' 6@A' 1#&1#' =9),+)=)%&' 1#0' 6:;6' 4' +/$%' #&*-' -=9#+)-+)/,' 3-'9#=9#&#,*-1%'+#9+-'1#'?,'7@A'9#&=#+*%'-0'(-0%9'$B&'8-C%'1#'0-'-++)/,'1?9-,*#'#0'6:;;D' 'EB&'-00B'1#'#&*-'$#C%92-F'&),'#$8-9G%F'&#G?)$%&'+%,(#,+)1%&'1#'H?#'#0'=9#+)%'1#'0-'-++)/,'1)&*-'-I,'$?+3%'1#' 9#.0#C-9' 0-'1#$%&*9-1-'+-=-+)1-1'1#'+9#+)$)#,*%'4'G#,#9-+)/,'1#'?*)0)1-1#&'1#0'>-,+%F'?,-'1)&*%9&)/,'H?#'#&=#9-$%&'H?#'#0'$#9+-1%'+%99)C-'#,'89#(#'-0')1#,*).)+-9'0-'#&+-&-'+%99#0-+)/,'1#',?#&*9%',#G%+)%'+%,'#0'&#G$#,*%'.),-,+)#9%'#,'0-'J,)/,'K?9%=#-'4'#,'KKJJ'4'9#+%,%+#9'0-'+-0)1-1'4'&%&*#,)8)0)1-1'1#'',?#&*9%&'9#&?0*-1%&D'

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

!"#$%$"&'("#)'&*+)+,)-.*./"

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

L#&#-$%&' +%,+0?)9' -G9-1#+)#,1%' -' ,?#&*9%&' +0)#,*#&F' 1#=%&)*-,*#&F' %9G-,)&$%&'$?0*)0-*#9-0#&F' +%99#&=%,&-0#&F' -G#,+)-&' +-0).)+-1%9-&' 4' *%1%&' -H?#00%&' H?#'+%0-8%9-9%,' +%,' ,%&%*9%&' 1?9-,*#' ?,' -Q%' #,' #0' H?#' 0%G9-$%&F' ?,-' (#N' $B&F'*9-1?+)9'0-'=-&)/,'H?#'&#,*)$%&'=%9',?#&*9%',#G%+)%'4'=%9'S$O9)+-'X-*),-'#,'0-'+9#-+)/,' *-,G)80#' 1#' (-0%9' =-9-' ,?#&*9%&' -++)%,)&*-&F' +?4%' -=%4%' 4' +%,.)-,N-'9#+%,%+#$%&'+%,'#&=#+)-0'G9-*)*?1D''

R#+%,%+#$%&'*-$8)O,'1#'$-,#9-'#&=#+)-0'0-'G9-,'+%0-8%9-+)/,'4'#0'-=%4%'1#'0%&'1)9#+*%9#&'4'+%0-8%9-1%9#&'1#'>0-1#M'#,'?,'-Q%'#,'H?#'*%1-&',?#&*9-&'02,#-&'1#',#G%+)%'9#&?0*-9%,'#&=#+)-0$#,*#'#M)*%&-&'4'&#,*-9%,'-&2''0-&'8-&#&'1#'?,'.?*?9%'=-9-',?#&*9-'P9G-,)N-+)/,'H?#'3%4'&#'()&0?$89-'#&=#+)-0$#,*#'=9%$#*#1%9D'''''''''

K,',%$89#'1#0'#H?)=%'1#'>0-1#M'*#,#$%&'#0'3%,%9F

0"&1',")2+&3&(+1)4.5.+) ) ) ) 6'$7+)8$9+/') )T9#&)1#,*#'1#'0-'Y?,*-'L)9#+*)(-' ' ' ' T9#&)1#,*#'KC#+?*)(%'' ' '

:.+#*/"#);',"/+#)<)=+&*$(")(+)=",$('/$('()="%$',

>0-1#M' +%,*),I-' -+*?-,1%' 1#' $-,#9-' +%,&#+?#,*#' +%,' 0%&' +),+%' (-0%9#&' H?#' 9)G#,' &?'+%,1?+*-'+%9=%9-*)(-Z'#M+#0#,+)-F'),*#G9)1-1F'9#&=#*%F'+%$=9%$)&%'4'3?$)01-1D' S'*9-(O&'1#'0%&' -Q%&F' #&*%&' (-0%9#&' &#' 3-,' +%,(#9*)1%' #,' 0-' =-9*#' $#1?0-9' 1#0' #&=29)*?' 1#' 0-'%9G-,)N-+)/,F'&)9()O,1%0#'1#'G?2-'-0'1#&-99%00-9'&?&',#G%+)%&'4'-0'#,.9#,*-9'+%,'OM)*%'*-,*%'0%&'+-$8)%&'#,'0-'),1?&*9)-''+%$%'0-'(%0-*)0)1-1'1#'0%&'+)+0%&'#+%,/$)+%&D'

>9",.%$?&)(+,)!/+%$")(+),')@%%$?&)ABCDE

7[;[6:;6

\[;[6:;6

][;[6:;6

;6[;[6:;6

;^[;[6:;6

;][;[6:;6

6;[;[6:;6

6@[;[6:;6

6_[;[6:;6

7:[;[6:;6

6[6[6:;6

^[6[6:;6

![6[6:;6

;;[6[6:;6

;@[6[6:;6

;_[6[6:;6

6:[6[6:;6

67[6[6:;6

;\D;\

;_D@\

;!D!7;]D:]

;!D;:

;]D\;;]D^7

;]D76 ;]D7!

;!D]; ;!D]^

6:D:!

>X`

Jab'

Page 9: Bladex Reporte Anual 2011

!"#$%&'()*+$(,%&

!"#$%&'#$(

)

**+$,-./0+12+13+4567***+$,-./0+12+13+4568

!"#"$%&'(")$*+$,-.'+/&$0+1+/"229:;%'+!'+9#:("<=+9/0>.3

3)4+.&5$6(+7&5*'"$61+'."2229:;%'+!$+<:+;:%"?;+:#@$;&";:=+:/A12B.20

8&59+($:;51<+=$>"5=;(+=2229:;%'+!$+CDE"%'=+CF,.GH

%<:($+I:J

Page 10: Bladex Reporte Anual 2011

!"#$"%&"%'#"("%)#"*("++!"#$%&

!"#$,%-,.,+++'$(#)*$+,-%)*$+).+/01"%2#

/0#1$*$,%23"*4,++314%2*

'5$330#1,%'67108%'"#49"+314%2*

:$33$"1%;<%/"=0>++

!"#$%&'%()*+%!,-+%$

'$(#)*$+,-%)*$+).+/01"%2#

56

7+'48%"#+.-+.&+965977+'48%"#+.-+.&+965:777+'48%"#+.-+.&+965;

Page 11: Bladex Reporte Anual 2011

!!

"#$%&'()#*+#*,#-.!-

!"#$%&%'"()

!"#$%&"'()#*#+)$',-.-)//0',*

!"#$%&"'()#*#+)$',-.-)1(*2'3*+4*#3*#,)#56+4)#7'(*84'9)

012%3+"'(%#-)&'43%#5":*8(*4)(';

(%31%'+%'!3%6%'73%#6%<*2;(*()

8%19)'01:)3%1(*2'3*+4*#$=*864'9;

8%19)'01:)3%/1)+)>?

!"'*+&('*)&(!%),-%),+-%)*)

Page 12: Bladex Reporte Anual 2011

!"#$%"&'()&*&+)"!,'+,&#,-).*.,

!"#$%

&'()*+,-./0)10201%34+)&51"23%34+()5$1$)561737$%)0+)516%#$8"%)/),1673#"%),"+#3+90+#0%:

&;()<$),$1#01$)70)516%#$8"%)%0)510%0+#$)+0#$)70)3+#010%0%)70%,"+#$7"%)+")9$+$7"%)/),"83%3"+0%)73=0137$%:

&>()*+,-./0)2$-"1)0+)-3?1"%)70)516%#$8"%@),301#"%)7054%3#"%),"-",$7"%@)$A.%#0%)5"1)2$-"1)1$B"+$?-0)70)801,$7")70)3+201%3"+0%@)$,05#$,3"+0%)/),"+#3+90+,3$%)&3+,-./0+7"),$1#$%)70),1673#"),"+=318$7$%@)C%#$+7D?/C)/)9$1$+#E$%)F.0),.?10+)130%9"),"801,3$-@),"+#1$#")70),$+A0),1073#3,3")/),"851"83%"%)70),1673#"(:)

';

!"#$%&'%!($)($*+!,-"($./-"&!0-"0$(!1$'&$(0$()-,!

0$*(+2%0-

!"#$%&'%!($)($*+!,-"($./-"&!0-"0$(!1$'&$(0$()-,!

0$*(+2%0-

!3-(&$"+'%!0-(45(0$(0'1'$+6"$( 7889( 7858( 7855&G+)HIJ)83--"+0%@)0K,05#"),3=1$%)5"1)$,,34+() )

':;<=>?@AB:(CDE(($FG?C<(CD("DFHEG?C<F*+910%")+0#")70)3+#010%0%) LM) )NM) )'O>P0201%34+)&51"23%34+()5$1$)561737$%),1073#3,3$%)&'() &'M() )M) )&Q(R"+"1$13"%)/),"83%3"+0%@)+0#") N) 'O) ''S$%#"%)70)"501$,3"+0%) &>T() )&Q;() )&MO(H#3-37$7)+0#$)$#13?.3?-0)$)U-$70K) MM) )Q;) )T>)) ) )':;<=>?@AB:()DED@@A<:?C?(CDE((6?E?:@D(CD()AGH?@AB:*+201%3"+0%)0+)2$-"10%) MON) )Q>N) )QL>V"+7")70)3+201%34+) 'WT) )'LN) )';OX$1#01$)70)516%#$8"%)&;() ;@NNM) )Q@OLO) )Q@WM>X$1#01$)70),1673#"@)+0#")70)3+#010%0%)70%,"+#$7"%)+")9$+$7"%)&>() >@L'N) )Q@TTO) )M@T'OY"#$-)70)$,#32"%) >@TNW) )M@'OO) )L@>LOY"#$-)70)5$%32"%) >@'LT) )Q@>TQ) )M@MWM*+#016%)107383?-0)+"),"+#1"-$7")70-)="+7")70)3+201%34+) >M) )'W) )LZ$#138"+3")70)-"%)$,,3"+3%#$%) LNL) )LWN) )NMW

':;<=>?@AB:(CD(!@@A<:DF(1<>H:DFH#3-37$7)+0#$)5"1)$,,34+))&HIJ() ':MO) )':'M) );:;M[$-"1)0+)-3?1"%)5"1)$,,34+),"8\+)D$-)=3+$-)70-)501E"7"D)&HIJ)() 'T:QW) )'T:WW) );O:QM],,3"+0%)X"8.+0%)[390+#0%)&0+)83-0%(Z1"8073")70-)501E"7") >L@QW>) )>L@LQN) )>L@WLW]-)=3+$-)70-)501E"7") >L@MQL) )>L@N'') )>N@'>;

"?I<:DF(JA:?:@AD=?F()DED@@A<:?C?F(K$:(LM) )P0#"1+")%"?10)$,#32"%)51"8073") ':Q^) ':O^) ':M^P0#"1+")%"?10)0-)51"8073")70-)5$#138"+3")70)-"%)$,,3"+3%#$%) T:L^) L:;^) '':Q^_$190+)=3+$+,301")+0#") ':L;^) ':NO^) ':T'^S$%#"%)70)"501$,3"+0%)$-)#"#$-)70)$,#32"%)51"8073") O:WL^) O:WN^) O:TT^Z16%#$8"%)0+)0%#$7")70)+")$,.8.-$,34+)70)3+#010%0%)$-)#"#$-)70)-$),$1#01$)70)516%#$8"%)&;() ':T^) O:N^) O:L^))`0%,$19$%)$-)#"#$-)70),$1#01$)70)516%#$8"%))&;() O:O^) O:'^) O:O^P0%012$)5$1$)561737$%)0+)516%#$8"%)$-)#"#$-)70)-$),$1#01$)70)516%#$8"%)&;() ;:N^) ':W^) ':T^P0%012$)5$1$)561737$%)0+),1673#"%),"+#3+90+#0%)$-)#"#$-)70),"+#3+90+,3$%) T:>^) >:M^) ;:M^Z$#138"+3")70)-"%)$,,3"+3%#$%)$-)#"#$-)70)$,#32"%) 'N:Q^) '>:N^) '':W^X$53#$-)5138$13")CY301)'C)$-)#"#$-)70)$,#32"%)5"+701$7"%)5"1)130%9") ;M:T^) ;O:M^) 'T:L^X$53#$-)#"#$-)$)#"#$-)70)$,#32"%)5"+701$7"%)5"1)130%9") ;N:O^) ;':T^) 'W:W^

Page 13: Bladex Reporte Anual 2011

!"#$%&'()'*%+)&%',+-).&%/')/'0#*)&0,#'

)1-)&,#&'()'!*2&,0%'3%-,+%4'%5).6&%+(#'

&)+-%7,/,(%('$'0&)%0,8+'()'9%/#&'"%&%'

+6)5-&#5'%00,#+,5-%5:

;)&')/'"&#9))(#&'()')10)/)+0,%'()'

5#/60,#+)5'<,+%+0,)&%5',+-).&%/)5'"%&%'

/%'0%()+%'()'9%/#&'()/'0#*)&0,#')1-)&,#&'

)+'!*2&,0%'3%-,+%:

=>

Page 14: Bladex Reporte Anual 2011

!"

!"#$%&!'(!)%*!'$+,%-)$!'".-'/+('012/+'(!-'$+-+$3!-'/+'4+)$5(+6'/+('"7*/6

## # $%%&# #$%!%# $%!!

# '()#*!+,# !-.+# #/-0+# "-&+

# (12345671#*+,# .-/+# #8-/+# 8-0+

# 9:;<4#=>?:@14#*+,# &0-0+# #$%-%+# !0-$+

# =>AB@?456B1:C#*!+,# 0-$+# #$8-0+# $&-!+

# D:C;3?4<B#E6C543#F3BG43#*+#'(),# H$-0+# #H!-0+# H!-/+

# 9:;<4#'IG3654#*+#'(),# 8$-J+# #&$-8+# &%-.+

# K;:1?4#KB@@6:1?:#*+#'(),# H%-/+# #H!-$+# H!-"+

# 9:C:LA3:B#M@G41B#NG6:@?B#*+,# !!-!+# #J-&+# 8-.+

# (1O:@C671#=>?@41P:@4#96@:5?4Q#R:?4#*MST#)31,# &0-0# #J/-!# !&%-!

# )B1BCU#=L6C6B1:C#(1?V3:C#*MST#)31,# &J-0# #0%-$# ..-J

# D:C:@O4C#W#9:;<4#=>?:@14# $/-J+# #8J-.+# J&-J+

## ## ## ## ## D:C:@O4C#(1?:@1456B143:C#*MST#)31,# !0.# #8//# J8!

# 9:;<4#=>?:@14#*MST#)31,# J80# #088# !Q%&&

# 4%8'97-:'8;<=# !Q0$8# #"Q.&%# /Q&J0

&>?@AB'%<@CD?@BAEF'G'!HIACD?'(?JC<?

=3#:P:@5656B#$%!!#C:#<:C:1OB3O67#:1#;1#:1?B@1B#<:# 6LAB@?41?:C# @:?BCQ#A@6L:@B#41?:# 3BC# @6:CXBC#<:#;1#

@:543:1?4L6:1?B#<:#34C#:5B1BLY4C#<:#34#@:X671#34?61B4L:@65414Q#LB?6O4<B#AB@#;14#5@:56:1?:#<:L41<4#

3B543# ZQ#ABC?:@6B@L:1?:Q#41?:#;1#:1?B@1B#:>?:@1B#<:#L4ZB@#OB34?636<4<#L4@54<B#AB@#:3#<:?:@6B@B#:1# 34#

C6?;45671#:5B17L654#<:#3BC#A4YC:C#<:C4@@B334<BCQ#5B1#2B5B#:CA:5643#:1#34#M1671#=;@BA:4-

N# A:C4@# <:# 3B# 41?:@6B@Q# 34# D:X671# 5B1?61;7#LBC?@41<B# ;1# G;:1# <:C:LA:[BQ# 5B1# :>AB@?456B1:C# \;:#

5@:56:@B1#;1#$&+#Z#\;:#L41?6:1:1#;14#?:1<:1564#<:#L4ZB@#<6O:@C626545671Q#4ABZ4<B#AB@#;1#5B1?61;B#23;PB#

<:# 61O:@C671#:>?@41P:@4#<6@:5?4#1:?4Q#\;:#:1#:3#4[B#5@:567#J&+#L4@541<B#16O:3:C# @:5B@<-# # S6#G6:1#:3#

5@:56L6:1?B#<:#C;#'()#2;:#L]C#LB<:@4<B#\;:#:1#:3#$%!%Q#4[B#<:#@:5;A:@45671#?@4C#34#@:5:C671#<:3#$%%0Q#

:1#@:CA;:C?4#4#AB3Y?654C#LB1:?4@64C#L]C#@:C?@65?6O4C#4#A4@?6@#<:3#C:X;1<B#?@6L:C?@:#<:3#4[B#Z#AB@#;14#

5B@@:55671#4#34#G4P4#:1#:3#5@:56L6:1?B#:5B17L65B#L;1<643Q#NL^@654#_4?614#5B1?61;7#5B1CB36<]1<BC:#5BLB#

D:X671Q#C;C#61<654<B@:C#26C543:C#Z#<:#CB3O:1564Q#4CY#5BLB#?4LG6^1#L:PB@41<B#C;#ABC656B14L6:1?B#X3BG43#

41?:#;14#L4ZB@#615:@?6<;LG@:#:5B17L654#61?:@1456B143-

N;1#5;41<B#43#56:@@:#<:3#A:@YB<B#$%!!#:>6C?:#615:@?6<;LG@:#CBG@:#:3#@6:CXB#<:#\;:#34#:5B1BLY4#L;1<643#

C;2@4#;14#@:54Y<4Q#5B1#ABC6G3:#@:5:C671#<:#=;@BA4#Z#L:1B@#5@:56L6:1?B#A4@4#K`614Q# 34#D:X671#ABC::#

G;:1BC#2;1<4L:1?BC#:5B17L65BC#Z#2614156:@BCQ#5B1#;1#L:@54<B#<:#54A6?43:C#L]C#45?6OBQ#G415BC#5:1?@43:C#

5B1#L4ZB@#36\;6<:a#Z#54A456<4<#<:#L416BG@4Q#4CY#5BLB#?4LG6^1#C6C?:L4C#2614156:@BC#5B1#C4?6C245?B@6BC#

16O:3:C#<:#5436<4<Q#CB3O:1564#Z#@:1?4G636<4<-

=RbcDRc#dNKDc=KcRed(Kc

E;:1?:U#K='N_

Page 15: Bladex Reporte Anual 2011

!"#$%$&"&$'()*+,)+-$)*.'+,)+/#",)0

+

!"

!#$!

!#$%

!#$&

!#$'

!#$"

!#$(

!#$)

!#$$

!#$#

!##*

!##!

!##%

!##&

!##'

!##"

!##(

!##)

!##$

!###

%***

%**!

%**%

%**&

%**'

%**"

%**(

%**)

%**$

%**#

%*!*

%*!!

&% ' " ( ) # !! !' !)%%

%#&)

'(

"(

()

)#$#

#)!*"

!!'!%*

!%'!%#

!&"!''

!"%!"$

!(%!(#

!$*!$*!)*!(*!"*!'*!&*!%*!!*!**#*$*)*(*"*'*&*%*!**+

,-./01./0112345

1'2"#+,)+!34,$2'*+5&676#",'*+82'3.",'* 5,7$($*23"&$9(+,)+-$)*.'*

67.89:0305;<7=0>[email protected].:29412.94.@45;0>3. 03;4@<71.94. <[email protected]=2<94.=23.175.:4F2<45.G<H=;0=75.03;4<37=0237145.43.17.:7;4<07E.ID4.<4J14F7.41.30K41.94.=2:G14F0979.94.17.L<@730M7=0>3N..67.D30979.45.0394G439043;4.94.175.H<475.94.34@2=025.O.41.P<0:4<.Q0=4G<450943;4.94.89:0305;<7=0>3.94.?045@25.=D43;7.=23.G294<.94.K4;2.2;2<@792.G2<.RD3;7.S0<4=;0K7N

T1.H<47.54.43=D43;<7.2<@730M797.G2<.45G4=0710979.O.=D43;7.=23.G4<52371.9490=792.4B=1D50K7:43;4.7.17.4K71D7=0>3.O.54@D0:043;[email protected][email protected]<W90;[email protected]@[email protected]./4<[email protected]<7=02371N. T3.41.%*!*.54.03=2<G2<>.17.JD3=0>3.94.X45;0>3.O.,4@D0:043;2E.17.=D71.G4<:0;4.:73;434<.43.41.7=;D71.43;2<32.03;4<37=02371E.D3.45;<0=;2.:230;2<42.94.17.=710979.94.17.=7<;4<7.94.=<W90;25.O.D37.K050>3.7.30K41.94.G2<;7J2102.ID4.=2:G14:43;7.41.54@D0:043;2.G<2@<7:792.O7.<4710M792.G2<.41.H<47E.41.=D71.03=1DO4. K050;75. G4<0>90=75. 7. ;2925. 125. G7U545. O. =1043;45E. =23;7=;25. =23. 7D;2<097945. 12=7145E. 71;25.4:G<457<025.O.JD3=0237<025.94.035;0;D=02345.J0373=04<75E.75U.=2:2.;7:C0W3.=23.737105;75.0394G439043;45N.

890=02371:43;4E.O.7=2:G7Y7392.17.7:G107=0>3.94.17.<49.94.2J0=0375.941.C73=2.43.17.?4@0>3E.54.<4J2<M>.17.G<4543=07.94.G4<52371.941.H<47.94.89:0305;<7=0>[email protected]. 175.:05:75.O.54. 035;7D<7<23.=2:0;W5.<[email protected].=<W90;2E.ID4.G4<:0;43.D37.:4F2<.=2C4<;D<7.94.125.<045@25N

V2:2.G7<;4.94.5D.45;<D=;D<7.94.X2C04<32.V2<G2<7;0K2E.A1794B.=D43;7.=23.905;03;75.035;73=075E.30K4145.94.<4K050>3.O.7G<2C7=0>3.G7<7.175.7=;0K097945.ID4.<[email protected];75.03=1DO43Z

5.)(&$"*+!"#$%$&",'3"*

+ :'',;<*+ =$2&>+ ?+@+AAB5C8+ [TA.\!!. 8XL.\!!. S]V.\!!

V2<;2.P17M2. ADE+ =E+ 5DE

67<@2.P17M2. /""E+ ///+ ///

P4<5G4=;0K7. F*2"G#)+ F*2"G#)+ F*2"G#).

Page 16: Bladex Reporte Anual 2011

!"#$%&'()#*+#,%"-('./#0#!1/"2/.'34#*+#5'+67%6#8$,!59!"#$%#&'()#!*#&!'+,'-&#.!),!/(!01$2(!3+&,"2+4(5!61+,$,.!(*&1,-($!/(!"(/+%+"("+7$!+$2,&$(5!'#$2#.5!*/(8#.!9!#2&(.!"#$)+"+#$,.!*(&(!"()(!*(:.!,$!,/!61,!.,!#*,&(;! <)+"+#$(/',$2,5!&,4+.(!9!&(2+%+"(!/(.!*#/:2+"(.!),!&+,.=#.!1$(!4,8!.#$!(*&#-()(.!*#&!/(!<)'+$+.2&("+7$;!!>.2,!"#'+2?!.,!&,@$,!(/!',$#.!"+$"#!4,",.!(/!(A#;

!"#$%&'()#*+#5'+67%#,/-6!*&#*#$,!/(.!"(/+%+"("+#$,.!+$2,&$(.!),!/#.!*(:.,.!(/!BC>D!9!)#"1',$2(!,/! E1+"+#!),! /(!<)'+$+.2&("+7$!"#$!&,.*,"2#!(! /(.!&,.,&4(.!=,$?&+"(.!9!,.*,":%+"(.;! ! >.2,!"#'+2?!.,!&,@$,!2&+',.2&(/',$2,5!#!(!.#/+"+21)!),!/#.!'+,'-&#.!.+!F1-+,&(!,4,$2#.!61,!&,61+,&($!.1!(2,$"+7$;

!"#$%&'()#*+#$:)*'(%6!2+,$,!)+.2+$2#.!$+4,/,.!),!(*&#-("+7$5!),*,$)+,$)#!),!/(!$(21&(/,8(! ),/! "/+,$2,5! .1! "(/+%+"("+7$! +$2,&$(5! *(:.! ),! &+,.=#! 9! ),/! '#$2#!.#/+"+2()#;! G/(),H! $#! (*&1,-(! %("+/+)(),.! "#$! 1$(! .#/(! %+&'(5! &,61+&+,$)#!.+,'*&,! /(! "#$%+&'("+7$! ),! 1$! &,.*#$.(-/,! ),! $,=#"+#.! 9! )#.! %+&'(.!(12#&+8()(.5!.+,$)#!/(!),!D+,.=#.!#-/+=(2#&+(!9!"#$!*#),&!),!4,2#;!

>/!'($,E#!"#$.,&4()#&!),!/#.!&+,.=#.!,$!,/!G($"#!F(!*,&'+2+)#!'($2,$,&!1$(!(/2(!"(/+)()!),!("2+4#.5!(@$!,$!"#$)+"+#$,.!()4,&.(.!,$!,/!,$2#&$#;! !<!/#!/(&=#!),!2#)(!.1!F+.2#&+(5!G/(),H!F(!),."(&=()#!(*,$(.!,/!I;JK!),/!2#2(/!("1'1/()#!),!/#.!"&?)+2#.!#2#&=()#.;!!>$!1$!"#$2,H2#!%(4#&(-/,!*(&(!/(!D,=+7$5!(/!"+,&&,!),/!(A#! LIJJ! G/(),H! &,*#&27! 1$! 2#2(/! ),! &,.,&4(.! =,$?&+"(.! ),! MNL;O! '+//#$,.5!'+,$2&(.!61,!(/!"+,&&,!),/!LIJI!/(.!'+.'(.!2#2(/+8(&#$!MNI;P!'+//#$,.;

JO

;4*'./*%:+6#*+#$/"'*/*#*+#$/:(+:/Q>$!RSM!'+/,.5!,H",*2#!*#&",$2(E,.T

</!UJ!),!)+"+,'-&,! LIJI! <=>>!!$%&?%4+4(+6#*+#"/#:+6+:1/#?/:/#?):*'*/6#.:+*'('.'/6# ! !! !5+6+:1/#?/:/#?):*'*/6#+4#?:)6(/&%6@! ! !S(/)#!(/!+$+"+#!),/!(A#! VU5VNW! ABCD>EC&#4+.+7$!Q&,4,&.+7$!),!*&#4+.+7$T!*(&(!*?&)+)(.!,$!*&?.2('#.! W5IWJ! BCBF>D,"1*,&("+#$,.!,$!*&?.2('#.! WWO! <C>EDC&?.2('#.!"(&=()#.!"#$2&(!/(!&,.,&4(!*(&(!*?&)+)(.!,$!*&?.2('#.! QP5LOJT! 8>C=DE9S(/)#!(/!%+$(/!),/!(A#! VN5OJP# BBCEFA

5+6+:1/#?/:/#?):*'*/6#+4#.:)*'(%6#.%4('47+4(+6@! ! !S(/)#!(/!+$+"+#!),/!(A#! LV5LOJ! >GCGGEC&#4+.+7$!Q&,4,&.+7$!),!*&#4+.+7$T!*(&(!*?&)+)(.!,$!"&?)+2#.!"#$2+$=,$2,.! QJU5WLOT! 8FCFFB9S(/)#!(/!%+$(/!),/!(A#! JU5UUP! BCBBA

5+6+:1/#?/:/#?):*'*/6#+4#.:)*'(%6@! ! !S(/)#!(/!+$+"+#!),/!(A#! JIJ5IPI! H>CHE=C&#4+.+7$!Q&,4,&.+7$!),!*&#4+.+7$T!*(&(!*?&)+)(.!,$!"&?)+2#.! QX5NUPT! FCGHGD,"1*,&("+#$,.!*(&(!*?&)+)(.!,$!"&?)+2#.! WWO! <C>EDC&?.2('#.!"(&=()#.!"#$2&(!/(!&,.,&4(!*(&(!*?&)+)(.!,$!"&?)+2#.! QP5LOJT! 8>C=DE9S(/)#!(/!%+$(/!),/!(A#! WJ5WPI! HACFGE

D,.,&4(!*(&(!*?&)+)(.!,$!*&?.2('#.!(/!2#2(/!),!/(!"(&2,&(!),!*&?.2('#.QJT! J;WK! >IBJD,.,&4(!*(&(!*?&)+)(!,$!"&?)+2#.!"#$2+$=,$2,.!(/!2#2(/!),!/(!"(&2,&(!),!"#$2+$=,$"+(.! U;PK! <IEJD,.,&4(!*(&(!*?&)+)(.!,$!"&?)+2#.!(/!2#2(/!),!/(!"(&2,&(!"#',&"+(/! L;JK! >IBJ

QJT!Y(!"(&2,&(!),!*&?.2('#.!.,!*&,.,$2(!$,2(!),!+$2,&,.,.!!!!!),."#$2()#.!$#!=($()#.!9!"#'+.+#$,.!)+%,&+)(.;

K5KLKMN#!O#!P#O!LKQRS!T,S5UMRS5#R!#PMQM#M#Q;V!P#WKQR;MP

Page 17: Bladex Reporte Anual 2011

!"#$%&'("'&)'*)#+"#)'*,-"#.%)&

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

)8-"9+,'"9'&)4'+)4)4'("'.#".%-%"9+,'("&'.,-"#.%,'"9'F-K#%.)'L)+%9)'"9'1233<'.,9'89')8-"9+,'("'1R@'"9'&)4'"S7,#+).%,9"4'P'1A@'"9'&)4'%-7,#+).%,9"4>'

T9)'H"5'-O4<'J&)("S'"4+)N)'N%"9'7,4%.%,9)(,'7)#)')7#,H".U)#'&)4'.,9(%.%,9"4'$)H,#)N&"4'"9'&)'G"B%69>'G"B%4+#6' 89' .#".%-%"9+,' )98)&' ("' 12@' "9' 48').+%H%()('7#%9.%7)&'P' +"#-%96'"&'C&+%-,'+#%-"4+#"'.,9'89)'.)#+"#)'.,-"#.%)&' +,+)&'("'V=>A'-%&'-%&&,9"4>' /&'H,&8-"9' +,+)&' ("' 98"H)4' +#)94)..%,9"4' )&.)956'V32>='-%&'-%&&,9"4<'&,':8"'#"7#"4"9+)'89')8-"9+,'("'A1@'#"47".+,')&')0,')9+"#%,#>'

QIWIXIYZ'*DE/G*IFL

3[

=\@*,-"#.%,'/S+"#%,#

A3@]%9)9.%"#,

!"#$%&'"$()$*)+",&"

AR@*,#7,#).%,9"4

AR@J)9.,4

?@/-7#"4)4'E"(%)9)4

M3'(%.>'1233

=3@*,#7,#).%,9"4

AA@J)9.,4

=@/-7#"4)4'E"(%)9)4

M3'(%.>'1232

!"#$-./)0$()$*)+",&"

M3'(%.>'1233

=\@*,-"#.%,'/S+"#%,#

A3@]%9)9.%"#,

M3'(%.>'1232

M3'(%.>'1233

[2@*,#+,'!&)5,

M2@E"(%)9,'!&)5,

M3'(%.>'1232

[1@*,#+,'!&)5,

1?@E"(%)9,'!&)5,

!"#$!102"$3)4&(501

67839:6$-6%9*6$!;<==$=-$>?@$A=-$%;%6-$A=$-6<$3=<=3B6<$A=$6CD6$AD-:=$A=-$7D*A;

Page 18: Bladex Reporte Anual 2011

!"#$%#"&!'(%#)*"+&,'#&-*,'&.%&/01$*$2)*30&456

!"

#$% &'($'&()*% !+!% *,$-).% /01$*2$.3% 1*/0,4$*5)% 67% $89($.&.% 8$51&*&.:% ;&% /&(2$(&% 5$% $89($.&.%8$51&*&.%2)2&01<=%>?@@%8100)*$.3%,*%&,8$*2)%&*,&0%5$%!A!B3%&0%/1$(($%5$0%C0218)%2(18$.2($:% D,$.2(&%/&(2$(&%5$%1*.212,/1)*$.%E1*&*/1$(&.%.$%8&*2,-)%$*%&0<&%F&.2&%&0/&*<&(%,*%2)2&0%5$%>+:?%810%8100)*$.3%&%0&%-$<% G,$% /$((&8).% $0% &H)% /)*% ,*&% .=015&% /&(2$(&% 5$% /)(9)(&/1)*$.% 5$% >+:@% 810% 8100)*$.:%I)*.)015&8).%*,$.2(&%*,$-&%&/21-15&5%5$%I(J512)%K()-$$5)(%LMN$*5)(%O1*&*/1*'PQ3%/,4).%5$.$8R)0.).%&,8$*2&()*%&% >+:?%810%8100)*$.3% /)89&(&5)% /)*% >77"%8100)*$.% $*%+A!A:% S&8R1J*% 1*1/1&8).% 0&.%&/21-15&5$.%5$%.1*51/&/1=*%5$%9(J.2&8).3%G,$%4&%F&*%'$*$(&5)%5).%8&*5&2).%9)(%,*%2)2&0%5$%>!+@%8100)*$.3%/)*%,*%*,$-)%E0,T)%189)(2&*2$%5$%1*'($.).%9)(%/)81.1)*$.%G,$%*)%5$9$*5$%5$%/&912&0:% I)8)%($.,02&5)3%0).%1*'($.).%*$2)%5$%1*2$($.$.%5$%0&%U1-1.1=*%&0/&*<&()*%>"!:6%8100)*$.3%0)%G,$%($9($.$*2&%,*%189($.1)*&*2$%&,8$*2)%5$%@AB%($.9$/2)%&0%&H)%+A!A:%%I)8)%.$%&*,*/1=%$0%&H)%9&.&5)3%/)*21*,&8).%$V9&*51$*5)%*,$.2(&%F,$00&%$*%0&%W$'1=*%/)*%$0%$.2&R0$/181$*2)%5$%*,$-&.%)E1/1*&.%$*%;18&%4%X)')2Y3%0&.%/,&0$.%.$%$*/,$*2(&*%90$*&8$*2$%)9$(&21-&.%4%4&%9($.$*2&*%($.,02&5).%($/,(($*2$.:%%D,$.2(&%9$(.9$/21-&%9&(&%$0%&H)%+A!+%$.%9).121-&3%&,*G,$%/)89($*5$8).%G,$%Z8J(1/&%;&21*&%*)%$.% 1*8,*$% &% ,*&% 5$.&/$0$(&/1=*% &C*% 8&4)(% $*% 0&% $/)*)8[&% 8,*51&0% $*% +A!+:% \0% .$/2)(%E1*&*/1$()%$*%Z8J(1/&%;&21*&%.1',$%.1$*5)%.=015)%43%$*%'$*$(&03%$0%*1-$0%5$%($.$(-&.%5$%51-1.&.%.$%8&*21$*$%$0$-&5)3%0)%/,&0%($9($.$*2&%,*&%189)(2&*2$%($.$(-&%5$%01G,15$<%9&(&%0).%R&*/).%5$%0&%W$'1=*:%

#$',1($8).% /$*2(Y*5)*).% $*% $0% E1*&*/1&81$*2)% 5$% /)8$(/1)% $V2$(1)(% $*% 0&% W$'1=*3% F&/1$*5)% $.9$/1&0%F1*/&91J%$*%$0%/)8$(/1)%1*2(&(($'1)*&03%,*%Y($&%$*%0&%G,$%/)*.15$(&8).%G,$%/)*2&8).%/)*%,*&%-$*2&T&%/)89$2121-&%9&(&%)E($/$(%.)0,/1)*$.%4%9()5,/2).%9$(.)*&01<&5).%&%*,$.2().%/01$*2$.3%0)%/,&0%9$(812$%&0%X&*/)%.$',1(%&9)(2&*5)%-&0)(%9&(&%.,.%&//1)*1.2&.%4%&9)4&(%$0%/)8$(/1)%$V2$(1)(%$*%Z8J(1/&%;&21*&:

?!BI)(9)(&/1)*$.K(1-&5&.

7+BX&*/).K(1-&5).

!7BX&*/).\.2&2&0$.

]BI)89&H[&.K(1-&5&.

!B

X&*/).%I$*2(&0$.4%^)R1$(*).

?BI)(9)(&/1)*$.

\.2&2&0$.

456%_*/0,4$%-&0)(%$*%01R().%5$%9(J.2&8).3%/1$(2).%5$9=.12).%/)0)/&5).3%&/$92&/1)*$.%4%/)*21*'$*/1&.%L1*/0,4$*5)%/&(2&.%5$%/(J512)%/)*E1(8&5&.3%`.2&*5aR4`3%'&(&*2[&.%G,$%/,R($*%(1$.')%/)8$(/1&0%4%/)89()81.).%%%5$%/(J512).Q:

Page 19: Bladex Reporte Anual 2011

!"

# $%#&'()%#*+#,!#*+#*'-'+./0+# #!"#$% &'('% &'((

# ## #$1234564$# 7,8# ,"9:1$;6<# #!=>?"# #!=@",AB6<3## #,7@# #,@"AC<CD:6$# #E@E# #8,8AC;5$#16A$## #!79# #!7!3AF$GC1# #!>E# #7,@3<#;$<H$GC1# #,"# #7,3;5$GC;#F46GC;# 9# 772F$53D$<$# #",# #!>7BC<$4G$# #9# #79BC4GF1$;# ,@# ?>I$D$6A$# #>E# #7DJK6AC# #?E># #?,,L$4$DM# #?"# #!79L$1$2F$N## #9# #,9L31O# #,?,# #,??13LO:<6A$#GCD646A$4$# !,E# !E951646G$G#N#5C:$2C# >,# 8>F1F2F$N# 9# !!9H343PF3<$# #@9# #77C51C;# #!# #7>

5C5$<#A$1531$#ACD31A6$<#Q!R# S?=??># SE=,E?

)*+,-+*%)./-+01*2%314,+1560178%9.+%!*:4

Q3(#F;S#D'%%T(+UR

7=@,E

,=>!@

E=97EE=999

?=E99

?=999

,=E99

,=999

7=E99

7=999

!=E99

!=999

E99

9F;S#D'%%T(+U

)*+,-+*%)./-+01*2%!+./-;1.%Q!R

Q!R#6(-%VW+#X)%T0#+(#%'/0TU#*+#Y0ZU[).TU=#-'+0[TU#*+Y\U'[TU#-T%T-)*TU=#)-+Y[)-'T(+U#W#-T(['(]+(-')U#Q'(-%VW+(*T#-)0[)U#*+#-0Z*'[T#-T(&'0.)*)U=#^U[)(*_/W^=#])0)([`)U#aV+#-V/0+(#0'+U]T#-T.+0-')%#W#-T.Y0T.'UTU#*+#-0Z*'[TRb##

&''< &'(' &'((

=>?@)A%B$%BC%!D@E)@!"CB?!ADF"3AD%"GFA=AFD@HI")@"%B$F"3A$%GE@3A$

F;S#D'%%T(+U

Page 20: Bladex Reporte Anual 2011

!"#$%&'#(&#)&*+%&%,'#-#.&%/'(+#(&#0'123'"&*#4567#58#1'1&"#/%,32/+#&8#&"#/%&/292&83+#(&"#:'"'8/&#-#"+*#286%&*+*#(&"#;'8/+#&8#&"#'<+#=>??@

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

A28'8/2'%#3%'8*'//2+8&*#(&#/+9&%/2+#&N3&%2+%#&83%&#O9M%2/'#L'328'#-#0Q28'@

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

!"# +%&"# ,%# -.&/(.012.34# ,%# 52/.6'&# %&'/32B7# *5# 8&6+/2+# (&#&*3%5/35%'/278# -# (2*3%2:5/278# 1%29'%2'# (&# /%M(23+*# *28(2/'(+*# -# S/"5:#(&'"*T#'# A'B+%#(&# "+*#/"2&83&*#(&#;"'(&N@# !8#*&132&9:%&E#;"'(&N#'/357#

/+9+# SL&'(#O%%'86&%T# &8# *5# 3&%/&%# /%M(23+# *28(2/'(+E# 58#1%M*3'9+#(&#F?>>#92""+8&*#/+8#58#S/"5:T#(&#:'8/+*#'#A'B+%#(&#58#/"2&83&#&8#U&%V@#L'# .&*'# (&# R2*3%2:5/278# (&# O/32B+*# 3'9:2M8# 32&8&# :'4+# *5#%&*1+8*':2"2('(#"'#/+91%'#-#B&83'#(&#/%M(23+*#&8#&"#9&%/'(+#*&/58('%2+E#/+8#&"#+:4&32B+#(&#+13292D'%#"'#/'%3&%'#(&#/%M(23+*#(&#;"'(&N@

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

)![^P!P_O#`#.!P0OR^[#R!#0OUZ)OL![

=>

"#$#%&'(!)*!)$!*)+,-.#!)/0#12(.#1.)!3$#1)*!(!-'4)$!%,-.'($"#$#%&'(!)*!)$!*)+,-.#!)/0#12(.#1.)!3$#1)*!(!-'4)$!%,-.'($

Page 21: Bladex Reporte Anual 2011

!"#$%&'(#)*+#"',-./+0'123$' 4!(,156'#$7*3*8+-#$.').-' "#'8298*$*#-*#'$%"'!#3:.':.3'8%$%'%3';2%<#'=.->6'!"#$%&'?88%+'@#3#A%7%3+'4!?@56'!(,1'2+*"*B#'23#'%8+-#+%A*#'7#:-.'%'*3<*%-+%'%3'23#'#7)"*#'A#7#'$%'*38+-27%3+.8'C*3#3:*%-.8D'9.3.8'$%'-%3+#'C*E#6'*38+-27%3+.8'8.9-%'+#8#8'$%'*3+%-F8'".:#"%86'$*<*8#8'%'G3$*:%8'$%'#::*.3%8'$%'?7F-*:#'H#+*3#I'''!(,1'7#3+*%3%'23#':#-+%-#'$%'#"+#'"*J2*$%B6'2+*"*B#'23'#)#"#3:#7*%3+.'"*7*+#$.'K'<."#+*"*$#$'7.$%-#$#6'K'0#:%'23'C2%-+%'F3C#8*8'%3'"#'A%8+*L3' $%' -*%8A.8' K' :.38%-<#:*L3' $%' :#)*+#"I' !(,1' )2%$%' +.7#-' ).8*:*.3%8' "#-A#8' .' :.-+#8' #' C*3' $%' 7#&*7*B#-'-%3$*7*%3+.8'9#E.'23#'#7)"*#'A#7#'$%':.3$*:*.3%8'$%'7%-:#$.I

M3' 8%)+*%79-%'NO6' PQNN6'!"#$%&' "#3BL'23'32%<.' C.3$.'%3'!-#8*"6' !"#$%&' H#+#7'123$.'$.' R3<%8+*7%3+.'@2"+*7%-:#$.6'#$7*3*8+-#$.').-'82'8298*$*#-*#'!"#$%&'?88%+'@#3A%7%3+'%3'S#.'T#2".6'!-#8*"I' M"'1.3$.'$%'!-#8*"'8*A2%'23#')."G+*:#'$%'*3<%-8*L3'8*7*"#-'#'!(,1I

UPVW%)L8*+.8

XNVO9"*A#:*.3%8'K'W%2$##'(.-+.'T"#B.4N5

PYVO9"*A#:*.3%8'K'W%2$##'@%$*#3.'K'H#-A.'T"#B.

!"#$%#&'(#')#*"+&,&

4N5'R3:"2K%'.9"*A#:*.3%8'#':.-+.')"#B.6'<#".-%8')#-#'3%A.:*#-'Z')#8*<.'K'<#".-%8'<%3$*$.8'9#E.'#:2%-$.8'$%'-%:.7)-#I

PN

-$.(/('(#'0(1.$.&%+/*.2$'(#'0*%.3,&

45678'94-:0'87':)6;8)'7-<0)'8='87';-=>9'49;9':)9>-4?9)'@'8A:9)?0>9)'>8'49B)8

Page 22: Bladex Reporte Anual 2011

!"# $%#&'()*+,-.*/,-0*-&'/*)*+*+ 1/),+-&'()*+,+-12*)3/45,+

!"#$%"&'(")*+,-+.*/%-#0#+12-%3$"40#+5-$0#

$677

8!# 9#&'()*+,-.*/,-0*-&'/*)*+*+ 1/),+-&'()*+,+-12*)3/45,+

$676

$$

:;<=>?@A1-A;-1B;:@C&1.;<

6789:;<!18+=16+87>?75;1+!7+57>[email protected]

!"4"#")*+@0A-%("3B

>3-A454+4D'-C,E*)F43G-4'F,)2,)3-G3+-3F/454030*+-0*-4'/*)E*043F4D'-H4'3'F4*)3-I-(*'*)3F4D'- 0*- F,E4+4,'*+- 0*- G3- F3)/*)3- F,E*)F43G- 0*G- J3'F,K- >3- F3)/*)3-F,E*)F43G- 4'FGLI*- 2)M+/3E,+N- F4*)/,+- 0*2D+4/,+- F,G,F30,+N- 3F*2/3F4,'*+- I-F,'/4'(*'F43+- OF3)/3+- 0*- F)M04/,N- (3)3'/P3+- I- F,E2),E4+,+- F)*04/4F4,+QK- >3-L/4G4030- '*/3- 4'FGLI*- G,+- 4'()*+,+- '*/,+- 0*- 4'/*)*+*+- 0*- G,+- 2)M+/3E,+N- G,+-4'()*+,+- 2,)- F,E4+4,'*+N- G,+- (3+/,+- 0*- ,2*)3F4,'*+- 3+4('30,+N- G3- )*5*)+4D'-O2),54+4D'Q-23)3-2M)0403+-F)*04/4F43+N-I-)*FL2*)3F4,'*+-O0*/*)4,),+Q-*'-3F/45,+K

>3- L/4G4030- '*/3- 0*- G3- A454+4D'- C,E*)F43G- 23)3- *G- 3R,- $677- /,/3G4SD- TU9K"-E4GG,'*+N- F,E23)303- F,'- T"7KU- E4GG,'*+- *'- $676K- ;G- 3LE*'/,- 0*- T77K8-E4GG,'*+N- ,- $8#N- 0L)3'/*- *G- 3R,- +*- 0*V4D- 2)4'F423GE*'/*- 3G- E3I,)- +3G0,-2),E*04,-0*-G3-F3)/*)3-0*-2)M+/3E,+N-E3I,)*+-4'()*+,+-2,)-F,E4+4,'*+-I-E*W,)*+-

EX)(*'*+-0*- 4'/*)E*043F4D'N-F,'/)3))*+/30,-23)F43GE*'/*-2,)-L'-3LE*'/,-*'-(3+/,+-0*-,2*)3F4,'*+-*'-G3-E*0403-*'-YL*-G3-A454+4D'-*Z23'04D-+L-HL*)S3-0*-5*'/3-I-2)*+*'F43-G,F3G-*'-53)4,+-E*)F30,+-I-2,)-*G-3LE*'/,-*'-2),54+4,'*+-23)3-2M)0403+-F)*04/4F43+-0*V40,-2)4'F423GE*'/*-3-E3I,)*+-+3G0,+-0*-F3)/*)3K

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

@G-97-0*-04F4*EV)*-0*-$677N-*G-J3'F,-E3'/*'P3-T9$K6-E4GG,'*+-*'-2)M+/3E,+-*'-*+/30,-0*-',[3FLELG3F4D'-0*-4'/*)*+*+N-)*2)*+*'/3'0,-6K%#-0*G-/,/3G-0*-F3)/*)3-0*-2)M+/3E,+K

AL)3'/*-*G-3R,-$677N-JG30*Z- G,()D- -L'3-L/4G4030-'*/3- -0*-T\9K$-E4GG,'*+N-,-T$K$U-2,)-3FF4D'N-)*HG*W3'0,-L'-3LE*'/,-0*-T"6K8-E4GG,'*+-I-T7K76N-)*+2*F/453E*'/*N-F,E23)30,-F,'-L'3-L/4G4030-'*/3-0*-T"$K$-E4GG,'*+N-,-T7K7U-2,)-3FF4D'N-*'-*G-3R,-3'/*)4,)K-

>,+-)*+LG/30,+-0*G-$677-)*HG*W3'-L'-+DG40,-2,+4F4,'3E4*'/,-F,E,-)*+LG/30,-0*-L'3-*+/)3/*(43-*'H,F303-*'-*G-3LE*'/,-0*- *+F3G3N- 045*)+4H4F3F4D'- 0*- G3+- 3F/454030*+- 0*G- J3'F,- I-H,)/3G*F4E4*'/,-0*-G3-H)3'YL4F43-32,I30,-2,)-*G-F)*F4E4*'/,-0*-G,+-HGLW,+-F,E*)F43G*+-*'-@EM)4F3->3/4'3N-G,-YL*-)*+LG/D-*'-L'-4'F)*E*'/,-0*G-'*(,F4,-2)4'F423G-0*G-J3'F,-F,'-L'3-L/4G4030- '*/3- 0*- G3- A454+4D'- C,E*)F43G- 0*- TU9K"-E4GG,'*+N-L'3- L/4G4030- '*/3- 0*- T7UK7- E4GG,'*+- 0*- G3- ='4030- 0*-@0E4'4+/)3F4D'- 0*- @F/45,+- I- L'3- - L/4G4030- '*/3- 0*- T7"K!-E4GG,'*+-0*-G3-A454+4D'-0*-?*+,)*)P3K

C6<8.:+78+7:+?<D16+=61!9@;16!7+>6<51+!7+@<EF+G76!7<+5.G7:+?95!.<:

Page 23: Bladex Reporte Anual 2011

!"#$%"&'(")*+,-+./+0$".",/,+1-$/23%+4-56-*$3+,-+1-53("3

!"7"#")*+,-+8-#3%-%9/

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

C"."#+2#"D-#EFGG8#2"#$%&%'%()#*+#,+'-.+./"#-?46&-#6)"#64%2%*"*#)+4"#*+#HGI=J#;%22-)+'8# 0-;1"."*-# 0-)# 6)"# 64%2%*"*# )+4"# *+# HGF=J#;%22-)+'# +)# EFGF=# K2#"6;+)4-#*+#HI=F#;%22-)+'8#-#LJM8#*6.")4+#+2#"D-#'+#"4.%?6:+#1.%)0%1"2;+)4+#"#6)"#;+B-."#+)#2"#&"2-.%7"0%()#*+#2-'#%)'4.6;+)4-'#*+#0-?+.46."#:#"#3")")0%"'#%)0.+;+)4"2+'#+)#2"#&+)4"#*+#&"2-.+'#*%'1-)%?2+'#1"."#2"#&+)4"=

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

&+)4"8# +2# OM# +)# &"2-.+'# ;")4+)%*-'# S"'4"# '6# &+)0%;%+)4-# :# +2# IM#.+'4")4+#+)#&"2-.+'#1"."#)+3-0%".=

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

P2# LG# *+# *%0%+;?.+# *+# EFGG8# +2# '"2*-# *+# 2%56%*+7# "20")7(# HJQO# ;%22-)+'8#.+1.+'+)4")*-#+2#GE=IM#*+2#4-4"2#*+#"04%&-'#:#LI=GM#*+#*+1('%4-'#1"'%&-'=# !-'#'"2*-'#*+#*+1('%4-'#1"'%&-'#4-4"2%7".-)#HE8LFI#;%22-)+'8#6)#"6;+)4-#*+#HIQL#;%22-)+'8#-#EJM8#0-)#.+'1+04-#"2#N%)"2#*+2#"D-#EFGF=

0*",/,+,-+:,6"*"#$%/(")*+,-+:($"73#+,-+;./,-<

!"#[)%*"*#*+#P*;%)%'4."0%()#*+#P04%&-'#%)0-.1-."#2"#"*;%)%'4."0%()#*+2#\-)*-#*+#Y)&+.'%()#:#*+#2-'#"04%&-'#*+2#\-)*-#*+#<."'%2=# !"#[)%*"*#'%36+#6)"#+'4."4+3%"#;"0.-#1"."#P;9.%0"#!"4%)"#?"'"*"#+)#6)"#0-;?%)"0%()#*+#1.-*604-'#>*%&%'"'8#/)*%0+'#?6.']4%2+'8#0")B+'#*+#4"'"'#*+#%)4+.9'#:#1.-*604-'#*+.%&"*-'#*+#0.9*%4-@#"#N%)#*+#4-;".#1-'%0%-)+'#0-.4"'#:#2".3"'#+)#2-'#;+.0"*-'#2"4%)-";+.%0")-'=#

K2# \-)*-# 4%+)+# 0-;-# -?B+4%&-# 2"# 0-)'+.&"0%()# *+2# 0"1%4"2# 0-)# 6)"#+'4."4+3%"#*+#)+3-0%"0%()#*+#&"2-.+'#56+#S"0+#9)N"'%'#+)#2"#"24"#2%56%*+78#2"#&-2"4%2%*"*#;-*+."*"#:#6)#;+)-.#"1"2")0";%+)4-=

!"#64%2%*"*#)+4"#*+#2"#[)%*"*#%)026:+#%)3.+'-'#)+4-'#*+#%)4+.+'+'#+)#+2#\-)*-# *+# Y)&+.'%()8# 3")")0%"'# )+4"'# 1-.# )+3-0%"0%()# *+2# \-)*-# *+#Y)&+.'%()8# %)3.+'-'#1-.#0-;%'%-)+'#:#3"'4-'#"*;%)%'4."4%&-'#"'%3)"*-'=##!"# 64%2%*"*# )+4"# *+# +'4"# [)%*"*# 4";?%9)# %)026:+# %)3.+'-# )+4-# *+#%)4+.+'+'#*+2#\-)*-#*+#<."'%28#"'/#0-;-#2"'#3")")0%"'#>19.*%*"'@#)+4"'#+)#)+3-0%"0%()#*+#&"2-.+'#1"."#)+3-0%".8#%)3.+'-'#1-.#0-;%'%-)+'#:#3"'4-'#-1+."4%&-'#"'%3)"*-'#"2#\-)*-#*+#<."'%2=

!"#64%2%*"*#)+4"#1"."#+2#"D-#EFGG#4-4"2%7(#HG^=G#;%22-)+'#0-;1"."*"#0-)# 6)"# 19.*%*"# )+4"# *+# HGF=F# ;%22-)+'# +)# EFGF=# K2# "6;+)4-# +'#"4.%?6%?2+# 1.%)0%1"2;+)4+# "# 3")")0%"'# )+4"'# 1-.# )+3-0%"0%()# *+2#\-)*-#*+#Y)&+.'%()=###

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

EL

$%&%'%()#T-;+.0%"2 $%&%'%()#*+#,+'-.+./"

[)%*"*#*+P*;%)%'4."0%()#*+#P04%&-'

,-4"2

QF

JF

OF

^F

IF

LF

EF

GF

F

ZGFEFGFEFGG

[_H#`%22-)+'

IG=^

^L=I

IE=E

QL=E

>GF=F@

G^=GGF=J

GI=J

Page 24: Bladex Reporte Anual 2011

!"#$%&"'(&)"&*+%$%&"'%!',!"-*#$%&"

+./0123')143'51'+.4101212

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

63.3070832'9'(3:8283.12;')143

!"#$%#&'(#)*++,#%(0#O("(/&/-(0#D#=(8-0-("$0#"$1(0#2$%#P&"=(#1(1&%-3&/("#5+*67#

8-%%("$0#=(8>&/&2(#=("#5+*6;#8-%%("$0#$"#$%#&'(#)*+*6#!%#&98$"1(#2$#5*6J#8-%%("$0,#(#J<,#/$?%$@&#>/-"=->&%8$"1$#$%#&98$"1(#$"#-"./$0(0#>(/#=(8-0-("$0#>(/#%(0#8&D(/$0#E(%M8$"$0#>/(8$2-(#$"#%&0#&=1-E-2&2$0#2$#=&/1&0#2$#=/F2-1(6#

,1<1028=.'>?03<828=.@'A707'?B058572'(015848C872

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

=(8$/=-&%# ?9$# 2$# +6:<,# =(8>&/&2(# =("# )6+<# /$.-01/&2(# &%# ;+# 2$#2-=-$8L/$#2$#)*+*6##D7.7.C87')147'1.'E1.47'51'E7F3012'%82A3.8GF12'A707'F7'E1.47

!%#P&"=(#&2I9-$/$#-"01/98$"1(0#2$#2$92&#=(8(#>&/1$#2$#%&#&=1-E-2&2#2$#09#V$0(/$/W&,# =("# %&# -"1$"=-4"# 2$# E$"2$/%(0# &"1$0# 2$# 09# E$"=-8-$"1(6# !01(0#-"01/98$"1(0# 2$# 2$92&# 0("# =%&0-?-=&2(0# =(8(# E&%(/$0# 2-0>("-L%$0# >&/&# %&#E$"1&#D#0("#>&/1$#2$#%&#=&/1$/&#2$#=/F2-1(#2$%#P&"=(6# R&#.&"&"=-&#"$1&#$"#%&#E$"1&#2$#E&%(/$0#2-0>("-L%$0#>&/&#%&#E$"1&#2$%#P&"=(#&%=&"34#5;6J#8-%%("$0#$"#)*++,#=(8>&/&2(#=("#5)6;#8-%%("$0#$"#)*+*6

D7.7.C87'>?B05857@')147'1.')1/3C87C8=.'51'E7F3012'A707')1/3C870

!%# P&"=(# /$.-01/4# 9"&# >F/2-2&# "$1&# $"# "$.(=-&=-4"# 2$# E&%(/$0# >&/&#"$.(=-&/#2$#5T6U#8-%%("$0#29/&"1$#$%#&'(#)*++,#=(8>&/&2&#=("#>F/2-2&#"$1&#2$#5;6T#8-%%("$0#$"#)*+*#2$L-2(#&#8$"(/#E&%(/-3&=-4"#2$#8$/=&2(#2$# %(0# L("(0# >&/&# "$.(=-&/# D# &# %&# E&%(/-3&=-4"# 2$# 2$/-E&2(0# >&/&#"$.(=-&/# I9$# $=("48-=&8$"1$# 0("# 91-%-3&2(0# =(8(# =(L$/19/&,# 0-"#$8L&/.(,#"(#&>%-=&"#>&/&#=("1&L-%-2&2#2$#=(L$/19/&6

)J ?$)$HI'!"'*J%!,'H-)%+$*'!)$K$)%!,$H+!)#&'%!')$E!"

*$#+)&$HL,+($'"!'-K+($'(&H&'!*'H$M&,'?,&%-(#&,'%!'?*$#$'!)'!*'H-)%&

Page 25: Bladex Reporte Anual 2011

!"

!"#$%&'("$)#*+,"-".,(%)#*/(%,0-1)#*2*1(*3)4(%$&%-

#$%&'()*%+,-./0+1%2('%-'('().'%3,%4!56%7.$$*(,/%,(%.(/0+27,(0*/%

8.('().,+*/%3,+.9'3*/%:%3,%)*;,+02+'%32+'(0,%!<==>%)*7?'+'3'%)*(%

2('%?@+3.3'%3,%4=5A%7.$$*(,/%,(%,$%!<=<5% #/0*/%+,/2$0'3*/%+,8$,B'(%

,$% ,8,)0*% 3,% +,-./0+'+% $'% ,8,)0.9.3'3% ,(% +,$').*(,/% 3,% )*;,+02+'%

)*(0+'++,/0'3'% ?*+% ,$% +,)*(*).7.,(0*% 3,$% 3,/)2,(0*% 3,$% +.,/-*%

)+,3.0.).*%3,$%&'()*%'$%%)'$)2$'+%,$%9'$*+%+'C*(';$,%3,%$'%)'+0,+'%3,%

3,+.9'3*/%3,%)'(B,%3,%0'/'/%,(%3.9./'/%)+2C'3'/%DE)+*//F)2++,():%

/G'?HI%)*(0+'0'3*/%?*+%,$%&'()*%)*(%8.(,/%3,%)*;,+02+'5%%

5-"-".,-*678%1,1-9*:($-*;)%*3-'4,)*1(*<)"(1-*=>$%-"?(%-

#$%&'()*%+,-./0+1%2('%-'('().'%3,%4A5J%7.$$*(,/%,(%)*(),?0*%3,%

)'7;.*%3,%7*(,3'%,K0+'(B,+'%32+'(0,%,$%!<==>%)*7?'+'3'%)*(%

2('%-'('().'%3,%4=56%7.$$*(,/%,(%,$%!<=<5% #$%'27,(0*%3,%4!5A%

7.$$*(,/% /,% 3,;,% ?+.().?'$7,(0,% '% $*/% ,8,)0*/% 3,% )'7;.*/% 3,%

')0.9*/% :% ?'/.9*/% L2,% ,)*(17.)'7,(0,% ,/0M(% )2;.,+0*/% )*(%

3,+.9'3*/%L2,%%(*%'?$.)'(%?'+'%)*(0';.$.3'3%3,%)*;,+02+'5

5-"-".,-*678%1,1-9*:($-*;)%*:(@).,-.,A"*1(B*+)"1)*1(*!"0(%#,A"

#$%&'()*%+,-./0+1%4!<5J%7.$$*(,/%,(%-'('().'%(,0'%?*+%(,-*).').1(%3,$%

8*(3*%3,%.(9,+/.1(%32+'(0,%,$%'N*%!<==>%)*7?'+'3'%)*(%2('%?@+3.3'%

(,0'% 3,% 4O%7.$$*(,/% ,(% !<=<5% #/0'% -'('().'% % (,0'% +,8$,B'% $*/%

+,/2$0'3*/%3,%(,-*).').1(%3,$%8*(3*%3,%.(9,+/.1(%'37.(./0+'3*%?*+%&PQ5%%

5-#$)#*1(*C;(%-.,)"(#

R2+'(0,%,$%'N*%!<==>%,$%0*0'$%3,%-'/0*/%3,%*?,+').*(,/%'$)'(C1%4"<5<%

7.$$*(,/%)*7?'+'3*%)*(%4A!5=%7.$$*(,/%,(%!<=<5% #$%'27,(0*%3,%

4O5<%7.$$*(,/>%*%=6S>%,/%'0+.;2.;$,%'$%,8,)0*%(,0*%3,%/'$'+.*/%:%*0+*/%

-'/0*/% 3,% ?,+/*('$% +,$').*('3*/% )*(% ,$% '27,(0*% ,(% ,$% (T7,+*%

?+*7,3.*%3,%,7?$,'3*/%:%U*(*+'+.*/%?+*8,/.*('$,/%'/*).'3*/%)*(%$'%

,K?'(/.1(%3,%$'%R.9./.1(%V*7,+).'$%:%$'%82().1(%3,%-,/0.1(%3,%+.,/-*/5

W'%+'C1(%3,%,8.).,().'%D-'/0*/%3,%*?,+').*(,/%)*7*%?*+),(0'B,%3,%$*/%

.(-+,/*/%(,0*/I%82,%3,%JXS%,(%,$%'N*%!<==%)*7?'+'3*%)*(%""S%,(%

,$%!<=<5

%

="<

=<<

"<

F

D"<I

D=<<I

X<S

"<S

A<S

J<S

!<S

=<S

<S

YZ4%Q.$$*(,/

[X5O

DEFE

DA!5=I

DEFF

D"<5<I

G"1,.(*1(*=H,.,(".,-

\(-+,/*/%]?,+'0.9*/

^'/0*/%3,%]?,+').*(,/

_(3.),%3,%#8.).,().'

JXS

=JO5J""S

3CIJK*L!3K*C3M7K*=N*7L!<=L*NM5KL=:JL=*NCI*7K!I=I*=O7CLJK/CL=I*/=*7!PK

Page 26: Bladex Reporte Anual 2011

!"#$%&'()&"*+!+,",#&(-+"!#%.'$%&"$+"!/)#-(.'$(.+&(#'%$.")%)0%

!"#$%&'%"()*"$+,"-.//"0*$()1"2)"'34,%#,%5"$*"6$4&,"7*,8$*"()"*$2"9$4',3)2"

:3'($2;"<,%&$*)4')3(,"4,3")**,"*$"*$8,%"=>)")3")*"&)?$"()"%)2#,32$8'*'($("

2,4'$*" )?#%)2$%'$*" @)?,2" A)3'(," ()2$%%,**$3(," $" *," '3&)%3," ()" *$"

B%C$3'D$4'53;" $2E" 4,?," 4,3" 3>)2&%,2" $44',3'2&$2" F" $" 3'A)*" ()" *$2"

4,?>3'($()2"F"C%>#,2"2,4'$*)2"?G2"A>*3)%$8*)2H

"

9>)2&%," 4,?#%,?'2," 4,3" *,2" #%'34'#',2" ()*" 6$4&," 7*,8$*" 2)" A)3"

%)<*)I$(,2")3"*$2"'3'4'$&'A$2"=>)")*"0$34,"@$"'?#*)?)3&$(,;"'?#>*2$3(,

>3$"4>*&>%$",%C$3'D$4',3$*")3?$%4$($")3"A$*,%)2"4*$%$?)3&)"()<'3'(,2")3"

3>)2&%,"J5('C,"()"K&'4$;")3")*"%)2#)&,"$"*,2"()%)4@,2"@>?$3,2")3"&,($2"

2>2"?$3'<)2&$4',3)2;")3"*$"&%$32#$%)34'$"()"3>)2&%$2"$4&'A'($()2"4,?)%4'$*)2;"

)3" *$" $(,#4'53" ()" '3'4'$&'A$2" =>)" #%,?>)A)" *$" %)2#,32$8'*'($("

$?8')3&$*" F"?,&'A$" *$" #$%&'4'#$4'53" ()" 3>)2&%,2" 4,*$8,%$(,%)2" )3" *$2"

,8%$2"2,4'$*)2""=>)"A)3'?,2"'?#>*2$3(,H"""

!"3'A)*" 4,?>3'&$%',;"0*$()1" '3'4'5" *$"4,32&%>44'53"()" *,2")('<'4',2"=>)"

$*8)%C$%G3" *$" 2)4>3($%'$" ()*" J)3&%," K(>4$&'A,"L$%')" 6,>22)#'3;" ,8%$"

=>)"#)%?'&'%G""=>)"*$"4,?>3'($("()"J>%>3(M">8'4$($")3"*$"4'>($("()"

6$3$?G;"2)()"()"3>)2&%$"J$2$"L$&%'D;"4>)3&)"4,3")*"#%'?)%"4,*)C',"()"

)(>4$4'53"4,?#*)&$"()")2&)"2)4&,%;">3,"()"*,2"?G2"#,8%)2"F"A',*)3&,2"()"

*$"4'>($(;"#)%?'&')3(,")*)A$%"()"N.."$"O..")*"3M?)%,"()")2&>('$3&)2")3"

)*"#*$3&)*H""LG2"()"/P."$*>?3,2"()")2&)"4)3&%,")24,*$%"2)"8)3)<'4'$%,3;"

$()?G2;"4,3"8)4$2"$>2#'4'$($2"#,%"3>)2&%,2"4,*$8,%$(,%)2;"$2E"4,?,"()"

$4&'A'($()2" %)4%)$&'A$2" ,%C$3'D$($" #,%" )**,2H" Q)" 2>?$" $" *$2" *$8,%)2"

()2$%%,**$($2" #,%" )*" 4>)%#," ()" A,*>3&$%',2" ()" 0*$()1" )3" #%," ()" *$"

-R

Page 27: Bladex Reporte Anual 2011

!"#$%$&'()*+#*,%-.&$&,%$&'(*%$.&/%*!(*!0*1-23-%4%*"!*5"#$%$&'(*6&(%($&!-%* &4,0!4!(.%"2* !(* $2(7#(.2* $2(* !0* 8&(&+.!-&2* "!*5"#$%$&'(*9*0%*:+2$&%$&'(*;%($%-&%*"!*1%(%4<=* 12-*!+,%$&2*"!*"&!>*4!+!+*+!*&4,%-.&!-2(*.%00!-!+*!(?2$%"2+*!(*0%*%"4&(&+.-%$&'(*%"!$#%"%* "!* 0%+* ?&(%(>%+* ,!-+2(%0!+)* .%(.2* %* !+.#"&%(.!+* 9*,-2?!+2-!+)*$242*%**,%"-!+*"!*?%4&0&%*"!0*,0%(.!0*!"#$%.&/2=

5(*4%.!-&%*%4@&!(.%0)*;0%"!A*,#+2*!(*4%-$B%*!0*,-23-%4%*C1%,!-0!++D)*#(%*&(&$&%.&/%*E#!*@#+$%*$%4@&%-*0%*$#0.#-%*"!0*#+2* "!0* ,%,!0* "!(.-2* "!* 0%* F-3%(&>%$&'(=* 5+.!* ,-23-%4%*0&"!-%"2*,2-*#(*3-#,2*"!*/20#(.%-&2+*"!0*;%($2*B%*023-%"2*-!"#$&-*!0*$2(+#42*"!*,%,!0*!(*#(*GHI=**

J242* #(* -!$2(2$&4&!(.2* %* 02+* %,2-.!+* "!* 0%+* !4,-!+%+*!A,2-.%"2-%+* 0%.&(2%4!-&$%(%+)* +!$.2-* E#!* B%* $2(.-&@#&"2*3-%("!4!(.!*%*&4,#0+%-**0%*!$2(24K%*"!*(#!+.-%*L!3&'()*!0*;%($2**B&>2*!(.-!3%)*,2-*$#%-.2*%M2*$2(+!$#.&/2)*"!0*1-!4&2*;0%"!A* %0* 5A,2-.%"2-=* 5+.!* %M2* +!* ,-!4&'* %* 0%* !4,-!+%*$2024@&%(%*:0"2-*N=:=)*!(*!0*4%-$2*"!0*$2(3-!+2*%(#%0*"!*!A,2-.%"2-!+* 2-3%(&>%"2* ,2-* 0%* :+2$&%$&'(* O%$&2(%0* "!*5A,2-.%"2-!+*"!*J2024@&%)*:(%0"!A=

GH

1-!4&2*;0%"!A*%0*5A,2-.%"2-*GPQQ*R*J2024@&%

J2(+.-#$$&'(*"!*0%*+!$#("%-&%*"!0*J!(.-25"#$%.&/2*8%-&!*12#++!,&(*S*1%(%4<

J20%@2-%"2-!+*"!*;0%"!A*?!+.!7%-2(*$2(*02+*(&M2+*"!*;-%+$-&*S*;-%+&0;0%"!A*,%-.&$&,'*$242*,%.-2$&(%"2-*!(*!0*1-23-%4%*5"#$%$&'(*6&(%($&!-%*,%-%*0%+*5+$#!0%+*S*1%(%4<***

Page 28: Bladex Reporte Anual 2011

!"

#$%#&'()*%+',-.*%/#%0$-/#1)($-2%/#$%32#3(,(#.4*%/#$%.#5*3(*

/6789:;%;<%8=>%!?@@A%<8%;B>9>CD8%<8:E9>8C;7EB898%B>9:E96F%G>7:8<;BEH9I>J;%8%:78KHJ%I;%J6%B7;BECE;9:>L%%-%M;J87%I;%<8%E9B;7:EI6CN7;%;9%<>J%C;7B8I>J%GE989BE;7>J% E9:;798BE>98<;JA% K87E>J% M8DJ;J% I;% <8% 7;OEF9% <8:E9>8C;7EB898%B7;BE;7>9% CPJ% Q6;% ;<% 8=>% 89:;7E>7L% % 0<8I;RA% ;9% <D9;8% B>9% J6% CEJEF9A%B>9J:E:6SF%69%ECM6<J>7%I;%;J;%B7;BECE;9:>%B>9%J6%8M>7:;%8<%I;J877><<>%I;<%B>C;7BE>%;R:;7E>7L

$>J%7;J6<:8I>J%I;<%089B>%I;C>J:787>9%69%86C;9:>%B>9J:89:;%;9%<8%;JB8<8A%;<%8<B89B;%S%<8%7;9:8NE<EI8I%I;%<>J%9;O>BE>JL%%)87:;%G69I8C;9:8<%I;%;J:;%HRE:>%J;%I;NEF%8% <8%B>9J><EI8BEF9%I;%69%;Q6EM>%T6C89>%B>9% %69%8<:>%B8<EN7;%M7>G;JE>98<%8%:78KHJ%I;%:>I8J%<8J%>GEBE98J%I;<%089B>A%S%<8%8CM<E8BEF9%I;%<8%7;I%I;%>GEBE98J%B>9%<8%8M;7:678%I;%>GEBE98J%;9%$EC8A%);7U%S%;9%0>O>:PA%3><>CNE8L

#<%;Q6EM>%8<:8C;9:;%B8<EGEB8I>%I;%M7>G;JE>98<;J%I;%0<8I;R%B>9:7EN6SF%8%<8%O;9;78BEF9%I;%96;K>J%B<E;9:;J%M878%<>J%J;OC;9:>J%I;%089B8%3>7M>78:EK8%S%089B8%I;%#CM7;J8JA%S%8<%B>9:7><%S%J;O6ECE;9:>%B>9J:89:;%I;%<8%B8<EI8I%I;%<8%B87:;78%I;<%089B>L%%$8%JF<EI8%:78S;B:>7E8%S%<8%;RM;7E;9BE8%I;%<>J%CE;CN7>J%I;<%;Q6EM>%I;%0<8I;RA%7;B>9>BEI8%I;%C89;78%;JM;BE8<%M>7%<>J%B<E;9:;J%I;<%089B>A%:8CNEH9%M;7CE:EF%<8%O;9;78BEF9%I;%EI;8J%G7;JB8J%S%IE9PCEB8J%M878%8OE<EV87%<>J%M7>B;J>J%B<8K;J%;9%<>J%Q6;%J;%8M>S8%<8%O;J:EF9%I;%9;O>BE>J%S%<>J%B68<;J%B>9J:E:6S;9%G8B:>7;J%IEG;7;9BE8I>7;J%I;%<8%*7O89EV8BEF9L%

-<%B>9B<6E7%>:7>%8=>%I;%;RE:>J8%O;J:EF9%S%;9B8787%<>J%7;:>J%Q6;%I;%J;O67>%B>9:E9687P9% M7;J;9:P9I>J;% 8% 78DV% I;% <8% :67N6<;9BE8% ;9% <>J% C;7B8I>J%GE989BE;7>J% E9:;798BE>98<;JA% ;9% 0<8I;R% B>9:E9687;C>J% ;9G>BP9I>9>J% ;9%M7>C>K;7% ;<% G>7:8<;BECE;9:>% I;% <8% 7;OEF9% <8:E9>8C;7EB898% 8% :78KHJ% I;<%I;J877><<>% I;<% B>C;7BE>% ;R:;7E>7A% C89:;9E;9I>% <8% GE7C;% B>9KEBBEF9% I;%8M>S879>J%M878%;J:;%B7;BECE;9:>%;9%<8%B>9:7EN6BEF9%I;%B8I8%69>%I;%<>J%E9:;O789:;J%I;<%;Q6EM>%T6C89>%I;<%089B>A%GE7C;C;9:;%B>CM7>C;:EI>J%;9%<8%M7PB:EB8%I;%<>J%K8<>7;J%B>7M>78:EK>J%I;%3>CM7>CEJ>A%+6CE<I8IA%#RB;<;9BE8A%2;JM;:>%;%(9:;O7EI8IL

Page 29: Bladex Reporte Anual 2011

!"

#$%&'()*+,-&*.'

!"#$%&'#(

)*+,-.&$/+01-2&34+2/.-2555/0123(45(678923:(678923

%67-8*+&#.-9*+:;4&#0-;84555/0123(45(;0(%029<1('=>51?910:('=>51?910

<4=4&!*;.46&:-&>?8;-@*&A-0-@455/0123(43(/=0@9;:(/=0@9;

!"#$%&'%(

)*;B4&!4C4555,@?043@($1943@(45('A7=920

D-;EB+B4&F.*+0455678923

)*;B*&:*&3;*G*&H;*+G*55/=0@9;

IB..B*E&JK&D*L-655,@?043@($1943@(45('A7=920

3,B..-;E4&3MNE-2&3*;0O*5678923

PQJ#$&"#$&!"#$%$

34+2*.4&)-+N+:-2&J,R,-5-B9;5

<*BE-&SBC-;*5C010AD

AS%$TJ%>P%&DQ>QS#STQ&UTP#"T!TQ

>B04./6&#;:B74&F*;.-77*

JT3>#P#STQ$

34+2*.4&)-+N+:-2&J,R,-C=5@9451?5(45(;0(#E1?0()9=52?9F0

SB0*;:4&)*+,-.&#;*+@4G52=5?0=93

)*;B*&:*&3;*G*&H;*+G*&5@3=5=0

<*BE-&SBC-;*C=5@9451?5(,H52E?9F3

!Q>$%<Q&!Q>$V"PTUQ

S48-;74&H-.-77B)9IE?043(%029310;(C=5@9451?5(45(;0(-3A9@9<1(45(C=5@EIE5@?3J(K0295140K313=0L;5(-DA0=0(45()9IE?043@(45(;0(%029<1'=>51?910

S48-;74&P-BW-B;*&:*&!467*695AL=3(45;()9=52?3=93GE;('A7=920(GM'M:(/=0@9;

!*;.46&)*;7*8B7N5=51?5(N515=0;(45(O9101P0@/0123(45;(,@?043(45(-B9;5:(-B9;5

$*+7B*@4&A-;:4E4C=5@9451?5/0123(-3;I0?=90(Q(+54(6E;?9L0120(-3;I0?=90:(-3;3AL90

#.8-;74&!K&)477*&<;KC=5@9451?5*1F5=@9315@(/0BR0:(C010AD

%+;BR,-&!4;+-94&S*EO;-2)9=52?3=G3;E29315@(-31@E;?3=5@(*1?5=1029310;5@(G'-:C5=S

T(,8I9=0(51(5;(!UV!

TT(,8I9=0(51(5;(!UVW

TTT(,8I9=0(51(5;(!UVX

Page 30: Bladex Reporte Anual 2011

!"

!"#$%&'#(&)*+,-./0

#$%&'()*(+$(,$&-.%(/01*%2-%$

3*%20$+(#$%4('5(#$06$)'7

8-%-72*0-'()*(9&'%':;$(<(=-%$%>$7(?@6+-&$7(A#'+-B-$C

#$%&'()'(#0$7-+

#$%&'()*+(972$)'()*(3D-+*

#$%&'()*(3':*0&-'(9E2*0-'0()*(3'+':6-$F(GH/H

#$%&'(3*%20$+()*(3'72$(I-&$

#$%&'(3*%20$+()*+(9&J$)'0

#$%&'(3*%20$+()*(I*7*0B$()*(9+(G$+B$)'0

#$%&'()*(KJ$2*:$+$

#$%LJ*()*(+$(I*MJ6+-LJ*(NOP$-2-

#$%&'(3*%20$+()*(P'%)J0$7

,$2-'%$+(9EM'02QR:M'02(#$%4('5(S$:$-&$

#$%&'()*(8TE-&'

#$%&'(3*%20$+()*(,-&$0$1J$

#$%&'(,$&-'%$+()*(?$%$:U

#$%&'(3*%20$+()*+(?$0$1J$<

#$%&'()*(+$(,$&-.%(A?*0@C

#$%&'()*(I*7*0B$7()*(+$(I*M@6+-&$(N':-%-&$%$

3*%20$+*(#$%4(B$%(GJ0-%$:*

3*%20$+(#$%4('5(V0-%-)$)($%)(V'6$1'

#$%&'()*(+$(I*M@6+-&$(W0-*%2$+()*+(X0J1J$<

#$%&'()*(3':*0&-'(9E2*0-'0(AI*MH(#'+-B$0-$%$()*(Y*%*>J*+$C

!"#$%&'1(&)2,.3/0

#4567897:/#,(/8IW(#$%4(,HYH

#$%&'(/B*++$%*)$(GH/H(

A9%(Z-LJ-)$&-.%([(I*B'&$&-.%(I*7'+J&-.%(,'H(\]\()*+(]()*(%'BH(

]^^]F(=J*%2*_(#$%&'(3*%20$+()*(+$(I*M@6+-&$()*(/01*%2-%$C

#$%&'(#HRH(30*)-2$%72$+2(GH/H

#$%&'()*(3'00-*%2*7(GH/H

#$%&'()*(='0:'7$(GH/H

#$%&'()*(K$+-&-$(<(#J*%'7(/-0*7(GH/H

#$%&'()*(R2$+-$(<(I;'()*(+$(?+$2$(GH/H(

A9%(Z-LJ-)$&-.%([(I*B'&$&-.%(I*7'+J&-.%(,'H(`a]()*+(]]()*()-&H(

]^`bF(=J*%2*_(#$%&'(3*%20$+()*(+$(I*M@6+-&$()*(/01*%2-%$C

#$%&'()*(+$(3-J)$)()*(#J*%'7(/-0*7

#$%&'()*(+$(,$&-.%(/01*%2-%$

#$%&'()*(Z$(?$:M$

#$%&'()*(+$(?0'B-%&-$()*(#J*%'7(/-0*7

#$%&'()*(+$(?0'B-%&-$()*(3.0)'6$

#$%&'()*(G$%(SJ$%(GH/H

#$%&'()*(G$%2$(30J>

#$%&'()*(Y$+'0*7(GH/H

#$%&'(=*-1-%(GH/H

AcJ-*60$(?*)-)$(9EM*)-*%2*(,'H(\]`d^"e!dC

#$%&'(=-%$%7J0(GH/H

#$%&'(K*%*0$+()*(,*1'&-'7

#$%&'(8$&0'(#$%7J)(GH/H

#$%&'(?$2$1'%-$(GJ)$:*0-7(GH/H

#$%&'(?0'B-%&-$()*+(,*JLJT%

#$%&'(I;'()*(+$(?+$2$(GH/H

##Y/(#$%&'(=0$%&T7(GH/H

PG#3(#$%4(/01*%2-%$F(GH/H

,J*B'(#$%&'()*(G$%2$(=*F(GH/H

G&'2-$6$%4(cJ-+:*7(GH/H(

AGJ7M*%7-.%()*(WM*0$&-'%*7([(SJ>1$)'(,$&-'%$+()*(?0-:*0$(

R%72$%&-$(*%(+'(3':*0&-$+(,'H]aF(G*&0*2$0;$(,'H(fbF(=J*%2*_(

#$%&'(3*%20$+()*(+$(I*M@6+-&$()*(/01*%2-%$C

1;<59=:g#3(#$%4(,HYH(#0J77*+7

16<9=6/2+$%2-&(#$%4(Z-:-2*)

14:>9</JE-+-$0(GH/H

#$%&'(/#3(#0$7-+(GH/H

#$%&'(#$%'02*(GH/H(

AZ-LJ-)$&-.%(9E20$'0)-%$0-$F(=J*%2*_(#$%&'(3*%20$+()*(#0$7-+C

#$%&'(#0$)*7&'F(GH/H

#$%&'()'(972$)'()'(97M-0-2'(G$%2'(GH/H

#$%&'()'(972$)'()'(?$0$(GH/H

#$%&'()'(,'0)*72*()'(#0$7-+(GH/H

#$%&'(R%)J720-$+(*(3':*0&-$+(GH/H

#$%&'(R2$@

#$%&'(G$%2$%)*0(#0$7-+(GH/H

#$%*72$)'F(GH/H(?$02-&-M$&'*7F(/):H(<(G*0BH

!?9<6#$%&'()*(3D-+*

#$%&'()*(30T)-2'(*(R%B*07-'%*7

#$%&'(G$%2-$1'

##Y(#$%&'(#PR=

!@<@AB9:#$%&'+':6-$

!@46:VD*(g'0*$(9E&D$%1*(#$%4

!@>8:&C9=:#$%&'(#/3(G$%(S'7TF(GH/H

#$%&'(PG#3(3'72$(I-&$F(GH/H

%=D:E@4#$%&'()*+(?$&;5-&'

#$%&'(?-&D-%&D$(3H/H

%<&$:<F:E@4#$%&'()*(=':*%2'(/10'M*&J$0-'

GD:86A:<:#$%&'(/10':*0&$%2-+()*(KJ$2*:$+$F(GH/H

#$%&'()*(KJ$2*:$+$

#$%&'(KhV(3'%2-%*%2$+F(GH/H

#$%&'(R%)J720-$+F(GH/H

#$%&'(R%:'6-+-$0-'

#$%&'(R%2*0%$&-'%$+F(GH/H

#$%&'(?0':'2'0F(GH/H

#$%&'(I*5'0:$)'0F(GH/H

3'0M'0$&-.%(=-%$%&-*0$(,$&-'%$+Q3'05-%$

30T)-2'(P-M'2*&$0-'(,$&-'%$+()*(KJ$2*:$+$

=-)*-&':-7'()*(/):-%-720$&-.%(<(I*$+->$&-.%()*(/&2-B'7

M$0$(*+(M$1'()*(#'%'7(P-M'2*&$0-'7(#$%&$5T(R([(9+(

30T)-2'(P-M'2*&$0-'(,$&-'%$+(A=-)J&-$0-'C

H:98I#$%LJ*(,$2-'%$+*()*(30*)-2

H@7ED4:>#$%&'(/2+U%2-)$F(GH/H

#$%&'(3'%2-%*%2$+F(GH/H

#$%&'()*(+'7(V0$6$i$)'0*7

#$%&'()*(W&&-)*%2*F(GH/H

#$%&'(P'%)J0*j'()*+(3$5TF(GH/H

#$%&'(,$&-'%$+()*(N*7$00'++'(/10;&'+$

=-%$%&-*0$(3*%20'$:*0-&$%$F(GH/H

J:A:9=:,$2-'%$+(3'::*0&-$+(#$%4(S$:$-&$F(Z2)H

,$2-'%$+(9EM'02QR:M'02(#$%4('5(S$:$-&$

K;L9=@#$%&'(,$&-'%$+()*(3':*0&-'(9E2*0-'0F(GH,H3H

#$%&'(,$&-'%$+()*(8TE-&'F(GH/H

#$%&'(G$%2$%)*0F(GH/H

##Y/(#$%&':*0F(GH/H

PG#3(8TE-&'F(GH/H

,$&-'%$+(=-%$%&-*0$F(GH/H

M:7:AN#$%&'()*(#'1'2U

#$%&'+':6-$(A?$%$:UCF(GH/H

3'0M'0$&-.%(=-%$%&-*0$(,$&-'%$+(A3'5-%$C

8*20'6$%4

8J+2-6$%4

?'MJ+$0(#$%4(Z2)HF(R%&H

V'k*06$%4(R%2*0%$2-'%$+(R%&H

M64O#$%&'(R%2*0%$&-'%$+()*+(?*0@

3'0M'0$&-.%(=-%$%&-*0$()*(N*7$00'++'F(GH/H

MD648@&C9=@#$%&$0$&$7(R%2*0%$2-'%$+(#$%4-%1(3'0MH

C6POB<9=:&Q@A979=:7:#$%&'(?'MJ+$0(N':-%-&$%'

C6POB<9=:&1@<9F:49:7:&E6&R676SD6<:#$%&'()*(8$0$&$-6'

#$%&'(Z$2-%'F(3H/HGH/H3H/H

#$%&'(8*20'M'+-2$%'F(3H/H

!"#$%&'%(&)+2,*-/0

?*07'%$7(%$2J0$+*7('(iJ0;)-&$7(

A/&&-'%*7(+-72$)$7(*%(+$(#'+7$()*(Y$+'0*7()*(,J*B$(l'04C

/33RW,RGV/G

Page 31: Bladex Reporte Anual 2011

!"#$%&'!(!)#*$+&

!"#$%&'#(%)"&!"#$%&#'(#)*+#,-(%./)

'*+%,-&./&0$")"1&!)/!"%0#")1%,#2"#$%&#'(#)*+#,-(%./)3/0#",%45

2#3*%1&24)%,4&!"%0#")1%,#2"#$%&#'(#)*+#,-(%./)6#".%,%/$)&#)6/2/"(#)

5)%34)6&7/&8%-9%)$",!"%0#")1%,#2"#$%&#'(#)*+#,-(%./7#$/"#"84)9):#",4&/$)&#)342%(45#$

2#3*%1&0/&:%)+%-&;)%<")#&!"%0#")1%,#2"#$%&#'(#;&0%'%$("4,%<')&#)=%#$>/$)

=>)#-94?>%)&@A>%A>&!"%0#")1%,#2"#$%&#'(#)?%'4'@4$

5*-9"(4&7B"C!"%0#")1%,#2"#$%&#'(#)3/'("45/"84

AB

!*1#4&03*#))%1%,#2"#$%&#'(#CD%,%45)!"%',%245)&#)3-025%0%#'(/

Page 32: Bladex Reporte Anual 2011

!"

!"#$%&#'(%)*#+#(,-%.)

+/012*"0324/*

#$%&'(%)*%+,-%./*'01

5)'()*(67#"(%)8

"9:2;<*.=*)1/4/>*+4=

#$'2%$+3'.%4$%&'(%)*%+,-%./*'01

5/;?/*#1@42</<

890A*B/1/</C0

5'$%.*1$

(/4>D<*E2*>/*F92;G2

6/7('$%.*1$

(>/9E0/*F>D42<

3'.%4$%&'(%)*%

H9ID*F24;J;E2A

3'.%4$%&'(%)*%

80;/*,442/

3'.%4$%&'(%)*%

890<*F24;/;ED*E2*6>03204/

3'.%4$%&'(%)*%

7/4?D*-/>/1/;G2

3'.%4$%&'(%)*%

7/4G0;KD*6>03204/*F24;/;E2<

3'.%4$%&'(%)*%

70I92>*(/>30>>D

3'.%4$%&'(%)*%

61/4*)I/>>L;

3'.%4$%&'(%)*%

6<?/4*(49A*5/44D<D

3'.%4$%&'(%)*%

"/M>*8/44/?0>>/

3'.%4$%&'(%)*%

.N?GD4*(/</I4/;E2

3'.%4$%&'(%)*%

.N?GD4*7/;G0>>/

3'.%4$%&'(%)*%

5/;?/*(D4@D4/G03/

+(4/0I*#<?/>/;G2

3'.%4$%&'(%)*%

#>0<2D*$J;?K2AO89??/

3'.%4$%&'(%)*%

F2E240?D*!P42AO$/4GD40

3'.%4$%&'(%)*%

Q9<G/3D*)4E0>/

3'.%4$%&'(%)*%

7/4?0/*7R>>24

3'.%4$%&'(%)*%

7/4?D<*ED<*$/;GD<

3'.%4$%&'(%)*%

!/G40?0D*7/0;/4E0

3'.%4$%&'(%)*%

)E40/;/*801/*$/;G2?KD>2

8%$%)*%

)4/?2>0*6>324/

8%$%)*%

Q2>S*-/1PA

8%$%)*%

Q0<2>>/*):/4?/

8%$%)*%

7/4N/*!/A*5/>:92;/

8%$%)*%

.24L;0?/*)>/4?L;

8%$%)*%

5/;?/*%;<G0G9?0D;/>*S*$D>9?0D;2<*F0;/;?024/<

!02442*&9>0;

5'$%.*1$

(K40<G0/;*'D3S

3'.%4$%&'(%)*%

(>/9E0/*)E2<*H0:;24

3'.%4$%&'(%)*%

F24;/;ED*&N/A

3'.%4$%&'(%)*%

F24;/;ED*!D1@29

3'.%4$%&'(%)*%

F24;/;ED*"0DT/<

3'.%4$%&'(%)*%

);;/*$2IK0;0

3'.%4$%&'(%)*%+9&'&*%)*%

#9?/E0<*E2*7D>0;/

3'.%4$%&'(%)*%+9&'&*%)*%

8D94E2<*H9/;I

3'.%4$%&'(%)*%+9&'&*%)*%

'0GA/*7/0D>0;0

3'.%4$%&'(%)*%+9&'&*%)*%

&2;0<<2*!L>0GD

8%$%)*%

7/4N/*6>0324/

8%$%)*%

82/<0;I

#E194*"0:204D

5'$%.*1$

Q/:402>*.JAU92A*(2>0<

3'.%4$%&'(%)*%

"DE40ID*5DG/<

3'.%4$%&'(%)*%

-#$6"#"V)*B*7#"()&6$*&#*()!%-)8#$

Q42ID4S*&=*-2<G241/;

#$'2%$+3'.%4$%&'(%)*%+,-%./*'01

"/M>*!>/G/

3'.%4$%&'(%)*%

);/*-242</*E2*7P;E2A

3'.%4$%&'(%)*%+

);;2GG2*./;*HDD4E2*E2*$D>N<

3'.%4$%&'(%)*%+9&'&*%)*%

);;*./;2<</*&0;<1D42

3'.%4$%&'(%)*%+9&'&*%)*%

89E10>>/*(D94G2/9

3'.%4$%&'(%)*%+9&'&*%)*%

7/40/;2>/*54D?2

8%$%)*%

)&7%'%$-")(%W'*&#*"%#$Q6$

70I92>*)=*X24:2<*!42E/40

#$'2%$+3'.%4$%&'(%)*%

"/1L;*Q9244/

3'.%4$%&'(%)*%

7/40D*$@24D;0

3'.%4$%&'(%)*%

)>2T/;E4D*-0AAD;0

3'.%4$%&'(%)*%

82D;2>*3/;*Q402C2;

3'.%4$%&'(%)*%

+D<P*#>/E0D*F24;J;E2A

3'.%4$%&'(%)*%

82/;E4D*64EDY2A

3'.%4$%&'(%)*%

"0?/4ED*Q/4A/

3'.%4$%&'(%)*%

#,:6;<9=+,>,?@AB3;

Page 33: Bladex Reporte Anual 2011

!!

!"#$%#&'#$()"*++#"#$%&'%(#)%*+%,-(#(+%*+%

,#&+)-$%)&.")"#$%&'%(#)%*+%,-(#(+%*+%

/*)0)$1#&*""#$%&'%(#)%*+%,-(#(+%*+%

2+*#$3*4.&#"#$%&'%(#)%*+%,-(#(+%*+%

5.+*6.$7#&#8*++).%'%*+%

!+9)"-)$/)8'"0:.;.%'%*+%

!&#<.+*$=+*4#.%'%*+%

/)&*.+$(#&)<>*-.%'%*+%

2?:#&?)$@*8A".;.%'%*+%

2-B.+#$/C=6)&B).%'%*+%

@#D&*.+$!-B:"*.%'%*+%

@.)4#""#$3)?&'0:.;.%'%*+%

1):&?.-$EF"<>.;.%'%*+%

5GH!HI!E$

,>&*-B)6>.&$E<>.<>/'#0%',"#$%&'%(#)%*+%

J+#"*9*<#<*K"$L$!"F+*-*-$5*"#"<*.&)

!"#$@&#<*.+#$?.$%A"?.;"#$%&'%(#)%*+%

%K"*<#$,)-:+*<>"#$%&'%(#)%*+%,-(#(+%*+%

/."*#$/."*-.%'%*+%

,)"B#D*+*?#?

2?:#&?)$EF"<>.;"#$%&'%(#)%*+%

!"#$,&*-B*"#$%)?.-.%'%*+%

7#*8.$2-6*")-#.%'%*+%

3.6)&B.-$3.0:+#B)&*)-

!"#$%#&'#$,>*M:*+#"*$?.$E)-#.%'%*+%

E23NG,G=E$/2$E=J=3O2

%*0:.+$%)&.")$/'#0%',"#$%&'%(#)%*+%,12%$3+#45,

/.-.86.P)$L$/.-#&&)++)$=&0#"*;#<*)"#+

!"#$%#&'#$%)&.")$3Q/'#0%',"#$%&'%(#)%*+%

3.<:&-)-$R:8#")-

%#&'#$O.&.-#$7#&#8*++)"#$%&'%(#)%*+%,-(#(+%*+%

1#&*--#$,K&?)D#.%'%*+%

!?8*"*-B&#<*K"

=-<#&$/'#;"#$%&'%(#)%*+%,-(#(+%*+%

,#&+)-$1K6.;.%'%*+%

=6.&#<*)".-

,#&8."$%:&*++)"#$%&'%(#)%*+%

GB;.+$N#+?A-.%'%*+%

%#&'#$?.$,#").%'%*+%

3)-#$E>.66#&?.%'%*+%

O.<")+)0'#$L$J&)<.-)-

3)0.&$G4F"$,K&?)D#"#$%&'%(#)%*+%

G4F"$N.&0#&#"#$%&'%(#)%*+%,-(#(+%*+%

%*+#0&)-$,.?.P)"#$%&'%(#)%*+%,-(#(+%*+%

/*K0.".-$%#&B'".;.%'%*+%

G-8#.+$3)?&'0:.;.%'%*+%

1:*-$,#&+)-$(:-B#8#"B..%'%*+%

=4*?*)$@:B*A&&.;.%'%*+%

3)D.&B)$(F&<."#-.%'%*+%

@.&."<*#$!?8*"*-B&#B*4#

%#&*"#$@*8A".;.%'%*+%

=8#&$5+)&.-.%'%*+%

,=HO3!1=3S!

@:-B#4)$/'#;/'#0%',"#$%&'%(#)%*+%

!:?*B)&'#$G"B.&"#

J.?&)$J*";K".%'%*+%

1.)"*+?)$@)&?K".%'%*+%

%#&'#$!+.T#"?&#$/.$1.K".%'%*+%

,U%J1G%G2HO=

7:+*)$!0:*&&."#$%&'%(#)%*+%,6,78#$#9:,/'#*$#&9:,)%,;30&:#0#%*+5

7:+*)$!"B.+)"#$%&'%(#)%*+%,-(#(+%*+%,

321!,G=H2E$GHEOGOU,G=H!12E$V$%23,!/2=

H*W)+*"#$?.$!+4#&#?).%'%*+%

321!,G=H2E$,=H$!,,G=HGEO!E

1:*-#$?.$J)+).%'%*+%

(1!/2X$!EE2O$%!H!@2%2HO$Y(!%Z

%#":.+$2Q$%.T'#[!):"<#'%$+5',.%*%'9:

7)>"$,#?+.L<#'%$+5'

U&4*->$(*?W#&<#'%$+5'

O:+*)$N.&#<#'%$+5'

Page 34: Bladex Reporte Anual 2011

!"

!"#$%&'()"*+,*#$%&'(&)$*&+,&-.)$),&+,&-/-01$%$23-*&-456'3$6$&+,7-8.9

-.*%++%(/.01%#'"(2%(3%0"#$%&'(&)$*&+,&-.)$),&+,&

4/56578)(9:;5478-:)(<(7=:38(>49?

@%2#'(A'&&:&(&+,&-:&+&(23

BC(7%+#"D(9"DE12F"*#$%&'(&)$*&+,&-;-<5=-:&(&+,&-:&+&(23

-1.G(6.H1%*+%G#$%&'(&)$*&+,&-;-01$%$23-*&-456'3$6$&+,7->[email protected]

I%*#J(9'2#,01%K:&(&+,&

4/56578)(9:;5478-:)(<(B98)5-

-1.K(>"D"G"L.A$(&%,7(

M'GN(:&"2.'(9'2#,01%K(/%#*O*2%K#$%&'(&)$*&+,&

6&"12."(82%G(I.E*%##$%&'(&)$*&+,&

!"#+.*F'(/%#*"*2%G#$%&'(&)$*&+,&

!"#$."(!P&&%##$%&'(&)$*&+,&

!"#$'G(Q'G()"*+'G#$%&'(&)$*&+,&

9'2#.0'(B'+"G#$%&'(&)$*&+,&

3,$+'#(6"G"0#"*2%#$%&'(&)$*&+,&

--

-%"*2#'(4#2'R%K#$%&'(&)$*&+,&-

-1.G(/%#*"*2'(2%(4&.S%.#"#$%&'(&)$*&+,&

Q.'0'(-"#.*#$%&'(&)$*&+,&-.)$),&+,&

82#."*"()"*+%$F'&%:&(&+,&

!"#.*"(;.DN*%K:&(&+,&

4/56578)(9:;5478-:)(<(89;:7A578

/%2%#.$'(@N#%KT)"#+'#.#$%&'(&)$*&+,&

!"#,"(@"K(B"&E1%*":&(&+,&

;"E#.%&(8G+1*.:&(&+,&

4/56578)(9:;5478-:)(<(!UV564

6"#&'G(2%(&"(/1%*+%<5=*$(&%,7(

6#".0(:G$"&"*+%#$%&'(&)$*&+,&

!.01%&(6"&S.&&'#$%&'(&)$*&+,&

6&"12."(/&'#%G#$%&'(&)$*&+,&

-----------

9.$"#2'(;"#K"#$%&'(&)$*&+,&

!"#$'(A"&"D"*+%#$%&'(&)$*&+,&

4D"#(80"&&W*#$%&'(&)$*&+,&

4G$"#(6#1K(#$%&'(&)$*&+,&

9"X&(-"##"$.&&"#$%&'(&)$*&+,&

3%#W*.$"(8&"#$W*:&(&+,&

8#"$%&.(4&S%#":&(&+,&

;%&J(A"DNK:&(&+,&

4D"#(/&'#%G:&(&+,&

:G+%&"(QY4Z'#+':&(&+,&

8#"$%&.(4&.S":&(&+,&

8&H'*G'(Q'D,*01%K:&(&+,&

4/56578)(9:;5478-:)(<(!58!5

91E%*G(3C(8D"#"&(M#CB($6&(-#$%&'(&)$*&+,&-CD&%5,$E7-476&(%$23

@.%##%(Q1&.*A$(&%,7(

:2D1#(9.E%.#'A$(&%,7(

6F#.G+."*(7'SJ#$%&'(&)$*&+,&

/%#*"*2'(9.'["G#$%&'(&)$*&+,&

/%#*"*2'(Q,"K#$%&'(&)$*&+,&

8E2%&(?"#.D#$%&'(&)$*&+,&

8**"()%0F.*.#$%&'(&)$*&+,&-.)$),&+,&

!"#,"(4&.S%#":&(&+,&

Q%*.GG%(@W&.+':&(&+,&

4/56578)(9:;5478-:)(<(64-4!B58

;1G+"S'(8#2.&"#$%&'(&)$*&+,&

-.*"(=##%"#$%&'(&)$*&+,&

4/56578)(9:;5478-:)(<(@:9\

3,$+'#(!"*+.&&"#$%&'(&)$*&+,&

;.G%&&"(8E"#$":&(&+,&

:21"#2'(;.DN*%K:&(&+,&

Page 35: Bladex Reporte Anual 2011

!"

#$%&%'()*+,-%.'(/,)*

! " # $ % & ' % !

0,1,2%&.*3,24567(28.2%9%&,:2,)%1,'8,

;(2<(*3(5*=(/>?,'(@,2,'8,

@(>2%,/*A)8?'%@,2,'8,

Page 36: Bladex Reporte Anual 2011

!"

#$%&%'()*+,-%.'(/,)*! " # $ % &

01%2*3(4()(5%6%7,&8.7

9.):*;/(<%.+.<7=-1,2*>,7'?'<,2

@%&,A7,)%<,'8,

0,('<7.*#7<.B,2@%&,A7,)%<,'8,

C/(1<%(*D<,)*E%F',7@%&,A7,)%<,'8,

G(7&%(*GH//,7@%&,A7,)%<,'8,

01%)*>,7'('<.*<,*#/%I,%7(@%&,A7,)%<,'8,

G(7&.)*6.)*J('8.)@%&,A7,)%<,'8,

G(78%'K.*>,7'('<,)@%&,A7,)%<,'8,*

+.<7%-.*L.8()@%&,A7,)%<,'8,

@%&8.7*C()(-7('<,@%&,A7,)%<,'8,

6%.-.*0(7%'@%&,A7,)%<,'8,*D)%)8,'8,

D<7%('(*J('8,&K./,M,7,'8,

G(7%'(*M%4:',2M,7,'8,

Page 37: Bladex Reporte Anual 2011

!"

#$%&%'()*+,-%.'(/,)*

! " # " $ % & '

01)2(3.*456%/(7%&,85,)%6,'2,

9%'(*:55,(7%&,85,)%6,'2,

Page 38: Bladex Reporte Anual 2011

!"

#$%&%'()*+,-%.'(/,)*

! " # $ % &

0(1/.)*2,*/(*34,'5,*6472%1,&5.1

+%&(12.*8(19(*:%&,;1,)%2,'5,

0/(42%(*3/.1,):%&,;1,)%2,'5,

01(%-*<)&(/('5,:%&,;1,)%2,'5,

=(1&.*>(/(?('5,:%&,;1,)%2,'5,

=%-4,/*0(/@%//.*:%&,;1,)%2,'5,

#?(1*A-(//B':%&,;1,)%2,'5,

#)&(1*0149*:%&,;1,)%2,'5,

+(C/*D(11(&%//(:%&,;1,)%2,'5,

A1(&,/%*#/@,1(8,1,'5,

8,/E*>(?F98,1,'5,

:,1B'%&(*A/(1&B'8,1,'5,

#?(1*3/.1,)8,1,'5,

<)5,//(*GH*#;.15.8,1,'5,

A1(&,/%*#/%@(8,1,'5,

A/$.').*G.?I'-4,98,1,'5,

Page 39: Bladex Reporte Anual 2011

!"#$#%&'()*+#,%&-*'(

! " # ! "

)./*%'(01(23&4&-(541(64#3*4(0#$*74*'#8*%9*(:;*$.9#<,(=,3*4$#&-

6#*44*(>.-#%>#4*$9,4

2/8*-(?&4#30#$*74*'#8*%9*

2%%&(@*+A#%#0#$*74*'#8*%9*(2'#'9*%9*

B&4C&(!-#<*4&D*4*%9*

>*%#''*(6E-#9,D*4*%9*(

:83.4()#/*#4,>#4*$9,4(

=A4#'9#&%(F,<G0#$*74*'#8*%9*

H*4%&%8,()#,;&'0#$*74*'#8*%9*

H*4%&%8,(>C&I0#$*74*'#8*%9*

JK

Page 40: Bladex Reporte Anual 2011

!"

#$%&'

! " # $ % & ' # ( ( % )* # + # , % * % + )

()*+*,-./012*3,-41./

+ - % . #/ 0 1 2

51673/83449171,:1/91,17-4

$;/<1:7-=/0-=>?6@-,A*+1B71.*61,:1/C/D?>/9171,:1/91,17-4

E?*./F*)?1,:1.A*+1B71.*61,:1/C/()*+*-4/61/F?=B4*=*1,:3/<G/H/$%&

I1,7H/0367J2?1K9171,:1

&-,?14/L;/&1MJ-C%3?,N*71+:37/91,17-4

/O3@,/F-641HN*71+:37

P7Q*.@/$*6R-7N*71+:37

8?4*3/A17-N*71+:37

Page 41: Bladex Reporte Anual 2011

!"

#$%&%'()*+,-%.'(/,)*

! " # $

0%&1.2*3('1%//(*0%&,42,)%5,'1,

6%),//(*78(2&(*6,2,'1,

95:(25.*6%;<',=6,2,'1,

Page 42: Bladex Reporte Anual 2011

!"

!"#$%&'"()#%"*+,)$"#%&-+&.%*+,$)%&/0(+,)%,1&23&43&&5&2678)-)",)"8

.%#&+9&:#;%,*+&-+&9"&<),*"&=+>)8(,"-"&-+&9%8&46-)(%,+8&&&?@79)$%8&:#-+A+#-)+#(+8

!"#"$%&'()&$&*"#&'(+,$',#-.".,'("#(/0(.&(.-%-&12*&(.&(3400(5(34046(5( #,'(+,**&'7,$.-&$8&'(9'8".,'( +,$',#-.".,'( .&( :&';#8".,'6( .&( +"12-,'( &$( &#( <"8*-1,$-,( .&( #,'(=%%-,$-'8"'6( .&(>8-#-.".&'(?<@*.-."'A(B$8&C*"#&'(5(.&(D#;E,'(.&(9F&%8-G,(7"*"(+"."(>$,(.&(#,'(H*&'(=I,'(&$(&#(<&*J,.,(H&*1-$".,(&#(/0(.&(.-%-&12*&(.&(3400

/8("-%8&<)#"#$)+,%8&.%#8%9)-"-%8&BCDD1&BCDC&5&BCCE

.%#(+#)-%&& & & & & & & & & & ?F>)#"8

#$%&'()*+)*,-*./'(-*0)1/23'-+-*+)*,&2*45+/3&')2*678,/9&2*#$+):)$+/)$3)2*;*<23-+&2****./$-$9/)'&2*=&$2&,/+-+&2* * * * * * * * !"

>-,-$9)2*1)$)'-,)2*9&$2&,/+-+&2* *** * * * * * * !?

<23-+&2*9&$2&,/+-+&2*+)*')25,3-+&2**** * * * * * * !?

<23-+&2*9&$2&,/+-+&2*+)*9-(8/&2*)$*),*:-3'/(&$/&*+)*,&2*-99/&$/23-2****)*/$3)'@2*')+/(/8,)*$&*9&$3'&,-+&* * * * * * * * !!

<23-+&2*9&$2&,/+-+&2*+)*53/,/+-+)2*A:@'+/+-2B*/$3)1'-,)2* * * * * !!

<23-+&2*9&$2&,/+-+&2*+)*%,5C&2*+)*)%)93/D&* * * * * * * !E

F&3-2*-*,&2*)23-+&2*%/$-$9/)'&2*9&$2&,/+-+&2** * * * * * !EGHH

#$%&'()*+)*,-*./'(-*0)1/23'-+-*+)*,&2*45+/3&')2*678,/9&2*#$+):)$+/)$3)2*;****=&$3'&,*#$3)'$&*2&8')*#$%&'(-9/I$*./$-$9/)'-* * * * * * HJ*

!

!"#$%&'(!)(!*+!$"&'+!&(,"-.&+)+!)(!+/)".%&(-!012*"3%-!!

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

!!!

"-2')! !X*8! !6$(%-#)'(>! !6$/@$/*)0!['(*(&0! !!

!

!!HZ!20!K0</0/$!20!HIGH!

!"#$%&&"'()*+,(6$()*2$/0%!R\<#'&$%!"-)$/'Q*2$%!"@*/)*2$!I]G^_IG``]!R*(*5U!a0@;!20!R*(*5U!!X0#JK$($b!B`IZE!FIF_cGII![*&%'5'#0b!B`IZE!H^d_HF]^!YYY;20#$'))0;&$5;@*!!

Page 43: Bladex Reporte Anual 2011

!"

!"#$% &'(( &'(')*#+,"%#$%&'()*+,+-%./0('*0+1+21+)(0'1+%3+413&*0 "566 +76587!+ +959:;+

<%./0('*0+%3+413&*0+=>%+?%3%@13+(3'%@%0%0+A(3&2>,%+-%./0('*0+.(?3*@1-*0+.*@+B6"5CC!+%3+6;77+,+B7D5;:9+%3+6;7;E "566 +8";5D:;+ +!"757!!+

F12*@%0+.1@1+3%?*&(1@+G+1&'()*+A(3&2>,%+)12*@%0+.(?3*@1-*0+1+1&@%%-*@%0+.*@+B785C88+%3+6;77+,+B"!56;8+%3+6;7;E !566 +6;5!"D+ +9;5!76+

F12*@%0+-(0.*3(42%0+.1@1+21+)%3'1+A(3&2>,%+)12*@%0+.(?3*@1-*0+1+1&@%%-*@%0+.*@+B":95!C6+%3+6;77+,+B6"95987+%3+6;7;E 9566 +!7D5";;+ +"9"569;+

F12*@%0+H13'%3(-*0+I10'1+0>+)%3&(H(%3'*+A)12*@+@1J*3142%+-%+B6D5D":+%3+6;77+,+B""56;D+%3+6;7;E+A(3&2>,%+)12*@%0+.(?3*@1-*0+1+1&@%%-*@%0+.*@+B7:5!8D+%3+6;77+,+B7"5;78+%3+6;7;E 9566 +6D59"D+ +""5787+

K*3-*+-%+(3)%@0(/3 D566 +76;5!69+ +7D:56C7+

L@M0'1H*0 :566 !5C9C59:"+ !5;D!5""6+

N%3*0O

P%0%@)1+.1@1+.M@-(-10+%3+.@M0'1H*0 8566 +8859!:+ +:85D79+

Q3'%@%0%0+-%0&*3'1-*0+3*+?131-*0+,+&*H(0(*3%0+-($%@(-10 ++D5DC:+ +!5"8C+

L@M0'1H*05+3%'* !58D!5"6C+ "5C875"68+

R42(?1&(*3%0+-%+&2(%3'%0+41S*+1&%.'1&(*3%0 66 +7577;+ +6:567"+

Q3'%@%0%0+1&>H>21-*0+.*@+&*4@1@ 66 +"857D8+ +"7577;+

L@*.(%-1-%0+,+%=>(.*+A3%'*+-%+-%.@%&(1&(/3+,+1H*@'(J1&(/3+1&>H>21-10+.*@+B7:5887+%3+6;77+,+B7D5D!;+%3+6;7;E C +D5D:"+ +D59"6+

Q30'@>H%3'*0+$(313&(%@*0+-%@()1-*0+>'(2(J1-*0+.1@1+&*4%@'>@1+G+1&'()* 6;566 +!579C+ +657;"+

R'@*0+1&'()*0 7; 785!76+ 7;5C9"+

-"#$./01/$*#+,"% D5"D;5;"6+ 957;;5;8:+

2$%+,"%/3/4$#5+6"7+"/01/."%/$**+"7+%#$%<%./0('*0O 77566

T+21+)(0'1+G+U*+?%3%@13+(3'%@%0%0 +D8;+ +:;9+

T+21+)(0'1+G+V%3%@13+(3'%@%0%0 +DD5C;D+ +CC5D!:+

T+.21J* 656"95C6;+ 75:6;59:"+

W*'12+-%+-%./0('*0 65";"59;D+ 7586;5C69+

F12*@%0+.1@1+3%?*&(1@+G+.10()* !566 +9598!+ +"5C"8+

F12*@%0+)%3-(-*0+41S*+1&>%@-*0+-%+@%&*H.@1 "5!59576566 +"::5;;6+ +6D!5C6:+

R42(?1&(*3%0+1+&*@'*+.21J* 7"566 75"6"5!DD+ 75;C95!;;+

T&%.'1&(*3%0+.%3-(%3'%0 66 +7577;+ +6:567"+

Q3'%@%0%0+1&>H>21-*0+.*@+.1?1@ 66 +775:C;+ +7;5;8!+

R42(?1&(*3%0+,+-%>-1+1+21@?*+.21J* 7!566 75!8:59!8+ 75;:957!;+

Q30'@>H%3'*0+$(313&(%@*0+-%@()1-*0+>'(2(J1-*0+.1@1+&*4%@'>@1+G+.10()* 6;566 +9"5:!6+ +9"5;6C+

P%0%@)1+.1@1+.M@-(-10+%3+&@M-('*0+&*3'(3?%3'%0 8 +8588:+ +7"5""9+

R'@*0+.10()*0 6659D8+ +++6;5;CD+

W*'12+-%+.10()*0 959C956;"+ !5"8!5;8:+

X*H.@*H(0*0+,+&*3'(3?%3&(10 7857C56;56656"

Q3'%@M0+@%-(H(42%+3*+&*3'@*21-* +959!:+ +785C9;+

L1'@(H*3(*+-%+2*0+1&&(*3(0'10 7957D57:56756!

T&&(*3%0+&*H>3%0+YX210%+TZ5+0(3+)12*@+3*H(3125+)12*@+10(?31-*+-%+BD[D:

AT>'*@(J1-10+!;5;;;5;;;\+%3+&(@&>21&(/3+D5"!6578CE +!!5!;:+ +!!5!;:+

T&&(*3%0+&*H>3%0+YX210%+]Z5+0(3+)12*@+3*H(3125+)12*@+10(?31-*+-%+BD[D:

AT>'*@(J1-10+!;5;;;5;;;\+%3+&(@&>21&(/3+659"75C6D+%3+6;77+,+659!65;67+%3+6;7;E +6;5D8"+ +6;5:"D+

T&&(*3%0+&*H>3%0+YX210%+#Z5+0(3+)12*@+3*H(3125+)12*@+10(?31-*+-%+BD[D:

AT>'*@(J1-10+7;;5;;;5;;;\+%3+&(@&>21&(/3+68569:586:+%3+6;77+,+6:586D5"";+%3+6;7;E +67!58C;+ +67!58":+

X1.('12+.1?1-*+%3+%^&%0*+-%2+)12*@+10(?31-*+1+210+1&&(*3%0+&*H>3%0 +7";57::+ +7""5879+

P%0%@)10+-%+&1.('12 +C9567;+ +C9567;+

_'(2(-1-%0+@%'%3(-10 +":65D!!+ +"6;579"+

R'@10+.M@-(-10+(3'%?@12%0+1&>H>21-10 956;567 +A"5776E +AD5!!7E

T&&(*3%0+%3+'%0*@%@`1 79 ++A7795D7:E ++A7695DD:E

W*'12+-%+.1'@(H*3(*+-%+2*0+1&&(*3(0'10 +:9C5686+ +DC:5;9;+

-"#$./01/4$%+,"%/3/4$#5+6"7+"/01/."%/$**+"7+%#$% D5"D;5;"6 957;;5;8:+

a10+3*'10+=>%+0%+1&*H.1b13+0*3+.1@'%+(3'%?@12+-%+%0'*0+%0'1-*0+$(313&(%@*0+&*30*2(-1-*0[+

8$7*"/9$#+7"$615+*$7"/01/:"615*+"/;<#15+"5=/>?/)?/3/>@A%+0+$5+$%

8$.$7*1%/B1715$.1%/*"7%".+0$0"%/C(/01/0+*+16A51/01/&'((/3/&'('/A#^.@%01-*+%3+H(2%0+-%+_c+-/21@%05+%^&%.'*+21+(3$*@H1&(/3+.*@+1&&(/3E

8$7*"/9$#+7"$615+*$7"/01/:"615*+"/;<#15+"5=/>?/)?/3/>@A%+0+$5+$%

;%#$0"%/*"7%".+0$0"%/01/51%@.#$0"%/2"5/."%/$D"%/#156+7$0"%/1./C(/01/0+*+16A51/01/&'((=/&'('/3/&''E/A#^.@%01-*+%3+H(2%0+-%+_c+-/21@%05+%^&%.'*+21+(3$*@H1&(/3+.*@+1&&(/3E

!"#$% &'(( &'(' &''E

Q3?@%0*+-%+(3'%@%0%0O 6;

<%./0('*0+%3+413&*0 +75"97+ +8"C+ +756D;+

F12*@%0+.1@1+3%?*&(1@+G+1&'()* +75:98+ +"57""+ +:5798+

Q3)%@0(*3%0+%3+)12*@%0O

<(0.*3(42%0+.1@1+21+)%3'1 +7;5:8;+ +85788+ +7:56D:+

N13'%3(-*0+I10'1+0>+)%3&(H(%3'* +88;+ +689+ +7C;+

K*3-*+-%+(3)%@0(/3 +65"!7+ +657C8+ +75:D"+

L@M0'1H*0 +7!;5"7:+ +7;!58"9+ +77!5"6D+

W*'12+-%+(3?@%0*+.*@+(3'%@%0%0 +79:5!6:+ +77C5!:8+ +7!75CD!+

V10'*+-%+(3'%@%0%0O 6;

<%./0('*0 +85878+ +859"7+ +775!C"+

K*3-*+-%+(3)%@0(/3 +"6"+ +CD"+ +65"69+

R42(?1&(*3%0+1+&*@'*+.21J* +795:9"+ +85;98+ +6"5:6C+

R42(?1&(*3%0+,+-%>-1+1+21@?*+.21J* +6C586"+ +6:5!6"+ +"C5DD9+

W*'12+-%+?10'*+-%+(3'%@%0%0 +9!5:7:+ +!!5C:9+ +::5676+

Q3?@%0*+3%'*+-%+(3'%@%0%0 +7;65:7;+ +:!59;"+ +D!5:96+

L@*)(0(/3+.1@1+.M@-(-10+%3+.@M0'1H*0 8 +A858!7E +AC5;C7E +A7856C"E+

Q3?@%0*+3%'*+-%+(3'%@%0%05+-%0.>M0+-%+21+.@*)(0(/3+.1@1+.M@-(-10+%3+.@M0'1H*0 +C"58DC+ +D95!76+ +!D5!9C+

R'@*0+(3?@%0*0+A?10'*0EO

P%)%@0(/3+-%+.@*)(0(/3+.1@1+.M@-(-10+%3+&@M-('*0+&*3'(3?%3'%0 8 +!5!!8+ +7"5C6D+ +"5!D"+

d*3*@1@(*0+,+&*H(0(*3%05+3%'* +7;5:6C+ +7;5"6D+ +D5:""+

Q30'@>H%3'*0+$(313&(%@*0+-%@()1-*0+,+-%+&*4%@'>@1 6; +65C6"+ +A75!!DE +A659"!E

P%&>.%@1&(*3%05+3%'10+-%+-%'%@(*@*+-%+1&'()*0 +A9:E +6""+ +A76;E

V1313&(1+A.M@-(-1E+3%'1+.*@+3%?*&(1&(/3+-%2+$*3-*+-%+(3)%@0(/3 +6;5"7!+ +A:5CC9E +6!5CC:+

V1313&(1+A.M@-(-1E+3%'1+%3+3%?*&(1&(/3+-%+)12*@%0+.1@1+3%?*&(1@ +AD5!C!E +A"5D;"E +7"577"+

V1313&(1+3%'1+%3+)%3'1+-%+(3)%@0(*3%0+-(0.*3(42%0+.1@1+21+)%3'1 9 +"5!7"+ +65"!D+ +9!D+

V1313&(1+%3+&1H4(*+-%+H*3%-1+%^'@13S%@1 +!56DC+ +758:;+ +D7"+

R'@*0+(3?@%0*05+3%'*0 +!::+ +8""+ +C76+

R'@*0+(3?@%0*05+3%'*0 +!;5;66 +7D5!C;+ +!:5:6"+

V10'*0+-%+*.%@1&(*3%0O

c121@(*0+,+*'@*0+?10'*0+-%+.%@0*312 +6C56D8+ +6"5!CC+ +6;56;7+

<%.@%&(1&(/3+,+1H*@'(J1&(/3+-%+.@*.(%-1-%0+,+%=>(.* +657DD+ +6597;+ +65D:7+

c%@)(&(*0+.@*$%0(*312%0 +!5886+ +!5C!9+ +"56D6+

N13'%3(H(%3'*+,+@%.1@1&(*3%0 +75D"C+ +75D7D+ +75769+

V10'*0+-%2+$*3-*+-%+(3)%@0(/3 +759!;+ +8C;+ +"596;+

R'@*0+?10'*0+-%+*.%@1&(*3%0 +7;59!;+ +85D67+ +:5!6"+

W*'12+-%+?10'*0+-%+*.%@1&(*3%0 +9;5;"9+ +!65;87+ +"856;6+

_'(2(-1-+3%'1 +8"589D +"C5867+ +995C8;+

_'(2(-1-+A.M@-(-1E+3%'1+1'@(4>(42%+12+(3'%@M0+@%-(H(42%+3*+&*3'@*21-* +D:D+ +A65!6"E +75778+

_'(2(-1-+3%'1+1'@(4>(42%+1+]21-%^ +8"578;+ +!656!!+ +9!58D6+

_'(2(-1-+4e0(&1+.*@+1&&(/3 7: +6[69+ 7[79 7[9;

_'(2(-1-+-(2>(-1+.*@+1&&(/3 7: +6[6!+ 7[79 7[9;

L@*H%-(*+.*3-%@1-*+-%+1&&(*3%0+4e0(&10 7: +"D5CDC+ +"D5D!:+ +"D5!C"+

L@*H%-(*+.*3-%@1-*+-%+1&&(*3%0+-(2>(-10 7: +":57!9+ +"D587!+ +"D59:7+

a10+3*'10+=>%+0%+1&*H.1b13+0*3+.1@'%+(3'%?@12+-%+%0'*0+%0'1-*0+$(313&(%@*0+&*30*2(-1-*0[+

Page 44: Bladex Reporte Anual 2011

!!

!"#$%&'"()#%"*+,)$"#%&-+&.%*+,$)%&/0(+,)%,1&23&43&5&2678)-)",)"8

/8("-%8&$%#8%9)-"-%8&-+&$"*7)%8&+#&+9&:"(,)*%#)%&-+&9%8&"$$)%#)8("8&+&)#(+,;8&,+-)*)79+&#%&$%#(,%9"-%<%,&9%8&"=%8&(+,*)#"-%8&+9&>?&-+&-)$)+*7,+&-+&@A??1&@A?A&5&@AAB&"#$%&'()*+,'-,./0'(,*',12,*30)&'(4

<"(,)*%#)%&-+&9%8&"$$)%#)8("8

4$$)%#+8&$%*6#+8

.":)("9&"-)$)%#"9&:"C"-%&+#&+0$+8%&-+9&D"9%,&"8)C#"-%&"&9"8&"$$)%#+8&$%*6#+8

E+8+,D"8&-+&$":)("9

F()9)-"-+8&,+(+#)-"8

G(,"8&6()9)-"-+8&H:;,-)-"8I&)#(+C,"9+8&"$6*69"-"8

4$$)%#+8&+#&

(+8%,+,J"

K%("9&:"(,)*%#)%&-+&9%8&

"$$)%#)8("8

L#(+,;8&,+-)*)79+&#%&

$%#(,%9"-%

2"9-%8&"9&?&-+&+#+,%&-+&@AAB ,567879:, , ,;<=8=66, ,7=85;:, ,5>98!<=, ,"658;;=4 ";<586><4 ,=6!8<5!, ,!8>97,

1?/0/*)*,-'?) ,@, ,@, ,@, ,=!89>5, ,@, ,@, ,=!89>5, ,;8;;9,

A-?'&B(,&'*/./C0',-+,D+-?&+0)*+,@,(EC(D&/%D/+-'( ,@, ,@, ,@, ,@, ,@, ,@, ,@, ,<58:7:,

A-?'&B(,&'*/./C0',-+,D+-?&+0)*+,@,&'*'-D/+-'( ,@, ,@, ,@, ,@, ,@, ,@, ,@, ,"587764

F?&)(,E?/0/*)*'(,/-?'G&)0'(,)DE.E0)*)( ,@, ,@, ,@, ,@, ,>=87==, ,@, ,>=87==, ,@,

H+(?+, *', D+.%'-()D/3-, @, %0)-'(, *', +%D/+-'(,I,E-/*)*'(,*',)DD/+-'( ,@, ;8=7>, ,@, ,@, ,@, ,@, ,;8=7>, ,@,

#./(/3-,*',)DD/+-'(,&'(?&/-G/*)(, ,@, ,"7:=4 ,@, ,@, ,@, ,7:=, ,@, ,@,

#J'&D/D/+, *', +%D/+-'(, I, E-/*)*'(, *', )DD/+-'(,0/C'&)*)( ,@, ,";8!!94 ,@, ,@, ,@, ,585=>, ,9:9, ,@,

K/L/*'-*+(,*'D0)&)*+( ,@, ,@, ,@, ,"5;87:94 ,@, ,@, ,"5;87:94 ,@,

2"9-%8&"9&>?&-+&-)$)+*7,+&-+&@AAB ,567879:, ,;<!895:, ,7=85;:, ,<:;8<97, ,">8;>:4 ,";578>:54 ,>6=8><6, ,<!87::,

1?/0/*)*,"%B&*/*)4,-'?) ,@, ,@, ,@, ,!585!!, ,@, ,@, ,!585!!, ,"58!5<4

A-?'&B(,&'*/./C0',-+,D+-?&+0)*+,@,(EC(D&/%D/+-'( ,@, ,@, ,@, ,@, ,@, ,@, ,@, ,787::,

A-?'&B(,&'*/./C0',-+,D+-?&+0)*+,@,&'*'-D/+-'( ,@, ,@, ,@, ,@, ,@, ,@, ,@, ,"5<8!564

F?&)(,%B&*/*)(,/-?'G&)0'(,)DE.E0)*)( ,@, ,@, ,@, ,@, ,"59;4 ,@, ,"59;4 ,@,

H+(?+, *', D+.%'-()D/3-, @, %0)-'(, *', +%D/+-'(,I,E-/*)*'(,*',)DD/+-'( @ 58:77 @ @ @ @ 58:77 @

#./(/3-,*',)DD/+-'(,&'(?&/-G/*)(, ,@, ,"7:74 ,@, ,@, ,@, ,7:7, ,@, ,@,

#J'&D/D/+, *', +%D/+-'(, I, E-/*)*'(, *', )DD/+-'(,0/C'&)*)( ,@, ,"58;7=4 @ ,@, ,@, ,<8:57, ,9<!, ,@,

M'D+.%&),*',)DD/+-'(,D+.E-'(,NH0)(',#O ,@, ,@, ,@, ,@, ,@, ,"<4 ,"<4 ,@,

K/L/*'-*+(,*'D0)&)*+( ,@, ,@, ,@, ,"5<8!9:4 ,@, ,@, ,"5<8!9:4 ,@,

2"9-%8&"9&>?&-+&-)$)+*7,+&-+&@A?A ,567879:, ,;<<89;=, ,7=85;:, ,<5:8;=<, ,">8!!;4 ,";5=8>>64 ,>768:=:, ,;987=:,

1?/0/*)*,-'?) ,@, ,@, ,@, ,9<8;9:, ,@, ,@, 9<8;9: ,>6>,

A-?'&B(,&'*/./C0',-+,D+-?&+0)*+,@,(EC(D&/%D/+-'( ,@, ,@, ,@, ,@, ,@, ,@, ,@, ,=<;,

A-?'&B(,&'*/./C0',-+,D+-?&+0)*+,@,&'*'-D/+-'( ,@, ,@, ,@, ,@, ,@, ,@, ,@, ,";!8>;:4

F?&)(,E?/0/*)*'(,/-?'G&)0'(,)DE.E0)*)( ,@, ,@, ,@, ,@, ,<8<57, ,@, ,<8<57, ,@,

H+(?+, *', D+.%'-()D/3-, @, %0)-'(, *', +%D/+-'(,I,E-/*)*'(,*',)DD/+-'( @ ,58<;; @ @ @ @ ,58<;; @

#./(/3-,*',)DD/+-'(,&'(?&/-G/*)(, ,@, ,">:74 ,@, ,@, ,@, ,>:7, ,@, ,@,

#J'&D/D/+, *', +%D/+-'(, I, E-/*)*'(, *', )DD/+-'(,0/C'&)*)( ,@, ,"=8<!:4 @ ,@, ,@, ,78!!;, ,!8;:;, ,@,

K/L/*'-*+(,*'D0)&)*+( ,@, ,@, ,@, ,"<:8>974 ,@, ,@, ,"<:8>974 ,@,

2"9-%8&"9&>?&-+&-)$)+*7,+&-+&@A?? ,567879:, ,;<:8;66, ,7=85;:, ,<658>!!, ,"<8;;54 ,";;=8>;64 ,6=78595, ,=8=!6,

,,, ,,, ,,, ,,, ,,, ,,, ,,,

P)(,-+?)(,QE',(',)D+.%)R)-,(+-,%)&?',/-?'G&)0,*','(?+(,'(?)*+(,S/-)-D/'&+(,D+-(+0/*)*+(T,

!"#$%&'"()#%"*+,)$"#%&-+&.%*+,$)%&/0(+,)%,1&23&43&5&2678)-)",)"8

/8("-%8&$%#8%9)-"-%8&-+&6()9)-"-+8&H:;,-)-"8I&)#(+C,"9+8&<%,&9%8&"=%8&(+,*)#"-%8&+9&>?&-+&-)$)+*7,+&-+&@A??1&@A?A&5&@AAB&"#$%&'()*+,'-,./0'(,*',12,*30)&'(4

M%("8 @A?? @A?A @AAB

1?/0/*)*,-'?) ,9<89=>, ,<7895;, ,==879:,

F?&)(,E?/0/*)*'(,"%B&*/*)(4,/-?'G&)0'(U ,,, ,,, ,,,

V)-)-D/)(,"%B&*/*)(4,-+,&')0/W)*)(,'-,L)0+&'(,*/(%+-/C0'(,%)&),0),L'-?)U

V)-)-D/)(,-+,&')0/W)*)(8,+&/G/-)*)(,'-,'0,)R+ 5; ,!8:7=, ,58<5=, ,><8==>,

X'-+(U,)JE(?'(,*',&'D0)(/S/D)D/3-,%+&,G)-)-D/)(,-'?)(,/-D0E/*)(,'-,0),E?/0/*)*,-'?) 5; ,"58:674 ,"5895=4 ,">!74

H).C/+,-'?+,'-,G)-)-D/)(,"%B&*/*)(4,-'?)(,-+,&')0/W)*)(,'-,L)0+&'(,*/(%+-/C0'(,%)&),0),L'-?) ,58:;> ,"=::4 ,>587:6,

V)-)-D/)(,"%B&*/*)(4,'-,/-(?&E.'-?+(,S/-)-D/'&+(,*'&/L)*+(U

V)-)-D/)(,-+,&')0/W)*)(8,+&/G/-)*)(,'-,'0,)R+ 5; ,;8:76, ,;8<7;, ,;876;,

X'-+(U,)JE(?'(,*',&'D0)(/S/D)D/3-,%+&,"G)-)-D/)(4,%B&*/*)(,-'?)(,/-D0E/*)(,'-,0),E?/0/*)*,-'?) 5; ,7>:, ,";8;654 ,;8:66,

H).C/+,-'?+,'-,G)-)-D/)(,-'?)(,-+,&')0/W)*)(,'-,/-(?&E.'-?+(,S/-)-D/'&+(,*'&/L)*+( ,58:=6, ,5;7, ,<8:!9,

YJE(?',%+&,D+-L'&(/3-,*',.+-'*),'$?&)-J'&)8,-'?+,*',D+C'&?E&)(U

H).C/+(,*'0,)R+ 5; ,"6!!4 ,@, ,@,

H).C/+,'-,)JE(?',%+&,D+-L'&(/3-,*',.+-'*),'$?&)-J'&) ,"6!!4 ,@, ,@,

F?&)(,G)-)-D/)(,"%B&*/*)(4,/-?'G&)0'( ,<8<57, ,"59;4 ,>=87==,

1?/0/*)*'(,/-?'G&)0'( ,968;9=, ,<78=!:, ,;5;87<=,

1?/0/*)*'(,"%B&*/*)(4,/-?'G&)0'(,)?&/CE/C0'(,)0,/-?'&B(,&'*/./C0',-+,D+-?&+0)*+ ,>6>, ,"58!5<4 ,;8;;9,

1?/0/*)*'(,/-?'G&)0'(,)?&/CE/C0'(,),Z0)*'$ ,9>8=:7, ,!;87><, ,;5:89;6,

P)(,-+?)(,QE',(',)D+.%)R)-,(+-,%)&?',/-?'G&)0,*','(?+(,'(?)*+(,S/-)-D/'&+(,D+-(+0/*)*+(T,

Page 45: Bladex Reporte Anual 2011

!"

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

F%6@%*:8%=*)D(:@+*$9E)*+$9)+*)(8$%<96)97+5($%<96>O(&95+6)7(5()*+K98%(5)L)(8$%<9 )10.C//) )D2-"E )D".--,EP9*'9)'+)%*<+56%=* )!/.,//) )-3.1,!) )D!/.,,3EQ*$+5+6+6)(8:@:&('96)795)89B5(5 )DC.3",E )D"."!0E )13.C",)R$596)(8$%<96 )DC."3CE )D1!.!30E )D".21/E

?:@+*$9)D'%6@%*:8%=*E)*+$()+*)7(6%<96)97+5($%<96>O(&95+6)7(5()*+K98%(5)L)7(6%<9 )2./!C) )C,/) )D22.33"EQ*$+5+6+6)(8:@:&('96)795)7(K(5 )2.C3/) )D2.13CE )D12.//"ER$596)7(6%<96 )2.-3,) )-3.012) )2.-3-)

S;+8$%<9)*+$9)759<%6$9)795)&(6)(8$%<%'('+6)'+)97+5(8%=* )2,3.2,C) )/0.3-0) )2C.!C2)

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

%&'()*+,-+-.-/012)+,-+&3*+3/0121,3,-*+,-+.1737/1391-70)8 ))) ))) )))?:@+*$9)*+$9)+*)'+7=6%$96)5+8%B%'96 )!,1.",2) )"/!./C0) ),C.20,)?:@+*$9)D'%6@%*:8%=*E)*+$9)+*)9B&%K(8%9*+6)()895$9)7&(G9)A)<(&95+6)<+*'%'96)B(U9)(8:+5'96)'+)5+89@75( )-!3.2!2) )0/2.20") )D,2-.C,0E459':8$9)'+)9B&%K(8%9*+6)A)'+:'()()&(5K9)7&(G9 ),1!.2-0) )121.0/3) )--"."0,)J+7(K9)'+)9B&%K(8%9*+6)A)'+:'()()&(5K9)7&(G9 )D!22.C-2E )D"1,.13CE )D2"3.2/-EF%<%'+*'96)7(K('96 )D10."3"E )D11.C13E )D-!."0-EV:B685%78%9*+6)'+&)%*$+5I6)5+'%@%B&+)*9)89*$59&('9 )"-2) )0.033) )-1.303)J+'+*8%9*+6)'+&)%*$+5I6)5+'%@%B&+)*9)89*$59&('9 )D2!./23E )D1-.!1CE )D1.00CESU+58%8%9)'+)978%9*+6)69B5+)(88%9*+6 )!.232) ),-!) ),3,)J+89@75()'+)(88%9*+6)89@:*+6 )L) )D-E )L)S;+8$%<9)*+$9)759<%6$9)795)D:$%&%G('9)+*E)&(6)(8$%<%'('+6)'+);%*(*8%(@%+*$9 )2.20"./!C) )2.2C".122) )D"!".,!,E

S;+8$9)795);&:8$:(8%=*)'+)&(6)$(6(6)'+)8(@B%9)69B5+)+&)+;+8$%<9)A)+H:%<(&+*$+6)'+)+;+8$%<9 )D,"1E )L) )L)

?:@+*$9)D'%6@%*:8%=*E)*+$9)+*)+;+8$%<9)A)+H:%<(&+*$+6)'+)+;+8$%<9 )-/,.,"2) )2,.//") )D!1-./2"ES;+8$%<9)A)+H:%<(&+*$+6)'+)+;+8$%<9)(&)%*%8%9)'+&)(W9 )!13./-0) )!32.0C!) ),1".",0):.-/012)+;+-<'123&-70-*+,-+-.-/012)+3&+.173&+,-&+3=) )C,0.!03) )!13./-0) )!32.0C!)

>7.)593/167+*'4&-9-703513+,-&+.&'()+,-+-.-/012)S;+8$%<9)7(K('9)':5(*$+)+&)(W9)795)%*$+5+6+6 )"-.322) )!/.2,1) )0,.,CC)

X(6)*9$(6)H:+)6+)(89@7(W(*)69*)7(5$+)%*$+K5(&)'+)+6$96)+6$('96);%*(*8%+596)89*69&%'('96Y)

?37/)+@3017)39-51/37)+,-+A)9-5/1)+:B0-51)5C+DE+FE+;+D'G*1,13513*

:*03,)*+/)7*)&1,3,)*+,-+.&'()*+,-+-.-/012)+H)5+&)*+3=)*+0-59173,)*+-&+I#+,-+,1/1-9G5-+,-+!"##C+!"#"+;+!""$DSZ75+6('9)+*)@%&+6)'+)#V)'=&(5+6E

?37/)+@3017)39-51/37)+,-+A)9-5/1)+:B0-51)5C+DE+FE+;+D'G*1,13513*

J)03*+3+&)*+-*03,)*+.1737/1-5)*+/)7*)&1,3,)*

#E+ K5L371M3/167+

[(*89)X($%*9(@+5%8(*9)'+)N9@+58%9)SZ$+5%95.)VY)?Y)D\[&('+Z)N(6()]($5%G^)A)89*U:*$(@+*$+)89*)6:6)6:B6%'%(5%(6)\[&('+Z^)9)+&)\[(*89^E.)'9@%8%&%('9)+*)&()8%:'(')'+)4(*(@_.)J+7`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`B&%8()'+)4(*(@_)+)%*%8%=)9;%8%(&@+*$+)6:6)97+5(8%9*+6)'+)*+K98%96)+&)1)'+)+*+59)'+)20C0Y))?)$5(<I6)'+):*)89*$5($9)+*$5+)&()J+7`B&%8()'+)4(*(@_)A)[&('+Z);%5@('9)+*)20C,.)6+)&+)9$95K(59*)(&)[(*89)8%+5$96)75%<%&+K%96)795)7(5$+)'+)&()J+7`B&%8()'+)4(*(@_.)%*8&:A+*'9)&()+Z+*8%=*)'+&)7(K9)'+)%@7:+6$9)69B5+)&()5+*$()+*)4(*(@_Y

S&)[(*89)97+5()B(U9):*()&%8+*8%()K+*+5(&)+@%$%'()795)&()N9@%6%=*)[(*8(5%()a(8%9*(&)'+)4(*(@_.)(T95()&()V:7+5%*$+*'+*8%()'+)[(*896)'+)4(*(@_)D&()\V[4^EY

S*)&()J+7`B&%8()'+)4(*(@_.)&96)B(*896)+6$_*)5+K:&('96)795)&()V[4.)()$5(<I6)'+&)F+85+$9)SU+8:$%<9)a9Y)"1)'+&)-3)'+)(B5%&)'+)133,.)H:+)('97$()+&)$+Z$9)'+&)F+85+$9)X+A)a9Y)0)'+&)1/)'+);+B5+59)'+)200,.)@9'%;%8('9)795)+&)F+85+$9)X+A)a9Y)1)'+&)11)'+);+B5+59)'+)133,Y)X96)B(*896)$(@B%I*)+6$_*)5+K:&('96)795)&(6)5+69&:8%9*+6)A)(8:+5'96)+@%$%'96)795)+6$()+*$%'('Y))S*$5+)&96)75%*8%7(&+6)(67+8$96)'+)+6$()&+A)A)6:6)5+K&(@+*$(8%9*+6)6+)%*8&:A+*)&96)6%K:%+*$+6>)(:$95%G(8%=*)'+)&%8+*8%(6)B(*8(5%(6.)5+H:%6%$96)@b*%@96)'+)8(7%$(&)A)&%H:%'+G.)6:7+5<%6%=*)89*69&%'('(.)@+'%'(6)7(5()&()('@%*%6$5(8%=*)'+)5%+6K96)'+)85I'%$96)A)'+)@+58('9.)75+<+*8%=*)'+&)'+&%$9)'+)B&(*H:+9)'+)8(7%$(&+6.) ;%*(*8%(@%+*$9)'+&) $+5595%6@9)A)'+&%$96) 5+&(8%9*('96.)7598+'%@%+*$96)'+) %*$+5<+*8%=*)A)&%H:%'(8%=*)B(*8(5%(.)+*$5+)9$596Y

X(6)6:B6%'%(5%(6)'+)[&('+Z)N(6()]($5%G)69*)&(6)6%K:%+*$+6>)

)L [&('+Z)c9&'%*K6)Q*8Y.)+6):*()6:B6%'%(5%()89@7&+$(@+*$+)89*$59&('(.)%*895795('()+&)-3)'+)@(A9)'+)1333)B(U9)&(6)&+A+6)'+&)S6$('9)'+)F+&(d(5+.)S6$('96)#*%'96)'+)?@I5%8()D\S#?^EY)?)6:)<+G.)[&('+Z)c9&'%*K6)Q*8Y)@(*$%+*+)+&)89*$59&)7(5$%8%7($%<9)+*)[&('+Z)?66+$)](*(K+@+*$)Q*8Y.)%*895795('()+&)1!)'+)@(A9)'+)133/)B(U9)&(6)&+A+6)'+&)S6$('9)'+)F+&(d(5+.)S#?.)759<++)6+5<%8%96)'+)('@%*%6$5(8%=*)'+)%*<+56%9*+6)()[&('+Z)R;;6T95+)P++'+5)P:*')D+&)\P++'+5^E)A)[&('+Z)N(7%$(&)M59d$T)P:*')D+&)\P9*'9^EY))S&),)'+)6+7$%+@B5+)'+)1330.)[&('+Z)?66+$)](*(K+@+*$)Q*8Y);:+)%*685%$()89@9):*()698%+'(')+Z$5(*U+5()+*)&()J+7`B&%8()'+)4(*(@_.)7(5()+6$(B&+8+5):*()6:8:56(&)+*)4(*(@_.)&()8:(&)+6$_)'+'%8('()75%*8%7(&@+*$+)()759<++5)6+5<%8%96)('@%*%6$5($%<96)A)97+5($%<96)()[&('+Z)?66+$)](*(K+@+*$)Q*8Y)+*)&96)S#?Y

)L S&)P++'+5)+6):*()+*$%'(')+*)&()H:+)[&('+Z)N(6()]($5%G)$%+*+):*()7(5$%8%7(8%=*)'+)0"Y,!e)A),,Y/Ce)(&)-2)'+)'%8%+@B5+)'+)1322)A)1323.)5+67+8$%<(@+*$+Y))S&)P++'+5);:+)%*895795('9)+&)12)'+);+B5+59)'+)133/)B(U9)&(6)&+A+6)'+)Q6&(6)N(%@_*)+)%*<%+5$+)6:6$(*8%(&@+*$+)$9'96)6:6)(8$%<96)+*)+&)P9*'9.)%*895795('9)%K:(&@+*$+)B(U9)&(6)&+A+6)'+)Q6&(6)N(%@_*Y))S&)P++'+5)A)+&)P9*'9)+6$_*)5+K%6$5('96)(*$+)&()?:$95%'(')]9*+$(5%()'+)Q6&(6)N(%@_*)D\NQ]?^.)795)6:6)6%K&(6)+*)%*K&I6E)B(U9)&()X+A)'+)P9*'96)]:$:96)'+)Q6&(6)N(%@_*Y))S&)9BU+$%<9)'+&)P9*'9)+6)&9K5(5)(75+8%(8%=*)'+)8(7%$(&)()$5(<I6)'+)&()%*<+56%=*)+*)$b$:&96)'+)'+:'()&($%*9(@+5%8(*(.)b*'%8+6)(88%9*(5%96.)@9*+'(6)+)%*6$5:@+*$96)'+5%<('96)7(5()&()*+K98%(8%=*Y

)L [&('+Z)J+75+6+*$(8(9)X$'(Y.)%*895795('()B(U9)&(6)&+A+6)'+)[5(6%&)+&)C)'+)+*+59)'+)1333.);:+)+6$(B&+8%'()7(5()(8$:(5)89@9)9;%8%*()'+)5+75+6+*$(8%=*)'+&)[(*89)+*)[5(6%&Y))[&('+Z)N(6()]($5%G)+6)7597%+$(5%()'+&)00Y000e)'+)[&('+Z)J+75+6+*$(8(9)X$'(Y)A)[&('+Z)c9&'%*K6)Q*8Y)+6)7597%+$(5%()'+&)3Y332e)5+6$(*$+Y

)L [&('+Z)Q*<+6$%@+*$96)X$'(Y);:+)%*895795('()B(U9)&(6)&+A+6)'+)[5(6%&)+&)-)'+)@(A9)'+)1322Y)[&('+Z)N(6()]($5%G)+6)7597%+$(5%()'+&)00e)'+)[&('+Z)Q*<+6$%@+*$96)X$'(Y)A)[&('+Z)c9&'%*K6)Q*8Y)+6)7597%+$(5%()'+&)2e)5+6$(*$+Y))S6$()89@7(Wb()T()%*<+5$%'9)6:6$(*8%(&@+*$+)$9'96)6:6)(8$%<96)+*)[&('+Z)X($(@)P:*'9)'+)Q*<+6$%@+*$9)]:&$%@+58('9.)%*895795('9)%K:(&@+*$+)B(U9)&(6)&+A+6)'+)[5(6%&)+&)1/)'+)U:&%9)'+)1322Y

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e)'+&)<(&95)*+$9)'+)&96)(8$%<96)'+&)P9*'9)'+)[5(6%&Y

)L [Xf)[5(G%&)X$'Y.);:+)%*895795('()B(U9)&(6)&+A+6)'+)Q6&(6)N(%@_*)+&)")'+)98$:B5+)'+)1323Y))[&('+Z)N(6()]($5%G)+6)7597%+$(5%()'+&)00Y,3e)'+)[Xf)[5(G%&)X$'Y)?)6:)<+G.)[Xf)[5(G%&)X$'Y)+6)7597%+$(5%()'+&)00e)'+)[&('+Z)?66+$)](*(K+@+*$)[5(G%&) L)M+6$95()'+)J+8:5696)X$'(Y)A)[&('+Z)?66+$)](*(K+@+*$)Q*8Y)+6)7597%+$(5%()'+&)2e)5+6$(*$+Y))[&('+Z)?66+$)](*(K+@+*$)[5(G%&)L)M+6$95()'+)J+8:5696)X$'(Y);:+)%*895795('()B(U9)&(6)&+A+6)'+)[5(6%&)+&)/)'+)+*+59)'+)1322)A)759<++)6+5<%8%96)'+)(6+695b()'+)%*<+56%9*+6)()[&('+Z)X($(@)P:*'9)'+)Q*<+6$%@+*$9)]:&$%@+58('9Y)

Page 46: Bladex Reporte Anual 2011

!"

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

5$)#%146)F%1-/'1')6M/4/1%+)&').'C.'+'1-%4/B1)'1)#2'16+)=/.'+;)=.3'1-/1%;)'1)$%)*/2&%&)&'),O(/46)RJTJ)N)'1),61-'..'N;),O(/46;)))J=<5);%&/.6$T);/F%/,)1')$%16/4%1.'-1/)%8/-%.-+/1/F&%)%1/4/M6)%12)N)%/QF6$6*);L-636#)1');U.'V);%F/K)1');$/+%.#);'.3'$=)6-.6V)1'

K%+)6M/4/1%+)'1)K/F%;)V'.U)N)#636-L;)*6$6FQ/%)/1/4/%.61)6C'.%4/61'+)'1)DWGGJ

#$%&'()*%+%),%-./0)'+)&2'X6)&'$)YWZ)&')$%+)%44/61'+)&')#*[)V=)KK*;)21%)46FC%X\%).'3/+-.%&%)Q%]6)$%+)$'N'+)&'$)5+-%&6)&')R'$%^%.')&')$6+)5<=J))5+-%)46FC%X\%)'+)&2'X%)&')$%+)%44/61'+)?*$%+')*@)&'$)T61&6;)_2')$')C'.F/-'1).'4/Q/.)/13.'+6+)'1)4614'C-6)&')%+/31%4/61'+)C6.)'$)&'+'FC'X6)&')$%)/18'.+/B1)&')-'.4'.6+)/18'.+/61/+-%+)'1)'$)T''&'.)N)'1)'$)T61&6J

*$%8'(;)KK*;)%1-'./6.F'1-')+2Q+/&/%./%)&')#$%&'()`6$&/13+)S14J;)M2')&/+2'$-%)'$)E)&')%Q./$)&')DWGG)N)+2+)%4-/86+)1'-6+)M2'.61)-.%1+M'./&6+)%)+2)461-.6$%&6.%J)*$%8'(;)aJ)=J;)%1-'./6.F'1-')+2Q+/&/%./%)&')#$%&'()*%+%),%-./0;)M2')&/+2'$-%)'$)bW)&')%36+-6)&')DWGG)N)+2+)%4-/86+)1'-6+)M2'.61)-.%1+M'./&6+)%)+2)*%+%),%-./0J

!"# $%&'(%)#*%#+,-./012&#*%#1,)/230-0*2*#(4&#0(+,5/2)/%&

!"# $!%&#'&#()&%&*+!,-.*

K6+) '+-%&6+) M/1%14/'.6+) 461+6$/&%&6+) c%1) +/&6) C.'C%.%&6+) 461M6.F') %) $6+) C./14/C/6+) &') 461-%Q/$/&%&) 3'1'.%$F'1-')%4'C-%&6+)'1)$6+)5+-%&6+)<1/&6+)&')=FO./4%)>?<JaJ)[==V@AJ))d6&%+)$%+)4%1-/&%&'+)C.'+'1-%&%+)'1)$6+)'+-%&6+)M/1%14/'.6+)461+6$/&%&6+)N)+2+)16-%+)'+-L1)'(C.'+%&%+)'1)&B$%.'+)&')$6+)5+-%&6+)<1/&6+)&')=FO./4%)>?<a)&B$%.'+@A;)$%)42%$)'+)$%)F61'&%)M214/61%$)&'$)#%146J

K%)*6&/M/4%4/B1)&')76.F%+)&')*61-%Q/$/&%&)>'1)%&'$%1-')?=a*@;)C6.)+2+)+/3$%+)'1)/13$O+A)'F/-/&%+)C6.)'$)*6F/-O)&')76.F%+)&')*61-%Q/$/&%&)T/1%14/'.%)>'1)%&'$%1-')?T=a#@;)C6.)+2+)+/3$%+)'1)/13$O+A)461+-/-2N')$%)U1/4%)M2'1-')6M/4/%$)%2-6./0%&%;)16)32Q'.1%F'1-%$;)&')C./14/C/6+)&')461-%Q/$/&%&)3'1'.%$F'1-')%4'C-%&6+;)'(4'C-6)C6.)$%+)32\%+)'F/-/&%+)C6.)$%)*6F/+/B1)&')e%$6.'+)&')$6+)5+-%&6+)<1/&6+)&')=FO./4%)>?a5*@;)C6.)+2+)+/3$%+)'1)/13$O+AJ))d6&%)6-.%)$/-'.%-2.%)+')461+/&'.%)F%-'./%$)16)%2-6./0%&6J)

/"# 0)-*,-(-1%#'&#,1*%12-'!,-.*

K6+)'+-%&6+)M/1%14/'.6+)461+6$/&%&6+)/14$2N'1)$%+)42'1-%+)&')#$%&'()*%+%),%-./0)N)+2+)+2Q+/&/%./%+J)#$%&'()*%+%),%-./0)461+6$/&%) $%+)+2Q+/&/%./%+)'1) $%+)42%$'+)C6+'')21)461-.6$) M/1%14/'.6J) )K%)461&/4/B1)2+2%$)&')21)461-.6$) M/1%14/'.6)'+)C6+''.)$%)F%N6.\%)&')$6+)&'.'4c6+)&')86-6J))d6&6+)$6+)+%$&6+)N)-.%1+%44/61'+)'1-.')46FC%X\%+)c%1)+/&6)'$/F/1%&6+)C%.%)C.6CB+/-6+)&')461+6$/&%4/B1J

*2%1&6)#$%&'()F%1-/'1')21%)C%.-/4/C%4/B1)'1)46FC%X\%+)&')/18'.+/B1)Q%]6)$%)'+-.24-2.%)?T''&'.f,%+-'.@)'1)&61&')$%)C%.-/4/C%4/B1)%44/61%./%)&'$)T''&'.)'+)&/$2/&%)N)&/4c%)'1-/&%&)'+-L).'3/+-.%&%)46F6)21)M61&6)F2-26)%1-')21)6.3%1/+F6).'32$%&6.;)'$)F/+F6)'+)461+/&'.%&6)21%)46FC%X\%)&')/18'.+/B1)N)'$)T''&'.;)N)'1)461+'42'14/%;)#$%&'()/1&/.'4-%F'1-';)461+6$/&%) +2) C%.-/4/C%4/B1) '1) '$) T61&6) '1) 21%) $\1'%) '1) '$) Q%$%14') 3'1'.%$;) 46F6) '+) .'_2'./&6) C6.) $%) 461-%Q/$/&%&)'+C'4/%$/0%&%)'1)'$)dBC/46)&'$)=a*)H!")f)a'.8/4/6+)T/1%14/'.6+)f)*6FC%X\%+)&')S18'.+/B1J

,"# 3*+-'!'&%#'&#-*+&)4%#5!)-!/2&

51-/&%&'+)&')/1-'.O+)8%./%Q$')>?eS5@;)C6.)+2+)+/3$%+)'1)/13$O+A)+61)'1-/&%&'+)_2')-/'1'1)21%)/18'.+/B1)&')4%C/-%$)/1+2M/4/'1-')_2')$')C'.F/-%)M/1%14/%.)+2+)%4-/8/&%&'+)+/1)6Q-'1'.)21)%C6.-')M/1%14/'.6)%&/4/61%$;)6)42N%+)%44/61'+)16)C.68''1)%)+2+)/18'.+/61/+-%+)461)$%+)4%.%4-'.\+-/4%+)&')21)461-.6$)M/1%14/'.6J))S18'.+/61/+-%+)_2')M/1%14/%1)$%)eS5)%)-.%8O+)&')&'2&%)6)/1-'.'+'+)&')4%C/-%$;)2)6-.%+)461-.%C%.-'+)_2')C.68''1)6-.%+)M6.F%+)&')+6C6.-';)-%$'+)46F6)3%.%1-\%+)6)4/'.-6+)-/C6+)&')461-.%-6+)&')/1+-.2F'1-6+)M/1%14/'.6+)&'./8%&6+;)+61)/1-'.'+'+)8%./%Q$'+)'1)$%)'1-/&%&J)

5$)-'1'&6.)&'$)/1-'.O+)8%./%Q$';)+/)'(/+-';)_2')-'13%)21)461-.6$)M/1%14/'.6+)'1)$%)eS5)'+)461+/&'.%&6)'$)Q'1'M/4/%./6)C./F%./6)N)&'Q')461+6$/&%.$%J))a')461+/&'.%.\%)_2')'$)#%146)-/'1')21)461-.6$)M/1%14/'.6)N)_2')'+)'$)Q'1'M/4/%./6)C./F%./6)+/)-/'1')%FQ%+)&')$%+)+/32/'1-'+)4%.%4-'.\+-/4%+g)

)f C6&'.)&')&/./3/.)$%+)%4-/8/&%&'+)&')21%)eS5)_2')/FC%4-%1)FL+)+/31/M/4%-/8%F'1-')+2)&'+'FC'X6)'461BF/46h)N)

)f 6Q$/3%4/B1)&')%Q+6.Q'.)$%+)CO.&/&%+)&')$%)'1-/&%&)_2')C2&/'.%1)+'.)C6-'14/%$F'1-')+/31/M/4%-/8%+)C%.%)$%)eS5)6)'$)&'.'4c6)%).'4/Q/.)Q'1'M/4/6+)&')$%)'1-/&%&)_2')C2&/'.%1)+'.)C6-'14/%$F'1-')+/31/M/4%-/86+)C%.%)$%)eS5J)

'"# 64+1'1#'&#(!)+-,-(!,-.*#&*#2!%#7+-2-'!'&%

K%+)/18'.+/61'+)'1)46FC%X\%+)'1)$%+)_2')#$%&'()*%+%),%-./0)']'.4')/1M$2'14/%)+/31/M/4%-/8%;)C'.6)16)461-.6$)+6Q.')+2+)C6$\-/4%+)M/1%14/'.%+)N)6C'.%-/8%+;)N)F%1-/'1')21%)C%.-/4/C%4/B1)C%-./F61/%$)&')21)F\1/F6)&'$)DW)C6.)4/'1-6;)C'.6)16)FL+)

&'$)YW)C6.)4/'1-6;)+61).'3/+-.%&%+)/1/4/%$F'1-')%$)46+-6;)_2')'+)C6+-'./6.F'1-')%]2+-%&6)C%.%).'46164'.)$%)C.6C6.4/B1)&'$)/18'.+/61/+-%)'1)$%+)3%1%14/%+)>CO.&/&%+A)&')$%)/18'.+/B1;)&'+C2O+)&')$%)M'4c%)&')%&_2/+/4/B1J)

&"# 81*+!/-2-'!'#&%(&,-!2-9!'!#'&#,1:(!;<!%#'&#-*5&)%-.*

5$)T''&'.)N)T61&6)'+-L1)6.3%1/0%&6+)Q%]6)$%)'+-.24-2.%)&')?T''&'.f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

*6F6)$6)C'.F/-')'$)dBC/46)&'$)=a*)IGWfGWfDYfGY)f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

="# >%1#'&#&%+-:!,-1*&%

K%) C.'C%.%4/B1) &') $6+) '+-%&6+) M/1%14/'.6+) 461+6$/&%&6+) .'_2/'.') _2') $%) =&F/1/+-.%4/B1) 'M'4-U') '+-/F%4/61'+) N) 2+')+2C2'+-6+)_2')%M'4-%1)$6+)F61-6+)C.'+'1-%&6+)&')%4-/86+)N)C%+/86+)N)$%).'8'$%4/B1)&')C%+/86+)461-/13'1-'+)%)$%)M'4c%)&')$6+)'+-%&6+)M/1%14/'.6+)461+6$/&%&6+)N)$6+)F61-6+)&')/13.'+6+)N)3%+-6+)C.'+'1-%&6+)&2.%1-')'$)C'.\6&6J))K%+)'+-/F%4/61'+)/FC6.-%1-'+)_2')+61)C%.-/42$%.F'1-')+2+4'C-/Q$'+)%)4%FQ/6+)+/31/M/4%-/86+)+') .'$%4/61%1)461) $%)&'-'.F/1%4/B1)&') $%+).'+'.8%+)C%.%)CO.&/&%+)4.'&/-/4/%+;)CO.&/&%+)C6.)&'-'./6.6)&')$6+)8%$6.'+)&/+C61/Q$'+)C%.%)$%)8'1-%)N)8%$6.'+)F%1-'1/&6+)c%+-%)+2)8'14/F/'1-6)N)'$)8%$6.).%061%Q$')&')$6+)/1+-.2F'1-6+)M/1%14/'.6+J))K6+).'+2$-%&6+).'%$'+)C6&.\%1)&/M'./.)&')'+-%+)'+-/F%4/61'+J)K%)3'.'14/%)461+/&'.%)_2')'+-%+)'+-/F%4/61'+)+61)%&'42%&%+J

?"# 3@7-5!2&*+&%#'&#&=&,+-51

K6+)'_2/8%$'1-'+)&')'M'4-/86)/14$2N'1)&'CB+/-6+)%)$%)8/+-%)'1)Q%146+)N)&'CB+/-6+)'1)Q%146+)_2')&'8'13%1)/1-'.'+'+)461)8'14/F/'1-6)6./3/1%$)&')-.'+)F'+'+)6)F'16+;)'(4$2N'1&6)$6+)&'CB+/-6+)_2')+')'142'1-.%1)C/316.%&6+J

A"# B,7&)'1%#'&#)&,1:()!

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

K%)C6$\-/4%)&'$)#%146)'+)&')4'&'.)C6+'+/B1)&')$6+)8%$6.'+)8'1&/&6+)Q%]6)%42'.&6+)&').'46FC.%J))=)C'+%.)&')4'&'.)$%)C6+'+/B1)&')$6+)%42'.&6+)&').'46FC.%;)O+-6+)4%$/M/4%1)46F6)M/1%14/%F/'1-6+)3%.%1-/0%&6+)+B$6)+/)+')42FC$'1)-6&%+)$%+)+/32/'1-'+)461&/4/61'+g)$6+)%4-/86+)%)+'.).'46FC.%&6+)+61)+2+-%14/%$F'1-')$6+)F/+F6+)_2')M2'.61)-.%1+M'./&6+h)'$)_2')-.%1+M/'.')'+)4%C%0)&').'46FC.%.$6+)461)'$)46$%-'.%$).'4/Q/&6;)F%1-'1/'1&6)+2+-%14/%$F'1-')-6&6+)$6+)F/+F6+)-O.F/16+)%46.&%&6+;)%U1)'1)'$)4%+6)&')_2/'Q.%)&')$%)461-.%C%.-'h)'$)%42'.&6)'+)C%.%).'46FC.%.$6+)N).'&/F/.$6+)%1-'+)&')+2)8'14/F/'1-6;)%)21)C.'4/6)M/]6)N)&'-'.F/1%Q$'h)N)'$)%42'.&6)+')1'364/%)C%.%$'$%F'1-')%$)F6F'1-6)&')$%)-.%1+M'.'14/%J))V%.%)-'1'.)$%)4%C%4/&%&)&').'46FC.%.)$6+)%4-/86+)Q%]6)$6+)-O.F/16+)+2+-%14/%$F'1-')%46.&%&6+;)%U1)'1)'$)4%+6)&')/142FC$/F/'1-6)&')$%)461-.%C%.-';)'$)_2')-.%1+M/'.')&'Q';)'1)-6&6)F6F'1-6)N)&2.%1-')'$)-O.F/16)&'$)461-.%-6;)6Q-'1'.)'M'4-/86)6)46$%-'.%$)+2M/4/'1-')C%.%)42Q./.)+2+-%14/%$F'1-')-6&6)'$)46+-6)&').'46FC.%.)$6+)%4-/86+)-.%1+M'./&6+)&')6-.%+)461-.%C%.-'+J)

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

-"# B,+-51%#C#(!%-51%#(!)!#*&?1,-!)

K6+)%4-/86+)N)C%+/86+)C%.%)1'364/%.) /14$2N'1)Q616+)%&_2/./&6+)C%.%)1'364/%4/B1)N)C%.-/&%+)C6.)46Q.%.) >3%1%14/%+)16).'%$/0%&%+A)N)C6.)C%3%.)>CO.&/&%+)16).'%$/0%&%+A).'$%4/61%&%+)461)/1+-.2F'1-6+)M/1%14/'.6+)&'./8%&6+)16)&'+/31%&6+)46F6)46Q'.-2.%+)6)_2')16)4%$/M/4%1)C%.%)461-%Q/$/&%&)&')46Q'.-2.%J))5+-6+)F61-6+)/14$2N'1)'$)&'./8%&6)%4-/86)N)C%+/86)1'-6)&'$)

Page 47: Bladex Reporte Anual 2011

!"

##$%&'()*%+,-.(#+/#*.01*+)-#*.1)01%.(#.2)3#*+43)15(+2+#+1%+-4)6+4#%.*#+57#8+1%+-)9'1(+,*+0#8./)6),#.#./'3'(+0#.9'1(+:+;.*#)(1'9.*#<#,)*'9.*#,)0)#%+6.(')0#*.%#0+6'*10)/.*#)4#9)4.0#0)=.%)34+8#+4#(5)4#+*1>#3)*)/.#+%#(.1'=)('.%+*#/+#-+0()/.8#(5)%/.#+*1>%#/'*,.%'34+*8#.#+%#*5#/+:+(1.#*.30+#4)#3)*+#/+#4.*#:452.*#:5150.*#/+*(.%1)/.*#51'4'=)%/.#1)*)*#/+#-+0()/.#)(.0/+*#(.%#4)#()4'/)/#/+4#(0?/'1.#<#+4#9+%('-'+%1.#/+#4)#'%9+0*'&%$

;)*#6)%)%(')*#<#,?0/'/)*#0+)4'=)/)*#<#%.#0+)4'=)/)*#+%#)(1'9.*#<#,)*'9.*#,)0)#%+6.(')0#*.%#0+6'*10)/)*#+%#4)*#51'4'/)/+*#(.-.#6)%)%(')#@,?0/'/)A#+%#%+6.(')('&%#/+#9)4.0+*#,)0)#%+6.(')0$

!"# $%&'()*+%')#'%#&,-+(')

;.*#9)4.0+*#*.%#(4)*':'()/.*#+%#4)#:+(B)#/+#(.-,0)8#3)*)/.*#+%#4)#(),)('/)/#+#'%1+%('&%#/+#9+%/+04.*#.#-)%1+%+04.*#(.-.#'%9+0*'.%+*$##C*1.*#9)4.0+*#(.%*'*1+%#+%#'%*105-+%1.*#/+#/+5/)#1)4+*#(.-.#,),+4+*#(.-+0(')4+*#%+6.(')34+*8#3.%.*#<#%.1)*#/+#1)*)*#9)0')34+*$#

;.*#'%1+0+*+*#*.30+#'%9+0*'.%+*#*+#0+(.%.(+%#3)*)/.*#+%#+4#-?1./.#/+#'%1+0?*$##;)#)-.01'=)('&%#/+#,0'-)*#<#/+*(5+%1.*#+*1>%#'%(45'/)*#+%#+4#'%60+*.#/+#'%1+0+*+*#(.-.#5%#)25*1+#)4#0+%/'-'+%1.$

D)4.0+*#/'*,.%'34+*#,)0)#4)#9+%1)

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

D)4.0+*#-)%1+%'/.*#B)*1)#*5#9+%('-'+%1.

;.*#9)4.0+*#-)%1+%'/.*#B)*1)#*5#9+%('-'+%1.#*.%#'%9+0*'.%+*#75+#+4#E)%(.#1'+%+#4)#'%1+%('&%#,.*'1'9)#<#(),)('/)/#/+#-)%1+%+04.*#B)*1)#*5#9+%('-'+%1.$##C*1.*#9)4.0+*#+*1>%#0+6'*10)/.*#*.30+#4)#3)*+#/+#(.*1.#)-.01'=)/.#<#+*1>%#*52+1.*#)#4.*#-'*-.*#(0'1+0'.*#<#,.4F1'()*#/+#),0.3)('&%#/+#(0?/'1.#75+#+4#0+*1.#/+#4)#()01+0)#(0+/'1'(')$

L+1+0'.0.#/+#9)4.0+*

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

C%#,+0F./.*#,.*1+0'.0+*#)4#0+6'*10.#/+#)46P%#/+1+0'.0.#%.#1+-,.0)48#4)#/':+0+%(')#+%10+#+4#%5+9.#(.*1.#)-.01'=)/.#/+#+*1)*#'%9+0*'.%+*#<#4.*#:452.*#/+#()2)#+*,+0)/.*#/+3+0>#*+0#)(0+/'1)/)#(.-.#'%60+*.#/+#'%1+0+*+*$##C4#9)4.0#,0+*+%1+#/+#4.*#:452.*#/+#()2)#+*,+0)/.*#*+#+*1'-)#/50)%1+#4)#9'/)#/+#4)#'%9+0*'&%$#

C4# /+1+0'.0.#%.# 1+-,.0)4#/+# '%9+0*'.%+*#-)%1+%'/)*#B)*1)# *5# 9+%('-'+%1.#75+#B)# *'/.# 0+6'*10)/.#+%#.10)*#51'4'/)/+*#@,?0/'/)*A# '%1+60)4+*8#*+#)-.01'=)#)4#(.*1.#)-.01'=)/.#/+# 4)# '%9+0*'&%#*.30+# 4)#9'/)#0+-)%+%1+#/+# 4)#-'*-)#+%#:.0-)#,0.*,+(1'9)$#

;)#)(5-54)('&%#/+#'%1+0+*+*#*+#*5*,+%/+#+%#'%9+0*'.%+*#75+#+*1>%#+%#'%(5-,4'-'+%1.8#.#(5)%/.#+*#,0.3)34+#75+#4.*#(.30.*#:5150.*#/+#'%1+0+*+*#%.#*+#0+('3)%#(.-.#B)%#*'/.#,0.60)-)/.*$

."# /+%0+#0'#$%&'()*1%

C4#Q++/+0#0+6'*10)#*5#'%9+0*'&%#+%#+4#Q.%/.#)#9)4.0#0)=.%)34+8#75+#(.00+*,.%/+#)#*5#,)01'(',)('&%#,0.,.0('.%)4#+%#4.*#)(1'9.*#%+1.*#/+4#Q.%/.$

C4# Q.%/.# '%9'+01+# +%# )(1'9.*# <# ,)*'9.*# ,)0)# %+6.(')0# 4.*# (5)4+*# *.%# 0+6'*10)/.*# )# 9)4.0# 0)=.%)34+# 75+# *+# 3)*)# +%#(.1'=)('.%+*#/+#-+0()/.#(5)%/.#+*1>%#/'*,.%'34+*$##R)0)#4.*#'%*105-+%1.*#:'%)%('+0.*#(5<)*#(.1'=)('.%+*#/+#-+0()/.#%.#+*1>%#/'*,.%'34+*8#+4#Q.%/.#51'4'=)#9)45)('.%+*#'%/+,+%/'+%1+*#/+#,0.9++/.0+*#/+#,0+('.*#75+#51'4'=)%#*5*#,0.,'.*#-./+4.*#/+#9)45)('&%#75+#1.-)%#+%#(.%*'/+0)('&%#:452.*#/+*(.%1)/.*#51'4'=)%/.#1)*)*#/+#-+0()/.#)(.0/+*#(.%#4)#()4'/)/#/+4#

##$*+10),)01%.(#*)4#+/#*+1%+'/%+,+/%'#*+%.'()54)9#%.(#%)0),-.(#+*#*.'(+0,#*.1*C#$.1%+-501*%'#4+/#.1%+'-'(%+9#4+#<#.1'/?0(C4#Q.%/.#0+,.01)#4)*#6)%)%(')*#<#,?0/'/)*#,.0#%+6.(')('&%#/+#+*1.*#'%*105-+%1.*#(.-.#6)%)%(')*#<#,?0/'/)*#0+)4'=)/)*#<#%.#0+)4'=)/)*#+%#'%9+0*'.%+*$

-"# 23(,)#*%&'()*+%')

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

4"# 5(6)3,4+)

;.*# ,0?*1)-.*# *+# ,0+*+%1)%# )# *5# (.*1.# )-.01'=)/.# (.%*'/+0)%/.# +4# 9)4.0# ,0'%(',)4# ,.0# (.30)0# %+1.# /+# '%1+0+*+*# %.#6)%)/.*8#(.-'*'.%+*#/':+0'/)*#<#4)#0+*+09)#,)0)#,?0/'/)*#+%#,0?*1)-.*$##;.*#'%60+*.*#/+#'%1+0+*+*#*.%#0+(.%.('/.*#(5)%/.#*+#)(5-54)%$##;)*#)-.01'=)('.%+*#/+#4.*#'%1+0+*+*#%.#6)%)/.*#<#4)*#(.-'*'.%+*#/':+0'/)*#*.%#0+(.%.('/)*#(.-.#5%#)25*1+#)4#0+%/'-'+%1.#/+4#,0?*1)-.#0+4)('.%)/.#51'4'=)%/.#+4#-?1./.#/+#'%1+0?*#+:+(1'9.$

;.*#,0?*1)-.*#(.-,0)/.*#*+#0+6'*10)%#)4#(.*1.#/+#)/75'*'('&%$##;)#/':+0+%(')#+%10+#+4#9)4.0#,0'%(',)4#/+4#,0?*1)-.#<#+4#(.*1.#/+#)/75'*'('&%8#,0'-)*#<#/+*(5+%1.*8#*+#)-.01'=)#/50)%1+#4)#9'/)#/+4#,0?*1)-.#(.-.#5%#)25*1+#)#*5#0+%/'-'+%1.$##V./.*#4.*#.10.*#(.*1.*#'%(500'/.*#0+4)('.%)/.*#(.%#4)#)/75'*'('&%#/+#4.*#,0?*1)-.*#*+#0+6'*10)%#+%#6)*1.*#(5)%/.#*+#'%(500+%$

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

;.*#,0?*1)-.*#*+#(.4.()%#+%#+*1)/.#/+#%.Z)(5-54)('&%#/+#'%1+0+*+*#(5)%/.#(5)475'+0#,)6.#/+#,0'%(',)4#.#'%1+0?*#1+%6)#->*#/+#YU#/F)*#/+#)10)*.8#.#)%1+*#*'# 4)#[/-'%'*10)('&%#/+4#E)%(.#(.%*'/+0)#75+#+\'*1+# '%(+01'/5-30+#*.30+#+4# (.30.#:'%)4#/+#,0'%(',)4#.#'%1+0?*$##]5)475'+0#'%1+0?*#,.0#(.30)0#)(5-54)/.#*.30+#,0?*1)-.*#+%#+*1)/.#/+#%.Z)(5-54)('&%#+*#0+9+0*)/.#<#()06)/.#(.%10)# 4)#51'4'/)/#/+4#)^.#(.00'+%1+$# #;.*# '%1+0+*+*#*.30+#+*1.*#,0?*1)-.*#*.4)-+%1+#*+# 0+6'*10)%#(.-.#6)%)/.*#(5)%/.#*+#(.30)%$##;.*#,0?*1)-.*#+%#+*1)/.#/+#%.Z)(5-54)('&%#0+60+*)%#)#*5#+*1)/.#/+#)(5-54)('&%#/+#'%1+0+*+*#(5)%/.#@TA#1)%1.#+4#(),'1)4#(.-.#4.*#'%1+0+*+*#+*1>%#(.00'+%1+*8#@_A#4.*#0+,)6.*#*+#+*1>%#/+*+-,+^)%/.#/+#)(5+0/.#)#4.*#1?0-'%.*#(.%10)(15)4+*#/+4#,0?*1)-.8#,.0#5%#,+0F./.#'%'%1+005-,'/.#/+#1'+-,.#%.#-+%.0#)#*+'*#-+*+*#<#@XA#*'#4)#[/-'%'*10)('&%#/+4#E)%(.#(.%*'/+0)#75+#+4#,0?*1)-.#+*#(.-,4+1)-+%1+#(.30)34+$

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

;)*#0+*+09)*#,)0)#,0?*1)-.*#/+1+0'.0)/.*#*.%#/+1+0-'%)/)*#(.%*'/+0)%/.#1./)*#4)*#+9'/+%(')*#/'*,.%'34+*8#'%(45<+%/.#+4#9)4.0#,0+*+%1+#/+# 4.*# :452.*#/+#()2)#+*,+0)/.*#/+*(.%1)/.*#)# 4)# 1)*)#(.%10)(15)4#.0'6'%)4#/+4#,0?*1)-.#<W.#+4#9)4.0#0)=.%)34+#/+4#(.4)1+0)48#*'#),4'()$##C%#+4#()*.#/+#75+#4)#0+(5,+0)('&%#/+4#,0?*1)-.#/+,+%/)#/+#4)#9+%1)#/+4#(.4)1+0)48#4.*#(.*1.*#/+#9+%1)#*.%#(.%*'/+0)/.*#+%#+4#(>4(54.#/+#*5#9)4.0#0)=.%)34+$

C4#E)%(.#-)%1'+%+#5%#*'*1+-)#/+#'%/'()/.0+*#/+#()4'/)/#/+#(0?/'1.#'%1+0%.$##C*1.*#'%/'()/.0+*#*.%#)*'6%)/.*#/+,+%/'+%/.#/+#9)0'.*#:)(1.0+*#+%10+#4.*#75+#*+#/+*1)()%M#4)#0+%1)3'4'/)/8#()4'/)/#/+#)(1'9.*8#4'75'/+=#<#:452.*#/+#+:+(1'9.8#(),'1)4'=)('&%#

Page 48: Bladex Reporte Anual 2011

!"

#$%&'%(')*+%&,-.$%&,-/&-$%0-&1*+0-$#$2-3+0+-&)*+%&,-.$*)/0-$/%4(5),-/+-$#6-$+&'(3,/+).$%30%&)/+-3$'%$3%&3+7+5+8)0+1&$#$5)$0)5+')'$'%$5)$)'*+&+3,/)0+1&$#$)00+-&+3,)3$'%5$'%('-/9$$:&)$'%30/+20+1&$'%$%3,-3$+&'+0)'-/%3$3%$2/%3%&,)$)$0-&,+&()0+1&;

<&'+0)'-/ =5)3+>+0)0+1& ?%30/+20+1&

@$)$A$ B-/*)5 =5+%&,%3$C(%$0(%&,)&$0-&$0)2)0+')'$'%$2)4-$2)/)$)>/-&,)/$3(3$0-*2/-*+3-3$>+&)&0+%/-39

D E%&0+1&$%32%0+)5 =5+%&,%3$ %F2(%3,-3$ )$ /+%34-3$ 3+3,G*+0-3$ 2/-2+-3$ '%5$ 2)H3$ -$ '%$ 5)$ +&'(3,/+)$ %&$ 5)3$ 0()5%3$ 3%$(7+0)&.$C(%$%&>/%&,)&$3+,()0+-&%3$)'I%/3)3$%&$3($-2%/),+I+')'$-$%&$3($3+,()0+1&$>+&)&0+%/)9$J$%3,%$&+I%5.$%5$)00%3-$)$&(%I-3$>+&)&0+)*+%&,-3$%3$+&0+%/,-9

"$$ K(7&-/*)5 =5+%&,%3$0(#)$>(%&,%$2/+*)/+)$'%$2)4-$L>5(M-$'%$0)M)$-2%/),+I-N$%3$+&)'%0()')$#$C(%$*(%3,/)&$%I+'%&0+)$'%5$'%3*%M-/)*+%&,-$%&$3($0)2+,)5$'%$,/)7)M-$C(%$&-$5%3$2%/*+,%$3),+3>)0%/$%5$2)4-$%&$5-3$,G/*+&-3$2)0,)'-3.$2-&+%&'-$%&$2%5+4/-$5)$/%0(2%/)0+1&$'%$5-3$3)5'-3$)'%(')'-39

O$ ?('-3- =5+%&,%3$0(#-$>5(M-$'%$0)M)$-2%/),+I-$*(%3,/)$%&$>-/*)$0-&,+&()$+&3(>+0+%&0+)$2)/)$0(7/+/$%5$2)4-$'%5$3%/I+0+-$'%$5)$'%(')$%&$5-3$,G/*+&-3$-/+4+&)5*%&,%$2)0,)'-39$?)'-$C(%$%5$'%('-/$2/%3%&,)$(&)$3+,()0+1&$>+&)&0+%/)$#$%0-&1*+0)$*(#$'%,%/+-/)').$5)$2/-7)7+5+')'$'%$/%0(2%/)0+1&$%3$7)M)9

@P$ <//%0(2%/)75% =5+%&,%3$C(%$2/%3%&,)&$(&$>5(M-$'%$0)M)$-2%/),+I-$C(%$&-$0(7/%$3(3$0-3,-3.$3%$%&0(%&,/)&$%&$3(32%&3+1&$'%$2)4-3Q$3%$2/%3(*%$C(%$,)*7+G&$,%&'/R&$'+>+0(5,)'%3$2)/)$0(*25+/$%I%&,()5%3$)0(%/'-3$ '%$ /%%3,/(0,(/)0+1&Q$ 3%$ %&0(%&,/)&$ %&$ %3,)'-$ '%$ +&3-5I%&0+).$ -$ S)&$ 3-5+0+,)'-$ 3($2/-2+)$C(+%7/).$%&,/%$-,/-39

=-&$%5$2/-213+,-$'%$*)&,%&%/$(&$*-&+,-/%-$2%/+1'+0-$'%$5)$0)5+')'$'%5$2-/,)>-5+-.$5-3$2/G3,)*-3$0-&$+&'+0)'-/%3$%&,/%$@$#$!$3-&$/%I+3)'-3$)&()5*%&,%.$5-3$'%$0),%4-/H)3$T$#$A$3%*%3,/)5*%&,%.$#$)C(%55-3$0-&$(&$+&'+0)'-/$*)#-/$3-&$/%I+3)'-3$,/+*%3,/)5*%&,%9

U)$0)/,%/)$'%$2/G3,)*-3$'%5$V)&0-$3%$/%3(*%$%&$5-3$3+4(+%&,%3$3%4*%&,-3;$0-/2-/)0+-&%3.$3-7%/)&-3.$%*2/%3)3$*%'+)&)3$#$7)&0)$%$+&3,+,(0+-&%3$>+&)&0+%/)39$$U)$'+3,+&0+1&$%&,/%$0-/2-/)0+-&%3$#$%*2/%3)3$*%'+)&)3$'%2%&'%$'%5$&+I%5$'%$I%&,)3$)&()5%3$'%5$05+%&,%$%&$/%5)0+1&$)5$2)H3$'%$/+%34-.$%&,/%$-,/-3$0/+,%/+-39$$WF0%2,-$2-/$%5$3%4*%&,-$'%$3-7%/)&-3.$5-3$3%4*%&,-3$3%$'%345-3)&$%&$%3,),)5%3$#$2/+I)'-39

U)$2-5H,+0)$'%$2/G3,)*-3$'%5$V)&0-$%3$)25+0)75%$)$,-')3$5)3$05)3%3$'%$2/G3,)*-39

!"# $%&!'()%)!*+&#,)#&*-+./'#(+!&!*+)%/'

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

/"# 0)')%.&#1&%&#12%,+,&'#*%),+-+*+&'

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

W3,)$/%3%/I)$2)/)$2/-7)75%3$2G/'+')3$0/%'+,+0+)3$+&05(#%$(&$0-*2-&%&,%$)3+4&)'-$)$)0,+I-3$%32%0H>+0-3$#$(&$0-*2-&%&,%$7)3)'-$%&$(&)$>1/*(5)9$$W5$0-*2-&%&,%$7)3)'-$%&$%5$)0,+I-$%32%0H>+0-$3%$/%>+%/%$)$5)$2/-I+3+1&$2)/)$2G/'+')3$%&$0/G'+,-3$0-&3+'%/)'-3$'%,%/+-/)'-3$#$%I)5()'-3$3-7/%$5)$7)3%$'%$0)3-$2-/$0)3-9$$:&)$/%3%/I)$%32%0H>+0)$%3$%3,)75%0+')$0()&'-$5-3$>5(M-3$'%$0)M)$'%30-&,)'-3$L-$%5$I)5-/$'%$*%/0)'-$-73%/I)75%$'%5$0-5),%/)5N$'%5$0/G'+,-$3-&$*%&-/%3$)5$I)5-/$%&$5+7/-3$'%$%3,%$0/G'+,-9$$W5$0-*2-&%&,%$7)3)'-$%&$>1/*(5)$0(7/%$5)$0)/,%/)$0/%'+,+0+)$&-/*)5$'%5$V)&0-$#$3%$%3,)75%0%$0-&$7)3%$)$(&$

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

[%3%/I)3$\$ LW$F$]<$F$]?<NQ$%&$'-&'%;

$^ WF2-3+0+1&$LWN$\$3)5'-$0-&,)75%$,-,)5$L'%&,/-$#$>(%/)$'%$7)5)&0%$4%&%/)5N$)5$>+&)5$'%5$2%/H-'-$7)M-$/%I+3+1&9

$^ ]/-7)7+5+')'$ '%$ +&0(*25+*+%&,-$ L]<N$ \$ 5)$ 2/-7)7+5+')'$ '%$ +&0(*25+*+%&,-$ '%$ (&$ )Z-$ )25+0)')$ )5$ 2-/,)>-5+-9$ U-3$2-/0%&,)M%3$'%$+&0(*25+*+%&,-$3%$7)3)&$%&$%5$/%&'+*+%&,-$S+3,1/+0-$'%$5)$0)/,%/)$'%$V5)'%F$2-/$0),%4-/H)$'%$0)5+>+0)0+1&.$0-*25%*%&,)'-$0-&$5)3$2/-7)7+5+')'%3$'%$+&0(*25+*+%&,-$'%$K,)&')/'$_$]--/`3$LaK_]bN$2)/)$5)3$0),%4-/H)3$A.$D$#$".$%&$I+3,)$'%$5)$*)#-/$3-5+'%8$'%$5-3$'),-3$'%$K_]$2)/)$%3-3$0)3-39

$^ ]G/'+')$'%$+&0(*25+*+%&,-$L]?<N$\$3%$(,+5+8)$(&$>)0,-/$7)3)'-$%&$+&>-/*)0+1&$S+3,1/+0).$)3H$0-*-$%&$7)3%$)$5)3$*%M-/%3$2/R0,+0)3$%&$5)$+&'(3,/+)$7)&0)/+)9$$U)$)'*+&+3,/)0+1&$)25+0)$M(+0+-$#$%F2%/+%&0+)$'%$2G/'+')3$S+3,1/+0)39

U)$J'*+&+3,/)0+1&$,)*7+G&$2(%'%$)25+0)/$(&$M(+0+-$0-*25%*%&,)/+-$2)/)$0)2,(/)/$%5%*%&,-3$'%$0)/R0,%/$2/-32%0,+I-$-$%F2%0,),+I)3$'%$2G/'+')$%&$7)3%$)$/+%34-3$+'%&,+>+0)'-3$%&$%5$%&,-/&-.$C(%$&-$&%0%3)/+)*%&,%$%3,R&$/%2/%3%&,)'-3$%&$5-3$'),-3$S+3,1/+0-39

U)$2-5H,+0)$'%$/%3%/I)$%3$)25+0)75%$)$,-')3$5)3$05)3%3$'%$2/G3,)*-3$%$+&3,/(*%&,-3$>+&)&0+%/-3$0-&$/+%34-3$'%$0/G'+,-3$0-&,+&4%&,%3$/%4+3,/)'-3$>(%/)$'%5$7)5)&0%$4%&%/)5$0-&3-5+')'-$'%5$V)&0-9

1"# 3&4/%#%&5/!&64)#,)#7&%&!-8&'#+!*49:)!,/#/-%&'#,)9,&'#+!,+%)*-&'

W5$V)&0-$/%0-&-0%$)5$+&+0+-$(&$2)3+I-$2-/$%5$I)5-/$/)8-&)75%$'%$5)3$-75+4)0+-&%3$)0%2,)')3$,)5%3$0-*-;$0)/,)3$'%$0/G'+,-$a3,)&'^7#b$#$4)/)&,H)39$$W5$I)5-/$/)8-&)75%$%3$0)50(5)'-$7)3)'-$%&$%5$I)5-/$2/%3%&,%$'%$5)3$2/+*)3$)$/%0+7+/$-$%&$%5$*-&,-$%32%0H>+0-$'%$/%3%/I)3$2)/)$2G/'+')3$%&$0/G'+,-3$0-&,+&4%&,%3.$0()5C(+%/)$C(%$3%)$%5$*-&,-$*)#-/$'%$5-3$'-39

;"# </!/%&%+/'#:#*/=+'+/!)'

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

%"# >%/1+),&,)'#:#);9+1/

U)3$2/-2+%')'%3.$*%M-/)3$#$%C(+2-.$+&05(#%&'-$%5$%C(+2-$'%$0-*2(,)0+1&.$3%$/%4+3,/)&$)5$0-3,-.$&%,-$'%$5)$'%2/%0+)0+1&$#$ )*-/,+8)0+1&$ )0(*(5)')3.$ 0-&$ %F0%20+1&$ '%5$ ,%//%&-$ C(%$ 3%$ /%4+3,/)$ )5$ 0-3,-$ '%$ )'C(+3+0+1&9$ $ U)$ '%2/%0+)0+1&$ #$)*-/,+8)0+1&$3%$0)/4)&$)$5-3$/%3(5,)'-3$'(/)&,%$5)$I+')$c,+5$%3,+*)')$'%$5-3$)0,+I-3$/%5)0+-&)'-3$(,+5+8)&'-$%5$*G,-'-$'%$5H&%)$/%0,)9$$W5$,+%*2-$'%$I+')$c,+5$%3,+*)'-$%3$'%$!P$)Z-3$2)/)$%5$%'+>+0+-$#$'%$Y$)$T$)Z-3$2)/)$%5$*-7+5+)/+-$#$%C(+2-9

W5$V)&0-$'+>+%/%$5-3$0-3,-3$'%$2/-4/)*)3$'%$0-*2(,)0+1&$2)/)$(3-$+&,%/&-$'%$)0(%/'-$0-&$%5$d12+0-$'%5$JK=$YTP^!P$^$<&,)&4+75%3$^$]5(3I)5H)$#$e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c,+5$%3,+*)').$C(%$4%&%/)5*%&,%$%3$'%$T$)Z-39

'"# ?64+7&*+/!)'#:#,)9,&

U)3$-75+4)0+-&%3$#$'%(')$)$0-/,-$#$5)/4-$25)8-$3-&$0-&,)7+5+8)')3$)$0-3,-$)*-/,+8)'-9

Page 49: Bladex Reporte Anual 2011

!"

!"# $%&%'()&#*%#+),-!).

#$%&'(%(')$%&*(&+$,-.$/&%01&(%.$2/(+-*$%&+030&41$&%42*-)-%-51&*(&/$%&4.-/-*$*(%&'(.(1-*$%&6&%01&+01%-*('$*$%&+030&41$&

70'3$&*(&4.-/-*$*(%&'(.(1-*$%8&9:1&+4$1*0&/$&+'($+-51&*(&/$%&'(%(')$%&*(&+$,-.$/&10&(%&'(;4('-*$&,0'&/$&<=>?&%4&'(*4++-51&

1(+(%-.$&/$&$,'02$+-51&*(&/$&@41.$&A-'(+.-)$&*(/&=$1+0&6&*(&/$&<=>8

/"# 0.)1%&#*%#+23,%1&)+-41#%1#)++-21%&#5#2,+-21%&#*%#+23,')#*%#)++-21%&

B/&=$1+0&$,/-+$&(/&C5,-+0&*(/&9<D&EFG& H&D03,(1%$+-51& H&>$I0%&=$%$*0%&(1&9++-01(%&,$'$&+01.$2-/-J$'& /0%&+0%.0%&*(&

+03,(1%$+-51&%02'(&,/$1(%&*(&$++-01(%&'(%.'-1I-*$%&6&*(&0,+-01(%&*(&$++-01(%8&&B/&+0%.0&*(&+03,(1%$+-51&(%.K&2$%$*0&

(1&(/&)$/0'&'$J01$2/(&.$1.0&*(&/$%&$++-01(%&+030&*(&/$%&0,+-01(%&(1&/$&7(+L$&*(/&0.0'I$3-(1.0&6&(%&'(+010+-*0&(1.'(&/$&

7(+L$&*(&0.0'I$3-(1.0&6&(/&,('M0*0&*(&%(')-+-0&'(;4('-*0&$/&+0/$20'$*0'8&&B/&)$/0'&'$J01$2/(&*(&+$*$&0,+-51&0.0'I$*$&(%&

(%.-3$*0&(1&%4&7(+L$&*(&0.0'I$3-(1.0?&4.-/-J$1*0&(/&30*(/0&*(&,'(+-0&*(&0,+-01(%&=/$+NH<+L0/(%8&&>$'$&/0%&$O0%&PQFQ&6&

PQQ"?&(/&,('M0*0&(%,('$*0&*(&/$%&0,+-01(%&74(&+$/+4/$*0&4.-/-J$1*0&(/&3R.0*0&%-3,/-7-+$*0&*(/&,'03(*-0&,01*('$*0&*(2-*0&

$&;4(&(/&=$1+0&$:1&10&+01.$2$&+01&%47-+-(1.(%&*$.0%&L-%.5'-+0%&*(&(S('+-+-0%&,$'$&,'0,0'+-01$'&41$&2$%(&'$J01$2/(&,$'$&

(%.-3$'&(/&,('M0*0&(%,('$*08

B1&(/&303(1.0&*(/&(S('+-+-0&*(&/$%&0,+-01(%&6&$++-01(%?&(/&=$1+0&.-(1(&/$&,0/M.-+$&*(&(1.'(I$'&$++-01(%&*(/&-1)(1.$'-0&*(&

$++-01(%&(1&.(%0'('M$8

("# $%6-&!'2#*%#-1&!'/3%1!2&#7-1)1+-%'2&#*%'-()*2&#5#)+!-(-*)*%&#*%#+28%'!/')

B/&=$1+0&L$+(&4%0&*(&-1%.'43(1.0%&7-1$1+-('0%&*('-)$*0%&,$'$&$*3-1-%.'$'&/0%&'-(%I0%&*(&.$%$%&*(&-1.('R%&6&*(&+$32-0&*(&

*-)-%$%8&&D01.'$.0%&*(&+$1S(&*(&.$%$&*(&-1.('R%&6&+$1S(&*(&.$%$%&(1&*-)-%$%&+'4J$*$%&L$1&%-*0&4.-/-J$*0%&,$'$&$*3-1-%.'$'&

/0%&'-(%I0%&*(&.$%$%&*(&-1.('R%&6&*(&+$32-0&*(&*-)-%$%&$%0+-$*0%&+01&-1)('%-01(%&6&02/-I$+-01(%&$&.$%$&*(&-1.('R%&7-S$?&

6&,'R%.$30%&6&02/-I$+-01(%&(1&301(*$&(T.'$1S('$8& &B%.0%&+01.'$.0%&,4(*(1&%('&+/$%-7-+$*0%&+030&+02('.4'$%&*(&)$/0'&

'$J01$2/(&6&+02('.4'$%&*(&7/4S0%&*(&(7(+.-)08&9*-+-01$/3(1.(?&+01.'$.0%&$&,/$J0&*(&+$1S(&*(&*-)-%$%&%01&4.-/-J$*0%&,$'$&

+42'-'&(T,0%-+-01(%&*(&+$32-0%&(1&301(*$&(T.'$1S('$&(1&%42%-*-$'-$%&+46$&301(*$&741+-01$/&10&(%&(/&U<&*5/$'8&&B%.0%&

+01.'$.0%&%01&+/$%-7-+$*0%&+030&+02('.4'$%&*(&-1)('%-51&1(.$8

B/&'(I-%.'0&*(&/0%&+$32-0%&(1&/0%&)$/0'(%&*(&/0%&*('-)$*0%&*(,(1*(&*(&%-&/0%&+01.'$.0%&L$1&%-*0&*(%-I1$*0%&,$'$&,'0,5%-.0%&

*(&1(I0+-$+-51&0&%-&L$1&%-*0&*(%-I1$*0%&6&+$/-7-+$1&,$'$&,'0,5%-.0%&*(&+01.$2-/-*$*&*(&+02('.4'$8

#0%&*('-)$*0%&3$1.(1-*0%&,$'$&,'0,5%-.0%&*(&1(I0+-$+-51& -1+/46(1& +01.'$.0%&*(& +$1S(&*(& .$%$%&*(& -1.('R%?& +01.'$.0%&

*(&+$1S(&*(&.$%$%&(1&*-)-%$%&+'4J$*$%?&+01.'$.0%&$&,/$J0&*(&+$1S(&*(&*-)-%$%&6&+01.'$.0%&*(&74.4'0%&;4(&%01&4.-/-J$*0%&

,$'$&/$&$*3-1-%.'$+-51&*(&'-(%I0%&;4(&10&+$/-7-+$1&,$'$&+01.$2-/-*$*&*(&+02('.4'$8&&B/&)$/0'&'$J01$2/(&*(&/0%&*('-)$*0%&

*(&1(I0+-$+-51&(%&'(,0'.$*0&+030&$+.-)0%&,$'$&1(I0+-$'&0&,$%-)0%&,$'$&1(I0+-$'?&%(I:1&$,/-;4(8&&#0%&+$32-0%&(1&/$%&

I$1$1+-$%&0&,R'*-*$%&10&'($/-J$*$%&6& /0%& -1.('(%(%&*(&(%.0%& -1%.'43(1.0%&*(&1(I0+-$+-51&%01&-1+/4-*0%&(1&I$1$1+-$%&

V,R'*-*$%W&,0'&1(I0+-$+-51&*(&)$/0'(%8

#0%&*('-)$*0%&,$'$&,'0,5%-.0%&*(&+02('.4'$&-1+/46(1&,'-1+-,$/3(1.(&+01.'$.0%&$&74.4'0&*(&+$1S(&*(&*-)-%$%?&6&*(&+$1S(&*(&

.$%$%&*(&-1.('R%&(1&*5/$'(%&6&*(&+$1S(&*(&.$%$%&(1&*-)-%$%&+'4J$*$%8&&#0%&+01.'$.0%&*('-)$*0%&;4(&L$1&%-*0&*(%-I1$*0%&6&

+$/-7-+$1&,$'$&+01.$2-/-*$*&*(&+02('.4'$&%01&'(,0'.$*0%&(1&(/&2$/$1+(&I(1('$/&+030&-1%.'43(1.0%&7-1$1+-('0%&*('-)$*0%&

4.-/-J$*0%&,$'$&+02('.4'$&H&$+.-)0&6&,$%-)0?&%(I:1&+0''(%,01*$?&6&%(&$,/-+$&/$&+01.$2-/-*$*&*(&+02('.4'$8&&D01&(/&,'0,5%-.0&

*(&,0*('&+$/-7-+$'&,$'$&/$&$,/-+$+-51&*(&+01.$2-/-*$*&*(&+02('.4'$?&41&*('-)$*0&*(2(&%('&$/.$3(1.(&(7(+.-)0&(1&'(*4+-'&

(/&'-(%I0&$%0+-$*0&+01&/$&(T,0%-+-51&;4(&(%.K&%-(1*0&+42-('.$8&&D$*$&*('-)$*0&*(2(&%('&*(%-I1$*0&+030&41$&+02('.4'$&

*0+43(1.$1*0& (/& 02S(.-)0& 6& (%.'$.(I-$& *(& $*3-1-%.'$+-51& *(& '-(%I0?& -1+/46(1*0& /$& -*(1.-7-+$+-51& *(/& -1%.'43(1.0& *(&

+02('.4'$?& (/& $+.-)0& 0& ,$%-)0& +42-('.0& 6& /$& (T,0%-+-51& $/& '-(%I0?& $%M& +030& .$32-R1& /$&3$1('$& (1& ;4(& %('K& ()$/4$*$&

,'0%,(+.-)$&6&'(.'0%,(+.-)$3(1.(&/$&(7(+.-)-*$*&*(&/$&+02('.4'$8&&#$&3(*-*$&(1&;4(&(/&-1%.'43(1.0&*(&+02('.4'$&(%&(7(+.-)0&

(1&/0I'$'&(/&02S(.-)0&*(&+03,(1%$'&/0%&+$32-0%&(1&(/&)$/0'&'$J01$2/(&0&*(&7/4S0%&*(&(7(+.-)0&*(2(&%('&()$/4$*$&$/&3(10%&

.'-3(%.'$/3(1.(8& &D4$/;4-('& -1(7(+.-)-*$*&*(2(& %('& '(I-%.'$*$&(1& /0%& '(%4/.$*0%&*(/& ,('M0*08& & B/&=$1+0&*(%+01.-1:$& /$&

+01.$2-/-*$*&*(&+02('.4'$&(1&70'3$&,'0%,(+.-)$&(1&/$%&%-I4-(1.(%&%-.4$+-01(%X

F8& D4$1*0&%(&*(.('3-1$&;4(&(/&*('-)$*0&10&%('K&/0&%47-+-(1.(3(1.(&(7(+.-)0&(1&+42'-'&/0%&+$32-0%&(1&(/&)$/0'&0&7/4S0%&*(&

+$S$&*(/&$+.-)0&0&,$%-)0&+42-('.08

P8& B/&*('-)$*0&(T,-'$&0&(%&/-;4-*$*0?&.('3-1$*0&0&(S('+-*08

Y8& B/&=$1+0&*(.('3-1$&;4(&/$&*(%-I1$+-51&*(/&*('-)$*0&+030&41&-1%.'43(1.0&*(&+02('.4'$&6$&10&(%&$,'0,-$*08

B/&=$1+0&'(I-%.'$&.0*0%&/0%&-1%.'43(1.0%&7-1$1+-('0%&*('-)$*0%&$/&)$/0'&'$J01$2/(&(1&(/&2$/$1+(&I(1('$/&+01%0/-*$*08&&>$'$&

/0%&+01.'$.0%&;4(&+$/-7-+$1&+030&+02('.4'$&*(&)$/0'&'$J01$2/(?&.0*0%&/0%&+$32-0%&(1&(/&)$/0'&'$J01$2/(&*(/&-1%.'43(1.0&

7-1$1+-('0&*('-)$*0&6&(1&(/&)$/0'&'$J01$2/(&*(/&$+.-)0&0&,$%-)0&,0'&(/&'-(%I0&+42-('.0&%01&'(+010+-*0%&(1&/$%&4.-/-*$*(%8&&<-&

/$&'(/$+-51&*(&+02('.4'$&(%&7-1$/-J$*$?&(/&$S4%.(&,0'&(/&)$/0'&'$J01$2/(&*(/&$+.-)0&0&,$%-)0&+42-('.0&%(&+01.-1:$&,'(%(1.$1*0&

+030&,$'.(&*(&/$&2$%(&+01.$2/(&*(/&$+.-)0&0&,$%-)0&6&(%&$30'.-J$*0&(1&4.-/-*$*(%&+030&$S4%.(&$/&'(1*-3-(1.08&&>$'$&/0%&

;4(&+$/-7-+$1&+030&+02('.4'$&*(&7/4S0%&*(&(7(+.-)0&6&+02('.4'$%&*(&-1)('%-51&1(.$?&/$&,0'+-51&(7(+.-)$&*(/&+$32-0&(1&(/&

)$/0'&'$J01$2/(&*(/&*('-)$*0&(%&'(I-%.'$*$&(1&/$&+4(1.$&*(&ZU[&6&%(&'(+010+(&(1&(/&(%.$*0&*(&'(%4/.$*0%&+4$1*0&/0%&7/4S0%&

*(&+$S$&+42-('.0%&$7(+.$1&/$%&4.-/-*$*(%8&&#$&,0'+-51&-1(7(+.-)$&(%&'(+010+-*$&(1&(/&(%.$*0&+01%0/-*$*0&*(&'(%4/.$*0%&(1&

/$&+4(1.$&*(&$+.-)-*$*(%&*(&-1%.'43(1.0%&7-1$1+-('0%&*('-)$*0%&6&*(&+02('.4'$8&&<-&/$&'(/$+-51&*(&+02('.4'$&(%&7-1$/-J$*$?&

(/&$S4%.(&,0'&(/&+$32-0&(1&(/&)$/0'&'$J01$2/(&*(/& -1%.'43(1.0&7-1$1+-('0&*('-)$*0&'(I-%.'$*0&(1&ZU[&(%&'(+010+-*0&(1&

4.-/-*$*(%&+4$1*0&0+4''(&(/&7/4S0&*(&(7(+.-)0&;4(&L$&%-*0&+42-('.08

9"#:21(%'&-41#*%#321%*)#%;!')1<%')

#0%& $+.-)0%& 6& ,$%-)0%& *(& /$%& %42%-*-$'-$%& (T.'$1S('$%& +46$&301(*$& /0+$/& (%& +01%-*('$*$& /$&301(*$& 741+-01$/& *(& /$&

%42%-*-$'-$?&%01&+01)('.-*0%&$&/$&301(*$&*(&'(,0'.(?&U<&*5/$'(%?&4%$1*0&/$%&.$%$%&*(&+$32-0&)-I(1.(%&$/&7-1$/&*(/&,('M0*08&

B/& =$1+0&4.-/-J$& (/& ,'03(*-0&3(1%4$/& *(& /$%& .$%$%& *(& +$32-0& ,$'$& +01)('.-'& /0%& -1I'(%0%& 6& I$%.0%& (1&301(*$& /0+$/&

741+-01$/&$&/$&301(*$&*(&'(,0'.(8&&#0%&(7(+.0%&'(%4/.$1.(%&*(&(%.0%&$S4%.(%&*(&+01)('%-51&*(&301(*$&%01&'(,0'.$*0%&+030&

41&+03,01(1.(&*(&/$%&Z.'$%&4.-/-*$*(%&V,R'*-*$%W&-1.(I'$/(%&*(/&,$.'-301-0&*(&/0%&$++-01-%.$%8

C'$1%$++-01(%&+460%& .R'3-10%&%01&*(103-1$*0%&(1&0.'$&301(*$&;4(& /$&301(*$& 741+-01$/?& -1+/46(1*0& .'$1%$++-01(%&

*(103-1$*$%&(1&/$&301(*$&/0+$/&*(&(1.-*$*(%&(T.'$1S('$%&+46$&301(*$&741+-01$/&(%&(/&U<&*5/$'?&%01&'(I-%.'$*$%&$&/$&.$%$&

*(&+$32-0&;4(&'-I(&$&/$&7(+L$&*(&/$&.'$1%$++-518&&#0%&$+.-)0%&6&,$%-)0%&(1&301(*$&(T.'$1S('$&%01&+01)('.-*0%&$&U<&*5/$'(%&

$/&.-,0&*(&+$32-0&)-I(1.(&$/&7-1$/&*(/&,('M0*08&&#0%&(7(+.0%&*(&+01)('.-'&/0%&$+.-)0%&6&,$%-)0%&301(.$'-0%&$&U<&*5/$'(%&%01&

-1+/4-*0%&(1&/0%&'(%4/.$*0%&*(/&$O0?&(1&/$&/M1($&*(&\$1$1+-$&(1&+$32-0&*(&301(*$&(T.'$1S('$8

;"# =3,/%&!2#&28'%#.)#'%1!)

=/$*(T& D$%$&]$.'-J& (%.K& (T(1.0& *(/& ,$I0& *(& -3,4(%.0& %02'(& /$& '(1.$& (1& >$1$3K& (1& )-'.4*& *(/& +01.'$.0& (1.'(& /$&

^(,:2/-+$&*(&>$1$3K&6&=/$*(T8

B/&_((*('?&(/&_01*0?&6&=#`&='$J-/&#.*8&10&(%.K1&%4S(.0%&$/&,$I0&*(&-3,4(%.0&%02'(&/$&'(1.$&*(&$+4('*0&+01&/$%&/(6(%&*(&/$%&

[%/$%&D$-3K18&&B%.$%&+03,$OM$%&'(+-2-('01&41$&(T(1+-51&*(&,$I0&*(&-3,4(%.0&%02'(&I$1$1+-$%&74.4'$%&+01&)(1+-3-(1.0&

(/&E&*(&3$'J0&*(&PQPa&,$'$&(/&_((*('&6&(/&_01*0?&6&(/&PY&*(&10)-(32'(&*(&PQYQ&,$'$&=#`&='$J-/&#.*8

=/$*(T&^(,'(%(1.$+$0&#.*$8?&=/$*(T&[1)(%.-3(1.0%&#.*$8?&6&=/$*(T&9%%(.&]$1$I(3(1.&='$J-/&H&\(%.0'$&*(&^(+4'%0%&#.*$8?&

(%.K1&%4S(.0%&$/&,$I0&*(&-3,4(%.0%&(1&='$%-/8&

#$&9I(1+-$&(1&b4()$&c0'N&6&/$%&%42%-*-$'-$%&*(&=/$*(T&-1+0',0'$*$%&(1&/0%&BU9?&(%.K1&%4S(.$%&$/&,$I0&*(&-3,4(%.0&

7(*('$/&6&/0+$/&(1&/0%&BU9?&%02'(&/$&,0'+-51&*(&-1I'(%0%&;4(&(%.K&(7(+.-)$3(1.(&'(/$+-01$*$&+01&%4%&0,('$+-01(%&(1&

(%(&,$M%8

d$%.$&/$&7(+L$?&/$%&+-7'$%&*(&-3,4(%.0&%02'(&/$&'(1.$&10&L$1&%-*0&%-I1-7-+$.-)$%8

5"# =1!%'>&#'%*-3-8.%#12#+21!'2.)*2

B/& C5,-+0& *(/& 9<D& GFQ& H& D01%0/-*$+-51& '(;4-('(& ;4(& 41& -1.('R%& 10& +01.'0/$*0?& $1.('-0'3(1.(& '(7('-*0& +030& -1.('R%&

3-10'-.$'-0?&(1&41$&%42%-*-$'-$&+01%0/-*$*$&%($&,'(%(1.$*0&+030&41&+03,01(1.(&%(,$'$*0&*(/&,$.'-301-0&6&(/&301.0&*(&

/$&4.-/-*$*&1(.$&+01%0/-*$*$&(%,(+M7-+$3(1.(&$.'-24-2/(&$/&-1.('R%&10&+01.'0/$*0&%($&,'(%(1.$*0&,0'&%(,$'$*0?&*(2$S0&*(&

/$&4.-/-*$*&1(.$&(1&(/&(%.$*0&+01%0/-*$*0&*(&'(%4/.$*0%8&&

9*(3K%?&*(&$+4('*0&+01&(/&C5,-+0&*(/&9<D&!GQHFQH<""?&/0%&)$/0'(%&*(&,$.'-301-0&;4(&%01&'(*-3-2/(%&$&0,+-51&*(/&.-.4/$'&

6&10&:1-+$3(1.(&*(1.'0&*(/&+01.'0/&*(/&(3-%0'&*(2(1&+/$%-7-+$'%(&74('$&*(/&,$.'-301-08&&#0%&.R'3-10%&*(&/$%&-1)('%-01(%&

*(&.('+('0%&(1& /0%&701*0%&+01%0/-*$*0%&+01.-(1(1&41$&+/K4%4/$&*(&'(*(1+-51&;4(&,('3-.(&$& /0%& .-.4/$'(%& /$&0,+-51&*(&

'(*-3-'&%4%&-1)('%-01(%&$&)$/0'&'$J01$2/(8&&B1&+01%(+4(1+-$?&(/&=$1+0&,'(%(1.$&(/&-1.('R%&10&+01.'0/$*0&(1.'(&(/&,$%-)0&6&

,$.'-301-0&*(&/0%&$++-01-%.$%&(1&/0%&2$/$1+(%&I(1('$/(%&+01%0/-*$*0%8&

#0%&$+.-)0%&1(.0%&*(/&_((*('&6&*(/&_01*0&*(&='$%-/&%01&3(*-*0%&6&,'(%(1.$*0%&$&)$/0'&'$J01$2/(?&*$*$&/$&1$.4'$/(J$&*(&%4%&

$+.-)0%&1(.0%&V(%&*(+-'?&'(,'(%(1.$*0&,'-1+-,$/3(1.(&,0'&(7(+.-)0&(&-1)('%-01(%&(1&)$/0'(%W8&&>0'&/0&.$1.0?&$/&+$/+4/$'&(/&)$/0'&

'$J01$2/(&*(&/0%&-1.('(%(%&10&+01.'0/$*0%&'(*-3-*0%&(1&)-'.4*&*(/&C5,-+0&*(/&9<D&GFQ?&*-+L0&301.0&6$&L$&%-*0&'(I-%.'$*0&

$&%4&)$/0'&'$J01$2/(&6&10&%(&'(;4-('(1&3K%&$S4%.(%&(1&)-'.4*&*(/&C5,-+0&*(/&9<D&!GQHFQH<""8&

?"# @!-.-*)*#,2'#)++-41

#$&4.-/-*$*&2K%-+$&,0'& $++-51& %(& +$/+4/$&*-)-*-(1*0& /$&4.-/-*$*&1(.$&$.'-24-2/(& $&=/$*(T& V143('$*0'W& (1.'(& (/& 1:3('0&

,'03(*-0&,01*('$*0&*(&$++-01(%&+0341(%&(1&+-'+4/$+-51&V*(103-1$*0'W&*4'$1.(&(/&$O08&#$&4.-/-*$*&,0'&$++-51&*-/4-*$&

3-*(&(/&*(%(3,(O0&+01%-*('$1*0&(/&(7(+.0&;4(&/$%&&$++-01(%&+0341(%&,0.(1+-$/(%?&.$/(%&+030&/$%&0,+-01(%&*(&$++-01(%&6&

41-*$*(%&*(&$++-01(%&'(%.'-1I-*$%&)-I(1.(%&*4'$1.(&(/&3-%30&,('M0*0?&.(1*'M$1&%02'(&/$&4.-/-*$*&1(.$&,0'&$++-518&&B/&+K/+4/0&

*(&/$&4.-/-*$*&,0'&$++-51&*-/4-*$&(%&%-3-/$'&$/&+K/+4/0&*(&/$&4.-/-*$*&2K%-+$&,0'&$++-51?&(T+(,.0&,0'&(/&*(103-1$*0'?&(/&+4$/&

(%&$43(1.$*0&,$'$&-1+/4-'&(/&1:3('0&*(&$++-01(%&+0341(%&$*-+-01$/(%&;4(&%(&.(1*'M$1&;4(&(3-.-'&%-&/0%&2(1(7-+-$'-0%&*(&

/$%&0,+-01(%&*(&+03,'$&*(&$++-01(%&6&*(&0.'0%&,/$1(%&*(&$++-01(%&,4*-(%(1&(S('+('&%4%&0,+-01(%8&&B/&1:3('0&*(&$++-01(%&

+0341(%&$*-+-01$/(%&;4(&%(&(3-.-'M$1&%(&*(.('3-1$&4.-/-J$1*0&(/&3R.0*0&*(&$++-01(%&(1&.(%0'('M$8

))"# A2'3)&#+21!)8.%&#'%+-%1!%3%1!%#,'23/.6)*)&

9& /$& 7(+L$& *(/& 2$/$1+(& I(1('$/& +01%0/-*$*0?& /$%& %-I4-(1.(%& 14()$%& 10'3$%?& 30*-7-+$+-01(%?& -1.(','(.$+-01(%?& 6&

$+.4$/-J$+-01(%&$&10'3$%&Ve9<Uf?&,0'&%4%&%-I/$%&(1&-1I/R%W?&,'034/I$*$%&*4'$1.(&PQFF&6&$,/-+$2/(%&$/&=$1+0?&10&(%.K1&

)-I(1.(%8&&B%.$%&10'3$%&(%.$2/(+(1&/0&%-I4-(1.(X&

Page 50: Bladex Reporte Anual 2011

!"

#$%&'"(()"*&)&+,-./01,1.23-/&4&$1,53236/&7+89326&:;"<

=>&6?@1A356&9,3.239->&B1&1/A-&-2AC->3D-238.&1/&E1@6,-,&>-&26.A-?3>3B-B&B1&-2C1,B6/&B1&,126E9,-F&&G-/&E6B3032-236.1/&B1&1/A-&-2AC->3D-238.&,1EC151.&B1&>6/&,1HC3/3A6/&9-,-&E-.A1.1,&26.A,6>&1012A356&/6?,1&>6/&-2A356/&03.-.231,6/&A,-./01,3B6/I&1>&

&&F-,9E621,&1B&/6B,1C2-&/6>&.1&/6B-B,62-&/6.3E,JA&/6>&.1&/6,132.-.30&/653A2-&/6>&,3E3B1,&6&,-,9E621,&1B&B-B3>3?-K&->&,1.1AL6./12C1.A1E1.A1I& /1& 1>3E3.-& 1>& ,1HC3/3A6& B1& B1E6/A,-,& HC1& >-& 9-,A1& HC1& A,-./031,1& 96/11& /C03231.A1& 26>-A1,->& 9-,-&,11E9>-D-,&>6/&-2A356/&A,-./01,3B6/&1.&2-/6&B1&HC31?,-&B1&>-&26.A,-9-,A1F

=/A-&-2AC->3D-238.&1/&1012A35-&9-,-&>6/&1/A-B6/&03.-.231,6/&3.A1,3.6/&4&-.C->1/&HC1&26E31.21.&1.&6&B1/9CJ/&B1>&(!&B1&B3231E?,1&B1&'"((F&&$C&-B69238.&-.A3239-B-&1/AM&9,6K3?3B-F&&=>&N-.26&1/AM&15->C-.B6&1>&96/3?>1&3E9-2A6&B1&-9>32-,&1/A-&-2AC->3D-238.&1.&>6/&1/A-B6/&03.-.231,6/&26./6>3B-B6/F

#$%&'"(()"O&)&P1B3238.&B1&Q->6,&R-D6.-?>1&7+89326&:'"<

=>& 6?@1A356& B1& 1/A-& -2AC->3D-238.& 1/&E1@6,-,& >-& 26E9-,-?3>3B-B& B1& >-/&E1B3236.1/& B1& 5->6,& ,-D6.-?>1& 9,1/1.A-B-/& 4&B35C>S-B-/&1.&>6/&1/A-B6/&03.-.231,6/&9,19-,-B6/&B1&-2C1,B6&26.&%F$F&T##U&4&V6,E-/&W.A1,.-236.->1/&B1&W.06,E-238.&X3.-.231,-&7VWWX<F&&G-/&1.E31.B-/&1.&1/A-&-2AC->3D-238.&1Y9>32-.&28E6&E1B3,&1>&5->6,&,-D6.-?>1&4&28E6&,151>-,&3.06,E-238.&,1>-236.-B-F

=/A-&-2AC->3D-238.&1/&1012A35-&9-,-&>6/&91,Z6B6/&3.A1,3.6/&4&-.C->1/&HC1&26E31.21.&1.&6&B1/9CJ/&B1>&(!&B1&B3231E?,1&B1&'"((&4&B1?1&/1,&-9>32-B-&9,6/912A35-E1.A1F&&$C&-9>32-238.&-.A3239-B-&.6&1/AM&91,E3A3B-F&&=>&N-.26&1/AM&15->C-.B6&1>&96/3?>1&3E9-2A6&B1&-9>32-,&1/A-&-2AC->3D-238.&1.&>6/&1/A-B6/&03.-.231,6/&26./6>3B-B6/F

#$%&'"(()"!&)&%A3>3B-B1/&W.A1S,->1/&7+89326&''"<

=>& 6?@1A356& B1& 1/A-& -2AC->3D-238.& 1/& 3.2,1E1.A-,& >-& 3E96,A-.23-& B1& >6/& ,C?,6/& B1& 6A,-/& CA3>3B-B1/& 3.A1S,->1/F& =/A-&-2AC->3D-238.&?,3.B-&B6/&69236.1/&9-,-&,196,A-,&>-/&CA3>3B-B1/&3.A1S,->1/I&1.&B6.B1&/1&B1?1&1>1S3,&C.-&B1&1>>-/&4&-9>32-,>-&26./3/A1.A1E1.A1[

(F& U,1/1.A-,& C.& /6>6& 1/A-B6& 03.-.231,6& 26.A3.C6F& & #>& 03.->& B1>& 1/A-B6& B1& ,1/C>A-B6/I& 1>& N-.26& B1?1& 9,1/1.A-,& >6/&26E96.1.A1/&B1&>-/&CA3>3B-B1/&3.A1S,->1/&1.&B6/&/12236.1/I&CA3>3B-B&.1A-&4&6A,-/&CA3>3B-B1/&3.A1S,->1/F&&$3&/1&1>3S1&1/A-&69238.I&1>&.6E?,1&B1>&1/A-B6&B1&,1/C>A-B6/&2-E?3-&-&\1/A-B6&B1&CA3>3B-B1/&3.A1S,->1/]F

'F& U,1/1.A-,&>-/&CA3>3B-B1/&3.A1S,->1/&1.&B6/&1/A-B6/&03.-.231,6/&/19-,-B6/&91,6&26./12CA356/F&

#B3236.->E1.A1I& /1&B1?1&9,1/1.A-,I& 96,& 26E96.1.A1I& >6/&-@C/A1/&B1& ,12>-/3032-238.&9-,-& >6/& ,C?,6/&B1&6A,-/&CA3>3B-B1/&3.A1S,->1/&HC1&/1&,12>-/3032-.&-&>-&CA3>3B-B&.1A-&1.&>6/&1/A-B6/&03.-.231,6/&B6.B1&>6/&26E96.1.A1/&B1&>-&CA3>3B-B&.1A-&4&>6/&26E96.1.A1/&B1&>-/&6A,-/&CA3>3B-B1/&3.A1S,->1/&/1-.&9,1/1.A-B6/F

=/A-&-2AC->3D-238.&1/&1012A35-&9-,-&>6/&91,Z6B6/&3.A1,3.6/&4&-.C->1/&HC1&26E31.21.&1.&6&B1/9CJ/&B1>&(!&B1&B3231E?,1&B1&'"((&4&B1?1&/1,&-9>32-B-&,1A,6/912A35-E1.A1F&&=>&N-.26&1/AM&15->C-.B6&1>&96/3?>1&3E9-2A6&B1&-9>32-,&1/A-&-2AC->3D-238.&1.&>-&9,1/1.A-238.&B1&^%W&1.&>6/&1/A-B6/&03.-.231,6/&26./6>3B-B6/F

#$%&'"(()((&_&N->-.21&T1.1,->&7+89326&'("<

=/A-&-2AC->3D-238.&,1HC31,1&HC1&C.-&1.A3B-B&,151>1&3.06,E-238.&/6?,1&3./A,CE1.A6/&03.-.231,6/&1&3./A,CE1.A6/&B1,35-B6/&HC1&/6.I&4-&/1-I&26E91./-B6/&1.&1>&?->-.21&S1.1,->I&6&/C@1A6/&-&-2C1,B6/&E-1/A,6/&B1&26E91./-238.&1Y3S3?>1&6&-2C1,B6/&/3E3>-,1/I& 3.B191.B31.A1E1.A1& B1& HC1& /1& 26E91./1.F& & G-/& 1.A3B-B1/& 1/AM.& 6?>3S-B-/& -& ,151>-,& A-.A6& >-& 3.06,E-238.&?,CA-&26E6&>-&.1A-&B1&>6/&3./A,CE1.A6/&4&>-/&A,-./-2236.1/&1>1S3?>1/&9-,-&>-&26E91./-238.`&4&B1&>6/&3./A,CE1.A6/&4&>-/&A,-./-2236.1/&/C@1A-/&-&C.&-2C1,B6&/3E3>-,&-&C.&-2C1,B6&B1&26E91./-238.F

=/A-&-2AC->3D-238.&1/&1012A35-&9-,-&91,Z6B6/&3.A1,3.6/&4&-.C->1/&HC1&26E31.21.&1.&6&B1/9CJ/&B1>&(&B1&1.1,6&'"(*F&G-/&1.A3B-B1/& B1?1,M.& 9,696,236.-,& >-& 3.06,E-238.& ,1HC1,3B-& 96,& 1/A-& -2AC->3D-238.& B1& 06,E-& ,1A,6-2A35-& 9-,-& A6B6/& >6/&91,Z6B6/&26E9-,-A356/&9,1/1.A-B6/F&=>&N-.26&1/AM&15->C-.B6&1>&96/3?>1&3E9-2A6&B1&1/-/&,151>-236.1/F

#$%&'"(()('&_&%A3>3B-B1/&W.A1S,->1/&7+89326&''"<

N-@6&>-/&E6B3032-236.1/&1.&1>&#$%&'"(()"!I&>-/&1.A3B-B1/&,1HC31,1.&9,1/1.A-,&>6/&-@C/A1/&B1&&,12>-/3032-238.&9-,-&>6/&,C?,6/&B1&6A,-/&CA3>3B-B1/&3.A1S,->1/&HC1&/1&,12>-/3032-.&-&>-&CA3>3B-B&.1A-&1.&>6/&1/A-B6/&03.-.231,6/&B6.B1&>6/&26E96.1.A1/&B1&>-&CA3>3B-B&.1A-&4&>6/&26E96.1.A1/&B1&>-/&6A,-/&CA3>3B-B1/&3.A1S,->1/&/1-.&9,1/1.A-B6/F

G-/&E6B3032-236.1/&B1>&#$%&'"(()('&B3031,1.& 3.B103.3B-E1.A1& >6/&9M,,-06/&B1>&#$%&'"(()"!&HC1& /1& ,1031,1.&-& 28E6I&2CM.B6&4&B8.B1&/1&9,1/1.A-.&>6/&-@C/A1/&B1&,12>-/3032-238.F

G-/&E6B3032-236.1/&B1&1/A1&#$%&/6.&1012A35-/&9-,-&>6/&91,Z6B6/&3.A1,3.6/&4&-.C->1/&HC1&26E31.21.&1.&6&B1/9CJ/&B1>&(!&B1&B3231E?,1&B1&'"((F

!"# $%&'()*+#,#&-.)*/0&1(&2#3&#&%&'()*+

=>&1012A356&4&1HC35->1.A1&B1&1012A356&1/&1>&/3SC31.A1[

!4#3&#3)')&567&

!"#$%&'()$*($+,$*-'./()0 8944 8949

=012A356&4&B198/3A6/&-&>-&53/A-&1.&?-.26/ ('I:(O !I!a"

b198/3A6/&1.&?-.26/&HC1&S1.1,-.&3.A1,1/1/ :*"I;a" O*(I(OO+6A-> :O*IO:O O*;Ia(OP1.6/[&&&b198/3A6/&26.&51.23E31.A6&6,3S3.->&B1&EM/&B1&A,1/&E1/1/ *"I""" )&&&b198/3A6/&1.&?-.26/I&93S.6,-B6/ &&'*IccO &&(;I"a!

a:cIOc" O'"I;*c

#>&*(&B1&B3231E?,1&B1&'"((&4&'"("I&>-&-S1.23-&B1&VC15-&d6,e&A1.Z-&C.&B198/3A6&93S.6,-B6&96,&f*F"&E3>>6.1/&26.&1>&b19-,A-E1.A6&N-.2-,36&B1>&=/A-B6&B1&VC15-&d6,eI&A->&26E6&>6&,1HC31,1&>-&>1S3/>-238.&B1/B1&E-,D6&B1&(ccOF&&#>&*(&B1&B3231E?,1&B1&'"((&4&'"("I& 1>&N-.26&E-.A1.Z-&B198/3A6/& 93S.6,-B6/&96,& f'(F"&E3>>6.1/& 4& f(*F(&E3>>6.1/I& ,1/912A35-E1.A1I& HC1&S-,-.A3D-?-.&A,-./-2236.1/&B1&3./A,CE1.A6/&03.-.231,6/&B1,35-B6/&4&-2C1,B6/&B1&,126E9,-F

:"# ;/0+7&2#</7/#1&=+')/7#/'()*+#,#</2)*+

=>&/3SC31.A1&B1A->>1&9,1/1.A-&1>&5->6,&,-D6.-?>1&B1&>6/&5->6,1/&9-,-&.1S623-,&-2A356&4&9-/356[

!4#3&#3)')&567&#

!"#$%&'()$*($+,$*-'./()0 8944 8949;/0+7&2#</7/#1&=+')/7#>#/'()*+?

N6.6/&/6?1,-.6/ '"IO(! O!I"!:N6.6/&26,96,-A356/ ) !I*!OL6.A,-A6/&B1&2-.@1&B1&A-/-/&1.&B353/-/&2,CD-B-/ &&&&&&'( &&&&&&&&&)+6A-> '"IO*; !"IO(';/0+7&2#</7/#1&=+')/7#>#</2)*+?

L6.A,-A6/&B1&2-.@1&B1&A-/-/&B1&3.A1,J/ aO: *I"*(L6.A,-A6/&B1&2-.@1&B1&A-/-/&1.&B353/-/&2,CD-B-/ &&OI:*; &&&&c"a+6A-> &&!I!:O &&*Ic*:

G6/&?6.6/&/6?1,-.6/&4&26,96,-A356/&53S1.A1/&->&*(&B1&B3231E?,1&B1&'"((I&'"("&4&'""c&S1.1,-,6.&9J,B3B-/&96,&f"Fa&E3>>6.1/&BC,-.A1& '"((& 4& S-.-.23-/& 96,& f"F(&E3>>6.1/& 4& f*F*&E3>>6.1/& BC,-.A1& '"("& 4& '""cI& ,1/912A35-E1.A1I& >-/& 2C->1/& K-.& /3B6&,1S3/A,-B-/&1.&,1/C>A-B6/F

#>&*(&B1&B3231E?,1&B1&'"((&4&'"("I&?6.6/&26.&5->6,&1.&>3?,6/&B1&f(cF"&E3>>6.1/&4&f*OF'&E3>>6.1/I&,1/912A35-E1.A1I&S-,-.A3D-?-.&&&F/6B-53,1B&/6,132.-.30&/6A.1EC,A/.3&1B&/1.6322-/.-,A&4&6B-D3A.-,-S&6A.13E-32.-.30&6E62&/6B-D3>3?-A.62&-,9E621,&1B&/6B,1C2-

bC,-.A1& >6/& -g6/& '"((I& '"("& 4& '""cI& 1>& N-.26& ,1S3/A,8& >-/& /3SC31.A1/& S-.-.23-/& 4& 9J,B3B-/& -/623-B-/& 26.& 3./A,CE1.A6/&03.-.231,6/&B1,35-B6/&9-,-&.1S623-,[

@A+#(&75)1/3+#&0#!4#3&#3)')&567&#!"#$%&'()$*($+,$*-'./()0 8944 8949 899B

#2C1,B6/&0CAC,6/&B1&,126E9,- ) ) 'I!a"L-.@1&B1&A-/-/&B1&3.A1,J/ 7'cc< 7'I"c(< 7!!(<L-.@1&B1&A-/-/&B1&B353/-/&2,CD-B-/ 7OI:!:< 7(I;;'< 7;*:<b1,35-B6&B1&2,JB3A6 ) &&&&&&&(* (("L6.A,-A6/&-&9>-D6&B1&2-.@1&B1&B353/-/ c* ) )L6.A,-A6/&B1&0CAC,6/ &&&&&7'c< &&&&&&&&&) &&&&&&&&)+6A-> 7!I"c*< 7*IaO"< (IOc(

Page 51: Bladex Reporte Anual 2011

!"

#$%&$'()*+,+&$'$-'-./0-.%*&.'*-1,$%*&+&$'-.'23$'*04*3$'+-'5&.&./,&'6()*+,+&7'.-%&'-.'.-13/,&/,8.'+-'9&23*-$'(&*&'.-13/,&*':'5&.&./,&'6()*+,+&7'.-%&'(3*'.-13/,&/,8.'+-2';3.+3'+-',.9-*$,8.'-.'23$'-$%&+3$'/3.$32,+&+3$'+-'*-$02%&+3$<

=+,/,3.&2'&'23$',.$%*0>-.%3$';,.&./,-*3$'+-*,9&+3$'+-'.-13/,&/,8.?'-2'@&./3'>&.%,-.-',.$%*0>-.%3$';,.&./,-*3$'+-*,9&+3$'A0-'/&2,;,/&.'(&*&'/34-*%0*&'23$'/0&2-$'B&.'$,+3'*-9-2&+3$'-.'2&'C3%&'DE<

=2'F"'+-'+,/,->4*-'+-'DE""':'DE"E?' 23$'+-*,9&+3$'(&*&'.-13/,&*'(&$,93' ,./20:-.'/3.%*&%3$'+-'/&.G-'+-' %&$&$'+-' ,.%-*)$':'+-' /&.G-'+-' %&$&$' -.'+,9,$&$' /*0H&+&$'A0-'(*-9,&>-.%-' ;0-*3.'+-$,1.&+3$' /3>3' /34-*%0*&'+-' 9&23*' *&H3.&42-' /04*,-.+3',.9-*$,3.-$' +,$(3.,42-$' (&*&' 2&' 9-.%&' :' (*)$%&>3$' -.'>3.-+&' -I%*&.G-*&?' *-$(-/%,9&>-.%-?' 23$' /0&2-$' :&' .3' &(2,/&.' (&*&'/3.%&4,2,+&+'+-'/34-*%0*&<

=2'F"'+-'+,/,->4*-'+-'DE""':'DE"E?'2&',.;3*>&/,8.'+-'23$'9&23*-$'.3>,.&2-$'+-'23$',.$%*0>-.%3$';,.&./,-*3$'+-*,9&+3$'(&*&'.-13/,&*?'$-'+-%&22&'&'/3.%,.0&/,8.J

!"## !"#"!"#$%&'()$*($+,$*-'./()0 $%&'( $%&'()*%+',%-&. $%&'( $%&'()*%+',%-&.

/'01,%& 23415' 6%715' /'01,%& 23415' 6%715'

K&.G-'+-'%&$&'+-',.%-*)$ "L?EEE M LNO NP?OEE M F?EF"K&.G-'+-'%&$&$'-.'+,9,$&$'/*0H&+&$ O!?"PF D" N?OFP ''O?"LQ '''M '''QELK3.%*&%3$'+-';0%0*3$ ''''''"FQ '''M '''''''M '''''''''M '''M '''''''M8'4%& "ED?FED D" !?!ON !N?QLQ '''M F?QFO

9:) ;,5.(71',.7).,)5%&'(.7

R&23*-$'+,$(3.,42-$'(&*&'2&'9-.%&

#2'/3$%3'&>3*%,H&+3?'1&.&./,&'6()*+,+&7'4*0%&'.3'*-&2,H&+&':'9&23*'*&H3.&42-'+-'23$'9&23*-$'+,$(3.,42-$'(&*&'2&'9-.%&'(3*'*,-$13'(&S$':'%,(3'+-'+-0+&'$-'*-$0>-'&'/3.%,.0&/,8.J

<#)=.)=131.0-(.)=.)!"##!"#$%&'()$*($+,$*-'./()0 >'74')

20'(41+%='?%,%,31%)@(A4%)/')*.%&1+%=%

6B(=1=%)@(A4%)/')*.%&1+%=%

$%&'()*%+',%-&.

T-0+&'/3*(3*&%,9&J@*&$,2 N!?QFL "!D D?EQN NF?QQ!K323>4,& DO?"PQ OQ M DO?D!OU-*V ''"N?Q"P ''''''DQ '''''''M ''"N?QN!

OQ?EDD DLE D?EQN OL?"QO

T-0+&'$34-*&.&J@*&$,2 NN?!N" D?NE" FLP NP?!PPK323>4,& !Q?DEN "?POD DFE PE?P!P50&%->&2& !?NPQ M "Q !?N!EW3.+0*&$ "P?FON M "PP "P?D"OX)I,/3 PF?EQN D?N!P PD P!?NOOU&.&>Y NP?LQP D?DDL P" NO?QPDU-*V D!?NOL PED M DP?EOQR-.-H0-2& ''!Q?DQ" ''''!LL ''"Q! ''!Q?PLF

FDE?DPP ''Q?QN! "?"EQ FDQ?"ED

Z3%&2 NEQ?DOO "E?D"! F?DEF N"P?FEE

<#)=.)=131.0-(.)=.)!"#"!"#$%&'()$*($+,$*-'./()0 >'74')

20'(41+%='?%,%,31%)@(A4%)/')*.%&1+%=%

6B(=1=%)@(A4%)/')*.%&1+%=%

$%&'()*%+',%-&.

T-0+&'/3*(3*&%,9&J@*&$,2 FQ?PEE QQ! DQE NE?FE!KB,2- ''DP?NQF ''"?EQE '''''M ''DL?!OF

PP?EQF D?EO! DQE PL?OOO

T-0+&'$34-*&.&J@*&$,2 ND?D!Q !?D!F M NL?!"DK323>4,& "E"?DDD !?PFN F!! "EP?!E"#2'[&29&+3* "!?DQQ DQD M "!?!Q"X)I,/3 N!?LQP D?E!L O NL?ON!U&.&>Y FP?PE! D?DPQ LQ FO?LQ!\-(V42,/&'T3>,.,/&.& F?""O LQ M F?"QLR-.-H0-2& ''D!?"EE ''"?E!E DDQ ''D!?QD"

DPQ?FQQ "P?PFN PL" DO!?FPD

Z3%&2 FF!?NQD "O?L"Q QP" F!F?D!E

=2'F"'+-'+,/,->4*-'+-'DE""':'DE"E?',.9-*$,3.-$'+,$(3.,42-$'(&*&'2&'9-.%&'/3.'0.'9&23*'*-1,$%*&+3'+-']FL!<!'>,223.-$':']DF!<P'>,223.-$?'*-$(-/%,9&>-.%-?'1&*&.%,H&4&.'&/0-*+3$'+-'*-/3>(*&'A0-'/&2,;,/&.'/3>3';,.&./,&>,-.%3'1&*&.%,H&+3<

#2'$,10,-.%-'/0&+*3'(*-$-.%&'2&$',.9-*$,3.-$'A0-'>&.%09,-*3.'()*+,+&$'.3'*-&2,H&+&$'(3*'0.'(-*S3+3'>-.3*'+-'"D'>-$-$?':'(3*'"D'>-$-$'3'>Y$J'

<#)=.)=131.0-(.)=.)!"##

!"#$%&'()$*($+,$*-'./()0 C.,'7)=.)#!)0.7.7 #!)0.7.7)')0D7 8'4%&

$%&'()*%+',%-&.

6B(=1=%)@(A4%),')*.%&1+%=%

$%&'()*%+',%-&.

6B(=1=%)@(A4%),')*.%&1+%=%

$%&'()*%+',%-&.

6B(=1=%)@(A4%),')*.%&1+%=%

T-0+&'/3*(3*&%,9& FF?FPP D?EQN M M FF?FPP D?EQNT-0+&'$34-*&.& ""E?!OQ "?"EQ ''M ''M ""E?!OQ "?"EQ

"NF?Q!! F?DEF ''M ''M "NF?Q!! F?DEF

<#)=.)=131.0-(.)=.)!"#"

!"#$%&'()$*($+,$*-'./()0 C.,'7)=.)#!)0.7.7 #!)0.7.7)')0D7 8'4%&

$%&'()*%+',%-&.

6B(=1=%)@(A4%),')*.%&1+%=%

$%&'()*%+',%-&.

6B(=1=%)@(A4%),')*.%&1+%=%

$%&'()*%+',%-&.

6B(=1=%)@(A4%),')*.%&1+%=%

T-0+&'/3*(3*&%,9& "F?L!P DQE M M "F?L!P DQET-0+&'$34-*&.& F!?LFL NPN "E?EPF DEL N!?OEE PL"

NQ?NQF L!N "E?EPF DEL !Q?!!P QP"

^&$'()*+,+&$'4*0%&$'.3' *-&2,H&+&$'-$%Y.' *-2&/,3.&+&$'-.'$0'>&:3*'(&*%-?' /3.'9&*,&/,3.-$'-.' 2&$' %&$&$'+-' ,.%-*)$' :' %->&$'*-2&/,3.&+3$'/3.'3%*3$';&/%3*-$'+-'>-*/&+3?':'.3'+-4,+3'&'+0+&$'(3*'(&*%-'+-2'@&./3'&/-*/&'+-'2&'/&(&/,+&+'/*-+,%,/,&'+-'23$'->,$3*-$<''

Page 52: Bladex Reporte Anual 2011

!"

#$%&'()'*+,*%-)./01%2)*&,0.%$.&%(.+.+-'.&%3%450/'/.&%0*.$'6./.&%/*%$.&%,0.+&.--'1+*&%/*%'+7*0&'1+*&%.,0'8)'8$*&%.%7*+,.&%/*%'+7*0&'1+*&%/'&41+'8$*&%4.0.%$.%7*+,.9

!"#$%&'()*+,#$&-$./$,&$,)0)&(1'&!"#$%&'()$*($+,$*-'./()0 23// 23/3 2334

:.+.+-'.& ;<="! "<;>? @<"A?B50/'/.& %%C>@"D %%%%%%%E %%CA;FDG1,.$ ;<>@; "<;>? %%!>?

#$%-1&,1%.210,'6./1%3%$1&%7.$10*&%0.61+.8$*&%/*%$1&%7.$10*&%/'&41+'8$*&%4.0.%$.%7*+,.%.$%;@%/*%/'-'*280*%/*%"F@@%410%7*+-'2'*+,1%-1+,0.-,).$%&*%40*&*+,.+%*+%$.%&'()'*+,*%,.8$.9

!"#$%&'()$*($+,$*-'./()05#6%#$

!(#'%)7+,#8+-#'$

9+7#*+1-&

H*+,01%/*%@%.I1 @><J>! @><=J"H*&4)5&%/*%@%3%/*+,01%/*%!%.I1& "J?<=;A ;F;<JA@H*&4)5&%/*%!%.I1&%3%/*+,01%/*%@F%.I1& %%JA<!F? %%JA<>;A

>FJ<"== >@?<;FF

K.$10*&%2.+,*+'/1&%L.&,.%&)%7*+-'2'*+,1

#$% -1&,1% .210,'6./1<% $.% (.+.+-'.% 3% 450/'/.% 80),.% +1% 0*.$'6./.<% 3% *$% 7.$10% 0.61+.8$*% /*% $1&% 7.$10*&%2.+,*+'/1&% L.&,.% &)%7*+-'2'*+,1%410%0'*&(1%4.M&%3%,'41%/*%/*)/.%&1+%$1&%&'()'*+,*&9

./$,&$,)0)&(1'&$,&$23//!"#$%&'()$*($+,$*-'./()0 8+-#'$&*$:)1'#6$

+$6;$5#6%#$!(#'%)7+,#

<+*+*0)+$=';%+$>#$9&+-)7+,+

?@',),+$=';%+$>#$9&+-)7+,+

8+-#'$9+7#*+1-&

H*)/.%-10410.,'7.9B.+.2N A<F!F E E A<F!F

H*)/.%&18*0.+.9O1$128'. @;<F@! >F E @;<F!!P1+/)0.& ><>A@ @ E ><>A"B.+.2N %%"<FFF %%?F E %%"<F?F

@J<>=? @F@ E @J<!=A

G1,.$ "?<!;? @F@ E "?<?;A

./$,&$,)0)&(1'&$,&$23/3!"#$%&'()$*($+,$*-'./()0 8+-#'$&*$:)1'#6$

+$6;$5#6%#$!(#'%)7+,#

<+*+*0)+$=';%+$>#$9&+-)7+,+

?@',),+$=';%+$>#$9&+-)7+,+

8+-#'$9+7#*+1-&

H*)/.%-10410.,'7.9B.+.2N =<!FF E E =<!FF

H*)/.%&18*0.+.9O1$128'. @;<F@= ?> E @;<F="O1&,.%Q'-. !<F"! E @" !<F@;P1+/)0.& ><?;= E "A ><?@@B.+.2N %%"<FFF %%%E %%%E %%"<FFF

"><?=@ ?> ;J "><AF?

G1,.$ ;;<@=@ ?> ;J ;;<"F?

R.&%'+7*0&'1+*&%S)*%2)*&,0.+%450/'/.&%80),.&%+1%0*.$'6./.&%2.+,)7'*01+%450/'/.&%410%)+%4*0M1/1%2*+10%/*%@"%2*&*&<%3%410%$1%,.+,1<%/'-L.&%450/'/.&%&*%-1+&'/*0.+%,*2410.$*&T

#$%-1&,1%.210,'6./1%/*%$1&%7.$10*&%2.+,*+'/1&%L.&,.%&)%7*+-'2'*+,1%.$%;@%/*%/'-'*280*%/*%"F@@%410%7*+-'2'*+,1%-1+,0.-,).$%&*%40*&*+,.%*+%$.%&'()'*+,*%,.8$.9

%!"#$%&'()$*($+,$*-'./()0

5#6%#$!(#'%)7+,#

H*+,01%/*%@%.I1 A<F!F

H*&4)5&%/*%@%.I1%3%/*+,01%/*%!%.I1& @J<>=?

"?<!;?

U$%;@%/*%/'-'*280*%/*%"F@@%3%"F@F<%7.$10*&%2.+,*+'/1&%L.&,.%&)%7*+-'2'*+,1%-1+%)+%7.$10%0*('&,0./1%/*%V@AT!%2'$$1+*&%3%V@;TF%2'$$1+*&<%0*&4*-,'7.2*+,*<%(.0.+,'6.8.+%.-)*0/1&%/*%0*-1240.%S)*%-.$'W'-.+%-121%W'+.+-'.2'*+,1%(.0.+,'6./1T%

AB$ C#*,#$,&$)*D&'6)E*

#$%&.$/1%*+%*$%X1+/1%/*%'+7*0&'Y+%/*%V@"FT>%2'$$1+*&%.$%;@%/*%/'-'*280*%/*%"F@@%3%V@?AT;%2'$$1+*&%.$%;@%/*%/'-'*280*%/*%"F@F%0*40*&*+,.%$.%4.0,'-'4.-'Y+%/*$%X**/*0%*+%*$%7.$10%+*,1%/*%$1&%.-,'71&%/*$%X1+/1T

R1&%.-,'71&%+*,1&%/*$%X1+/1%*&,N+%-1+&,',)'/1&%40'+-'4.$2*+,*%410%*W*-,'71<%'+7*0&'1+*&%*+%.--'1+*&%*%'+&,0)2*+,1&%/*%/*)/.%*%'+&,0)2*+,1&%W'+.+-'*01&%/*0'7./1&<%$1&%-).$*&%&*%-1,'6.+%3%+*(1-'.+%*+%2*0-./1&%.-,'71&T

U$%;@%/*%/'-'*280*%/*%"F@@<%*$%X**/*0%*&%/)*I1%/*$%J=TF;Z%/*$%X1+/1<%-1+%)+% ,1,.$%/*%J;<FJ>T;%.--'1+*&%*2','/.&<%/'7'/'/.&% *+% "<J>=TF% .--'1+*&% [O$.&*% U\<% *+% ;JATJ% .--'1+*&% [O$.&*% U@\<% *+% =J<F>FT;% .--'1+*&% [O$.&*% ]\% 3% *+% AF=T@%.--'1+*&%[O$.&*%#@\T%

%U$%;@%/*%/'-'*280*%/*%"F@F<%*$%X**/*0%*&%/)*I1%/*$%JAT!?Z%/*$%X1+/1<%-1+%)+%,1,.$%/*%@>?<@;>TA%.--'1+*&%*2','/.&<%/'7'/'/.&%*+%J<FJFTJ%.--'1+*&% [O$.&*%U\<%*+%A<J?=T!%.--'1+*&% [O$.&*%U@\<%*+%@"=<;?AT"%.--'1+*&% [O$.&*%]\%3%*+%AF=T@%.--'1+*&%[O$.&*%#@\T%

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

R.&%.--'1+*&%[O$.&*%U\<%[O$.&*%U@\%3%[O$.&*%#\%4)*/*+%&*0%0*/'2'/.&%2*+&).$2*+,*%410%*$%'+7*0&10%-1+%)+.%+1,'W'-.-'Y+%40*7'.%/*%;F%/M.&T%V@FF%2'$$1+*&%/*%$.&%.--'1+*&%[O$.&*%]\%4)*/*+%&*0%0*/'2'/.&%.%4.0,'0%/*%"F@"T

Page 53: Bladex Reporte Anual 2011

!"

!"# $%&'()*+'#$%&'()'*+,*%,$-.$%/0*&*+,$%'+1203$4'5+%&2-0*%.$%423/2&'4'5+%6*%.$%4$0,*0$%6*%/07&,$32&8

!"#$%&'()$*($+,$*-'./()0 ,-#./#.010/*2%/34-- 34-4

920/20$4'2+*&8

:0';$6$& <=>?@=!<> A=BB<=<"<

C&,$,$.*& <"<=?@" "A<=A!D

E$+4$%*%'+&,',)4'2+*&%1'+$+4'*0$&8

:0';$62& A=BAF=D>F A="?A=<FF

C&,$,$.*& DDB=B!B "A@=B@F

C3/0*&$&%3*6'$+$&8

:0';$6$& DD!=B"A <<D=B!?

G2-*0$+2& %%%%%<B=<FF %%%%%!D=A<F

H2,$. D=@!@=!B" D=>FD=""<

#$%423/2&'4'5+%6*%.$%4$0,*0$%6*%/07&,$32&%/20%'+6)&,0'$%*&%4232%&'()*8

!"#$%&'()$*($+,$*-'./()0 ,-#./#.010/*2%/#34-- 34-4

E$+4$%*%'+&,',)4'2+*&%1'+$+4'*0$& <=AFD=AF" A=B>A=>F<

I+6)&,0'$. @FB=@<@ ?@D="!!

:*,05.*2%J%/026)4,2&%6*0';$62& FD!=?B! FAF=B>?

K(0'4).,)0$ B">=AA@ !D?=?@D

L'+*0M$ "B=B<" AAA=F"@

G*0;'4'2& <FD=?@! FA=!?B

G2-*0$+2& <B=<FF !D=A<F

N,02& %%A<A=F>" %%%%B!=@FA

H2,$. D=@!@=!B" D=>FD=""<

#2&%/07&,$32&%4.$&'1'4$62&%/20%'+6'4$620*&%6*%4$.'6$6%6*%4076',2%6*.%6*)620%&*%6*,$..$+%$%42+,'+)$4'5+8

!"#$%&'()$*($+,$*-'./()0 ,-#./#.010/*2%/#./#34--56.01).+%#7-8 9)61)#/#06'(0(:10+6/' ;*<%/')'

=+%<+%)10+6/' >06)610/%)' */.0)6)' ?+2/%)6+' @+()A$%0B).)' ;'()()A/' $%0B).+' ;'()()A/' $%0B).)'

AOF <=>!B=!<> <"<=?@" A=BAF=D>F DDB=B!B DD!=B"A <B=<FF D=@<B=!B"

B O O O O O O O

? <D=>>> O O O O O <D=>>>

@ ?=>>> O O O O O ?=>>>

A> %%%%%%%%%%%%%O %%%%%%%%%%O %%%%%%%%%%%%%O %%%%%%%%%%O %%%%%%%%%%O %%%%%%%%%O %%%%%%%%%%%%%O

H2,$. <=>?@=!<> <"<=?@" A=BAF=D>F DDB=B!B DD!=B"A <B=<FF D=@!@=!B"

!"#$%&'()$*($+,$*-'./()0 ,-#./#.010/*2%/#./#34-456.01).+%#7-8 9)61)#/#06'(0(:10+6/' ;*<%/')'

=+%<+%)10+6/' >06)610/%)' */.0)6)' ?+2/%)6+' @+()A$%0B).)' ;'()()A/' $%0B).+' ;'()()A/' $%0B).)'

AOF A=BDD=<"< "A<=A!D A="?A=<FF "A@=B@F <<"=B!F !D=A<F D=>"!="">

B O O O O O O O

? <?=>>> O O O A=>>< O <@=>><

@ O O O O O O O

A> %%%%%%%%%%%%%O %%%%%%%%%%O %%%%%%%%%%%%%O %%%%%%%%%%O %%%%%%%%%%%O %%%%%%%%%O %%%%%%%%%%%%%O

H2,$. A=BB<=<"< "A<=A!D A="?A=<FF "A@=B@F <<D=B!? !D=A<F D=>FD=""<

PAQ%I+6'4$620*&%;'(*+,*&%$.%"A%6*%6'4'*3-0*%6*%<>AA%J%<>A>=%0*&/*4,';$3*+,*R

C.%;*+4'3'*+,2%6*%.2&%/07&,$32&%&*%0*&)3*%$%42+,'+)$4'5+8

!"#$%&'()$*($+,$*-'./()0 ,-#./#.010/*2%/#

34-- 34-4

=+%%0/6(/'C

S$&,$%A%3*& "@!=>@A DB"=?"F

T*%A%3*&%$%"%3*&*& A=AA>=">B B>!=ADB

T*%"%3*&*&%$%F%3*&*& A=>@!=F"< @D<=@?@

T*%F%3*&*&%$%A%$U2 BFB=!<F BA?=FD@

T*%A%$%<%$U2& !"@=>BB DF"=@F@

T*%<%$%!%$U2&% A=>>>=D?F B>"="@B

LV&%6*%!%$U2& %%%%A?=F!D %%%%<B="D"

D=@<F=BB" D=>"!="">

D+%+'+' ?>> O

E//'(%:1(:%).+'#F#./(/%0+%).+'C

G$.62&%4200'*+,*&%42+%6*,*0'202 "<=>>> <?=>>>

G$.62&%;*+4'62&%42+%6*,*0'202 %%%%%%%%%%%%%O %%%%%%A=>><

%%%%"<=>>> %%%%<@=>><

H2,$. D=@!@=!B" D=>FD=""<

C.%0*&)3*+%6*%.2&%/07&,$32&%/20%/$M&%6*%0'*&(2%*&%4232%&'()*8

!"#$%&'()$*($+,$*-'./()0 ,-#./#.010/*2%/#34-- 34-4

$)G'C

K.*3$+'$ !=>>> O

K0(*+,'+$ "?@=!@A <"B=>F<

E0$&'. A=?!<=A!< A=!?<=BFA

9W'.* "BF=<@B "<?=DDB

92.23-'$ B"D=<A" !?D=!D@

92&,$%X'4$ A>@=<F" ?B=!"B

C4)$620 <A=FBF A?=A<A

C.%G$.;$620 <A=>@? "@=>"F

C&/$U$ "D> O

Y)$,*3$.$ AFA=A>B @<=A>D

S2.$+6$ <>=>>> O

S2+6)0$& D!=!>@ "B=!A?

Z$3$'4$ A=BF? FD=D!B

L7['42 DAF="!" D>"=?<@

\'4$0$()$ @=@@! O

:$+$3V AA?=!<F DB=D?!

:$0$()$J ">=<?F O

:*0] "DA=B?D "D"=A"!

X*/]-.'4$%T23'+'4$+$ AA?=<B! A"!=<@A

H0'+'6$6%J%H2-$(2 BF="D> F"=>>>

^0)()$J %%AA>=>>> %%%%%%%%%%%%%%O

D=@!@=!B" D=>FD=""<

Page 54: Bladex Reporte Anual 2011

!"

#$%&'()*'+,-'./%&0%1$(%)$($(%&0%'/)0*2(%3'4$%5%6$*'$+10%&0%1$%-$*)0*$%&0%7*2()$89(%0(%1$%(':,'0/)0;

!"#$%&'()$*($+,$*-'./()0 !"#$%#$&'&%()*%#

+,"" +,",

<$($%&0%'/)0*2(%3'4$ =>?@A>BB! =>AA?>@?B

<$($%&0%'/)0*2(%6$*'$+10 =>!CC>"!D =>A@A>EAB

">C!C>!E? ">A@">??=

F1% ?B% &0% &'-'08+*0% &0% =ABB% 5% =ABA>% 01% D"G% 5% DDG>% *0(70-)'6$80/)0>% &0% 19(% 7*2()$89(% $% )$($% &0% '/)0*2(% 3'4$>% )'0/0/% ,/%60/-'8'0/)9%80/9*%$%BDA%&H$(I

F%-9/)'/,$-'./%,/%*0(,80/%&0%'/39*8$-'./%-9/%*01$-'./%$%19(%7*2()$89(%0%'879*)0(%&0%'/)0*0(0(%(9+*0%7*2()$89(%0/%0()$&9%&0%/9J$-,8,1$-'./;

!"#$%&'()$*($+,$*-'./()0 !"#$%#$&'&%()*%#+,"" +,", +,,-

K*2()$89(%0/%0()$&9%&0%/9J$-,8,1$-'./%&0%'/)0*0(0(L9*79*$-'9/0(%7*'6$&$( ?=>AAA =D>AAA ?C>AAAM87*0($(%80&'$/$(%7*'6$&$( %%%%%%%%J %%B>AA= BB>!?"<9)$1%&0%7*2()$89(%0/%0()$&9%&0%/9J$-,8,1$-'./%&0%'/)0*0(0( ?=>AAA =C>AA= !A>!?"

N/:*0(9(%&0%'/)0*0(0(%&04$&9(%&0%70*-'+'*%$1%'/'-'9%&01%$O9 CC@ C=D JN/)0*0(0(%P,0%(0*H$/%*0:'()*$&9(%('%19(%7*2()$89(%/9%Q,+'0(0/%('&9%-1$('3'-$&9(%0/%0()$&9%&0%/9J$-,8,1$-'./%&0%'/)0*0(0(

=>?=! ?>"A? B>EE!

N/:*0(9(%79*%'/)0*0(0(%-9+*$&9(%0/%7*2()$89(%0/%0()$&9%&0%/9J$-,8,1$-'./%&0%'/)0*0(0( %R=>?E!S %R?>??!S %%%%RD"ESN/:*0(9(%&0%'/)0*0(0(%&04$&9(%&0%70*-'+'*%$1%3'/$1%&01%$O9 %%%%C"@ %%%%%CC@ %%%%%C=D

T0%7*0(0/)$%$% -9/)'/,$-'./%,/%$/U1'('(% &0% 19(%7*2()$89(%0/%0()$&9%&0%/9J$-,8,1$-'./% -9/% ($1&9(%&0)0*'9*$&9(%$1% ?B%&0%&'-'08+*0%&0%=ABB%5%=ABA;

!"#$%&'()$*($+,$*-'./()0 !"#$%#$&'&%()*%#$%#+,"" +,""

./0%*1&2/3454/'%#$%#6*&/'&645 7%1%*04

845$9#6*9(%$&9#$%#6*&/'&645#$%5

./:*%19#69*#&/;%*%1%1

*%:&1;*4$4 6%/$&%/;%#$%#64:9 *%54'&9/4$4 6*<1;4(9 *%'9/9'&$91

L9/%*0(0*6$(%*0:'()*$&$(L9*79*$-'9/0(%7*'6$&$( ?=>AAA ?=>AAA B">DAA =@>D@A =>?E!<9)$1 ?=>AAA ?=>AAA B">DAA =@>D@A =>?E!

!"#$%&'()$*($+,$*-'./()0 !"#$%#$&'&%()*%#$%#+,", +,",

./0%*1&2/3454/'%#$%#6*&/'&645 7%1%*04

845$9#6*9(%$&9#$%#6*&/'&645#$%5

./:*%19#69*#&/;%*%1%1

*%:&1;*4$4 6%/$&%/;%#$%#64:9 *%54'&9/4$4 6*<1;4(9 *%'9/9'&$91

L9/%*0(0*6$(%*0:'()*$&$(L9*79*$-'9/0(%7*'6$&$( =D>AAA =D>AAA BB>=AA =C>B!B =>"C=M87*0($(%80&'$/$(%7*'6$&$( %%B>AA= %%B>AA= %%%%?AA %%%%DDE %%%%%%%J<9)$1 =C>AA= =C>AA= BB>!AA ?A>A?D =>"C=

F1%?B%&0%&'-'08+*0%&0%=ABB%5%=ABA>%01%V$/-9%/9%8$/)0/H$%7*2()$89(%&0)0*'9*$&9(%('/%*0(0*6$%*01$-'9/$&$I

F1%?B%&0%&'-'08+*0%&0%=ABB%5%=ABA>%01%V$/-9%/9%8$/)0/H$%&0,&$%7*9+108U)'-$%*00()*,-),*$&$I

#$%(':,'0/)0%)$+1$%7*0(0/)$%,/%$/U1'('(%&0%1$%$/)':W0&$&%&0%1$%-$*)0*$%&0%7*2()$89(;

!"#$%&'()$*($+,$*-'./()0 !"#$%#$&'&%()*%#$%#+,""-"="+,#$>41

"+"="?,#$>41

"?"="@,#$>41

A4B9*#4#"@,#$>41

C9;45#0%/'&$91 A9*9191 D9**&%/;%1

C9;45#6*<1;4(91

L9*79*$-'9/0( J J J J J J =>?==>"B? =>?==>"B?V$/-$%0%'/()'),-'9/0(%3'/$/-'0*$( J J J J J J =>B@">B@? =>B@">B@?M87*0($(%80&'$/$( J J J J J DAA """>C?B ""!>E?BT9+0*$/9( %%J %%J %%J %%J %%J %%%%%J %%%%=E>=@@ %%%%=E>=@@<9)$1 %%J %%J %%J %%J %%J DAA ">C!D>EE? ">C!C>!E?

!"#$%&'()$*($+,$*-'./()0 !"#$%#$&'&%()*%#$%#+,",-"="+,#$>41

"+"="?,#$>41

"?"="@,#$>41

A4B9*#4#"@,#$>41

C9;45#0%/'&$91 A9*9191 D9**&%/;%1

C9;45#6*<1;4(91

L9*79*$-'9/0( J J J J J J =>AD">?D@ =>AD">?D@V$/-$%0%'/()'),-'9/0(%%3'/$/-'0*$( J J J J J J B>EAB>A@= B>EAB>A@=M87*0($(%80&'$/$( J J J B>AA= B>AA= J ==?>E!@ ==">E!DT9+0*$/9( %%J %%J %%J %%%%%%%J %%%%%%%J %%J %%%%!">B=@ %%%%!">B=@<9)$1 %%J %%J %%J B>AA= B>AA= %%J ">A@?>??A ">A@">??=

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

^,*$/)0%19(%$O9(%=ABB%5%=ABA>%01%V$/-9%60/&'.%7*2()$89(%-9/%,/%6$19*%0/%1'+*9(%&0%_CI?%8'119/0(%5%_=A%8'119/0(>%*0(70-)'6$80/)0>%-9/%,/$%:$/$/-'$%/0)$%&0%_@"%8'1%5%_=AB%8'1>%*0(70-)'6$80/)0I

@E# 7%1%*041#64*4#6<*$&$41#'*%$&;&'&41

M1%V$/-9%-1$('3'-$%1$(%*0(0*6$(%7$*$%72*&'&$(%-*0&')'-'$(%0/%&9(%-9879/0/)0(%P,0%(0%&0)$11$/%$%-9/)'/,$-'./;

$S% `0(0*6$%7$*$%72*&'&$(%0/%7*2()$89(;

!"#$%&'()$*($+,$*-'./()0 FG9#;%*(&/4$9#%5#!"#$%#$&'&%()*%#$%#+,""FG9#;%*(&/4$9#%5#!"#$%#$&'&%()*%

D9*69*4'&9/%1

34/'4#%#&/1;&;H'&9/%1#I&/4/'&%*41

J(6*%141#(%$&4/41 89)%*4/91 C9;45 +,", +,,-

T$1&9%$1%'/'-'9%&01%$O9 !">B@A BD>ECA !>=@! "AA ED>@B! E?>EDC !">@"DK*96'('./%R*060*('./%&0%7*96'('./S%7$*$%72*&'&$(%0/%7*2()$89(

R!>=C!S BA>ABE ">?B= RBC?S D>D"B C>ACB BD>=C?

`0-,70*$-'9/0(%&0%7*2()$89(%5%9)*9( J B>EB@ ""A J =>B!@ CC@ D@@K*2()$89(%-$()':$&9( %%%%%%%%%J %%%%%%%%%J RB>A@!S %%%%J %RB>A@!S R!>=@BS %%%%RBDST$1&9%$1%3'/$1%&01%$O9 "D>D@! ?A>!=? %D>C!= =AE DD>!"E ED>@B! E?>EDC

L9879/0/)0(;`0(0*6$(%:0/2*'-$( ?">A@! ?A>!=? D>C!= =AE E?>E"E @E>BB! !C>"?=`0(0*6$(%0(70-H3'-$( B">DAA %%%%%%%%%J %%%%%%%%J %%%%J B">DAA BB>!AA B">?!E<9)$1%*0(0*6$%7$*$%72*&'&$(%0/%7*2()$89( "D>D@! ?A>!=? %D>C!= =AE DD>!"E ED>@B! E?>EDC

Page 55: Bladex Reporte Anual 2011

!!

"#$%&'()*$*(+,$%-',),'$*(+,$%.,%&'()*$*/+0%.,%',$,')#$%&#'#%&1'.*.#$%2',.*3*2*#$%4,+1'*2#$%,$35+%6#7('6,+3,%',8#2*(+#.#$%#8%)(896,+%7%2(6&($*2*/+%.,%8#%2#'3,'#%2',.*3*2*#:%%;8%*+2',6,+3(%,+%8#%',$,')#%4,+1'*2#%&#'#%&1'.*.#$%,+%&'1$3#6($%,+%<=>>%$,%.,?,%&'*+2*&#86,+3,%#8%#96,+3(%,+%8#%2#'3,'#%.,%&'1$3#6($%6*3*4#.(%&('%,8%6,@('#6*,+3(%.,8%&,'A*8%.,%'*,$4(%.,%8#%B,4*/+%7%9+#%#.6*+*$3'#2*/+%&'9.,+3,%.,%8#%2#'3,'#:

C,%&',$,+3#%#%2(+3*+9#2*/+%9+%',$96,+%.,%8($%$#8.($%.,%&'1$3#6($%7%',$,')#$%&#'#%&1'.*.#$%,+%&'1$3#6($D

!"#$%&'()$*($+,$*-'./()0 !"#$%#$&'&%()*%#$%#+,""

-.*/.*0'&.1%2

301'0#%#&124&45'&.1%2#6&101'&%*02

7(/*%202#(%$&0102 8.)%*01.2 9.40:

B,$,')#$%&#'#%&1'.*.#$%,+%&'1$3#6($

B,$,')#%,$&,2EA*2# >FGH== I I I >FGH==B,$,')#%4,+1'*2# JFG=K! J=G!<J HGL!< <=M MJGMFMN(3#8%.,%',$,')#$%&#'#%&1'.*.#$%,+%&'1$3#6($ FHGHK! J=G!<J HGL!< <=M HHG!FMO'1$3#6($O'1$3#6($%2(+%',$,')#%,$&,2EA*2# J<G=== I I I J<G===O'1$3#6($%2(+%',$,')#%4,+1'*2# <G<L=GF>J <G>KFG>KJ FF!GMJ> <MG<KK FGL<MG!MJN(3#8%.,%&'1$3#6($ <GJ<<GF>J <G>KFG>KJ FF!GMJ> <MG<KK FGL!LG!MJ

!"#$%&'()$*($+,$*-'./()0 !"#$%#$&'&%()*%#$%#+,",

-.*/.*0'&.1%2

301'0#%#&124&45'&.1%2#6&101'&%*02

7(/*%202#(%$&0102 8.)%*01.2 9.40:

B,$,')#$%&#'#%&1'.*.#$%,+%&'1$3#6($B,$,')#%,$&,2EA*2# >>G<== I J== I >>G!==B,$,')#%4,+1'*2# F<GLK= >HGML= FGLK! F== KMG>>!N(3#8%.,%',$,')#$%&#'#%&1'.*.#$%,+%&'1$3#6($ !FG>K= >HGML= !G<K! F== MHGK>!O'1$3#6($O'1$3#6($%2(+%',$,')#%,$&,2EA*2# <HG=== I >G==< I <LG==<O'1$3#6($%2(+%',$,')#%4,+1'*2# <G=!KGJHK >GM=>G=K< <<JGM!K !FG><K FG=J!GJJ=N(3#8%.,%&'1$3#6($ <G=HFGJHK >GM=>G=K< <<FGM!H !FG><K FG=KFGJJ<

?0% B,$,')#%&#'#%&1'.*.#$%,+%2'1.*3($%2(+3*+4,+3,$D

!"#$%&'()$*($+,$*-'./()0 ;<.#4%*(&10$.#%:#!"#$%#$&'&%()*%+,"" +,", +,,=

C#8.(%#8%*+*2*(%.,8%#P( >JGJJ! <MG<K> J=GM<FO'()*$*/+%-',),'$*/+%.,%&'()*$*/+0%&#'#%&1'.*.#$%,+%2'1.*3($%2(+3*+4,+3,$ %-FGFFH0 ->JGL<K0 %-JGFKJ0C#8.(%#8%A*+#8%.,8%#P( %%HGHHM >JGJJ! <MG<K>

"#% ',$,')#% &#'#% &1'.*.#$% ,+% 2'1.*3($% 2(+3*+4,+3,$G% ',A8,@#% ,8%6,@('% ,$3*6#.(% .,% 8#% Q.6*+*$3'#2*/+% .,8% R#+2(% &#'#% 29?'*'%&'(?#?8,$%&1'.*.#$%.,%2'1.*3($%2(+3*+4,+3,$%3#8,$%2(6(%2#'3#$%.,%2'1.*3(%2(+A*'6#.#$G%2#'3#$%.,%2'1.*3(%S$3#+.I?7TG%4#'#+3E#$%7%2(6&'(6*$($%.,%2'1.*3(%-),'%U(3#%>H0:%%"#%.*$6*+92*/+%,+%8#%',$,')#%&#'#%&1'.*.#$%,+%2'1.*3($%2(+3*+4,+3,$%,+%<=>>%$,%.,?,%6#7('6,+3,%#8%2#6?*(%,+%)(896,+G%2(6&($*2*/+%7%&,'A*8%.,%'*,$4(%.,%8#%2#'3,'#:

=># ?*./&%$0$%2#@#%A5&/.

V+%',$96,+%.,8%2($3(%7%8#%.,&',2*#2*/+%7%#6('3*W#2*/+%#29698#.#$%.,%8#$%&'(&*,.#.,$%7%,X9*&(%#8%J>%.,%.*2*,6?',%.,%<=>>%7%<=>=%$,%&',$,+3#%#%2(+3*+9#2*/+D

!"#$%&'()$*($+,$*-'./()0 !"#$%#$&'&%()*%+,"" +,",

N,'',+( FK< FK<;.*A*2*(%7%6,@('#$ !GJLK !GJK!Y(?*8*#'*(%7%,X9*&( >HGKLK >MGJF!

<FG!!F <JG>M<Y,+($D%.,&',2*#2*/+%7%#6('3*W#2*/+%#29698#.# >MGHH> >KGKF=

%%KGKMJ %%KG!J<

",>#B4*.2#0'4&C.2

Q8%J>%.,%.*2*,6?',%.,%<=>>%7%<=>=G%(3'($%#23*)($%*+2897,+%9+#%*+),'$*/+%,+%9+%A(+.(%&'*)#.(%.,%*+),'$*/+G%2(+%$#8.(%,+%8*?'($%.,%Z>:F%6*88(+,$%7%Z>:M%6*88(+,$G%',$&,23*)#6,+3,:%%[9'#+3,%,8%&,'E(.(%<=>>%,8%R#+2(%+(%*+2',6,+3/%$9%&#'3*2*&#2*/+%,+%,$3,%A(+.(:

"">#D%/E2&4.2

;8%&,'A*8%.,%),+2*6*,+3($%',6#+,+3,$%.,%8($%.,&/$*3($%.,8%R#+2(%,$%,8%$*49*,+3,D%

!"#$%#$&'&%()*%!"#$%&'()$*($+,$*-'./()0 +,"" +,",

Q%8#%)*$3# KMG!HK >==GJ!<\#$3#%>%6,$ >GFMFG=HH >G>MJGF>![,%>%6,$%#%J%6,$,$ F=<GFM< <HKGH=K[,%J%6,$,$%#%K%6,$,$ >LKG=>K >FJGJ!<[,%K%6,$,$%#%>%#P( >!>GH== >>MG===[,%<%#%!%#P($ %%%%>>G!FF %%%%%%%%%%%%%I

<GJ=JG!=K >GH<=GL<!

"#%$*49*,+3,%3#?8#%&',$,+3#%*+A('6#2*/+%#.*2*(+#8%$(?',%8($%.,&/$*3($D

!"#$%#$&'&%()*%!"#$%&'()$*($+,$*-'./()0 +,"" +,",

[,&/$*3($%#%&8#W(%.,%Z>==%6*8%(%65$ <G<JJG=FF >GM<=G>=K[,&/$*3($%,+%(A*2*+#$%A9,'#%.,%O#+#65 %%<<=GJF= %%<<>G>H!]#$3(%.,%*+3,',$,$%&#4#.($%$(?',%.,&/$*3($%,+%(A*2*+#$%A9,'#%.,%O#+#65 %%%%%%%%LHJ %%%%%%<GMFK

"+>#F0:.*%2#C%1$&$.2#)0G.#0'5%*$.2#$%#*%'.(/*0

;8%R#+2(%6#+3*,+,%2(+3'#3($%.,%A*+#+2*#6*,+3(%?#@(%#29,'.($%.,%',2(6&'#%&('%ZJMM:=%6*88(+,$%7%Z<KF:L%6*88(+,$%#8%J>%.,%.*2*,6?',%.,%<=>>%7%<=>=G%',$&,23*)#6,+3,:

[9'#+3,% 8($%#P($% 3,'6*+#.($%,8%J>%.,%.*2*,6?',%.,%<=>>G%<=>=%7%<==LG%$,% ',4*$3'#'(+%Z<:>%6*88(+,$G%Z>:!%6*88(+,$%7%Z!:L%6*88(+,$G%',$&,23*)#6,+3,G%2('',$&(+.*,+3,%#%4#$3($%.,%*+3,',$,$%4,+,'#.($%&('%8($%2(+3'#3($%.,%A*+#+2*#6*,+3(%?#@(%#29,'.($%.,%',2(6&'#:%%;$3($%4#$3($%$,%&',$,+3#+%.,+3'(%.,8%4#$3(%.,%*+3,'1$%.,%(?8*4#2*(+,$%,+%,8%,$3#.(%2(+$(8*.#.(%.,%',$983#.($:

Page 56: Bladex Reporte Anual 2011

!"

!"#$%&'()*+(,-./$*$+,01,$2'*3,

#$%&'()$*('%&'%$+(%*,$-)+.-*/'(%+%.*01*%2$+3*%.*/%-/(1-14.-*/'(%5-/+/.-'0+(6%74/1*%.*/%$+(%1+(+(%&'%-/1'08(%2+.1+&+(6%('%20'('/1+%

+%.*/1-/4+.-9/:

"!$4.$4(+(.5&0.!"#$%&'()$*($+,$*-'./()0 67!! 67!7

;&'$+/1*(%&'%-/(1-14.-*/'(%5-/+/.-'0+(:

<*/%1+(+(%&'%-/1'08(%5-7+ =6>>!6?!@ =6>>>6A>>

<*/%1+(+(%&'%-/1'08(%B+0-+,$' %%%%%%%%%%%%?=C6=>D %%%%%%%%%%%%%%D!6>>>

E*1+$%&'%*,$-)+.-*/'(%+%.*01*%2$+3* %%%%%%%%%=6?F?6A"" %%%%%%%%%%=6>D!6A>>

G+$&*%20*H'&-*%&40+/1'%'$%+I* %%%%%%%%%=6=>>6>!D %%%%%%%%%%%%%!A=6D@C

G+$&*%HJK-H*%'/%.4+$L4-'0%5-/%&'%H'( %%%%%%%%%=6?F?6A"" %%%%%%%%%=6>D!6A>>

M+/)*%'/%L4'%*(.-$+/%$+(%1+(+(%&'%-/1'08(%5-7+(%&'%$+(%*,$-)+.-*/'(%

2+)+&'0+(%'/%NG%&9$+0'( >OCAP%+%FO"AP >O"DP%+%=O"!P

M+/)*%'/%L4'%*(.-$+/%$+(%1+(+(%&'%-/1'08(%B+0-+,$'(%&'%$+(%*,$-)+.-*/'(%

2+)+&'0+(%'/%NG%&9$+0'(% =O==P%+%FO>=P >OC!P%+%=OFDP

E+(+%&'%-/1'08(%5-7+%&'%$+%*,$-)+.-9/%2+)+&'0+%'/%#40*( %%%%%%%%%%%%%FODCP %%%%%%%%%%%%%%%%%%%%%Q

E+(+%&'%-/1'08(%5-7+%&'%$+%*,$-)+.-9/%2+)+&'0+%'/%M'/H-/,-( %%%%%%%%%%%%%"O"!P %%%%%%%%%%%%%%%%%%%%%Q

E+(+%&'%-/1'08(%B+0-+,$'%&'%$+%*,$-)+.-9/%2+)+&'0+%'/%R'(*(%H'K-.+/*( %%%%%%%%%%%%%!O@>P %%%%%%%%%%%%%%%%%%%%%Q

E+(+%&'%-/1'08(%20*H'&-*%2*/&'0+&*%+$%5-/+$%&'$%+I* %%%%%%%%%%%%%=OCAP %%%%%%%%%%%%%=O=?P

E+(+%&'%-/1'08(%20*H'&-*%2*/&'0+&*%&40+/1'%'$%+I* %%%%%%%%%%%%%=OFFP %%%%%%%%%%%%%=OF>P

!8#$%&'()*+(,-./$9$4.:4*$*$'*0),$2'*3,

S+(%*,$-)+.-*/'(%.*/(-(1'/%'/%208(1+H*(%+%$+0)*%2$+3*%T%208(1+H*(%(-/&-.+&*(%20*B'/-'/1'(%&'%,+/.*(%-/1'0/+.-*/+$'(O%%S+%

&'4&+%.*/(-(1'%'/%$+%'H-(-9/%&'%#40*QU*1+(%T%*10+%'H-(-9/%'/%S+1-/*+H80-.+O%%#$%&'()$*('%&'%$+(%*,$-)+.-*/'(%T%&'4&+%'H-1-&+%

+%$+0)*%2$+3*%V.*/%B'/.-H-'/1*%*0-)-/+$%&'%HJ(%&'%4/%+I*W6%74/1*%.*/%$+(%1+(+(%&'%-/1'08(%2+.1+&+(6%('%&'1+$$+/%.*H*%(-)4':

"!$4.$4(+(.5&0.!"#$%&'()$*($+,$*-'./()0 67!! 67!7

%&'()*+(,-./;

;%1+(+(%&'%-/1'08(%5-7+%.*/%B'/.-H-'/1*(%&'(&'%74/-*%&'%F>=F%

X+(1+%('21-'H,0'%&'%F>=? =!6"D" F"6CDF

;%1+(+(%&'%-/1'08(%B+0-+,$'%.*/%B'/.-H-'/1*(%&'(&'%H+03*%&'%F>=F%

X+(1+%('21-'H,0'%&'%F>=A %%%%%%%%=6AF"6F?@ %%%%%%%%%=6>>A6AF=

E*1+$%&'%*,$-)+.-*/'( %%%%%%%%=6AA=6D?? %%%%%%%%%=6>?=6?=?

<.:4*;

;%1+(+(%&'%-/1'08(%5-7+%.*/%B'/.-H-'/1*(%'/%/*B-'H,0'%&'%F>=A %%%%%%%%%%%%A!6"=! %%%%%%%%%%%%A?6CF@

E*1+$%&'%&'4&+ %%%%%%%%%%%%A!6"=! %%%%%%%%%%%%A?6CF@

E*1+$%&'%*,$-)+.-*/'(%T%&'4&+%'H-1-&+%+%$+0)*%2$+3*% %%%%%%%=6AC@6!AC %%%%%%%=6>@!6=A>

G+$&*%20*H'&-*%&40+/1'%'$%+I* %%%%%%%=6?D=6AA> %%%%%%%=6FA>6@!>

G+$&*%HJK-H*%'/%.4+$L4-'0%5-/%&'%H'( %%%%%%%=6!AC6A>A %%%%%%%=6A>>6?>@

M+/)*%'/%L4'%*(.-$+/%$+(%1+(+(%&'%-/1'08(%5-7+(%&'%$+(%*,$-)+.-*/'(%T%&'4&+%

2+)+&'0+(%'/%NG%&9$+0'(% %%%%%%%%%%%%%=O!>P FO!?P%+%?O=>P

M+/)*%'/%L4'%*(.-$+/%$+(%1+(+(%&'%-/1'08(%B+0-+,$'(%&'%$+(%*,$-)+.-*/'(%T%&'4&+%

2+)+&'0+(%'/%NG%&9$+0'(% >O"FP%+%FO?>P >O!?P%+%FO!FP

M+/)*%'/%L4'%*(.-$+/%$+(%1+(+(%&'%-/1'08(%5-7+(%&'%$+(%*,$-)+.-*/'(%

2+)+&'0+(%'/%R'(*(%H'K-.+/*( @O!>P%+%DOD>P @O!>P%+%DOD>P

M+/)*%'/%L4'%*(.-$+/%$+(%1+(+(%&'%-/1'08(%B+0-+,$'(%&'%$+(%*,$-)+.-*/'(%

2+)+&'0+(%'/%R'(*(%H'K-.+/*( !O""P%+%"O?>P !O@"P%+%!OC>P

E+(+%&'%-/1'08(%5-7+%&'%$+%&'4&+%2+)+&'0+%'/%G*$'(%2'04+/*( %%%%%%%%%%%%%"O!>P %%%%%%%%%%%%%"O!>P

E+(+%&'%-/1'08(%20*H'&-*%2*/&'0+&*%+$%5-/+$%&'$%+I* %%%%%%%%%%%%%FO="P %%%%%%%%%%%%%FO=>P

E+(+%&'%-/1'08(%20*H'&-*%2*/&'0+&*%&40+/1'%'$%+I* %%%%%%%%%%%%%=ODAP %%%%%%%%%%%%%FO>@P

%%O('/*$$-H%$-H%?OFY%'&%*H-KJH%/4%+1(+X%6(+1*UQ*04#%'&%+H+0)*02%/4%/'T4$./-%*./+Z%$'&%+&4'&%'&%/9-(-H'%'&%('&+&-B-1.+%(+S

#$%20*)0+H+%24'&'%('0%41-$-3+&*%2+0+%'H-1-0%/*1+(%&'(&'%D>%&[+(%X+(1+%4/%HJK-H*%&'%?>%+I*(6%.*/%-/1'0'('(%5-7*(6%B+0-+,$'(%*%

.*/%&'(.4'/1*(%T%'/%B+0-+(%H*/'&+(O

S+(%/*1+(%(*/%)'/'0+$H'/1'%B'/&-&+(%+$%2*01+&*0%*%0')-(10+&+(%+%10+B8(%&'%4/+%*%HJ(%-/(1-14.-*/'(%5-/+/.-'0+(%+41*0-3+&+(O

;$)4/*(% +.4'0&*(% &'% 5-/+/.-+H-'/1*% -/.$4T'/% B+0-*(% 'B'/1*(% &'% -/.4H2$-H-'/1*% T% *10+(% 0'(10-..-*/'(% 0'$+.-*/+&+(% +% $+%

+&'.4+.-9/%H[/-H+%&'%0+3*/'(%&'%.+2-1+$6%.*/.'(-9/%&'%20'/&+(%+&-.-*/+$'(%(*,0'%+.1-B*(%T%B'/1+(%&'%+.1-B*(6%.*H*%1+H,-8/6%

*10+(%0'(10-..-*/'(%/*0H+$'(6%0'20'('/1+.-*/'(%T%)+0+/1[+(O%%;$%?=%&'%&-.-'H,0'%&'%F>==6%'$%Z+/.*%'(1+,+%'/%.4H2$-H-'/1*%.*/%

1*&+(%'(1+(%0'(10-..-*/'(O

S*(%B'/.-H-'/1*(%0'H+/'/1'(%54140*(%&'%$+(%*,$-)+.-*/'(%T%&'4&+%+%$+0)*%2$+3*%B-)'/1'(%+$%?=%&'%&-.-'H,0'%&'%F>==6%(*/%.*H*%

(-)4':

!"#$%&'()$*($+,$*-'./()0

=.-+(5(.-1, >,-1,

F>=F A=C6FFC

F>=? ?@"6FDC

F>=A %%"D?6>FF

=6AC@6!AC

!?#$@++(,-./$+,5:-./

S+(%+..-*/'(%.*H4/'(%&'$%Z+/.*%'(1J/%&-B-&-&+(%'/%.4+10*%.+1')*0[+(:

=W% ;..-*/'(%\<$+('%;]^%(9$*%('%24'&'/%'H-1-0%+%Z+/.*(%<'/10+$'(%S+1-/*+H'0-.+/*(%*%,+/.*(%'/%$*(%.4+$'(%'$%#(1+&*%4%*10+%

'/1-&+&%&'$%_*,-'0/*%('+%'$%20-/.-2+$%+..-*/-(1+O

FW% ;..-*/'(%\<$+('%Z]^%(9$*%('%24'&'/%'H-1-0%+%,+/.*(%*%-/(1-14.-*/'(%5-/+/.-'0+(O

?W% ;..-*/'(%\<$+('%#]^%('%24'&'/%'H-1-0%+%.4+$L4-'0%2'0(*/+6%-/&-(1-/1+H'/1'%(-%'(%4/+%2'0(*/+%/+140+$%*%740[&-.+O

AW% ;..-*/'(%\<$+('%`]^%(9$*%24'&'/%('0%'H-1-&+(%+%/*H,0'%&'%'/1-&+&'(%T%+)'/.-+(%'(1+1+$'(%&'%2+[('(%54'0+%&'%;H80-.+%S+1-/+%

*%+%/*H,0'%&'%-/(1-14.-*/'(%5-/+/.-'0+(%H4$1-$+1'0+$'(6%T+%('+/%8(1+(%-/(1-14.-*/'(%-/1'0/+.-*/+$'(%*%0')-*/+$'(O

S*(%1'/'&*0'(%&'%$+(%+..-*/'(%\<$+('%Z]%1-'/'/%'$%&'0'.X*%&'%.*/B'01-0%(4(%+..-*/'(%\<$+('%Z]%'/%.4+$L4-'0%H*H'/1*%T%(-/%

/-/)4/+%0'(10-..-9/6%2*0%+..-*/'(%\<$+('%#]6%+$%.+H,-*%&'%4/+%+..-9/%2*0%*10+O

S+%(-)4-'/1'%1+,$+%,0-/&+%-/5*0H+.-9/%&'1+$$+&+%&'$%H*B-H-'/1*%&'% $+(%+..-*/'(%2*0%.$+('%2*0%.+&+%4/*%&'% $*(%+I*(%'/%'$%

2'0[*&*%&'%10'(%+I*(%1'0H-/+&*(%'$%?=%&'%&-.-'H,0'%&'%F>==:%

!+#&*.*()$*($.11&2#()0 AB'*/.$@C AB'*/.$DC AB'*/.$EC AB'*/.$FC G,1*'

;41*0-3+&+( A>6>>>6>>> A>6>>>6>>> =>>6>>>6>>> =>>6>>>6>>> FC>6>>>6>>>

=().-1./$*'$!$4.$.-.0,$4.$677H "6?AF6=CD F6"=@6@CA F@6A!?6==! Q ?"6A=?6>CC

<*/B'0(-*/'( Q V?F6D>FW ?F6D>= Q V=W

#H-(-9/%&'%+..-*/'(%0'(10-/)-&+(%Q%&-0'.1*0'( Q Q ?@6D?A Q ?@6D?A

a2.-*/'(%'7'0.-&+(%Q%2$+/'(%&'%.*H2'/(+.-9/ Q Q CF6=C> Q CF6=C>

N/-&+&'(%&'%+..-*/'(%0'(10-/)-&+(%Q%$-,'0+&+( %%%%%%%%%%%%%%%Q %%%%%%%%%%%%%%%%Q %%%%%%%%=F6A=! %%%%%%%%%%%%%%%%%Q %%%%%%%%=F6A=!

=().-1./$*'$"!$4.$4(+(.5&0.$4.$677H "6?AF6=CD F6!CA6CCF F@6"=C6!A! %%%%%%%%%%%%%%%Q ?"6!A!6"="

<*/B'0(-*/'( Q VAF6C"=W AF6C"> Q V=W

M'.*H20+(%&'%+..-*/'(%.*H4/'( Q Q VF>>W Q VF>>W

#H-(-9/%&'%+..-*/'(%0'(10-/)-&+(%Q%&-0'.1*0'( Q Q ?C6==! Q ?C6==!

a2.-*/'(%'7'0.-&+(%Q%2$+/'(%&'%.*H2'/(+.-9/ Q Q CF6=>" Q CF6=>"

N/-&+&'(%&'%+..-*/'(%0'(10-/)-&+(%Q%$-,'0+&+( %%%%%%%%%%%%%%%Q %%%%%%%%%%%%%%%Q %%%%%%%%AA6D>A %%%%%%%%%%%%%%%%%Q %%%%%%%%AA6D>A

=().-1./$*'$"!$4.$4(+(.5&0.$4.$67!7 %"6?AF6=CD F6!AF6>F= F@6CF"6??> %%%%%%%%%%%%%%%Q ?"6@=>6!A>

<*/B'0(-*/'( Q V=>6>D!W =>6>D! Q Q

#H-(-9/%&'%+..-*/'(%0'(10-/)-&+(%Q%&-0'.1*0'( Q Q F!6!A= Q F!6!A=

a2.-*/'(%'7'0.-&+(%Q%2$+/'(%&'%.*H2'/(+.-9/ Q Q ?F!6DD" Q ?F!6DD"

N/-&+&'(%&'%+..-*/'(%0'(10-/)-&+(%Q%$-,'0+&+( %%%%%%%%%%%%%%%Q %%%%%%%%%%%%%%%Q %%%%%%%%"D6C"! %%%%%%%%%%%%%%%%%Q %%%%%%%%"D6C"!

=().-1./$*'$"!$4.$4(+(.5&0.$4.$67!! %%"6?AF6=CD %%F6!?=6DF" %%FC6F!@6CF@ %%%%%%%%%%%%%%%%%Q %%?@6=?=6DAF

Page 57: Bladex Reporte Anual 2011

!"

#$%&'()'*+,*%,$-.$%/0*&*+,$%'+1203$4'5+%0*.$4'2+$6$%42+%.$&%$44'2+*&%0*423/0$6$&%+2%0*,'0$6$&%/20%*.%7$+42%89%42+&*4)*+,*3*+,*9%4.$&'1'4$6$&%4232%$44'2+*&%*+%,*&20*0:$;

!"#$%&'()$*($+,-.$(/0(123$'4$&#536%40&7#$136$400&7#8 !"#$%&'() !"#$%&'*) !"#$%&'+) ,-.$#

(//0-1&% 2-1.- (//0-1&% 2-1.- (//0-1&% 2-1.- (//0-1&% 2-1.-

304&1.&%'$#'5'6&'&1&7-'6&'899: ;5<=5>9' 59=?9<' @A<=959 5@=A@@' >=A<9=A9> 59A=>99 @=@AA=?@> 5;8=?A;

<44'2+*&%0*&,0'+('6$&%2,20($6$&%=%6'0*4,20*& = = = = >?"9@?AB >@C!B >?"9@?AB >@C!B

D/4'2+*&%*E*04'6$&%=%F.$+*&%6*%423/*+&$4'5+ = = = = >GH9IGCB >I9@JCB >GH9IGCB >I9@JCB

K+'6$6*&%6*%$44'2+*&%0*&,0'+('6$&%=%.'-*0$6$& %%%%%%%%%%%%= %%%%%%%%%%= %%%%%%%%%%%%= %%%%%%%%%= %%%%%>IH9AI!B %%%%%%>H@JB %%%%%>IH9AI!B %%%%%%%>H@JB304&1.&%'$#';5'6&'60/0&BC7&'6&'899: ;5<=5>9 59=?9< @A<=959 5@=A@@ >=@><=9?@ 59;=8;: @=>;>=88@ 58:=A98

L*423/0$%6*%$44'2+*&%423)+*& = = = = HCC ? HCC ?

<44'2+*&%0*&,0'+('6$&%2,20($6$&%=%6'0*4,20*& = = = = >?G9II!B >@C@B >?G9II!B >@C@B

D/4'2+*&%*E*04'6$&%=%F.$+*&%6*%423/*+&$4'5+ = = = = >GH9ICJB >I9@!GB >GH9ICJB >I9@!GB

K+'6$6*&%6*%$44'2+*&%0*&,0'+('6$&%=%.'-*0$6$& %%%%%%%%%%%%= %%%%%%%%%%= %%%%%%%%%%%%= %%%%%%%%%= %%%%%>AA9@CAB %%%%>I9C"IB %%%%%>AA9@CAB %%%%>I9C"IB304&1.&%'$#';5'6&'60/0&BC7&'6&'8959 ;5<=5>9 59=?9< @A<=959 5@=A@@ >=;<;=5@9 ::=;9> @=8A:=;99 58@=AA?

<44'2+*&%0*&,0'+('6$&%2,20($6$&%=%6'0*4,20*& = = = = >H!9!AIB >JC@B >H!9!AIB >JC@B

D/4'2+*&%*E*04'6$&%=%F.$+*&%6*%423/*+&$4'5+ = = = = >?H!9@@JB >"9""!B >?H!9@@JB >"9""!B

K+'6$6*&%6*%$44'2+*&%0*&,0'+('6$&%=%.'-*0$6$& %%%%%%%%%%%%= %%%%%%%%%%= %%%%%%%%%%%%= %%%%%%%%%= %%%%%>J@9GJ!B %%%%>I9JJJB %%%%%>J@9GJ!B %%%%>I9JJJB304&1.&%'$#';5'6&'60/0&BC7&'6&'8955 ;5<=5>9 59=?9< @A<=959 5@=A@@ ;=:A5=?>< ''<:=8@> >=<>?=<:< 55@=A5?

5AD'E#$1&%'6&'/-BF&1%$/0G1'&1'&H&/.0I-'J'&1'$//0-1&%

M.%7$+42%N$%*&,$-.*4'62%/.$+*&%6*%423/*+&$4'5+%-$E2%.2&%4)$.*&%&*%$63'+'&,0$+%/.$+*&%6*%$44'2+*&%0*&,0'+('6$&9%6*%)+'6$6*&%6*%$44'2+*&%0*&,0'+('6$&%8%6*%2/4'5+%6*%423/0$%6*%$44'2+*&%/$0$%$,0$*09%0*,*+*0%8%32,'O$0%$%6'0*4,20*&%8%$.,2&%*E*4),'O2&9%8%/$0$%423/*+&$0.2&%/20%&)%42+,0'-)4'5+%$.%40*4'3'*+,2%8%0*+,$-'.'6$6%6*.%7$+42P%%Q$6$%)+2%6*%.2&%/.$+*&%6*.%7$+42%*&,$-.*4*%*.%0*R)'&',2%6*%&*0O'4'2%4232%.$%S+'4$%42+6'4'5+%/$0$%,*+*0%6*0*4N2%$%*E*04'4'2P

<P% F.$+%6*%T+4*+,'O2%6*%<44'2+*&%6*.%HCCG%=%U'0*4,20*&%8%ME*4),'O2&%

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

U)0$+,*%*.%HCII9%HCIC%8%HCC@9%.$%V)+,$%U'0*4,'O$%$/02-5%2,20($0%$44'2+*&%0*&,0'+('6$&%$%U'0*4,20*&%8%2/4'2+*&%6*%$44'2+*&%8%)+'6$6*&%6*%$44'2+*&%0*&,0'+('6$&%$%4'*0,2&%ME*4),'O2&%6*.%7$+429%4232%&*%6*,$..$%$%42+,'+)$4'5+;

900&3#()$6()26&#:&*4)$3236:4*4)$4$;&6(0236()

M+%E).'2%6*%HCII9%HCIC%8%HCC@9%.$%V)+,$%U'0*4,'O$%2,20(5%H!9!AI9%?G9II!%8%?"9@?A%$44'2+*&%423)+*&%ZQ.$&*%M[P%%M.%O$.20%0$]2+$-.*%6*%.$&%$44'2+*&%0*&,0'+('6$&%2,20($6$&%&*%1'E5%42+%-$&*%$.%/0*4'2%6*%4'*00*%6*%.$&%$44'2+*&%ZQ.$&*%M[%*+%.$%72.&$%6*%^$.20*&%6*%_)*O$%`20a%6*.%I!%6*%E).'2%6*%HCII9%@%6*%E).'2%6*%HCIC%8%IC%6*%E).'2%6*%HCC@9%0*&/*4,'O$3*+,*P%%#$&%$44'2+*&%/'*06*+%&)%0*&,0'44'5+%*+%4'+42%$b2&9%$%0$]5+%6*%HCc%4$6$%$b29%423*+]$+62%$%/$0,'0%6*.%&'()'*+,*%$b2%6*%.$%1*4N$%6*%2,20($3'*+,2P%%M.%O$.20%0$]2+$-.*%6*%*&,$&%$44'2+*&%0*&,0'+('6$&%2,20($6$&%$&4'*+6*%$%dAJH%3'.%*+%HCII9%8%dA"!%3'.%*+%HCIC%8%HCC@9%6*%.2&%4)$.*&%dAIA%3'.9%dH"C%3'.%8%dI?@%3'.%1)*02+%0*('&,0$62&%*+%0*&).,$62&%6)0$+,*%HCII9%HCIC%8%HCC@9%0*&/*4,'O$3*+,*P%%M.%42&,2%/*+6'*+,*%6*%$320,']$0%/20%dI9CAC%3'.%$.%?I%6*%6'4'*3-0*%6*%HCII9%&*%$320,']$0X%*+%)+%/*0:262%6*%?P!I%$b2&P

K+%0*&)3*+%$.%?I%6*%6'4'*3-0*%6*%HCII9%6*%.$&%$44'2+*&%0*&,0'+('6$&%2,20($6$&%$%.2&%U'0*4,20*&%6)0$+,*%.2&%$b2&%HCII9%HCIC%8%HCC@9%&*%/0*&*+,$%$%42+,'+)$4'5+;

(//0-1&%

E7-B&60-'F-16&7$6-'6&#'I$#-7'7$K-1$C#&'$'#$'H&/L$'

6&'-.-74$B0&1.-L*&,0'+('6$&%$.%I%6*%*+*02%6*%HCC@ ?I9HAJ dI!PHCD,20($6$& ?"9@?A IHP!H#'-*0$6$& %>J9HAHB I!PHCL*&,0'+('6$&%$.%?I%6*%6'4'*3-0*%6*%HCC@ JH9@?G I?P!GD,20($6$& ?G9II! IHPAJ#'-*0$6$& >I?9CHJB I?PGCL*&,0'+('6$&%$.%?I%6*%6'4'*3-0*%6*%HCIC %GG9CH" I?PC"D,20($6$& H!9!AI IGPC"#'-*0$6$& >?I9!J?B I?PIAL*&,0'+('6$&%$.%?I%6*%6'4'*3-0*%6*%HCII GH9CC! dIAP!@e*%*&/*0$+%&*$+%.'-*0$6$& GH9CC! dIAP!@

M.%O$.20%0$]2+$-.*%6*%.$&%$44'2+*&%.'-*0$6$&%6)0$+,*%.2&%$b2&%HCII9%HCIC%8%HCC@%1)*%6*%dAI!%3'.9%dIGC%3'.%8%d@!%3'.9%0*&/*4,'O$3*+,*P

+#&*4*()$*($400&3#()$6()26&#:&*4)$<$310&3#()$*($03%164$*($400&3#()$3236:4*4)$4$0&(623)$"=(0>2&?3)$

#$%V)+,$%U'0*4,'O$%$/02-5%2,20($0%2/4'2+*&%6*%423/0$%6*%$44'2+*&%8%)+'6$6*&%6*%$44'2+*&%0*&,0'+('6$&%$%4'*0,2&%ME*4),'O2&%6*.%7$+429%/20%)+%O$.20%0$]2+$-.*%6*%dIP"%3'..2+*&%*+%HCII9%dHPA%3'..2+*&%*+%HCIC%8%dHP?%3'..2+*&%*+%HCC@P%%M+%*.%HCII%.$%6'&,0'-)4'5+%6*%*&,*%O$.20%0$]2+$-.*%*+%)+'6$6*&%6*%$44'2+*&%0*&,0'+('6$&%8%2/4'2+*&%1)*%6*%dIP!%3'..2+*&%8%dCPH%3'..2+*&9%0*&/*4,'O$3*+,*P%%F$0$%.2&%$b2&%HCIC%8%HCC@%.$%6'&,0'-)4'5+%6*.%2,20($3'*+,2%,2,$.%1)*%6*%!Cc%*+%)+'6$6*&%6*%$44'2+*&%0*&,0'+('6$&%8%!Cc%*+%2/4'2+*&9%*+%$3-2&%$b2&P

M.%7$+42%2,20($%)+$%$44'5+%ZQ.$&*%M[%/20%4$6$%2/4'5+%*E*04'6$%2%)+'6$6%6*%$44'5+%0*&,0'+('6$%.'-*0$6$P

K+'6$6*&%6*%$44'2+*&%0*&,0'+('6$&;

M.%O$.20%0$]2+$-.*%6*%.$&%)+'6$6*&%6*%$44'2+*&%0*&,0'+('6$&%&*%6*,*03'+5%42+%-$&*%$.%/0*4'2%6*%4'*00*%6*%.$&%$44'2+*&%ZQ.$&*%M[%*+%.$%72.&$%6*%_)*O$%`20a%*.%6:$%6*.%2,20($3'*+,2P%%M&,$&%)+'6$6*&%6*%$44'2+*&%/'*06*+%&)%0*&,0'44'5+%$%0$]5+%6*.%H!c%4$6$%$b2%*+%*.%$+'O*0&$0'2%6*%.$%1*4N$%6*%2,20($3'*+,2P

M.%42&,2%6*%423/*+&$4'5+%6*%*&,$&%)+'6$6*&%6*%$44'2+*&%0*&,0'+('6$&%&*%$320,']$%6)0$+,*%*.%/*0:262%6*%0*&,0'44'5+P%%M.%42&,2%0*('&,0$62%*+%0*&).,$62&%6)0$+,*%*.%HCII9%HCIC%8%HCC@%/026)4,2%6*%.$%$320,']$4'5+%6*%*&,2&%2,20($3'*+,2&%$&4'*+6*%$%dI9CHC%3'.9%d"AH%3'.%8%dA?J%3'.9%0*&/*4,'O$3*+,*P%%M.%42&,2%/*+6'*+,*%6*%$320,']$0%6*%dI9@J!%3'.%*+%HCII%&*%$320,']$0X%*+%)+%/*0:262%6*%HP!%$b2&P

K+% 0*&)3*+%$.% ?I% 6*% 6'4'*3-0*% 6*% HCII9% HCIC% 8% HCC@9% 6*% .$&% )+'6$6*&% 6*% $44'2+*&% 0*&,0'+('6$&% 2,20($6$&% $% 4'*0,2&%ME*4),'O2&%8%.2&%4$3-'2&%0*('&,0$62&%*+%.2&%$b2&%HCII9%HCIC%8%HCC@9%&*%/0*&*+,$%$%42+,'+)$4'5+;

M106$6&%'6&'(//0-1&%

E7-B&60-'F-16&7$6-'6&#'I$#-7'7$K-1$C#&'$'#$'H&/L$'6&'-.-74$B0&1.-

,0&BF-'F7-B&60-'F-16&7$6-'7&%.$1.&'6&#'/-1.7$.-

3$#-7'01.7N1%&/-'$47&4$6-'OB0#&%P

^'(*+,*&%$.%I%6*%*+*02%6*%HCC@ !H9HHJ dI!PA?D,20($6$& I?H9CHC GPJ"<+).$6$& >!9"I?B IIPAA#'-*0$6$& %>IH9AI!B I!PA?^'(*+,*&%$.%?I%6*%6'4'*3-0*%6*%HCC@ IJJ9IIG ICPHCD,20($6$& ICI9A@J IHPCA<+).$6$& = =#'-*0$6$& %>AA9@CAB ICP!@^'(*+,*&%$.%?I%6*%6'4'*3-0*%6*%HCIC HHH9"IC ICP@JD,20($6$& @A9A@J I!PGA<+).$6$& >HC9@?IB IHPJ?#'-*0$6$& %>J@9GJ!B IIPC@ dAAJ^'(*+,*&%$.%?I%6*%6'4'*3-0*%6*%HCII HHJ9AIC dIHPGC IP"J%$b2& d"?Je*%*&/*0$+%&*$+%.'-*0$6$& HHJ9AIC dIHPGC d"?J

Page 58: Bladex Reporte Anual 2011

!"

#$%&'$()%)'*(+',$-%.-%$'/%'001(+-/%$1,-)'.'/%.2)'+3-%$(/%'4(/%56778%5676%9%566:%;2-%.-%<==!%>1$8%<?=@%>1$%9%<7:5%>1$8%)-/A-031&'>-+3-B

CA01(+-/%.-%0(>A)'%.-%'001(+-/D

#$%&'$()%)'*(+',$-%.-%$'/%(A01(+-/%.-%0(>A)'%.-%'001(+-/%(3()E'.'/%'%01-)3(/%#F-0231&(/%.2)'+3-%$(/%'4(/%56778%5676%9%566:%/-%.-3-)>1+G%231$1*'+.(%-$%>(.-$(%.-%A)-01(%.-%(A01(+-/%HI$'0JKL0M($-/N8%,'/'.(%-+%$(/%/1E21-+3-/%;'03()-/D

!"## !"#" !""$

O)(>-.1(%A(+.-)'.(%.-%&'$()%)'*(+',$-%A()%(A01G+% <5B:5 <5B:7 %<7B:6

O)(>-.1(%A(+.-)'.(%.-%3P)>1+(%-/A-)'.(8%-+%'4(/ !B!6 ?B=! ?B=!

Q($'31$1.'.%-/A-)'.' R6S R=S R=S

T'/'%$1,)-%.-%)1-/E( 5B!5S 5BR5S 7B=:S

U1&1.-+.(%-/A-)'.( ?B!6S !B66S @B66S

#/3'/%(A01(+-/%-VA1)'+%/1-3-%'4(/%.-/A2P/%.-%$'%;-0M'%.-$%(3()E'>1-+3(%9%31-+-+%.-)-0M(%'%/-)%-F-)01.'/%'%)'*G+%.-%5!S%0'.'%'4(%-+%-$%'+1&-)/')1(%.-%$'%;-0M'%.-%(3()E'>1-+3(B

#$%0(/3(%)-E1/3)'.(%-+%)-/2$3'.(/%.2)'+3-%$(/%'4(/%56778%5676%9%566:%A)(.203(%.-%$'%'>()31*'01G+%.-%-/3(/%(3()E'>1-+3(/%'/01-+.-%'%<=@!%>1$8%<=?5%>1$%9%<?R@%>1$8%)-/A-031&'>-+3-B%%#$%0(/3(%A-+.1-+3-%.-%'>()31*')%.-%<786!5%>1$%-+%-$%5677%/-%'>()31*')W%-+%2+%A-)X(.(%.-%7B:@%'4(/B%%Y+%)-/2>-+%.-$%-/3'.(%.-%$'/%(A01(+-/%(3()E'.'/%/-%A)-/-+3'%'%0(+31+2'01G+D

%&'()*+,

-.+'()/&.)0+1()/&)*1+.21)/1+/+3+.'('()

4(+0&)/&.)0+1()/&)*1+.21)/.+,52*5+/1+6/')*5.25)

726)./(*5.8*,+')/29.+921)/:0(6+,;

Q1E-+3-/%'$%7%.-%-+-)(%.-%566: 55:86"! <7!B?R

C3()E'.'/ @678:"! 76B7!

Z+2$'.'/ %%%[5=86=@\ 75B?R

Q1E-+3-/%'$%R7%.-%.101->,)-%.-%566: "6R8::? 77B!"

C3()E'.'/ ?568=== 7RB!5

Z+2$'.'/ [@?@\ 7!B?R

#F-)01.'/ %%%["5876@\ 76B7!

Q1E-+3-/%'$%R7%.-%.101->,)-%.-%5676 787?5867: 75BR:

C3()E'.'/ =586!R 7=B"7

Z+2$'.'/ [!"86@=\ 75B7@

#F-)01.'/ %[5?68?R:\ 75B5=

Q1E-+3-/%'$%R7%.-%.101->,)-%.-%5677 %%:7!8!@@ <75B"= ?B?@%'4(/ <R86?6

O2-.-+%/-)%-F-)01.'/ %%5R"8?@@ <7RB76 RB75%'4(/ <%%%=6R

L-%-/A-)'%3-+E'+%.-)-0M(%'%/-)%-F-)01.'/ %%@==8766 <75B=: ?B@"%'4(/ <58RR=

#$%&'$()%1+3)X+/-0(%.-%$'/%(A01(+-/%-F-)01.'/%.2)'+3-%5677%9%5676%;2-%.-%<78R55%>1$%9%<R"R%>1$8%)-/A-031&'>-+3-B%%#$%I'+0(%)-01,1G%.2)'+3-%5677%9%5676%<58:?:%>1$%9%<"R?%>1$8%)-/A-031&'>-+3-8%A)(.203(%.-%(A01(+-/%-F-)01.'/B

IB% O$'+%.-%Z001(+-/%)-/3)1+E1.'/%K%U1)-03()-/%[U-/0(+31+2'.(\

#+%-$%'4(%566R8%$'%]2+3'%U1)-031&'%'A)(,G%2+%A$'+%.-%0(>A-+/'01G+%.-%'001(+-/%)-/3)1+E1.'/%A')'%U1)-03()-/%.-$%I'+0(8%-$%02'$%;2-%>(.1;10'.(%-+%566=%9%A(/3-)1()>-+3-%.-/0(+31+2'.(%-+%-$%566"B%%^2-E(%.-$%(3()E'>1-+3(%.-$%566=8%+(%/-%M'+%(3()E'.(%'001(+-/%,'F(%-/3-%A$'+B%%^'/%'001(+-/%)-/3)1+E1.'/%A1-).-+%/2%)-/3)1001G+%'%)'*G+%.-%56S%-+%0'.'%'4(%.-%$'%;-0M'%.-%'+1&-)/')1(B%%

^(/%0(/3(/%0')E'.(/%0(+3)'%)-/2$3'.(/%)-$'01(+'.(/%0(+%$(/%(3()E'>1-+3(/%.-%'001(+-/%_2-%'`+%-/3W+%)-/3)1+E1.'/%;2-)(+%.-%<"=%>1$8%<76"%>1$%9%<75R%>1$%-+%56778%5676%9%566:8%)-/A-031&'>-+3-B%%Z$%R7%.-%.101->,)-%.-%56778%-$%I'+0(%31-+-%0(/3(/%.-%0(>A-+/'01G+%A()%'>()31*')%.-%<?7%>1$%)-$'01(+'.(/%0(+%-/3-%A$'+8%$(/%02'$-/%/-)W+%'>()31*'.(/%-+%2+%A-)X(.(%.-%=%>-/-/B

Y+%)-/2>-+%'$%R7%.-%.101->,)-%.-%56778%.-%$'/%'001(+-/%)-/3)1+E1.'/%(3()E'.'/%'%U1)-03()-/%,'F(%-/3-%A$'+%9%$(/%0'>,1(/%)-E1/3)'.(/%.2)'+3-%$(/%'4(/%56778%5676%9%566:8%/-%A)-/-+3'%'%0(+31+2'01G+D

<''()*+,

-.)0+1()/&)*1+.21)/1+6/=26)./.2>)*2?6+/2/62/@+'A2/1+/)5).920(+*5)

a-/3)1+E1.'/%'$%7%.-%-+-)(%.-%566: 578?7: <56B6=

C3()E'.'/ K K

^1,-)'.'/ %[@8=?@\ 7:B5!

a-/3)1+E1.'/%'$%R7%.-%.101->,)-%.-%566: 7?8@=R 56B?!

C3()E'.'/ K K

^1,-)'.'/ [!8=!@\ 7:B:!

a-/3)1+E1.'/%'$%R7%.-%.101->,)-%.-%5676 %"8:7= 56B==

C3()E'.'/ K K

^1,-)'.'/ [!8R::\ 56BR:

a-/3)1+E1.'/%'$%R7%.-%.101->,)-%.-%5677 R8!7" <57BR!

L-%-/A-)'+%/-'+%$1,-)'.'/ R8!7" <57BR!

#$%&'$()%)'*(+',$-%3(3'$%.-%$'/%'001(+-/%$1,-)'.'/%.2)'+3-%$(/%'4(/%3-)>1+'.(/%-$%R7%.-%.101->,)-%.-%56778%5676%9%566:%;2-%.-%<776%>1$8%<77!%>1$%9%<7R6%>1$8%)-/A-031&'>-+3-B

bB% O$'+%.-%CA01G+%.-%b(>A)'%.-%Z001(+-/%.-$%566@%K%U1)-03()-/%9%#F-0231&(/%[U-/0(+31+2'.(\

#$%O$'+%.-%CA01G+%.-%b(>A)'%.-%Z001(+-/%.-$%566@%;2-%.-/0(+31+2'.(%-+%-$%566"B%^'/%(A01(+-/%(3()E'.'/%,'F(%-/3-%A$'+%-VA1)'+%/1-3-%'4(/%.-/A2P/%.-%$'%;-0M'%.-$%(3()E'>1-+3(B%%^2-E(%.-$%(3()E'>1-+3(%.-%566=8%+(%/-%M'+%(3()E'.(%(A01(+-/%,'F(%-/3-%A$'+B

#$%0(/3(%)-E1/3)'.(%-+%)-/2$3'.(/%A)(.203(%.-%$'%'>()31*'01G+%.-%$'/%(A01(+-/%(3()E'.'/%,'F(%-/3-%A$'+%.-%0(>A-+/'01G+%'/0-+.1G%'%<5!%>1$%-+%5677%9%<557%>1$%-+%-$%5676%9%566:B%%Z$%R7%.-%.101->,)-%.-%56778%+(%M',X'%0(/3(/%.-%0(>A-+/'01G+%A-+.1-+3-/%A()%'>()31*')%)-$'01(+'.(/%0(+%-/3-%(3()E'>1-+3(B%%

Y+%)-/2>-+%'$%R7%.-%.101->,)-%.-%5677%.-% $'/%(A01(+-/%.-%'001(+-/%(3()E'.'/%'%U1)-03()-/%9%01-)3(/%#F-0231&(/%9% $(/%0'>,1(/%)-E1/3)'.(/%.2)'+3-%$(/%'4(/%566:8%5676%9%56778%/-%A)-/-+3'%'%0(+31+2'01G+D

%&'()*+,

-.+'()/&.)0+1()/&)*1+.21)/1+/+3+.'('()

4(+0&)/&.)0+1()/&)*1+.21)/.+,52*5+/1+6/')*5.25)

726)./(*5.8*,+')/29.+921)/:0(6+,;

Q1E-+3-/%'$%7%.-%-+-)(%.-%566: 56=8=6@ <7@BR?

Z+2$'.'/ %%%%%%%%%%%K %%%%%%%%%K

Q1E-+3-/%'$%R7%.-%.101->,)-%.-%566: 56=8=6@ 7@BR?

Z+2$'.'/ %%%%%%%%%%%K %%%%%%%%%K

Q1E-+3-/%'$%R7%.-%.101->,)-%.-%5676 56=8=6@ 7@BR?

Z+2$'.'/ %%%%%%%%%%%K %%%%%%%%%K

#F-)01.'/ %[5=8!!5\ %%7@BR?

Q1E-+3-/%'$%R7%.-%.101->,)-%.-%5677 7"687!? <7@BR? 5B75%'4(/ <K

O2-.-+%/-)%-F-)01.'/%'$%R7%.-%.101->,)-%.-%5677 7"687!? <7@BR? 5B75%'4(/ <K

#$%&'$()%1+3)X+/-0(%.-%$'/%(A01(+-/%-F-)01.'/%.2)'+3-%-$%'4(%3-)>1+'.(%-$%R7%.-%.101->,)-%.-%5677%;2-%.-%<?!%>1$B%%#$%I'+0(%%%B+'$A%-3/-%(F',%/'.10)-F-%/-+(10A(%/'$%-.%(302.()A%$1>%6!?<%7765%-.%-),>-101.%-.%7R%$-%(.'+1>)-3%(4'%$-%-3+')2.%G1,10-)

T(.'/%$'/%(A01(+-/%-/3W+%.1/A(+1,$-/%A')'%/-)%-F-)01.'/%-$%R7%.-%.101->,)-%.-%5677B

Page 59: Bladex Reporte Anual 2011

!"

#$% &'()%*+%,-./0)%*+%123-4(%*+%5../2)+6%7)*+8(*(6%9#+6.2):/);(*2<

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

V)%4+6;3+)%('%RS%*+%*/./+3C4+%*+%=>SS@%D%'26%.(3C/26%4+P/6:4(*26%*;4():+%'26%(M26%=>>"@%=>S>%D%=>SS%*+%'(6%2-./2)+6%*+%.23-4(%*+%(../2)+6%/)*+8(*(6@%6+%-4+6+):(%(%.2):/);(./0)W

!"#$%&'(

)*'#$%+"*%,'-$%+"%&-'*.-%+-'+'/'*#$#$%

0$',"%+"*%,'-$%+"%&-'*.-%+*'(1.&1'+-'2+#%&1*.1%

3.2%*+$&1*4&('#%+.5*'5.-%+6,$2'(7

X/P+):+6%('%S%*+%+)+42%*+%=>>" ?JU@J?" TS=$"R5);'(*(6 Y YEF+4./*(6 %9Z=@SZ>< "$Z?X/P+):+6%('%RS%*+%*/./+3C4+%*+%=>>" RZ!@?J" SU$?J5);'(*(6 Y YEF+4./*(6 %%%%%%%%%%%Y YX/P+):+6%('%RS%*+%*/./+3C4+%*+%=>S> RZ!@?J" SU$"Z5);'(*(6 Y YX+)./*(6 %9?@S>>< SS$ZUEF+4./*(6 %9!!@?RR< S=$S=X/P+):+6%('%RS%*+%*/./+3C4+%*+%=>SS R=!@"RJ TS=$ZJ R$?R%(M26 TS@>R"&;+*+)%6+4%+F+4./*(6%('%RS%*+%*/./+3C4+%*+%=>SS R=!@"RJ TS=$ZJ R$?R%(M26 TS@>R"

E'%B('24%/):4Q)6+.2%*+%'(6%2-./2)+6%+F+4./*(6%*;4():+%'26%(M26%:+43/)(*26%+'%RS%*+%*/./+3C4+%*+%=>SS%D%=>>"%I;+%T=R!%3/'%%%D%'/3%=UJT%">>=%D%SS>=%+*%+4C3+/./*%+*%SR%'+%62*()/34+:%62M(%62'%+:)(4;*%0/C/.+4%2.)(G%'E%%$+:)+3(B/:.+-6+4%@'/3%=!=T%D

TZ>Z%3/'@%4+6-+.:/B(3+):+@%-42*;.:2%*+'%+F+4././2%*+%'(6%2-./2)+6$%%[2*(6%'(6%2-./2)+6%+6:\)%*/6-2)/C'+6%-(4(%6+4%+F+4./*(6%+'%RS%*+%*/./+3C4+%*+%=>SS$

E$% E$%&'()%S""!%D%S"""%*+%,-./0)%*+%123-4(%*+%5../2)+6%9#+6.2):/);(*2<

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

V)%4+6;3+)%('%RS%*+%*/./+3C4+%*+%=>SS%D%'26%.(3C/26%4+P/6:4(*26%*;4():+%'26%(M26%=>SS@%=>S>%D%=>>"%*+%+6:26%-'()+6%*+%2-./2)+6%6+%-4+6+):()%(%.2):/);(./0)W

!"#$%&'(

)*'#$%+"*%,'-$%+"%&-'*.-%+-'+'/'*#$#$%

0$',"%+"*%,'-$%+"%&-'*.-%+*'(1.&1'+-'2+#%&1*.1%

3.2%*+$&1*4&('#%+.5*'5.-%+6,$2'(7

X/P+):+6%('%S%*+%+)+42%*+%=>>" S?@R!> T=Z$ZS5);'(*(6 9!RR< =U$U=X+)./*(6 %9=@>Z=< =R$>RX/P+):+6%('%RS%*+%*/./+3C4+%*+%=>>" SS@UR! ="$Z"5);'(*(6 Y YX+)./*(6 %9R@JS!< =R$SJX/P+):+6%('%RS%*+%*/./+3C4+%*+%=>S>% Z@S=> R=$ZZ5);'(*(6 Y YX+)./*(6 %9Z@S=>< R=$ZZX/P+):+6%('%RS%*+%*/./+3C4+%*+%=>SS% %%%%%%%%%Y T%%%%%%%Y Y TY

]$% &'()%#/I+4/*2%*+%123-+)6(./0)%9^&'()%#1_<%9#+6.2):/);(*2<

E)%S"""@%'(%A;):(%#/4+.:/B(%(-42C0%+'%-'()%#1@%+'%.;('%I;+%6;C6+.;+):+3+):+%*+6.2):/);(*2%+)%=>>R$%%E'%G().2%-2*Q(%2:24P(4%;)%)`3+42%*+%;)/*(*+6%*+%-(:4/32)/2%*/I+4/*2$%%K26%.2'(C24(*24+6%+'+P/C'+6%:+)Q()%*+4+.O2%(%'(6%;)/*(*+6%*+%-(:4/32)/2%*+6-;N6%*+%:4+6%(M26%*+%6+4B/./2@%D%'(%*/6:4/C;./0)%+4(%+I+.:;(*(%+)%'(%`':/3(%I+.O(%*+%9/<%'(%I+.O(%H;+%'(6%;)/*(*+6%*+%.23-+)6(./0)%+4()%(.4+*/:(*(6%(%'(%.;+):(%*+'%.2'(C24(*24%D%9//<%*/+L%(M26%*+6-;N6%*+%H;+%+'%.2'(C24(*24%+4(%(.4+*/:(*2%-24%-4/3+4(%B+L%.2)%;)/*(*+6%*+%-(:4/32)/2%*/I+4/*(6$%%K26%.2'(C24(*24+6%-(4:/./-():+6%4+./C+)%*/B/*+)*26%.2)%4+6-+.:2%(%6;6%;)/*(*+6%*+%.23-+)6(./0)%*/I+4/*(6%)2%.2).+*/*(6$%%V)%4+6;3+)%*+%'26%.(3C/26%6+%-4+6+):(%(%.2):/);(./0)W

89:: 89:9 899;

X/P+):+6%('%/)/./2%*+'%(M2% SU@U?J SZ@U!! S"@J>"EF+4./*(6 9S!@"R?< %9S@>>"< %%%9Z!?<X/P+):+6%('%I/)('%*+'%(M2 %%%S@ZS= SU@U?J SZ@U!!

K26%.26:26%.(4P(*26%.2):4(%4+6;':(*26%4+'(./2)(*26%.2)%+6:+%-'()%I;+42)%*+%TS%3/'%+)%=>SS@%D%TSS%3/'%+)%=>S>%D%=>>"$

a$% ,:426%-'()+6%Y%&'()%*+%5':26%EF+.;:/B26%E8:4()F+426

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

:<=+>1$2$-.-+"%*+.##$?&+

K(%6/P;/+):+%:(C'(%+6%;)(%.2)./'/(./0)%*+%'(%/)I243(./0)%*+%'(%;:/'/*(*%D%*+%'(%/)I243(./0)%*+%'(6%(../2)+6%;:/'/L(*(6%+)%+'%.\'.;'2%*+%'(%;:/'/*(*%-24%(../0)%C\6/.(%D%*/';/*(%-(4(%'(6%I+.O(6%/)*/.(*(6W

!"#$%&'()$*($+,$*-'./()0$(12(345$'.$&#65/%.2&-#$35/$.22&-#7 @A%+1'*,$&.-%+'2+B:+-'+-$#$',C*'+

89:: 89:9 899;

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

9S<%%5'%RS%*+%*/./+3C4+%*+%=>SS@%=>S>%D%=>>"@%'26%-423+*/26%-2)*+4(*26%*+%2-./2)+6%*+%.23-4(%*+%(../2)+6%*+%U=@>!R@%UJ>@=Z?%D%UJ"@U">@%4+6-+.:/B(3+):+@%I;+42)%+8.';/*26%*+'%.\'.;'2%*+%'(%;:/'/*(*%)+:(%*/';/*(%-24%(../0)%*+C/*2%(%H;+%+'%-4+./2%*+%+F+4././2%*+%'(6%2-./2)+6%+4(%3(D24%H;+%+'%-423+*/2%*+'%-4+./2%*+%3+4.(*2%*+%'(6%(../2)+6%.23;)+6%*+'%G().2$

:D=+E&(1*F,'&1%(+G$&.&#$'*%(+#%&+*$'(5%(+-'+#*H-$1%(+#%&1$&5'&1'(

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

Page 60: Bladex Reporte Anual 2011

!"

#$%&'()*%+'(,-.(.% -(/,01+.(,*/% 2-('()-.0*/%3-4.(,./%)*(%0-./4*%)0.5-,-)-*% 21.0'%5.$%6'$'().%4.(.0'$%)*(/*$-5'5*7%8'0'% $'/%2.)9'/%-(5-)'5'/%)*+*%/-41.:

!"#$%#$&'&%()*%!"#$%&'()$*($+,$*-'./()0 +,"" +,",

;'0,'/%5.%)0<5-,*%)*(2-0+'5'/ =!!7>?@ AB!7=C@;'0,'/%5.%)0<5-,*%D/,'(5E6FG%F%4'0'(,H'/%E%I-./4*%)*+.0)-'$ AC7CBB JC7?A";*+80*+-/*/%5.%)0<5-,* %%@>7B!= AAC7C!J

J!A7?"C J>J7>!"

K$%JA%5.%5-)-.+60.%5.%="AA7%.$%8.02-$%5.%3.()-+-.(,*%0.+'(.(,.%5.%$*/%-(/,01+.(,*/%2-('()-.0*/%)*(%0-./4*%5.%)0<5-,*%21.0'%5.$%6'$'().%4.(.0'$%5.$%&'()*7%./%)*+*%/-41.:

!"#$%&'()$*($+,$*-'./()0-%.'&(&%./0 10./0L'/,'%A%'M* JA@7>>!N.%A%'%=%'M*/ ?=7>=CN.%=%'%>%'M*/ !"!OP/%5.%>%'M*/ %%%%%%@AC

J!A7?"C

K$%JA%5.%5-)-.+60.%5.%="AA%F%="A"7%$'%)*().(,0')-Q(%8*0%8'H/%5.%0-./4*%5.%$'/%*8.0')-*(./%)*(%0-./4*%5.%)0<5-,*%21.0'%5.$%6'$'().%4.(.0'$%)*(/*$-5'5*7%/.%5.,'$$'%'%)*(,-(1')-Q(:

!"#$%&'()$*($+,$*-'./()0

23456 +,"" +,",K04.(,-(' B= E&*$-3-' B?? E&0'/-$ ?A7AA! !!7@"";9-$. A=7J!@ E;*$*+6-' =7JB! E;*/,'%I-)' AA7!!A J=7A!"#)1'5*0 =A>7=@= A=A7=?>#$%R'$3'5*0 =7"=> =>#/8'M' B7!!" E#/,'5*/%S(-5*/ =A7@C" ET1',.+'$' >"A A7?@>L*(510'/ ?"" ?J"U'+'-)' =B> A=>O<V-)* A?7!@@ >"7B!?W'('+P A7C"A A7=""W'0'41'F CA EW.0X =7?!@ JBI.8X6$-)'%N*+-(-)'(' A7!"J C!R1-Y' >"" >""S0141'F E A@"Z.(.Y1.$' %%=A7@@" %%@C7??A

J!A7?"C J>J7>!"

;'0,'/%5.%)0<5-,*%F%4'0'(,H'/

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

;*+80*+-/*/%5.%)0<5-,*/

]*/% )*+80*+-/*/% 8'0'% .V,.(5.0% )0<5-,*% /*(% ')1.05*/% $.4'$./% *6$-4',*0-*/% 8'0'% 80./,'0% '% )$-.(,./[% % ]*/% )*+80*+-/*/7%%%[*)('&%$'%(Q-/-+*)%'(1%.5%*4'8%$.%(.0.-1\.0%F%(Q-)'(-+0.,%.5%/'$1/1P$)%/'0,*%1%(Q-)'0-8V.%.5%'^-2%'9).2%(.(.-,%7.,(.+$'0.(.4

N.6-5*%'%\1.%'$41(*/%)*+80*+-/*/%.V8-0'(%/-(%\1.%.$%)$-.(,.%$*/%1,-$-).7%.$%+*(,*%,*,'$%5.%$*/%)*+80*+-/*/%(*%(.)./'0-'+.(,.%0.80./.(,'%0.\1.0-+-.(,*/%21,10*/%5.%2*(5*/[

"78#90(:*0(&505#$%#3**%.$3(&%./0

K$%JA%5.%5-)-.+60.%5.%="AA7%1(%0./1+.(%5.%$*/%8'4*/%+H(-+*/%21,10*/%8*0%'00.(5'+-.(,*%5.%80*8-.5'5./%./%)*+*%/-41.:

!"#$%&'()$*($+,$*-'./()0

;<0#$%#%=:&*3'&>.="A= @C"="AJ >"B="A? ?@C="A> JJ@="A! AJCKM*/%/-41-.(,./ %%%%%AA_*,'$%5.%8'4*/%+H(-+*/%21,10*/%`Aa =7=>J

`Aa%%]*/%8'4*/%+H(-+*/%(*%9'(%/-5*%0.51)-5*/%8*0%$'/%0.(,'/%+H(-+'/%.(%)*().8,*%5.%/16'00.(5'+-.(,*/%8*0%bA7@"?%+-$7%\1.%/.0P(%0.)-6-5*/%.(%.$%21,10*%6'^*%)*(,0',*/%5.%/16'00.(5'+-.(,*%(*%)'().$'6$./[

K%)*(,-(1')-Q(%/.%80./.(,'%1(%'(P$-/-/%5.%,*5*/%$*/%'00.(5'+-.(,*/%*8.0',-3*/:

+,"" +,", +,,7

T'/,*%5.%'$\1-$.0% A7?"J C@> @@"O.(*/:%0.(,'/%5.%/16'00.(5'+-.(,*/ % `A=Ba %%%%%E %%%%%E

A7=@? C@> @@"

Page 61: Bladex Reporte Anual 2011

!"

!"#$%&'()*+,&(-'$./&0&1/,)-'$2,)/302-'$*(/4/502-'$60)0$1-7,)(*)0

#$%&"%'(%')*)(+,-(%'(%./""%0%./"/1% $2% )345-+2*)63%*7238)828)92%:5,-(% $5:% )3:8-7+(385:% 4)323*)(-5:%'(-)92'5:%:(% -(:7+(%2%*538)372*)63;%%

!"88 !"8"!"#$%&'()$*($+,$*-'./()0 904-)$

:-+/&04904-)$;05-&074,$<8= 904-)$

:-+/&04904-)$;05-&074,$<8=

>1(/3- ?0'/3- >1(/3- ?0'/3-@-7,)(*)0'$2,$304-)$)05-&074,A

<23=(%'(%82:2%'(%)38(->: ".?1/// "! "/1&"@ .!@1A// ?B" .?1@&@<23=(%'(%82:2:%(3%')9):2:%*-7C2'2: ."?1"/@ ?! D/1?@D "DA1?@/ .D .?1!&"@-7,)(*)0'$2,$.4*B-'$2,$10B0A

<23=(%'(%82:2%'(%)38(->: ./1/// E ?". ./1/// E "1DBB<23=(%'(%82:2:%(3%')9):2:%*-7C2'2: D.1&&! &1?DB E D.1!&& "1D/@ "?/<538-285:%2%F$2C5%'(%*23=(%'(%')9):2: ?&1.!D .DB .1&&B .1"/A A" ".@-7,)(*)0'$2,$/&3,)'/C&$&,(0A

<538-285:%2%F$2C5%'(%*23=(%'(%')9):2: %%%%!1/&! %%%.AB %%%%%%%%E %%%%%%%%%%E %%%%%%%E %%%%%%%%%ED-(04 D!"1@D& D1"?B ?&1@D. DA"1""" .1"/& ?&1/.B

G2323*)2%HF>-')'2I%3(82%'(%$2%F5-*)63%)3(4(*8)92%0%-)(:J5%*-(')8)*)5%(3%2*8)9)'2'(:%'(%*5,(-87-2%H.I .1ADB H"1DD!I

H"I%K5:%92$5-(:%-2C532,$(:%2*8)95:%0%F2:)95:%:53%*$2:)4)*2'5:%(3%($%,2$23*(%J(3(-2$%*53:5$)'2'5%*5+5%)3:8-7+(385:%4)323*)(-5:%'(-)92'5:%78)$)C2'5:%F2-2%*5,(-87-2%2*8)95%0%F2:)951%-(:F(*8)92+(38(LH.I%K2:%J2323*)2:%5%F>-')'2:%J(3(-2'2:%F5-%$2%)3(4(*8)9)'2'%0%-)(:J5%*-(')8)*)5%(3%$2:%2*8)9)'2'(:%'(%*5,(-87-2%:53%*$2:)4)*2'2:%(3%($%(:82'5%*53:5$)'2'5%'(%-(:7$82'5:%*5+5%)3:8-7+(385:%4)323*)(-5:%'(-)92'5:%0%'(%*5,(-87-2L

K2:% J2323*)2:% 0% F>-')'2:% J(3(-2'2:% F5-% $5:% )3:8-7+(385:% 4)323*)(-5:% '(-)92'5:% '(% *5,(-87-2% 0% -(J):8-2'2:% (3% ($% (:82'5%*53:5$)'2'5%'(%-(:7$82'5:1%:(%'(82$$23%2%*538)372*)63;

!"88!"#$%&'()$*($+,$*-'./()0

G2323*)2%HF>-')'2I%-(*535*)'2%(3%MNO%HF5-*)63%(4(*8)92I <$2:)4)*2*)63%'(%J2323*)2%HF>-')'2I

G2323*)2%HF>-')'2I%-(*$2:)4)*2'2%'(%MNO%2*7+7$2'5%2$%(:82'5%'(%-(:7$82'5:%HF5-*)63%(4(*8)92I

G2323*)2%HF>-')'2I%-(*535*)'2%:5,-(%'(-)92'5:%

HF5-*)63%)3(4(*8)92IE,)/302-'$F$1-7,)(*)0$.4*B-'$2,$10B0

<23=(%'(%82:2%'(%)38(->: BA@

<23=(% '(% 82:2:% (3% ')9):2:%*-7C2'2: .1.@/

G2323*)2% HF>-')'2I% (3% *2+,)5% '(%+53('2%(P8-23=(-2 "1B?A E

<538-285:%2%F$2C5%'(%*23=(:%'(%')9):2:

H.1"!/I%

%%%%%%%%%

O3J-(:5% '(% )38(-(:(:% E% F->:82+5:%G2:85% '(% )38(-(:(:% E% 5,$)J2*)53(:%G2323*)2% HF>-')'2I% (3% *2+,)5% '(%+53('2%(P8-23=(-2

H".DI"@.

H.1B!!I

EE

EQ582$ %%"1/B@ %%%HB!/I E

E,)/302-'$F$1-7,)(*)0$2,$/&3,)'/C&$&,(0<538-285:%2%F$2C5%'(%*23=(:%'(%')9):2: %%%%.AB

G2323*)2% HF>-')'2I% (3% *2+,)5% '(%+53('2%(P8-23=(-2 E E

D-(04 %%%%%.AB E E

!"8"!"#$%&'()$*($+,$*-'./()0

G2323*)2%HF>-')'2I%-(*535*)'2%(3%MNO%HF5-*)63%(4(*8)92I <$2:)4)*2*)63%'(%J2323*)2%HF>-')'2I%

G2323*)2%HF>-')'2I%-(*$2:)4)*2'2%'(%MNO%2*7+7$2'5%2$%(:82'5%'(%-(:7$82'5:%HF5-*)63%(4(*8)92I

G2323*)2%HF>-')'2I%-(*535*)'2%:5,-(%'(-)92'5:%

HF5-*)63%)3(4(*8)92IE,)/302-'$F$1-7,)(*)0$.4*B-'$2,$10B0

<23=(%'(%82:2%'(%)38(->: D!/

<23=(% '(% 82:2:% (3% ')9):2:%*-7C2'2: "1!B/

G2323*)2% HF>-')'2I% (3% *2+,)5% '(%+53('2%(P8-23=(-2 "1"@" E

<538-285:%2%F$2C5%'(%*23=(:%'(%')9):2:

H@?BI

%%%%%%%%

O3J-(:5% '(% )38(-(:(:% E% F->:82+5:%G2323*)2% HF>-')'2I% (3% *2+,)5% '(%+53('2%(P8-23=(-2

HD@@I

%%D@A

E

ED-(04 %"1&B" "1"@. E

!""G!"#$%&'()$*($+,$*-'./()0

G2323*)2%HF>-')'2I%-(*535*)'2%(3%MNO%HF5-*)63%(4(*8)92I <$2:)4)*2*)63%'(%J2323*)2%HF>-')'2I

G2323*)2%HF>-')'2I%-(*$2:)4)*2'2%'(%MNO%2*7+7$2'5%2$%(:82'5%'(%-(:7$82'5:%HF5-*)63%(4(*8)92I

G2323*)2%HF>-')'2I%-(*535*)'2%:5,-(%'(-)92'5:%

HF5-*)63%)3(4(*8)92IE,)/302-'$F$1-7,)(*)0$.4*B-'$2,$10B0

<23=(%'(%82:2%'(%)38(->: ?"&

<23=(% '(% 82:2:% (3% ')9):2:%*-7C2'2:

%!1.&"

G2323*)2% HF>-')'2I% (3%*2+,)5% '(% +53('2% (P8-23=(-2%O3:8-7+(385:% 4)323*)(-5:% '(-)92'5:%0%'(%*5,(-87-2

H&1D&/I

E

E

H&I

<538-285:%2%F$2C5%'(%*23=(:%'(%')9):2:

HD1@@&I% G2:85% '(% )38(-(:(:% E% 5,$)J2*)53(:%O3J-(:5%'(%)38(-(:(:%E%F->:82+5:

&&!%&"&

E%E

%%%%%%%%%G2323*)2% HF>-')'2I% (3% *2+,)5% '(%+53('2%(P8-23=(-2 &1A!" %E

D-(04 %%"1B@" "1/A/ H&I

R2-2%$5:%*538-285:%S7(%*2$)4)*23%*5+5%*5,(-87-2%'(%92$5-%-2C532,$(1%($%T23*5%-(J):8-6%$2%J2323*)2%5%F>-')'2%'(%$5:%)3:8-7+(385:%4)323*)(-5:%'(-)92'5:%0%$2%J2323*)2%5%F>-')'2%'($%2*8)95%5%F2:)95%*7,)(-85%(3%$2:%78)$)'2'(:%'($%F(-)5'5%'(%$2%:)J7)(38(%+23(-2;

!"88!"#$%&'()$*($+,$*-'./()0 <$2:)4)*2*)63%(3%($%(:82'5%'(%

-(:7$82'5:G2323*)2%HF>-')'2I%(3%'(-)92'5:

G2323*)2%HF>-')'2I%(3%:7,02*(38(

G2323*)2%HF>-')'2I1%3(82

E,)/302-'$F$1-7,)(*)0$2,$304-)$)05-&074,

<23=(%'(%82:2:%'(%)38(->: O3J-(:5% '(% )38(-(:(:% E% )39(-:)53(:%'):F53),$(:%F2-2%$2%9(382 H!1A?@I "/1.!! &1D/BO3:8-7+(385:% 4)323*)(-5:%'(-)92'5:%0%'(%*5,(-87-2% @D E @D

<23=(%'(%82:2:%(3%')9):2:%*-7C2'2: O3:8-7+(385:% 4)323*)(-5:%'(-)92'5:%0%'(%*5,(-87-2%H)3(4(*8)9)'2'I .1ADB E .1ADBO3J-(:5%'(%)38(-(:(:%E%F->:82+5: H&&I ?? ..G2:85%'(%)38(-(:(:%E%5,$)J2*)53(: D1&?. H@1A@DI H&1?..IG2323*)2% HF>-')'2I% (3% *2+,)5% '(%+53('2%(P8-23=(-2 H"@1D.@I "@1D@? %%%%DA

H"@1/D.I "B1B.. .1AA/

Page 62: Bladex Reporte Anual 2011

!"

!"#"!"#$%&'()$*($+,$*-'./()0 #$%&'(')%)'*+,-+,-$,-&.%/0,/-,

1-&2$.%/0&3%+%+)'%,4561/'/%7,-+,/-1'8%/0&

3%+%+)'%,4561/'/%7,-+,&29:%)-+.-

3%+%+)'%,4561/'/%7;,+-.%

$%&'()*+,-.-/+0%&12&)-*%-()3+&-&)4+5)03%

#%+<-,/-,.%&%&,/-,'+.-16& =+>1-&0, /-, '+.-1-&-&, ?, '+8-1&'0+-&,/'&50+'9$-&,5%1%,$%,8-+.% 4@A;B!C7 "";CCC B;"AC=+&.12D-+.0&, ('+%+)'-10&,/-1'8%/0&,:,/-,)09-1.21%, A@E ? A@E

#%+<-,/-,.%&%&,-+,/'8'&%&,)12F%/%& =+&.12D-+.0&, ('+%+)'-10&,/-1'8%/0&,:,/-,)09-1.21%,4'+-(-).'8'/%/7 4@;G!H7 ? 4@;G!H7=+>1-&0,/-,'+.-1-&-&,?,516&.%D0& 4AH7 GE AA3%&.0,/-,'+.-1-&-&,?,09$'>%)'0+-& I;G@" 4B;CA!7 4I;"IA73%+%+)'%, 4561/'/%7, -+, )%D9'0, /-,D0+-/%,-J.1%+<-1% ,B;E"" 4B;EEA7 ,,,,4B"7

4A;H@B7 ,B;CAE ";HI"

!""6

!"#$%&'()$*($+,$*-'./()0 #$%&'(')%)'*+,-+,-$,-&.%/0,/-,1-&2$.%/0&

3%+%+)'%,4561/'/%7,-+,/-1'8%/0&

3%+%+)'%,4561/'/%7,-+,&29:%)-+.-

3%+%+)'%,4561/'/%7;,+-.%

$%&'()*+,-.--/+0%&12&)-*%-()3+&-&)4+5)03%

#%+<-,/-,.%&%&,/-,'+.-16& =+>1-&0, /-, '+.-1-&-&, ?, '+8-1&'0+-&,/'&50+'9$-&,5%1%,$%,8-+.% 4@@;EHE7 "B;ABB @H;H@G

#%+<-,/-,.%&%&,-+,/'8'&%&,)12F%/%& =+&.12D-+.0&, ('+%+)'-10&,/-1'8%/0&,:,/-,)09-1.21%,4'+-(-).'8'/%/7 4";HI@7 ? 4";HI@7=+>1-&0,/-,'+.-1-&-&,?,516&.%D0& 4!"7 !@E HHB3%&.0,/-,'+.-1-&-&,?,09$'>%)'0+-& I;AGC 4G;CEG7 4A;!@G73%+%+)'%, 4561/'/%7, -+, )%D9'0, /-,D0+-/%,-J.1%+<-1% ,,,,,,HE@ 4H;!G@7 4H;CEC7

4@C;AG@7 @A;I@B ,I;GI!

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

,,L1%$*/,ST,$-,&-,0+,$%+0')+2(,%/-+0D,%:2),%'1%'/'&92&,%+2,-/,&-+0'))%,+-,+*'&1-8+',2&,+0),0/%')0&%,%1-<+%1.J-,%/-+0D,-/M0&,'+&.12D-+.0&,/-1'8%/0&,:,/-,)%+<-,/-,D0+-/%,-J.1%+<-1%,+->0)'%/0&,501,-$,Q%+)0,&0+,-<-)2.%/0&,51'+)'5%$D-+.-,(2-1%,/-,$%,90$&%,4UVR#,08-1?.W-?)02+.-1X7L,,P&.0&,)0+.1%.0&,&0+,5%).%/0&,-+.1-,/0&,)0+.1%5%1.-&,O2-,+->0)'%+,.61D'+0&,-&5-)N(')0&,/-$,%)2-1/0;,'+)$2:-+/0,-$,D0+.0,)0+0)'/0;,51-)'0,/-,-<-1)')'0,:,8-+)'D'-+.0L

P$,.'-D50,DYJ'D0,&091-,-$,)2%$,-$,Q%+)0,)291-,&2,-J50&')'*+,%,$%,8%1'%9'$'/%/,-+,$0&,($2<0&,/-,)%<%,(2.210&,5%1%,.0/%&,$%&,.1%+&%))'0+-&,510:-).%/%&,-&,/-,"LGE,%Z0&L

P$,Q%+)0,-&.'D%,O2-,%510J'D%/%D-+.-,[GA",D'$,/-,>%+%+)'%&,1-501.%/%&,-+,VT=,%$,I@,/-,/')'-D91-,/-,"C@@,1-$%)'0+%/%&,)0+,)0+.1%.0&,/-,)%+<-,/-,/'8'&%&,&-1Y+,1-)$%&'(')%/%&,%,>%&.0&,/-,'+.-1-&-&,)0D0,2+,%<2&.-,%,$0&,'+.-1-&-&,5%>%/0&,&091-,5%&'80&,)0+,,)09-1.21%,/21%+.-,-$,5-1N0/0,/-,/0)-,D-&-&,.-1D'+%/0&,-$,I@,/-,/')'-D91-,/-,"C@"L

P$,Q%+)0,-&.'D%,O2-,%510J'D%/%D-+.-,[@EG,D'$,/-,561/'/%&,1-501.%/%&,-+,VT=,%$,I@,/-,/')'-D91-,/-,"C@@,1-$%)'0+%/%&,)0+,)0+.1%.0&,/-,)%+<-,/-,/'8'&%&,&-1Y+,1-)$%&'(')%/%&,%,'+>1-&0&,/-,'+.-1-&-&,)0D0,2+,%<2&.-,%$,1-+/'D'-+.0,/-,516&.%D0&,)0+,)09-1.21%,/21%+.-,-$,5-1N0/0,/-,/0)-,D-&-&,.-1D'+%/0&,-$,I@,/-,/')'-D91-,/-,"C@"L

R'50&,/-,=+&.12D-+.0&,/-,#%D9'0,/-,\'8'&%&,:,\-1'8%/0&

#0+.1%.0&,/-,)%+<-,/-,'+.-16&,4U'+.-1-&.,1%.-,&]%5&X7,&0+,)0+.1%.0&,-+,$0&,)2%$-&,2+%,&-1'-,/-,($2<0&,/-,.%&%,/-,'+.-16&,-+,2+%,D'&D%,/'8'&%,&0+,'+.-1)%D9'%/0&,-+,2+,5-1N0/0,/-,.'-D50L,,P$,Q%+)0,W%,/-&'>+%/0,2+%,5%1.-,/-,-&.0&,'+&.12D-+.0&,/-1'8%/0&,)0D0,)09-1.21%&,/-,1'-&>0,/-,8%$01,1%F0+%9$-,:,2+%,501)'*+,)0D0,)09-1.21%,/-,($2<0&,/-,-(-).'80L,,#%+<-,/-,.%&%,/-,'+.-16&,

-+,/'8'&%&,)12F%/%&,4U)10&&,)211-+):,&]%5X7,&0+,)0+.1%.0&,O2-,>-+-1%$D-+.-,'+80$2)1%+,-$,'+.-1)%D9'0,/-,%D90&;,'+.-1-&-&,:,D0+.0&,)0+.1%).2%$-&,-+,/0&,/'8'&%&,/'(-1-+.-&L,,P$,Q%+)0,W%,/-&'>+%/0,2+%,5%1.-,/-,-&.0&,'+&.12D-+.0&,/-1'8%/0&,)0D0,)09-1.21%&,/-,8%$01,1%F0+%9$-,:,2+%,501)'*+,)0D0,)09-1.21%,/-,($2<0&,/-,-(-).'80L,,#0+.1%.0&,%,5$%F0,/-,/'8'&%&,4U(01]%1/,(01-'>+,-J)W%+>-X7,1-51-&-+.%+,2+,%)2-1/0,5%1%,$%,)0D51%^8-+.%,/-,/'8'&%&,-+,2+%,(-)W%,(2.21%,%,51-)'0&,51-8'%D-+.-,%)01/%/0&L,,P$,Q%+)0,W%,/-&'>+%/0,-&.0&,'+&.12D-+.0&,('+%+)'-10&,/-1'8%/0&,)0D0,)09-1.21%&,/-,($2<0&,/-,-(-).'80,:,)09-1.21%&,/-,'+8-1&'*+,+-.%L

_/')'0+%$,%,$0&,'+&.12D-+.0&,('+%+)'-10&,/-1'8%/0&,5%1%,)09-1.21%;,-$,Q%+)0,D%+.'-+-,'+&.12D-+.0&,('+%+)'-10&,/-1'8%/0&,5%1%,5105*&'.0&,/-,+->0)'%)'*+,$0&,)2%$-&,W%+,&'/0,1-8-$%/0&,-+,$%,`0.%,AL

!#7-81&),-21'3'*)*%,-9:;&*'*),<-'51%=&)3%,-)/2>23)*),

_$,I@,/-,/')'-D91-,/-,"C@@;,"C@C,:,"CCE;,$%,&->1->%)'*+,/-,0.1%&,2.'$'/%/-&,4561/'/%&7,'+.->1%$-&,%)2D2$%/%&,1-$%)'0+%/%&,)0+,$%,'+8-1&'*+,-+,8%$01-&,/'&50+'9$-&,5%1%,$%,8-+.%,-,'+&.12D-+.0&,('+%+)'-10&,/-1'8%/0&;,:,)0+,)0+8-1&'*+,/-,D0+-/%,-J.1%+<-1%,(2-,)0D0,&'>2-a

!"#$%&'()$*($+,$*-'./()0?)3+&%,-*',:+5'03%,-:)&)-3)-(%51)

@5,1&2>%51+,-A'5)5/'%&+,-*%&'()*+,

BC2,1%-:+&-/+5(%&,'D5-*%->+5%*)-%E1&)5C%&)F-5%1+-*%-/+0%&12&), G+1)3

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

4@7, , M0&,%<2&.-&,/-, 1-)$%&'(')%)'*+, '+)$2:-+,D0+.0&, 1-)0+0)'/0&,-+, $%,2.'$'/%/,+-.%,/-$,%Z0,)011'-+.-,O2-, (2-10+,5%1.-,/-,0.1%&,2.'$'/%/-&,4561/'/%&7,'+.->1%$-&,-+,6&.-,:,%Z0&,%+.-1'01-&L

!!7-?)3+&-&)4+5)03%-*%-'5,1&2>%51+,-A'5)5/'%&+,

P$,Q%+)0,/-.-1D'+%,-$,8%$01,1%F0+%9$-,/-,$0&,'+&.12D-+.0&,('+%+)'-10&,2.'$'F%+/0,$%,<-1%1O2N%,/-$,8%$01,1%F0+%9$-,-&.%9$-)'/%,-+,-$,R*5')0,/-$,_S#,G"C,?,b-/')'0+-&,/-,c%$01,d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a

`'8-$,@,e,_).'80&,:,5%&'80&,5%1%,$0&,)2%$-&,2+,'+&.12D-+.0,'/6+.')0,-&,+->0)'%/0,-+,2+,D-1)%/0,%).'80;,)0D0,$0,&0+,'+&.12D-+.0&,+->0)'%/0&,5f9$')%D-+.-,0,$0&,)0+.1%.0&,/-,(2.210&L,,

`'8-$,",e,_).'80&,:,5%&'80&,8%$01%/0&,)0+,9%&-,-+,'+(01D%)'*+,09&-18%9$-,/-,D-1)%/0,5%1%,'+&.12D-+.0&,&'D'$%1-&;,51-)'0&,)0.'F%/0&, -+,D-1)%/0&, O2-, +0, &0+, %).'80&g, 2, 0.10&, &252-&.0&, O2-, &0+, 09&-18%9$-&, :, O2-, 52-/-+, &-1, )0110901%/0&, 501,'+(01D%)'*+,/'&50+'9$-,-+,-$,D-1)%/0,5%1%,&2&.%+)'%$D-+.-,$%,.0.%$'/%/,/-$,5$%F0,/-,$0&,%).'80&,:,5%&'80&L,,

Page 63: Bladex Reporte Anual 2011

!"

#$%&'("()(*+,$%-.(/(01.$%-.(0121( '-.(+31'&.( '-.(.303&.,-.(.$45$6$+1,$%-.(7&( '1(%1'-21+$85(5-(.-5(69+$':&5,&(-;.&2%1;'&.(&5(&'( :&2+17-<( $5.,23:&5,-.( %1'-217-.( 3,$'$=157-( '1( :&>-2( $56-2:1+$85( 7$.0-5$;'&?( 1'435-( 7&( '-.( +31'&.( .-5( 7&.122-''17-.($5,&251:&5,&?(/(+-5.$7&21('1(02$:1(7&(2$&.4-(@3&(35(012,$+$015,&(7&'(:&2+17-(2&@3&2$2A1B

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

C3157-(J1(J1;$7-(351(7$.:$53+$85(.$45$6$+1,$%1(&5(&'(%-'3:&5(-(5$%&'(7&(1+,$%$717(7&(35(1+,$%-(-(01.$%-(6$515+$&2-?(&'(D15+-(3,$'$=1('1(,E+5$+1(7&(%1'-2(02&.&5,&(@3&(+-5.$7&21($56-2:1+$85(7&(:&2+17-(0121(7&,&2:$512(35(%1'-2(21=-51;'&(2&02&.&5,1,$%-(&5('1.(+-57$+$-5&.(5-2:1'&.(7&(:&2+17-B

K51(7&.+2$0+$85(7&('1.(:&,-7-'-4A1.(7&(%1'31+$85(3,$'$=171.(0121('-.($5.,23:&5,-.(6$515+$&2-.(:&7$7-.(1(%1'-2(21=-51;'&(&5(6-2:1(2&+322&5,&?($5+'3/&57-('1(+'1.$6$+1+$85(4&5&21'(7&(7$+J-.($5.,23:&5,-.(6$515+$&2-.(7&(1+3&27-(1('1(>&212@3A1(7&'(%1'-2(21=-51;'&(.&(02&.&5,1(1(+-5,$531+$85L(

M1'-2&.(0121(5&4-+$12(/(%1'-2&.(7$.0-5$;'&.(0121('1(%&5,1

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

Q-57-(7&($5%&2.$85

O'( Q-57-(5-(.&(+-,$=1(&5(35(:&2+17-(1+,$%-( /(0-2( '-( ,15,-(5-(.&(&5+3&5,215(7$.0-5$;'&.(02&+$-.(7&( 2&6&2&5+$1B( ( F3(%1'-2(21=-51;'&(&.(1>3.,17-(:&5.31':&5,&( +-5(;1.&(&5(.3.( 2&.3',17-.( 6$515+$&2-.?( 1( .3(7&.&:0&H-(-0&21,$%-?( .3( '$@3$7&=( /(&'(%1'-2(21=-51;'&(7&(.3(0-2,16-'$-(7&($5%&2.$-5&.('1241.(/(+-2,1.(@3&(.&(+-,$=15(/(5&4-+$15(&5(:&2+17-.(1+,$%-.B(O.,&(,$0-(7&($5%&2.$-5&.(.&(+'1.$6$+15(7&5,2-(7&'(5$%&'(P(7&(>&212@3A1(7&'(%1'-2(21=-51;'&B

R5.,23:&5,-.(6$515+$&2-.(7&2$%17-.

G1.( ,E+5$+1.(7&(%1'31+$85( /( '-.( $5.3:-.(7&0&57&5(7&'( ,$0-(7&(7&2$%17-( /( '1(51,321'&=1(7&'( $5.,23:&5,-( .3;/1+&5,&B( ( G-.(7&2$%17-.(+-,$=17-.(&5(;-'.1(+3/-(%1'-2(21=-51;'&(.&(;1.1(&5(02&+$-.(7&(:&2+17-(+-,$=17-.(.-5(+'1.$6$+17-.(7&5,2-(7&'(5$%&'(N(7&(>&212@3A1(7&'(%1'-2(21=-51;'&B((

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

G-.($5.,23:&5,-.(6$515+$&2-.(@3&(.-5(:&7$7-.(1(%1'-2(21=-51;'&(&5(6-2:1(2&+322&5,&?(0-2(23;2-(7&'(;1'15+&(4&5&21'(+-5.-'$717-(/(0-2(>&212@3A1(7&'(%1'-2(21=-51;'&(.&(02&.&5,15(1(+-5,$531+$85L

!"##

!"#$%&'()$*($+,$*-'./()0$ $%&'()*+,&+-&%'.,)+

')/(0.,)*+&1+21+-&%'.,)+.'/(3)+45(3&6+#7

8),&6)*+,&*.%%)66.,)*+(1/&%1.-&1/&+')1+9.*&+&1+(1:)%-.'(;1+)9*&%3.96&+&1+&6(-&%'.,)+45(3&6+!7

8),&6)*+,&*.%%)66.,)*+(1/&%1.-&1/&+')1+9.*&+&1+(1:)%-.'(;1+1)+)9*&%3.96&+&1+&6(-&%'.,)+45(3&6+<7

=)/.6+,&+3.6)%+&1+6(9%)*+

>%&*&1/.,)+&1+&6+9.6.1'&+?&1&%.6(')1*)6(,.,)

@'/(3)*

M1'-2&.(0121(5&4-+$12(I(1+,$%-

D-5-.(.-;&215-. P[?\N] I I P[?\N]

C-5,21,-.(7&(+15>&(7&(,1.1.(&5(7$%$.1.(+23=171. (((((((((((I ((((((((PN ((((((((I ((((((((PN

^-,1'(%1'-2&.(0121(5&4-+$12(I(1+,$%- ((P[?\N] ((((((((PN ((((((((I ((P[?\"!

M1'-2&.(7$.0-5$;'&.(0121('1(%&5,1

_&371(+-20-21,$%1 `a?Nb` I I `a?Nb`

_&371(.-;&2151 "P`?]\\ ((((((]]` ((((((((I "Pb?N[P

^-,1'(%1'-2&.(7$.0-5$;'&.(0121('1(%&5,1 \N]?a\P ((((((]]` ((((((((I \N!?"[[

Q-57-(7&($5%&2.$85 (((((((((((I NP[?\P] ((((((((I NP[?\P]

R5.,23:&5,-.(6$515+$&2-.(7&2$%17-.(I(1+,$%-.

C-5,21,-.(7&(+15>&(7&(,1.1.(7&($5,&2E. I N! I N!

C-5,21,-.(7&(+15>&(7&(,1.1.(&5(7$%$.1.(+23=171. I "?![] I "?![]

C-5,21,-.(1(0'1=-(7&(+15>&(7&(7$%$.1. (((((((((((I ((((((]"` ((((((((I ((((((]"`

^-,1'($5.,23:&5,-.(6$515+$&2-.(7&2$%17-.(I(1+,$%-. (((((((((((I ((((\?N]b ((((((((I ((((\?N]b=)/.6+,&+.'/(3)*+.+3.6)%+%.0)1.96& \"!?N]a NP]?N!" ((((((((I ]!N?"P[

$.*(3)*

M1'-2&.(0121(5&4-+$12(I(01.$%-

C-5,21,-.(7&(+15>&(7&(,1.1.(7&($5,&2E. I a\` I a\`

C-5,21,-.(7&(+15>&(7&(,1.1.(&5(7$%$.1.(+23=171. (((((((((((I ((((\?`"! ((((((((I ((((\?`"!

^-,1'(7&(%1'-2&.(0121(5&4-+$12(I(01.$%- (((((((((((I ((((]?]`\ ((((((((I ((((]?]`\

R5.,23:&5,-.(6$515+$&2-.(7&2$%17-.(I(01.$%-.

C-5,21,-.(7&(+15>&(7&(,1.1.(7&($5,&2E. I N[?`Pb I N[?`Pb

C-5,21,-.(7&(+15>&(7&(,1.1.(&5(7$%$.1.(+23=171. I \[?]a\ I \[?]a\

C-5,21,-.(1(0'1=-(7&(+15>&(7&(7$%$.1. (((((((((((I ((((P?""b ((((((((I ((((P?""b

^-,1'($5.,23:&5,-.(6$515+$&2-.(7&2$%17-.(I(01.$%-. (((((((((((I ((]"?a\P ((((((((I ((]"?a\P=)/.6+,&+>.*(3)*+.+3.6)%+%.0)1.96& (((((((((((I ((]b?"P! ((((((((I ((]b?"P!

Page 64: Bladex Reporte Anual 2011

!"

!"#"

!"#$%&'()$*($+,$*-'./()0$ $%&'()*+,&+-&%'.,)+

')/(0.,)*+&1+21+-&%'.,)+.'/(3)+45(3&6+#7

8),&6)*+,&*.%%)66.,)*+(1/&%1.-&1/&+')1+9.*&+&1+(1:)%-.'(;1+)9*&%3.96&+&1+&6#-&%'.,)+45(3&6+!7

8),&6)*+,&*.%%)66.,)*+(1/&%1.-&1/&+')1+9.*&+&1+(1:)%-.'(;1+1)+)9*&%3.96&+&1+&6#-&%'.,)+45(3&6+<7

=)/.6+,&+3.6)%+&1+6(9%)*+

>%&*&1/.,)+&1+&6+9.6.1'&+?&1&%.6#')1*)6(,.,)

@'/(3)*

$%&'()*#+%(%#,)-'./%(#0#%.1/2'

3','*#*'4)(%,'* "56758 0 0 "56758

3','*#.'(+'(%1/2'* ####5695" ###########0 ########0 ####5695"

:'1%&#2%&'()*#+%(%#,)-'./%(#0#%.1/2' ##576";< ###########0 ########0 ##576";<

$%&'()*#=/*+',/4&)*#+%(%#&%#2),1%

>)?=%#.'(+'(%1/2% !@6888 0 0 !@6888

>)?=%#*'4)(%,% <8569!< ###########0 ########0 <8569!<

:'1%&#2%&'()*#=/*+',/4&)*#+%(%#&%#2),1% 9596<57 ###########0 ########0 9596<57

A',='#=)#/,2)(*/B, ###########0 ;!@6<C; ########0 ;!@6<C;

D,*1(?E),1'*#F/,%,./)('*#=)(/2%='*#0#%.1/2'*

G',1(%1'*#=)#.%,H)#=)#1%*%*#=)#/,1)(I* 0 5C; 0 5C;

G',1(%1'*#=)#.%,H)#=)#1%*%*#),#=/2/*%*#.(?J%=%* 0 ;6"9; 0 ;6"9;

G',1(%1'*#%#+&%J'#=)#.%,H)#=)#=/2/*%* ###########0 ########8; ########0 ########8;

:'1%&#/,*1(?E),1'*#F/,%,./)('*#=)(/2%='*#0#%.1/2'* ###########0 ####<6;79 ########0 ####<6;79=)/.6+,&+.'/(3)*+.+3.6)%+%.0)1.96& "796!!< ;!C69C" ########0 5@9675!

$.*(3)*

$%&'()*#+%(%#,)-'./%(#0#+%*/2'

G',1(%1'*#=)#.%,H)#=)#1%*%*#=)#/,1)(I* 0 9679; 0 9679;

G',1(%1'*#=)#.%,H)#=)#1%*%*#),#=/2/*%*#.(?J%=%* ###########0 ######C7@ ########0 ######C7@

:'1%&#=)#2%&'()*#+%(%#,)-'./%(#0#+%*/2' ###########0 ####96C98 ########0 ###96C98

D,*1(?E),1'*#F/,%,./)('*#=)(/2%='*#0#+%*/2'*

G',1(%1'*#=)#.%,H)#=)#1%*%*#=)#/,1)(I* 0 <@6<9! ########0 <@6<9!

G',1(%1'*#=)#.%,H)#=)#1%*%*#),#=/2/*%*#.(?J%=%* 0 <56@8; ########0 <56@8;

G',1(%1'*#%#+&%J'#=)#.%,H)#=)#=/2/*%* ###########0 ########;< ########0 ########;<

:'1%&#/,*1(?E),1'*#F/,%,./)('*#=)(/2%='*#0#+%*/2'* ###########0 ##5967<C ########0 ##5967<C=)/.6+,&+>.*(3)*+.+3.6)%+%.0)1.96& ############0 ##5!6C!@ ########0 ##5!6C!@

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

Q%# */-?/),1)# /,F'(E%./B,# ,'# =)4)# *)(# /,1)(+()1%=%# .'E'# ?,# )*1/E%='# =)&# 2%&'(# (%J',%4&)# =)&# 3%,.'P# # GV&.?&'*# =)# 2%&'(#(%J',%4&)#*)#+('2)),#*B&'#+%(%#?,%#+'(./B,#&/E/1%=%#=)#&'*#%.1/2'*#O#+%*/2'*P#>)4/='#%&#%E+&/'#(%,-'#=)#1I.,/.%*#=)#2%&?%./B,#O#)&#-(%='#=)#*?4H)1/2/=%=#?*%='*#%&#()%&/J%(#&%*#)*1/E%./',)*6#&%*#.'E+%(%./',)*#=)#&%#/,F'(E%./B,#=)#2%&'(#(%J',%4&)#N?)#()2)&%#)&#3%,.'#.',#&%*#=)#'1(%*#.'E+%UW%*#+?)=),#,'#*)(#=)#4),)F/./'#+%(%#+('+B*/1'*#=)#%,V&/*/*#.'E+%(%1/2'P#

Q'*#*/-?/),1)*#EI1'='*#O# *?+?)*1'*# F?)(',#?1/&/J%='*#+'(# &%#L=E/,/*1(%./B,#=)&#3%,.'#+%(%#)*1/E%(#)&# 2%&'(# (%J',%4&)#=)#/,*1(?E),1'*#F/,%,./)('*#.?O'#2%&'(#(%J',%4&)#,'#)*#E)=/='#),#F'(E%#().?((),1)X

D,*1(?E),1'*#F/,%,./)('*#.',#2%&'(#),#&/4('*#%+('S/E%='#%#*?#2%&'(#(%J',%4&)

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

$%&'()*#E%,1),/='*#T%*1%#*?#2),./E/),1'

K&# 2%&'(# (%J',%4&)#T%#*/='#)*1/E%='#.',#4%*)#),#.'1/J%./',)*#=)#E)(.%='#=/*+',/4&)*#),# &%#%.1?%&/=%=P#M/# &'*#+()./'*#=)#2%&'(#=)#E)(.%='#,'#)*1V,#=/*+',/4&)*6#)&#2%&'(#(%J',%4&)#T%#*/='#)*1/E%='#*'4()#&%#4%*)#=)#&'*#+()./'*#)*1%4&)./='*#=)#'1('*#/,*1(?E),1'*#*/E/&%()*6#'#*/#)*1'*#+()./'*#,'#)*1V,#=/*+',/4&)*6#*)#=)*.?),1%,#&'*#F&?H'*#=)#.%H%#)*+)(%='*#?1/&/J%,='#1%*%*#=)#E)(.%='#)N?/2%&),1)*#.',#&%#.%&/=%=#=)#.(I=/1'#O#2),./E/),1'#=)#&'*#2%&'()*P

Y(I*1%E'*

K&# 2%&'(# (%J',%4&)# =)# &%# .%(1)(%# =)# +(I*1%E'*6# /,.&?O),='# &'*# +(I*1%E'*# =)1)(/'(%='*6# )*# )*1/E%='# =)*.',1%,='# F&?H'*# =)#)F).1/2'#F?1?('*#?1/&/J%,='#&%*#1%*%*#%.1?%&)*#.',#&%*#N?)#*)#()%&/J%(W%#?,#+(I*1%E'#%#=)?='()*#.',#.%&/F/.%./',)*#=)#.(I=/1'#*/E/&%()*#O#+'(#)&#E/*E'#2),./E/),1'#()*/=?%&6#.',*/=)(%,='#&'*#1I(E/,'*#.',1(%.1?%&)*#)F).1/2'*#%&#9;#=)#=/./)E4()#=)&#+)(/'='#.'(()*+',=/),1)P

Z4&/-%./',)*#O#=)?=%#%#.'(1'#O#&%(-'#+&%J'

K&#2%&'(#(%J',%4&)#=)#&%*#'4&/-%./',)*#O#=)?=%#%#.'(1'#O#&%(-'#+&%J'#*)#)*1/E%#?*%,='#?,#%,V&/*/*#=)*.',1%='#=)#&'*#F&?H'*#=)#.%H%6#4%*%='#),#)&#%?E),1'#%.1?%&#=)#&%*#1%*%*#+%(%#%.?)(='*#=)#'4&/-%./',)*#.',#1I(E/,'*#O#.',=/./',)*#*/E/&%()*6#1'E%,='#),#.?),1%#&'*#.%E4/'*#),#)&#E%(-),#.()=/1/./'#=)&#3%,.'P

G'E+('E/*'*#+%(%#&%#)S1),*/B,#=)#.(I=/1'6#.%(1%*#=)#.(I=/1'#[*1%,=04O\#O#-%(%,1W%*#F/,%,./)(%*#='.?E),1%=%*

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

Q%#1%4&%#N?)#*/-?)#4(/,=%#/,F'(E%./B,#=)&#2%&'(#()-/*1(%='#O#2%&'(#(%J',%4&)#)*1/E%='#=)#/,*1(?E),1'*#F/,%,./)('*#.?O'#2%&'(#(%J',%4&)#,'#)*#E)=/='#),#F'(E%#().?((),1)X

<#+,&+,('(&-9%&!"#$%&'()$*($+,$*-'./()0 !"## !"#"

A.6)%+&1+B(9%)*

A.6)%+C*/(-.,)

A.6)%+&1+B(9%)*

A.6)%+C*/(-.,)

@'/(3)*+:(1.1'(&%)*

D,*1(?E),1'*#.',#2%&'(#),#&/4('*#%+('S/E%='#%#*?#2%&'(#(%J',%4&) 88<6@!< 88<6@!< "C5679@ "C5679@$%&'()*#E%,1),/='*#T%*1%#*?#2),./E/),1'# <!659! <!6!9@ 996;8; 996<7!Y(I*1%E'*6#,)1'#=)#()*)(2% "68!"69<C "6C;96"@9 96C8;69<8 "67;769!9

$.*(3)*+:(1.1'(&%)*

D,*1(?E),1'*#.',#2%&'(#),#&/4('*#%+('S/E%='#%#*?#2%&'(#(%J',%4&) <6!C96"78 <6!C<689< <6;<96;"C <6;<96;"CZ4&/-%./',)*#%#.'(1'#+&%J' ;69<96"!! ;69;C6957 ;67C56"77 ;67C<6<!5Z4&/-%./',)*#O#=)?=%#%#&%(-'#+&%J' ;6"8@65"8 ;6"";6C;C ;67@56;"7 ;67"@679;G'E+('E/*'*#+%(%#&%#)S1),*/B,#=)#.(I=/1'6#.%(1%*#=)#.(I=/1'#[*1%,=04O\#O#-%(%,1W%*#F/,%,./)(%*#='.?E),1%=%* ;76"C@ C687@ ;<6;!< ;;6@!;

!<D+E)1/(1?&1'(.+6&?.6

3&%=)S#,'#)*1V#/,2'&?.(%='#),#,/,-],#&/1/-/'#N?)#*)%#*/-,/F/.%1/2'#+%(%#&'*#,)-'./'*#=)&#3%,.'#O#N?)6#*)-],#)&#.','./E/),1'#=)# &%#L=E/,/*1(%./B,#=)&#3%,.'6#+?=/)(%# 1),)(#?,#)F).1'#%=2)(*'#),#*?*#,)-'./'*6#.',=/./B,#F/,%,./)(%#'#()*?&1%='#=)#*?*#'+)(%./',)*P

!FD+@,&'2.'(;1+,&+'.>(/.6

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

Page 65: Bladex Reporte Anual 2011

!"

!"#$%&'()*+,-.&$/()$012*1&3($41$&12(,-(0

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

J/&BDKK6&,-&.$/'0&2,$-)L;&-0%&%)5?),/(,%&'$4G)0%&,/&-0%&4H(0+0%&+,&4,+)');/&?()-)L$+0%&1$2$&+,(,24)/$2&-$&5$/$/')$&0&1H2+)+$&102&%,54,/(0<&#$&4,(0+0-059$&$'(?$-&1$2$&-$&$%)5/$');/&+,&-0%&5$%(0%&+,&)/(,2,%,%&2,=-,>$&-0%&=0/+0%&$%)5/$+0%&%0G2,&?/$&G$%,&+,&=)/$/')$');/&'$-L$+$6&/,(0%&+,-&2),%50&+,&'$1)($-&$>?%($+0&102&%,54,/(0&+,&/,50')0<&&#$&4,(0+0-059$&$'(?$-&+,&$%)5/$');/&+,&-0%&5$%(0%&+,&01,2$');/&$%)5/$&-0%&5$%(0%&5,/,2$-,%&G$%$+0%&,/&,-&'0/%?40&+,&2,'?2%0%&102&%,54,/(0%&+,&/,50')0<&&J/&-$&12,%,/($');/&+,&-0%&1,290+0%&$/(,2)02,%&%,&$%)5/$G$/&-0%&5$%(0%&+,&)/(,2,%,%&3&-0%&5$%(0%&+,&01,2$');/&%0G2,&-$&G$%,&+,&-$&'$2(,2$&1204,+)0&+,&-0%&%,54,/(0%<&&#$%&')=2$%&'041$2$()*$%&+,&BDKD&3&BDDM&N$/&%)+0&2,'-$%)=)'$+$%&1$2$&$>?%($2%,&$&-$&12,%,/($');/&+,-&1,290+0&$'(?$-<

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

J-&.$/'0&'0/%)+,2$&@?,&-$&12,%,/($');/&+,-&)/52,%0&01,2$()*0&/,(0&&120102')0/$&)4102($/(,&)/=024$');/&$&-0%&)/*,2%)0/)%($%&'0/&&&<%,/0)'$2,10&%$-&,+&%0+$(-?%,2&%0-&3&$2,)'/$/)=&/;)')+/0'&$-&/0'&$+$/0)'$-,2&0)'05,/&-,+&3&%$2,)'/$/)=&%$)'/,+/,(&%$-&$&0(',1%,2

J%($&4,+)+$&,S'-?3,&-0%&,=,'(0%&+,&-$%&2,*,2%)0/,%&O120*)%)0/,%Q&1$2$&1H2+)+$%&,/&12H%($40%&3&2,*,2%)0/,%&O120*)%)0/,%Q&1$2$&1H2+)+$%&,/&'2H+)(0%&'0/()/5,/(,%&O,/&'0/>?/(0&+,/04)/$+0%&TU,*,2%);/&O120*)%);/Q&1$2$&1H2+)+$%&'2,+)()')$%VQ6&-0%&'?$-,%&-$&$+4)/)%(2$');/&+,-&.$/'0&'0/%)+,2$&+)%(02%)0/$/&,-&$/I-)%)%&+,&-$%&(,/+,/')$%<

J-&)/52,%0&01,2$()*0&/,(0&2,*,-$+0&102&,-&.$/'0&/0&+,G,&'0/%)+,2$2%,&?/&%?%()(?(0&+,6&0&%?1,2)02&$6&-$%&4,+)+$%&=)/$/'),2$%&'$-'?-$+$%&,/&=024$&+)=,2,/(,&+,&4,+)+$%&%)4)-$2,%&?()-)L$+$%&102&0(2$%&'041$W9$%<&&X02&-0&($/(06&,%($%&4,+)+$%&1?,+,/&/0&%,2&'041$2$G-,%&'0/&-$%&4,+)+$%&%)4)-$2,%&?()-)L$+$%&102&0(2$%&'041$W9$%<

704,2')$-&)/'02102$&(0+$%&-$%&$'()*)+$+,%&+,&)/(,24,+)$');/&=)/$/'),2$&3&+,&5,/,2$');/&+,&'04)%)0/,%&+,&-$&'$2(,2$&'04,2')$-<&#$&'$2(,2$&'04,2')$-&)/'-?3,&*$-02&,/&-)G20%&+,&12H%($40%6&'),2(0%&+,1;%)(0%&'0-0'$+0%6&$',1($')0/,%&3&'0/()/5,/')$%<&J-&)/52,%0&01,2$()*0& +,-& A,54,/(0& 704,2')$-& )/'-?3,& ,-&4$25,/& /,(0& 102& )/(,2,%,%& +,& 12H%($40%6& )/52,%0%& 102& '04)%)0/,%& 3& 5$%(0%&$+4)/)%(2$()*0%&$%)5/$+0%<

8,%02,29$&)/'02102$&-0%&+,1;%)(0%&,/&G$/'0%&3&(0+$%&-$%&$'()*)+$+,%&+,&)/*,2%);/&,/&*$-02,%&1$2$&/,50')$26&+)%10/)G-,%&1$2$&-$& *,/($& 3&4$/(,/)+0%&N$%($& %?& *,/')4),/(0<& & J-& )/52,%0& 01,2$()*0& +,-& A,54,/(0& +,& 8,%02,29$& )/'-?3,& ,-&4$25,/&/,(0& +,&)/(,2,%,%&120*,/),/(,&+,&+,1;%)(0%&,/&G$/'0%&3&+,&*$-02,%&1$2$&/,50')$26&+)%10/)G-,%&1$2$&-$&*,/($&3&4$/(,/)+0%&N$%($&%?&*,/')4),/(06& $'()*)+$+,%& +,& )/%(2?4,/(0%& +,2)*$+0%& 3& +,& '0G,2(?2$6& 5$/$/')$%& 3& 1H2+)+$%& ,/&/,50')$');/& +,& *$-02,%& 1$2$&/,50')$26&5$/$/')$%&3&1H2+)+$%&,/&*,/($&+,&*$-02,%&+)%10/)G-,%&1$2$&-$&*,/($6&5$/$/')$%&3&1H2+)+$%&,/&'$4G)0&+,&40/,+$&,S(2$/>,2$6&3&0(20%&)/52,%0%&3&5$%(0%&$+4)/)%(2$()*0%&$%)5/$+0%<

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

#$&%)5?),/(,&($G-$&12,%,/($&)/=024$');/&2,-$')0/$+$&'0/&-$%&01,2$')0/,%&'0/()/?$+$%&+,-&.$/'0&102&%,54,/(0[

5&67-0-0$/()$812*1&3($41$912(,-(0$:;<

!"#$%&''(#)*$+)$,-$+.'/0)*1$ !=;; !=;= !==>

7\]JU7Z:#Z/52,%0&+,&)/(,2,%,% K^D<_ KD^<C KK^<P`$%(0%&+,&)/(,2,%,%& &O"M<DQ &O"D<PQ &O!D<^QZ/52,%0&/,(0&+,&)/(,2,%,%& CK<_ "^<" "P<M\(20%&)/52,%0%6&/,(0&OBQ KK<D KD<P !<M`$%(0%&+,&01,2$')0/,% &OP^<CQ &OBC<PQ &OBK<CQ

Z/52,%0&\1,2$()*0&a,(0&OPQ "?#> @A#" @>#=

OX20*)%);/Q&2,*,2%);/&+,&120*)%);/&1$2$&1H2+)+$%&,/&12H%($40%&3&'2H+)(0%&'0/()/5,/(,%6&/,(0 &&&&O^<^Q &&&&̂ <C OK^<CQU,'?1,2$')0/,%6&/,($%&+,&+,(,2)020&+,&$'()*0% &&&OD<KQ &&&&D<B &&&OD<KQb()-)+$+&/,($&$(2)G?)G-,&$&.-$+,S "@#B B;#" !B#;

:'()*0%&3&'0/()/5,/')$%&'04,2')$-,%&O%$-+0%&$-&=)/$-&+,-&$W0Q[:'()*0%&@?,&5,/,2$/&)/(,2,%,%&O^Q ^6MCB<C ^6D!D<D B6__"<P\(20%&$'()*0%&3&'0/()/5,/')$%&O"Q& &&&P!B<! &&&PCB<^ &&&PPK<B80($-&$'()*0%&@?,&5,/,2$/&)/(,2,%,%6&0(20%&$'()*0%&3&'0/()/5,/')$% "C@B"#B BCBB!#B @C;=A#"

8JA\UJUc:Z/52,%0&+,&)/(,2,%,% K^<^ KB<" B"<M`$%(0%&+,&)/(,2,%,%& &&&!<P &&C<B OKK<"QZ/52,%0&/,(0&+,&)/(,2,%,%& BD<_ BD<_ K^<^\(20%&)/52,%0%6&/,(0&OBQ ^<B OD<_Q KK<M`$%(0%&+,&01,2$')0/,% OKD<BQ &OM<PQ &&OM<!Q

Z/52,%0&\1,2$()*0&a,(0&OPQ $;B#? ;=#? $;A#?

b()-)+$+&O1H2+)+$Q&/,($&$(2)G?)G-,&$&.-$+,S ;B#? ;=#? ;A#?

:'()*0%&3&'0/()/5,/')$%&+,&8,%02,29$&O%$-+0%&$-&=)/$-&+,-&$W0Q[:'()*0%&@?,&5,/,2$/&)/(,2,%,%&O!Q& K6B_D<K C_P<! MPK<C\(20%&$'()*0%&3&'0/()/5,/')$%&O"Q& dddddddE &&&&&&&&E &&&&&P<D80($-&$'()*0%&@?,&5,/,2$/&)/(,2,%,%6&0(20%&$'()*0%&3&'0/()/5,/')$% ;C!?=#; D?@#A >@B#D

:F]ZaZA8U:7Zea&FJ&:78Zf\AZ/52,%0&+,&)/(,2,%,%& B<P B<B K<C`$%(0&+,&)/(,2,%,%& &&OB<DQ &&OB<MQ & O"<PQZ/52,%0&/,(0&+,&)/(,2,%,% D<P OD<_Q OP<"Q\(20%&)/52,%0%6&/,(0&OBQ BD<" O_<BQ B"<"`$%(0%&+,&01,2$')0/,% &&O"<DQ &&&O^<"Q & O!<CQ

Z/52,%0&\1,2$()*0&a,(0 ;"#D :;!#B< ;"#!

b()-)+$+&O1H2+)+$Q&&/,($ K"<C OKB<^Q K"<Bb()-)+$+&O1H2+)+$Q&/,($&$(2)G?)G-,&$-&)/(,2H%&2,+)4)G-,&/0&'0/(20-$+0 &&&D<_ &&&OB<^Q &&K<Kb()-)+$+&O1H2+)+$Q&/,($&$(2)G?)G-,&$&.-$+,S ;"#; :;=#=< ;B#;

:'()*0%&3&'0/()/5,/')$%&+,&:+4)/)%(2$');/&+,&:'()*0%&O%$-+0%&$-&=)/$-&+,-&$W0Q[:'()*0%&@?,&5,/,2$/&)/(,2,%,%&O!Q& KB_<D K!_<P KM_<!\(20%&$'()*0% &&&&&&&E &&&&&&&E &&&&D<K80($-&$'()*0%&@?,&5,/,2$/&)/(,2,%,%6&0(20%&$'()*0%&3&'0/()/5,/')$% ;!?#= ;A?#@ ;>?#?

Page 66: Bladex Reporte Anual 2011

!!

!"#$%&''(#)*$+)$,-$+.'/0)*1 !"## !"#" !""$

"#"$%&'()*+,-.*-/'0*)*+*+ 12345 11642 157489:+0,+-.*-/'0*)*+*+- -;2543< -;5248< -;3347<&'()*+,-'*0,-.*-/'0*)*+*+ 18743 3542 !54=#0),+-/'()*+,+>-'*0,-;7< ?243 745 554?9:+0,+-.*-,@*):A/,'*+ -;2848< -;5741< -;?=47<

&'()*+,-#@*):0/B,-C*0,-;?< %%&' ('&% )"&$

;D),B/+/E'<-)*B*)+/E'-.*-@),B/+/E'-@:):-@F)./.:+-*'-@)F+0:G,+-H-A)F./0,+-A,'0/'(*'0*+>-'*0,- --;545< ---54= ;154=<I*AJ@*):A/,'*+>-'*0:+-.*-.*0*)/,),-.*-:A0/B,+ ---;841< ----847 ---;841<K0/L/.:.-'*0: =?46 ?64= 2!48K0/L/.:.-;@F)./.:<-'*0:-:0)/MJ/ML*-:L-/'0*)F+-)*./G/ML*-',-A,'0),L:., ---843 --;745< ---141K0/L/.:.-'*0:-:0)/MJ/ML*-:-NL:.*O %(&! '!&! *'&$

",0:L-:A0/B,+-H-A,'0/'(*'A/:+-;+:L.,+-:L-P/':L-.*L-:Q,<R$A0/B,+-SJ*-(*'*):'-/'0*)*+*+-;5-H-!<- !>?3646 2>18846 ?>68543#0),+-:A0/B,+-H-A,'0/'(*'A/:+-;2< ---?!74! ---?=745 ---??54?",0:L-:A0/B,+-SJ*-(*'*):'-/'0*)*+*+>-,0),+-:A0/B,+-H-A,'0/'(*'A/:+ +,)'!&* *,'%(&( ',!($&"

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

;?<- &'()*+,-,@*):0/B,-'*0,-+*-)*P/*)*-:L- /'()*+,-'*0,-*OALJH*'.,-)*B*)+/,'*+-;@),B/+/,'*+<-@:):-@F)./.:+-*'-@)F+0:G,+-H-A)F./0,+-A,'0/'(*'0*+>-H-:-L:-)*AJ@*):A/E'-;@F)./.:<-@,)-.*0*)/,),-.*-:A0/B,+4

;5<-&'ALJH*-A/*)0,+-.*@E+/0,+-A,L,A:.,+-H-@)F+0:G,+>-'*0,-.*-/'()*+,+-',-.*B*'(:.,+-H-A,G/+/,'*+-.*-@)F+0:G,+-./P*)/.:+4;2<- &'ALJH*- ,ML/(:A/,'*+- .*- AL/*'0*+- M:X,- :A*@0:A/,'*+>- A:)0:+- .*- A)F./0,- H- (:):'0Y:+- SJ*- AJM)*'- )/*+(,- A,G*)A/:L- H- .*- @:Y+>- H-A,'0/'(*'A/:+-A)*./0/A/:+4

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

%:-/'P,)G:A/E'-(*,()]P/A:-*+-A,G,-+/(J*R

!"##!"#$%&')*$+)$,-$+.'/0)*1

D:':G] N):+/L

^+0:.,+-K'/.,+-.*-$GF)/A:

&+L:+-V:/G]' ",0:L

&'()*+,-.*-/'0*)*+*+ 155>561 115 18>262 7>773 123>5739:+0,-.*-/'0*)*+*+ ;2?>511< -----W ---;6=?< --;?7?< ;25>313<&'()*+,-'*0,-.*-/'0*)*+*+ --61>8=8 115 --6>!17 1>685 187>318

$A0/B,+-.*-L:)(:-B/.:RD),@/*.:.*+-H-*SJ/@,>-'*0, ----!>172 --18 ----2?= --------W ----!>!3?

!"#"!"#$%&')*$+)$,-$+.'/0)*1

D:':G] N):+/L

^+0:.,+-K'/.,+-.*-$GF)/A:

&+L:+-V:/G]' ",0:L

&'()*+,-.*-/'0*)*+*+ 18!>!3? W 18>!83 7>16= 116>53=9:+0,-.*-/'0*)*+*+ -;51>7!!< ---W ;7>35!< --;6!?< -;55>632<&'()*+,-'*0,-.*-/'0*)*+*+ --!2>583 ---W --3>=!1 1>7?2 --35>28?

$A0/B,+-.*-L:)(:-B/.:RD),@/*.:.*+-H-*SJ/@,>-'*0, ----!>8?6 ---W ----56? -------W ----!>2?7

!""$!"#$%&')*$+)$,-$+.'/0)*1

D:':G] N):+/L

^+0:.,+-K'/.,+-.*-$GF)/A:

&+L:+-V:/G]' ",0:L

&'()*+,-.*-/'0*)*+*+ 177>3?1 W 13>538 1>3!? 151>6!59:+0,-.*-/'0*)*+*+ -;!6>8!!< ---W -;2>=71< ;7>?72< ;33>717<&'()*+,-'*0,-.*-/'0*)*+*+ --2?>!!2 ---W 11>!56 --;2!7< --!5>327

$A0/B,+-.*-L:)(:-B/.:RD),@/*.:.*+-H-*SJ/@,>-'*0, ----3>86! ---W ----!2? --------W ----3>356

Page 67: Bladex Reporte Anual 2011

!"!

!

!!!

"#$%&! !'()! !*+,-#.&%,/! !*+01+0(&2!3%,(,42! !!

!

!!56!$2!728020+!$2!59:5!

!"#$%&&"'()*+,(*+,&($+02-!;<8.%4+-!"#&+0%=($+-!"1(0&($+!9>:?@9:AA>!;(,(BC!D21E!$2!;(,(BC!!'2.F7+,+G!HA96I!J9J@K:99!3(4-%B%.2G!HA96I!5?L@5J>?!MMME$2.+%&&2E4+BE1(!!

!!!!"#$%&'()'(*+(#!%&+(%',!-.%+)+()'(+/)!.$%'-(012*!3$-(!")'0'")!'".'-(

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`(E!!_#2-&0(!(#$%&+0`(! 7#2! 02(.%=($(! $2!(4#20$+!4+,! .(-!,+0B(-! $2.!;#8.%4!*+B1(,N!"44+#,&%,/!]Q20-%/^&!R+(0$! HT-&($+-! a,%$+-! $2! "BF0%4(IE! ! P%4^(-! ,+0B(-! 02b#%202,! b#2! 1.(,%7%b#2B+-! N! 2724&#2B+-! .(!(#$%&+0`(!1(0(!+8&2,20!#,(!-2/#0%$($!0(=+,(8.2!(4204(!$2!-%!-2!B(,&#Q+!2,!&+$+-!.+-!(-124&+-!B(&20%(.2-!2.! 4+,&0+.! %,&20,+! -+802! .(! %,7+0B(4%X,! 7%,(,4%20(E!_#2-&0(! (#$%&+0`(! %,4.#NX!+8&2,20!#,! 2,&2,$%B%2,&+!$2.!4+,&0+.!%,&20,+!-+802!.(!%,7+0B(4%X,!7%,(,4%20(U!2Q(.#(0!2.!0%2-/+!$2!b#2!2)%-&(!#,(!$28%.%$($!B(&20%(.U!10+8(0!N!2Q(.#(0!!2.!$%-2c+!N!.(!2724&%Q%$($!+120(&%Q(!$2.!4+,&0+.!%,&20,+!4+,!8(-2!2,!2.!0%2-/+!2Q(.#($+U!N!2724&#(0! +&0+-!10+42$%B%2,&+-!b#2! 7#20(,! 4+,-%$20($+-!,242-(0%+-! 2,! .(-! 4%04#,-&(,4%(-E!*+,-%$20(B+-!b#2!,#2-&0(!(#$%&+0`(!10+1+04%+,(!#,(!8(-2!0(=+,(8.2!1(0(!2)102-(0!,#2-&0(!+1%,%X,E!!!T.!4+,&0+.!%,&20,+!-+802!.(!%,7+0B(4%X,!7%,(,4%20(!$2!#,(!2,&%$($!2-!#,!10+42-+!$%-2c($+!1+0U!+!8(d+!.(!-#120Q%-%X,!$2U!2.!10%,4%1(.!2d24#&%Q+!N!2.!10%,4%1(.!+7%4%(.!7%,(,4%20+!$2!.(!2,&%$($U!+!120-+,(-!02(.%=(,$+!7#,4%+,2-!-%B%.(02-!N!2724&#($+-!1+0!.(!O#,&(!P%024&%Q(U!"$B%,%-&0(4%X,!N!+&0+!120-+,(.!1(0(!10+Q220!#,(!-2/#0%$($! 0(=+,(8.2! 2,! 02.(4%X,! 4+,! .(! 4+,7%(8%.%$($! $2! .(! %,7+0B(4%X,! 7%,(,4%20(! 021+0&($(! N! .(!1021(0(4%X,!$2!2-&($+-!7%,(,4%20+-!1(0(!10+1X-%&+-!2)&20,+-!$2!(4#20$+!4+,!.+-!10%,4%1%+-!$2!4+,&(8%.%$($!/2,20(.B2,&2! (421&($+-! 2,! .+-! T-&($+-! a,%$+-! $2! "BF0%4(E! ! T.! 4+,&0+.! %,&20,+! -+802! .(! %,7+0B(4%X,!7%,(,4%20(! $2! #,(! 2,&%$($! %,4.#N2! (b#2..(-! 1+.`&%4(-! N! 10+42$%B%2,&+-! b#2! H:I! 4+002-1+,$2,! (.!B(,&2,%B%2,&+!$2!02/%-&0+-!b#2U!4+,!0(=+,(8.2!$2&(..2!027.2d(,!2)(4&(!N!7%2.B2,&2!.(-!&0(,-(44%+,2-!N!.(-!$%-1+-%4%+,2-!$2!.+-!(4&%Q+-!$2!.(!2,&%$($e!H5I!10+Q22,!#,(!-2/#0%$($!0(=+,(8.2!$2!b#2!.(-!&0(,-(44%+,2-!2-&C,! 02/%-&0($(-! 2,! 4#(,&+! 2-! ,242-(0%+! 1(0(! 120B%&%0! .(! 1021(0(4%X,! $2! .+-! 2-&($+-! 7%,(,4%20+-! b#2!4#B1.(,!4+,!.+-!10%,4%1%+-!$2!4+,&(8%.%$($!/2,20(.B2,&2!(421&($+-U!N!b#2!.+-!%,/02-+-!N!$2-2B8+.-+-!$2!.(! 2,&%$($! -2! 2-&C,! ^(4%2,$+! -+.(B2,&2! 4+,! .(! (#&+0%=(4%X,! $2! .(! "$B%,%-&0(4%X,! N! P%024&+02-! $2! .(!2,&%$($e!HJI!10+Q220!#,(!-2/#0%$($!0(=+,(8.2!2,!02.(4%X,!4+,!.(!102Q2,4%X,!+1+0&#,(!$2!.(!($b#%-%4%X,U!#-+!+!.(!$%-1+-%4%X,U!,+!(#&+0%=($+-!$2!.+-!(4&%Q+-!$2!.(!2,&%$($U!b#2!1#$%2-2,!&2,20!#,!2724&+!B(&20%(.!2,!.+-!2-&($+-!7%,(,4%20+-!$2!.(!2,&%$($E!

!

!P28%$+!(!.(-!.%B%&(4%+,2-!%,^202,&2-!$2.! !4+,&0+.!%,&20,+!-+802!.(!%,7+0B(4%X,!7%,(,4%20(U!%,4.#N2,$+!.(!1+-%8%.%$($!$2!4+.#-%X,!+!b#2!.(!"$B%,%-&0(4%X,!Q%+.2!.+-!4+,&0+.2-U!200+02-!B(&20%(.2-!$28%$+!(!200+0!+!70(#$2!1#$%20(,!,+!-20!102Q2,%$+-!+!$2&24&($+-!+1+0&#,(B2,&2E!!!'(B8%F,U!.(-!10+N244%+,2-!$2!4#(.b#%20!2Q(.#(4%X,!$2!.(!2724&%Q%$($!$2!4+,&0+.!%,&20,+!-+802!.(!%,7+0B(4%X,!7%,(,4%20(!$2!120`+$+-!7#&#0+-!2-&C,!-#d2&(-!(.!0%2-/+!$2!b#2!.+-!4+,&0+.2-!1#2$(,!Q+.Q20-2!%,($24#($+-U!1+0!4(B8%+-!2,!.(-!4+,$%4%+,2-!+!b#2!2.!/0($+!$2!4#B1.%B%2,&+!4+,!.(-!1+.`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a,%$+-! $2! "BF0%4(IU! .+-! 2-&($+-! 7%,(,4%20+-! 4+,-+.%$($+-! $2! R(,4+! S(&%,+(B20%4(,+! $2!*+B204%+!T)&20%+0U!VE"E!N!V#8-%$%(0%(-!(.!N!1+0!2.!(c+!&20B%,($+!2.!J:!$2!$%4%2B802!$2!59::!N!,#2-&0+!%,7+0B2! $2! 724^(! 56! $2! 728020+! $2! 59:5! 2)102-X! #,(! +1%,%X,! ,+! 4(.%7%4($(! -+802! $%4^+-! 2-&($+-!7%,(,4%20+-!4+,-+.%$($+-E!!!!!

Page 68: Bladex Reporte Anual 2011

!"##$%&'%(%)*+,#,-.%/$%#"%0+"1/,")2"13"/.%'4567'489':%;"-"<=>$2?@#,A"%/$%;"-"<=B$#C%D&'8E%F5'%4&''%%%G"HC%D&'8E%FI6%I999$7<",#C%J$@<"K3$1L@#"/$HMA.<

!!!"#$%&'(")*+