The figures reflecting the management of our Argentine portfolio speak for themselves.  Our success along this front exceeded our expectations.

Regarding capital management, we achieved our objective of maintaining a solid capitalization while providing significant cash flow to our shareholders.  Since January 1, 2004, and including the recently announced US$2.00 per share special dividend, we have returned a total of US$144.0 million in equity capital to our shareholders, and still have a balance of US$42.5 million with which to purchase shares in the open market under our US$50.0 million share repurchase program. 

We were also glad to see our investor relations efforts pay off handsomely.  Average daily trading volumes for the year increased by 42% (152,949 in 2004 vs. 107,535 in 2003).  In addition, we had the honor of welcoming a number of prestigious new institutions as shareholders of the Bank.

Beyond these four objectives, Bladex made important headway in a number of different areas.  The launching of our new corporate identity, for instance, has resonated well in the market, making significant contribution to our commercial efforts.   

Despite our progress in 2004, we are well aware that we still have work to do, particularly in one important area: the generation of additional fee income.  We are focusing our efforts in 2005 accordingly.

The principles behind our work in 2005 remain unchanged: to continue making progress towards our vision of becoming the leading trade finance house in the Latin American and Caribbean region (the “Region”), while creating significant added value for our shareholders, and improving opportunities for people in the Region.

To this end, our priorities for 2005 remain unchanged: executing our commercial strategy, making continued progress with respect to our Argentine portfolio, paying special attention to capital management, and increasing the liquidity for our common stock.  We believe Bladex has the skills, clients, contacts, and financial resources to execute accordingly.”

SAFE HARBOR STATEMENT

This press release contains forward-looking statements of expected future developments.  The Bank wishes to ensure that such statements are accompanied by meaningful cautionary statements pursuant to the safe harbor established by the Private Securities Litigation Reform Act of 1995.  The forward-looking statements in this press release refer to executing the Bank’s commercial strategy, progress with respect to the Bank’s Argentine portfolio, capital management actions, increasing the liquidity of the Bank’s common stock and the ability of the Bank to make progress in these areas.  These forward-looking statements reflect the expectations of the Bank’s management and are based on currently available data; however, actual experience with respect to these factors is subject to future events and uncertainties, which could materially impact the Bank’s expectations.  Among the factors that can cause actual performance and results to differ materially are as follows: a decline in the willingness of international lenders and depositors to provide funding to the Bank, causing a contraction of the Bank’s credit portfolio, adverse economic or political developments in the Region, particularly in Brazil or Argentina, which could increase the level of impaired loans in the Bank’s loan portfolio and, if sufficiently severe, result in the Bank’s allowance for credit losses being insufficient to cover losses in the portfolio, unanticipated developments with respect to international banking transactions (including, among other things, interest rate spreads and competitive conditions), a change in the Bank’s credit ratings, events in Brazil or Argentina or other countries in the Region unfolding in a  manner that is detrimental to the Bank, or which might result in adequate liquidity being unavailable to the Bank, the Bank’s operations being less profitable than anticipated, or higher than anticipated equity capital requirements.  

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