Ladies and Gentlemen:

          I am writing on behalf of the Board of Directors of Banco Latinoamericano de Exportaciones (“Bladex”) to request that you reconsider and reverse your recommendation with respect to the proposal to amend the articles of incorporation of Bladex which, among other things, authorizes the Board of Directors to create new classes of preferred stock.  The proposal will be presented for shareholder approval at a special meeting of shareholders scheduled for November 7, 2005. The proposal is described in our proxy statement mailed to shareholders on or about October 4, 2005. 

          Your recommendation is based largely on a concern that management might rely on the authority it seeks from shareholders to issue preferred shares in ways that could potentially impede transaction proposals involving a change of control of Bladex that shareholders might consider desirable, and that the preferred stock could be used to establish a shareholder rights plan.

          We are writing to confirm to you that the Board of Directors will not adopt such shareholder rights plan, or to otherwise use its authority to create new classes of preferred stock to forestall offers to acquire control of Bladex, unless such plan is approved by Bladex’s shareholders in advance, or within 12 months of adoption of the plan. The foregoing commitment would not apply to ordinary rights offerings undertaken by Bladex primarily for financing purposes.

          We hope this clarifies our position with respect to the uses of the preferred stock and is responsive to your concerns.  Please contact the undersigned if you would like to discuss this matter further.