FOREIGN TRADE BANK OF LATIN AMERICA, INC.

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 Or 15d-16 Of The

Securities Exchange Act of 1934

Long form of Press Release

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

(Exact name of Registrant as specified in its Charter)

LATIN AMERICAN EXPORT BANK

(Translation of Registrant’s name into English)

Calle 50 y Aquilino de la Guardia

P.O. Box 0819-08730

El Dorado, Panama City

Republic of Panama

(Address of Registrant’s Principal Executive Offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F x Form 40-F o

(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g-3-2(b) under the Securities Exchange Act of 1934.)

Yes o No x

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82__.)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

April 15, 2008

Banco Latinoamericano de Exportaciones, S.A.

By:
Name:
Pedro Toll
Title:
Deputy Manager

Bladex reports First Quarter Net Income of $19.2 million, representing an increase of 29% and 24% from the first quarter 2007 and the fourth quarter 2007, respectively.

· Panama City, Republic of Panama, April 15, 2008 - Banco Latinoamericano de Exportaciones, S.A. (NYSE: BLX) (“Bladex” or the “Bank”) announced today its results for the first quarter ended March 31, 2008, with net operating revenue of $28.4 million and net income of $19.2 million; annualized return on average equity was 12.6%, and Tier 1 capitalization stood at 19.6%.

Business Highlights

Net operating revenue (1) of $28.4 million, an increase of 32% from the first quarter 2007 and 8% from the fourth quarter 2007, reflecting strong growth in the Bank’s intermediation business.
Net income of $19.2 million, an increase of 29% compared to the first quarter 2007, and 24% from the fourth quarter 2007.
Return on average equity (“ROE”) of 12.6%, an increase of 24% from the first quarter 2007, and 27% from the fourth quarter 2007.
Commercial Division’s net operating income (2) of $14.7 million, an increase of 45% from the first quarter 2007 and 28% from the fourth quarter 2007. Commercial portfolio growth was solid and diverse, as reflected in an 18% increase in the average portfolio from a year ago.
Treasury Division’s net operating income of $1.0 million, a decrease of $1.6 million compared to the first quarter 2007, and $1.9 million from the fourth quarter 2007, due to lower gains on sale of securities available for sale.
Asset Management Division’s net operating income of $3.6 million, an increase of 165% from the first quarter 2007, and 138% from the fourth quarter 2007, driven by trading gains.
As of March 31, 2008, the Bank had zero credits in non-accruing or past due status. The Bank’s liquidity ratio (3) strengthened to 9.7% from 7.1% in the first quarter 2007, and 8.4% in the fourth quarter 2007. During the quarter, the Bank contracted a $200 million medium-term loan facility from China Development Bank.
The Bank’s efficiency ratio (4) improved to 32% from 35% in the first quarter 2007, and from 40% in the fourth quarter 2007.

Mr. Jaime Rivera, Bladex’s Chief Executive Officer, stated the following regarding quarter’s results: "We are aware of the difficult market conditions that are prevailing in some segments of the financial industry. From Bladex's perspective, however, the shifting markets have given rise to attractive revenue opportunities that we have been able to exploit thanks to the strength of our financial condition, our expertise, and the expanded reach of our product suite. From a strategic perspective, the current environment has highlighted the value of our franchise as one of the pieces that support Latin America's growing trade flows.

As we continue moving forward; we will retain our focus on a solid portfolio, ample liquidity, growing profitability, and further diversification of our revenue sources. "

RESULTS BY BUSINESS SEGMENT

The Commercial Division incorporates the Bank’s financial intermediation and fee generation activities. Net operating income includes net interest income from loans, fee income, and net allocated operating expenses.

| (US$
million) | 1Q07 | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| Commercial
Division: | | | | | | |
| Net
interest income | $ 14.8 | $ | 17.7 | $ | 19.4 | |
| Non-interest
operating income (5) | 1.3 | | 1.5 | | 1.8 | |
| Net
operating revenues | $ 16.1 | $ | 19.2 | $ | 21.2 | |
| Operating
expenses | (6.0 | ) | (7.7 | ) | (6.5 | ) |
| Net
operating income | $ 10.1 | $ | 11.4 | $ | 14.7 | |

Net operating income for the first quarter 2008 reached $14.7 million, representing an increase of 29% and 45%, compared to the fourth quarter 2007 and the first quarter 2007, respectively.

Portfolio growth was solid and consistent during the first quarter 2008, reflecting an increase in the average portfolio of 18% from a year ago.

The commercial portfolio includes letters of credit, country risk guarantees and loan commitments pertaining to the Bank’s traditional intermediation activities.

See Exhibit VIII for information related to the Bank’s commercial portfolio distribution by country.

During the first quarter 2008, the Bank disbursed credits amounting to $2 billion. Please refer to Exhibit X for the Bank’s distribution of credit disbursements by country.

As of March 31, 2008, the corporate market segment represented 53% of the Bank’s total commercial portfolio, compared to 49% as of December 31, 2007, and 48% a year ago.

The commercial portfolio as a whole continues to be short-term and trade-related in nature, with 68% of credits maturing within one year, and 65% representing trade financing operations.

As of March 31, 2008, the Bank had zero credits in non-accruing or past-due status. The Bank has no exposure to the sub-prime or mortgage segments in any market, nor does it carry any mono-line insurance risk.

The Treasury Division incorporates the Bank’s investment securities activities. Net operating income is presented net of allocated operating expenses, and includes net interest income on investment securities, gains and losses on the sale of securities, as well as on derivatives and hedging activities and on foreign currency exchange transactions.

| (US$
million) | 1Q07 | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| Treasury
Division: | | | | | | |
| Net
interest income | $ 1.3 | $ | 2.1 | $ | 2.2 | |
| Non-interest
operating income | 2.2 | | 2.2 | | 0.2 | |
| Net
operating revenues | $ 3.5 | $ | 4.3 | $ | 2.4 | |
| Operating
expenses | (1.0 | ) | (1.5 | ) | (1.4 | ) |
| Net
operating income | $ 2.6 | $ | 2.8 | $ | 1.0 | |

Net operating income of $1.0 million represents a decrease of $1.9 million from the fourth quarter 2007 and, of $1.6 million from the first quarter 2007, driven by gains on sales of securities in the referenced quarters.

The securities available for sale portfolio totaled $695 million, representing an increase of 48% from December 31, 2007. As of March 31, 2008, the securities portfolio represented 14% of the Bank’s total credit portfolio, and consisted of Latin American securities (please refer to Exhibit IX for a per country distribution of the investment securities in the available for sale portfolio).

In its available for sale portfolio, and in order to eliminate interest rate risk, the Bank avails itself of interest rate swaps to convert the interest basis of the underlying instruments to floating rate. The available for sale portfolio is marked-to-market, and the impact is accounted for in the capital account through the other comprehensive income account (please refer to Exhibit I), reflecting an effect in the order of 1% in the Bank’s strong Tier 1 ratio.

During the quarter, the the Bank continued to take advantage of the extraordinary volatility in the Region's fixed income market. The Bank increased its available for sale portfolio with $227 million of floating rate securities at an attractive intermediation spread in order to eventually sell once prices improve, a strategy which has been successfully executed in the last two years.

As of March 31, 2008, liability deposit balances were $1,357 million, a $105 million (7%) decrease compared to the previous quarter, and $23 million (2%) lower than the first quarter 2007.

In response to market conditions, the Bank continued to strengthen its liquidity position during the quarter, as reflected in the liquidity ratio, which increased to 9.7% from 7.1% a year ago.

During the first quarter 2008 Bladex continued diversifying its funding sources, allowing for loan growth, while maintaining a conservatively managed asset and liability position at all maturities. Along these lines, during the quarter the Bank contracted a $200 million medium-term loan facility from China Development Bank, under the umbrella of the Cooperation Agreement between both institutions.

The Asset Management Division incorporates the Bank’s proprietary asset management activities. Net operating income is presented net of allocated operating expenses, and includes net interest income on trading securities, as well as trading gains and losses.

| (US$
million) | 1Q07 | | | | 1Q08 | |
| --- | --- | --- | --- | --- | --- | --- |
| Asset
Management Division: | | | | | | |
| Net
interest income | $ 0.9 | $ | (0.7 | ) | $ (0.4 | ) |
| Non-interest
operating income | 1.0 | | 3.5 | | 5.4 | |
| Net
operating revenues | $ 1.9 | $ | 2.8 | | $ 5.0 | |
| Operating
expenses | (0.6 | ) | (1.3 | ) | (1.3 | ) |
| Net
operating income | $ 1.3 | $ | 1.5 | | $ 3.6 | |

Net operating income in the first quarter 2008 totaled $3.6 million, representing an increase of 165% compared to first quarter 2007, and a 138% increase from the previous quarter, driven by trading gains.

CONSOLIDATED RESULTS OF OPERATIONS

KEY FINANCIAL FIGURES AND RATIOS

| (US$
million, except percentages and per share amounts) | 1Q07 | 4Q07 | 1Q08 |
| --- | --- | --- | --- |
| Net
Interest Income | $ 17.1 | $ 19.1 | $ 21.1 |
| Net
Operating Income by business segment: | | | |
| Commercial
Division | $ 10.1 | $ 11.4 | $ 14.7 |
| Treasury
Division | $ 2.6 | $ 2.8 | $ 1.0 |
| Asset
Management Division | $ 1.3 | $ 1.5 | $ 3.6 |
| Net
Operating Income | $ 14.0 | $ 15.8 | $ 19.2 |
| Net
Income | $ 14.8 | $ 15.5 | $ 19.2 |
| Net
Income per Share (6) | $ 0.41 | $ 0.43 | $ 0.53 |
| Book
Value per common share | $ 16.24 | $ 16.83 | $ 16.73 |
| Return
on Average Equity (“ROE”) | 10.2 % | 9.9 % | 12.6 % |
| Operating
Return on Average Equity (Operating ROE) | 9.7 % | 10.1 % | 13.2 % |
| Return
on Average Assets (“ROA”) | 1.5 % | 1.3 % | 1.6 % |
| Net
Interest Margin | 1.82 % | 1.69 % | 1.77 % |
| Tier
1 Capital (7) | $ 590 | $ 612 | $ 608 |
| Total
Capital (8) | $ 623 | $ 649 | $ 647 |
| Risk-Weighted
Assets | $ 2,641 | $ 2,927 | $ 3,112 |
| Tier
1 Capital Ratio (7) | 22.3 % | 20.9 % | 19.6 % |
| Total
Capital Ratio (8) | 23.6 % | 22.2 % | 20.8 % |
| Stockholders’
Equity to Total Assets | 13.8 % | 12.8 % | 12.0 % |
| Liquid
Assets / Total Assets | 7.1 % | 8.4 % | 9.7 % |
| Liquid
Assets / Total Deposits | 22.0 % | 27.4 % | 36.3 % |
| Non-Accruing
Loans to Total Loans, net | 0.0 % | 0.0 % | 0.0 % |
| Allowance
for Loan Losses to Total Loan Portfolio | 1.7 % | 1.9 % | 1.9 % |
| Allowance
for Losses on Off-Balance Sheet Credit Risk to Total
Contingencies | 4.7 % | 2.5 % | 3.5 % |
| Total
Assets | $ 4,274 | $ 4,791 | $ 5,090 |

The following graphs illustrate Operating Income and the Return on Average Stockholders’ Equity trends from 2005 through 2008:

NET INTEREST INCOME AND MARGINS

| (In
US$ million, except percentages) | 1Q07 | 4Q07 | | | |
| --- | --- | --- | --- | --- | --- |
| Net
Interest Income | | | | | |
| Commercial
Division | | | | | |
| Accruing
Portfolio | $ 14.8 | $ 17.7 | $ | 19.4 | |
| Non-accruing
portfolio | 0.0 | 0.0 | | 0.0 | |
| Commercial
Division | $ 14.8 | $ 17.7 | $ | 19.4 | |
| Treasury
Division | 1.3 | 2.1 | | 2.2 | |
| Asset
Management Division | 0.9 | (0.7 | ) | (0.4 | ) |
| Consolidated | $ 17.1 | $ 19.1 | $ | 21.1 | |
| Net
Interest Margin * | 1.82 % | 1.69 | % | 1.77 | % |
| * Net
interest income divided by average balance of interest-earning assets. | | | | | |

Net interest income in the first quarter 2008 reached $21.1 million, an increase of 10%, driven by increased weighted average lending spreads, which led to an increase in the net interest margin (“NIM”), and by higher average balances in the loan portfolio.

The $4.0 million, or 24%, increase in net interest income compared to a year ago reflects mostly increased average loan portfolio, as well as higher weighted average lending spreads.

FEES AND COMMISSIONS

| (In
US$ million) | 1Q07 | 4Q07 | 1Q08 |
| --- | --- | --- | --- |
| Letters
of credit | $ 0.7 | $ 0.9 | $ 1.0 |
| Guarantees | 0.2 | 0.3 | 0.4 |
| Loans | 0.2 | 0.2 | 0.2 |
| Other * | 0.2 | 0.2 | 0.2 |
| Fees
and commissions, net | $ 1.3 | $ 1.6 | $ 1.8 |
| *
Net of commission expenses. | | | |

Fees and commissions in the first quarter 2008 increased 14%, or $0.2 million, compared to the previous quarter, and 41%, or $0.5 million from a year ago, mostly due to the increased commission income from letters of credits and guarantees.

PORTFOLIO QUALITY AND PROVISION FOR CREDIT LOSSES

The allowance for credit losses represented $83.6 million, mostly unchanged from December 31, 2007. The ratio for the allowance for credit losses to the commercial portfolio was 2.0%, compared to 2.0% as of December 31, 2007 and 2.1% as of March 31, 2007. The loan portfolio coverage remained at 1.9% as of March 31, 2008, compared to December 31, 2007, while the off-balance sheet credit risk coverage increased from 2.5% in December 31, 2007 to 3.5% in March 31, 2008 due to changes in the mix of the contingencies portfolio..

| (In
US$ million) | 31MAR07 | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Allowance
for loan losses: | | | | | | | | | |
| At
beginning of period | $ 51.3 | $ | 56.6 | $ | 69.0 | $ | 72.6 | $ | 69.6 |
| Provisions | 5.4 | | 6.2 | | 3.4 | | (3.0 | ) | 0.0 |
| Recoveries | 0.0 | | 6.2 | | 0.3 | | 0.0 | | 0.3 |
| End
of period balance | $ 56.6 | $ | 69.0 | $ | 72.6 | $ | 69.6 | $ | 69.9 |
| Reserve
for losses on off-balance sheet credit risk: | | | | | | | | | |
| Balance
at beginning of the period | $ 27.2 | $ | 21.0 | $ | 13.5 | $ | 10.5 | $ | 13.7 |
| Provisions
(reversals) | (6.2 | ) | (7.6 | ) | (3.0 | ) | 3.2 | | 0.0 |
| End
of period balance | $ 21.0 | $ | 13.5 | $ | 10.5 | $ | 13.7 | $ | 13.7 |
| Total
allowance for credit losses | $ 77.6 | $ | 82.4 | $ | 83.1 | $ | 83.4 | $ | 83.6 |

OPERATING EXPENSES AND EFFICIENCY LEVEL

| (US$
million) | 1Q07 | 4Q07 | 1Q08 |
| --- | --- | --- | --- |
| Salaries
and other employee expenses | $ 4.3 | $ 6.7 | $ 5.5 |
| Depreciation
and amortization | 0.6 | 0.7 | 0.7 |
| Professional
services | 0.7 | 1.0 | 0.7 |
| Maintenance
and repairs | 0.3 | 0.3 | 0.3 |
| Other
operating expenses | 1.7 | 1.8 | 2.0 |
| Total
Operating Expenses | $ 7.6 | $ 10.5 | $ 9.2 |

The Bank’s efficiency ratio improved to 32% from 35% in the first quarter 2007 and from 40% in the fourth quarter 2007.

Total operating expenses for the first quarter 2008 were $9.2 million, representing a decrease of $1.3 million compared to the previous quarter due to lower variable compensation, and an increase of $1.6 million compared to a year ago, mainly due to new hires to support business growth.

OTHER EVENTS

§ First Quarter - Common Dividend Payment: On April 4, 2008, the Bank paid a regular quarterly dividend of US$0.22 per share corresponding to the first quarter 2008 to stockholders of record as of March 25, 2008.

§ Annual Shareholders’ Meeting: Bladex’s Annual Shareholders’ Meeting took place on April 15, 2008, in Panama City, Panama. At this meeting, shareholders:

o Approved the Bank’s financial statements for the fiscal year ended December 31, 2007;

o Appointed Deloitte as the Bank’s independent auditors for the fiscal year ended December 31, 2008;

o Elected Mr. Mario Covo as Director representing Class “E” shareholders; and

o Elected Mr. Guillermo Güémez and Mr. Roberto Feletti as Directors representing Class “A” shareholders.

§ President - Board of Directors: At a Board of Directors meeting immediately following the annual shareholders´meeting, Directors appointed Mr. Gonzalo Menéndez-Duque as President of the Board.

Note: Various numbers and percentages set forth in this press release have been rounded and, accordingly, may not total exactly.

FOOTNOTES:

(1) Net Operating Revenue refers to net interest income plus non-interest operating income.

(2) Net Operating Income refers to net interest income plus non-interest operating income minus operating expenses.

(3) Liquidity ratio refers to liquid assets as a percentage of total assets. Liquid assets represent cash and due from banks and exclude cash balances in the Asset Management division.

(4) Efficiency ratio refers to consolidated operating expenses as a percentage of net operating revenues. Excluding the Asset Management Division’s net revenues and expenses, the efficiency ratio is 35%, 43% and 38% for first quarter 2008, fourth quarter 2007 and first quarter 2007, respectively.

(5) Non-interest operating income refers to net other income (expense) excluding reversals (provisions) for credit losses and recoveries (impairment) on assets.

(6) Net Income per Share calculations are based on the average number of shares outstanding during each period.

(7) Tier 1 Capital refers to total stockholders’ equity.

Tier 1 Capital ratio refers to Tier 1 Capital as a percentage of risk weighted assets.

Risk-weighted assets are calculated based on US Federal Reserve Board and Basel I capital adequacy guidelines.

(8) Total Capital refers to total stockholders’ equity plus Tier 2 Capital based on US Federal Reserve Board and Basel I capital adequacy guidelines.

Total Capital ratio refers to Total Capital as a percentage of risk weighted assets.

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 the growth of the credit portfolio, including the trade portfolio, the increase in the number of the Bank’s corporate clients, the positive trend of lending spreads, the increase in activities engaged in by the Bank that are derived from the Bank’s client base, anticipated operating income and return on equity in future periods, including income derived from the Treasury Division, the improvement in the financial and performance strength of the Bank and the progress the Bank is making. These forward-looking statements reflect the expectations of the Bank’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: the anticipated growth of the Bank’s credit portfolio; the continuation of the Bank’s preferred creditor status; the impact of increasing interest rates and of improving macroeconomic environment in the Region on the Bank’s financial condition; the execution of the Bank’s strategies and initiatives, including its revenue diversification strategy; the adequacy of the Bank’s allowance for credit losses; the need for additional provisions for credit losses; the Bank’s ability to achieve future growth, to reduce its liquidity levels and increase its leverage; the Bank’s ability to maintain its investment-grade credit ratings; the availability and mix of future sources of funding for the Bank’s lending operations; potential trading losses; the possibility of fraud; and the adequacy of the Bank’s sources of liquidity to replace large deposit withdrawals.

About Bladex

Bladex is a supranational bank originally established by the Central Banks of Latin American and Caribbean countries to support trade finance in the Region. Based in Panama, its shareholders include central banks and state-owned entities in 23 countries in the Region, as well as Latin American and international commercial banks, along with institutional and retail investors. Through March 31, 2008, Bladex had disbursed accumulated credits of over $154 billion.

Conference Call Information

There will be a conference call to discuss the Bank’s quarterly results on Wednesday, April 16, 2008, at 11:00 a.m., New York City time (Eastern Time). For those interested in participating, please dial (800) 311-9401 in the United States or, if outside the United States, (334) 323-7224. Participants should use conference ID# 8034, and dial in five minutes before the call is set to begin. There will also be a live audio webcast of the conference at www.bladex.com .

The conference call will become available for review on Conference Replay one hour after its conclusion, and will remain available through April 22, 2008. Please dial (877) 919-4059 or (334) 323-7226 , and follow the instructions. The Conference ID# for the replayed call is 65669442.

For more information, please access www.bladex.com or contact:

Mr. Jaime Celorio

Chief Financial Officer

Bladex

Calle 50 y Aquilino de la Guardia

P.O. Box: 0819-08730

Panama City, Panama

Tel: (507) 210-8563

Fax: (507) 269-6333

e-mail address: [email protected]

Investor Relations Firm:

i-advize Corporate Communications, Inc.

Mrs. Melanie Carpenter / Mr. Peter Majeski

82 Wall Street, Suite 805

New York, NY 10005

Tel: (212) 406-3690

e-mail address: [email protected]

EXHIBIT I

CONSOLIDATED BALANCE SHEETS

	AT THE END OF,
	(A)	(B)		(C)		(C) - (B)					(C) - (A)
	Mar. 31, 2007	Dec. 31, 2007		Mar. 31, 2008		CHANGE		%			CHANGE	%
	(In US$ million)
ASSETS:
Cash
and due from banks	$ 308	$	478	$	539	$	61		13	%	$ 231		75	%
Trading
assets	94		53		29		(24	)	(45	)	(65	)	(69	)
Securities
available for sale	446		468		695		227		48		250		56
Securities
held to maturity	80		0		0		0		0		(80	)	(100	)
Loans	3,302		3,732		3,775		43		1		473		14
Less:
Allowance
for loan losses	(57	)	(70	)	(70	)	(0	)	0		(13	)	23
Unearned
income and deferred loan fees	(4	)	(6	)	(7	)	(1	)	11		(2	)	56
Loans,
net	3,241		3,656		3,698		42		1		457		14
Customers'
liabilities under acceptances	6		9		35		26		281		29		469
Premises
and equipment, net	11		10		10		(1	)	(5	)	(1	)	(9	)
Accrued
interest receivable	52		63		52		(11	)	(17	)	(0	)	(1	)
Other
assets	37		54		32		(21	)	(40	)	(4	)	(12	)
TOTAL
ASSETS	$ 4,274	$	4,791	$	5,090	$	299		6	%	$ 816		19	%
LIABILITIES
AND STOCKHOLDERS' EQUITY:
Deposits:
Demand	$ 102	$	111	$	94	$	(17	)	(15	)%	$ (8	)	(8	)
Time	1,278		1,351		1,263		(88	)	(7	)	(15	)	(1	)
Total
Deposits	1,380		1,462		1,357		(105	)	(7	)	(23	)	(2	)
Trading
liabilities	446		91		23		(68	)	(74	)	(423	)	(95	)
Securities
sold under repurchase agreements	949		283		529		245		87		(420	)	(44	)
Short-term
borrowings	732		1,221		1,204		(18	)	(1	)	471		64
Borrowings
and long-term debt	80		1,010		1,220		210		21		1,140		1,434
Acceptances
outstanding	6		9		35		26		281		29		469
Accrued
interest payable	34		39		36		(3	)	(8	)	2		6
Reserve
for losses on off-balance sheet credit risk	21		14		14		0		0		(7	)	(35	)
Other
liabilities	36		48		65		17		35		28		78
TOTAL
LIABILITIES	$ 3,684	$	4,178	$	4,482	$	303		7	%	$ 798		22	%
STOCKHOLDERS'
EQUITY:
Common
stock, no par value, assigned value of US$6.67	280		280		280
Additional
paid-in capital in exces of assigned value	135		135		135
Capital
reserves	95		95		95
Retained
earnings	212		245		257
Accumulated
other comprehensive income (loss)	2		(10	)	(25	)
Treasury
stock	(135	)	(134	)	(134	)
TOTAL
STOCKHOLDERS' EQUITY	$ 590	$	612	$	608	$	(4	)	(1	)%	$ 18		3	%
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY	$ 4,274	$	4,791	$	5,090	$	299		6	%	$ 816		19	%

EXHIBIT II

CONSOLIDATED STATEMENTS OF INCOME

	FOR THE THREE MONTHS ENDED
	(A)	(B)		(C)		(C) - (B)					(C) - (A)
	Mar. 31, 2007	Dec. 31, 2007		Mar. 31, 2008		CHANGE		%			CHANGE	%
	(In US$ thousand, except per share data)
INCOME
STATEMENT DATA:
Interest
income	$ 60,993	$	71,992	$	67,850	$	(4,142	)	(6	)%	$ 6,857		11	%
Interest
expense	(43,917	)	(52,864	)	(46,733	)	6,132		(12	)	(2,816	)	6
NET
INTEREST INCOME	17,076		19,127		21,118		1,990		10		4,041		24
Reversal
(provision) for loan losses	(5,354	)	2,980		0		(2,980	)	(100	)	5,354		(100	)
NET
INTEREST INCOME AFTER REVERSAL (PROVISION)
FOR
LOAN LOSSES	11,722		22,107		21,118		(990	)	(4	)	9,396		80
OTHER
INCOME (EXPENSE):
Reversal
(provision) for losses on off-balance sheet credit risk	6,158		(3,235	)	0		3,235		(100	)	(6,158	)	(100	)
Fees
and commissions, net	1,275		1,582		1,799		216		14		524		41
Activities
of hedging derivatives instruments	(485	)	(212	)	(52	)	160		(76	)	433		(89	)
Trading
gains	1,008		3,475		5,350		1,875		54		4,342		(431	)
Net
gains on sale of securities available for sale	2,699		2,226		0		(2,226	)	(100	)	(2,699	)	(100	)
Gain
(loss) on foreign currency exchange	1		181		184		3		2		183		(35,201	)
Other
income (expense), net	41		(64	)	40		105		(163	)	(0	)	(1	)
NET
OTHER INCOME (EXPENSE)	10,697		3,954		7,321		3,368		85		(3,376	)	(32	)
OPERATING
EXPENSES:
Salaries
and other employee expenses	(4,263	)	(6,687	)	(5,530	)	1,157		(17	)	(1,267	)	30
Depreciation
and amortization of premises and equipment	(627	)	(668	)	(682	)	(13	)	2		(54	)	9
Professional
services	(740	)	(1,006	)	(737	)	269		(27	)	3		(0	)
Maintenance
and repairs	(291	)	(370	)	(300	)	70		(19	)	(10	)	3
Other
operating expenses	(1,664	)	(1,796	)	(1,988	)	(192	)	11		(323	)	19
TOTAL
OPERATING EXPENSES	(7,586	)	(10,527	)	(9,237	)	1,290		(12	)	(1,651	)	22
NET
INCOME	$ 14,834	$	15,534	$	19,202	$	3,668		24	%	$ 4,368		29	%

(*) "n.m." means not meaningful.

EXHIBIT III

SUMMARY OF CONSOLIDATED FINANCIAL DATA

(Consolidated Statements of Income, Balance Sheets, and Selected Financial Ratios)

	FOR THE THREE MONTHS ENDED MARCH 31, — 2007	2008
(In US$ thousand, except per share amounts & ratios)
INCOME
STATEMENT DATA:
Net
interest income	$ 17,076	$	21,118
Fees
and commissions, net	1,275		1,799
Reversal
of provision for loan and off-balance sheet credit losses,
net	804		0
Activities
of hedging derivatives instruments	(485	)	(52	)
Trading
gains	1,008		5,350
Net
gains on sale of securities available for sale	2,699		0
Gain
(loss) on foreign currency exchange	1		184
Other
income (expense), net	41		40
Operating
expenses	(7,586	)	(9,237	)
NET
INCOME	$ 14,834	$	19,202
BALANCE
SHEET DATA (In US$ millions):
Investment
securities and trading assets	620		724
Loans,
net	3,241		3,698
Total
assets	4,274		5,090
Deposits	1,380		1,357
Trading
liabilities	446		23
Securities
sold under repurchase agreements	949		529
Short-term
borrowings	732		1,204
Long-term
debt and borrowings	80		1,220
Total
liabilities	3,684		4,482
Stockholders'
equity	590		608
PER
COMMON SHARE DATA:
Net
income per share	0.41		0.53
Diluted
earnings per share	0.40		0.53
Book
value (period average)	16.19		16.86
Book
value (period end)	16.24		16.73
(In
US$ thousand):
Average
basic shares	36,329		36,370
Average
diluted shares	36,853		36,370
Basic
shares period end	36,329		36,370
SELECTED
FINANCIAL RATIOS:
PERFORMANCE
RATIOS:
Return
on average assets	1.5	%	1.6	%
Return
on average stockholders' equity	10.2	%	12.6	%
Net
interest margin	1.82	%	1.77	%
Net
interest spread	0.88	%	1.14	%
Operating
expenses to total average assets	0.79	%	0.76	%
ASSET
QUALITY RATIOS:
Non-accruing
loans to total loans, net of discounts (1)	0.0	%	0.0	%
Charge
offs net of recoveries to total loan portfolio (1)	0.0	%	0.0	%
Allowance
for loan losses to total loan portfolio (1)	1.7	%	1.9	%
Allowance
for losses on off-balance sheet credit risk to total
contingencies	4.7	%	3.5	%
CAPITAL
RATIOS:
Stockholders'
equity to total assets	13.8	%	12.0	%
Tier
1 capital to risk-weighted assets	22.3	%	19.6	%
Total
capital to risk-weighted assets	23.6	%	20.8	%

(1) Loan portfolio is presented net of unearned income and deferred loan fees.

EXHIBIT IV

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCES

	FOR THE THREE MONTHS ENDED,
	March 31, 2007				December 31, 2007				March 31, 2008
	AVERAGE		AVG.		AVERAGE		AVG.		AVERAGE		AVG.
	BALANCE	INTEREST	RATE		BALANCE	INTEREST	RATE		BALANCE	INTEREST	RATE
	(In US$ million)
INTEREST
EARNING ASSETS
Interest-bearing
deposits with banks	$ 230	$ 3.0	5.28	%	$ 416	$ 5.0	4.67	%	$ 443	$ 3.8	3.36	%
Loans,
net of unearned income & deferred loan fees	3,067	50.0	6.53		3,638	60.2	6.47		3,701	55.4	5.92
Impaired
loans	0	0.0	n.m.	(*)	0	0.0	n.m.	(*)	0	0.0	n.m.	(*)
Trading
assets	123	2.5	8.19		35	0.5	5.24		29	0.1	1.61
Investment
securities	379	5.4	5.69		406	6.4	6.17		615	8.6	5.53
TOTAL
INTEREST EARNING ASSETS	$ 3,798	$ 61.0	6.42	%	$ 4,494	$ 72.0	6.27	%	$ 4,787	$ 67.9	5.61	%
Non
interest earning assets	98				103				108
Allowance
for loan losses	(51	)			(73	)			(70	)
Other
assets	44				54				85
TOTAL
ASSETS	$ 3,889				$ 4,578				$ 4,911
INTEREST
BEARING LIABILITITES
Deposits	$ 1,158	$ 15.4	5.31	%	$ 1,368	$ 17.6	5.05	%	$ 1,435	$ 13.7	3.79	%
Trading
liabilities	58	1.0	6.61		47	1.0	7.86		45	0.7	6.20
Securities
sold under repurchase agreement and short-term
borrowings	1,365	18.7	5.47		1,391	19.0	5.34		1,655	18.8	4.49
Long-term
debt and borrowings	589	8.9	6.06		1,002	15.3	5.97		1,006	13.5	5.32
TOTAL
INTEREST BEARING LIABILITIES	$ 3,170	$ 43.9	5.54	%	$ 3,808	$ 52.9	5.43	%	$ 4,141	$ 46.7	4.46	%
Non
interest bearing liabilities and other liabilities	$ 130				$ 150				$ 157
TOTAL
LIABILITIES	3,300				3,958				4,298
STOCKHOLDERS'
EQUITY	588				620				613
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY	$ 3,889				$ 4,578				$ 4,911
NET
INTEREST SPREAD			0.88	%			0.84	%			1.14	%
NET
INTEREST INCOME AND NET INTEREST MARGIN		$ 17.1	1.82	%		$ 19.1	1.69	%		$ 21.1	1.77	%

(*) "n.m." means not meaningful.

EXHIBIT V

CONSOLIDATED STATEMENT OF INCOME

(In US$ thousand, except ratios)

	YEAR ENDED — DEC 31/06	MAR 31/07		JUN 30/07		SEP 30/07		DEC 31/07		DEC 31/07		MAR 31/08
INCOME
STATEMENT DATA:
Interest
income	$ 203,350	$	60,993	$	63,243	$	68,641	$	71,992	$	264,869	$	67,850
Interest
expense	(144,513	)	(43,917	)	(46,497	)	(51,020	)	(52,864	)	(194,299	)	(46,733	)
NET
INTEREST INCOME	58,837		17,076		16,745		17,622		19,127		70,571		21,118
Reversal
(provision) for loan losses	(11,846	)	(5,354	)	(6,235	)	(3,384	)	2,980		(11,994	)	0
NET
INTEREST INCOME AFTER REVERSAL (PROVISION) FOR LOAN LOSSES	46,991		11,722		10,510		14,237		22,107		58,577		21,118
OTHER
INCOME (EXPENSE):
Reversal
(provision) for losses on off-balance sheet credit risk	24,891		6,158		7,581		2,964		(3,235	)	13,468		0
Fees
and commissions, net	6,393		1,275		1,525		1,173		1,582		5,555		1,799
Derivatives
and hedging activities	(225	)	(485	)	1		(294	)	(212	)	(989	)	(52	)
Recoveries
(impairment) on assets	5,551		0		(500	)	0		0		(500	)	0
Trading
gains	879		1,008		14,278		5,104		3,475		23,865		5,350
Net
gains on sale of securities available for sale	2,568		2,699		3,906		288		2,226		9,119		0
Gain
(loss) on foreign currency exchange	(253	)	1		(56	)	(9	)	181		115		184
Other
income (expense), net	36		41		0		17		(64	)	(7	)	40
NET
OTHER INCOME (EXPENSE)	39,840		10,697		26,734		9,242		3,954		50,628		7,321
TOTAL
OPERATING EXPENSES	(28,929	)	(7,586	)	(10,262	)	(8,652	)	(10,527	)	(37,027	)	(9,237	)
NET
INCOME	$ 57,902	$	14,834	$	26,983	$	14,827	$	15,534	$	72,177	$	19,202
SELECTED
FINANCIAL DATA
PER
COMMON SHARE DATA
Net
income per share	$ 1.56	$	0.41	$	0.74	$	0.41	$	0.43	$	1.99	$	0.53
PERFORMANCE
RATIOS
Return
on average assets	1.7	%	1.5	%	2.7	%	1.4	%	1.3	%	1.7	%	1.6	%
Return
on average stockholders' equity	10.0	%	10.2	%	18.0	%	9.6	%	9.9	%	11.9	%	12.6	%
Net
interest margin	1.76	%	1.82	%	1.70	%	1.65	%	1.69	%	1.71	%	1.77	%
Net
interest spread	0.70	%	0.88	%	0.76	%	0.73	%	0.84	%	0.80	%	1.14	%
Operating
expenses to average assets	0.85	%	0.79	%	1.01	%	0.80	%	0.91	%	0.88	%	0.76	%

EXHIBIT VI

BUSINESS SEGMENT ANALYSIS

(In US$ million)

	FOR THE YEAR ENDED — DEC 31/06	DEC 31/07		MAR 31/07		DEC 31/07			MAR 31/08
COMMERCIAL
DIVISION:
Net
interest income	$ 50.9	$	64.1	$	14.8	$	17.7		$ 19.4
Non-interest
operating income (1)	6.4		5.3		1.3		1.5		1.8
Operating
expenses (2)	(23.7	)	(27.2	)	(6.0	)	(7.7	)	(6.5	)
Operating
income (3)	33.7		42.3		10.1		11.4		14.7
Reversal
(provision) for loan and off-balance sheet credit losses,
net	13.0		1.5		0.8		(0.3	)	0.0
Impairment
on assets	0.0		(0.5	)	0.0		0.0		0.0
NET
INCOME	$ 46.7	$	43.2	$	10.9	$	11.2		$ 14.7
Commercial
interest-earning assets (4)	2,715		3,366		3,067		3,638		3,768
TREASURY
DIVISION:
Net
interest income	$ 6.9	$	6.2	$	1.3	$	2.1		$ 2.2
Non-interest
operating income (1)	2.1		8.5		2.2		2.2		0.2
Operating
expenses (2)	(3.4	)	(4.3	)	(1.0	)	(1.5	)	(1.4	)
Operating
income (3)	5.6		10.3		2.6		2.8		1.0
Recoveries
on assets, net of impairments	5.6		0.0		0.0		0.0		0.0
NET
INCOME	$ 11.2	$	10.3	$	2.6	$	2.8		$ 1.0
Treasury
interest-earning assets (5)	516		586		584		686		1,183
ASSET
MANAGEMENT DIVISION:
Net
interest income	$ 1.0	$	0.2	$	0.9	$	(0.7	)	$ (0.4	)
Non-interest
operating income (1)	0.9		23.9		1.0		3.5		5.4
Operating
expenses (2)	(1.9	)	(5.5	)	(06	)	(1.3	)	(1.3	)
Operating
income (3)	0.0		18.6		1.3		1.5		3.6
NET
INCOME	$ 0.0	$	18.6	$	1.3	$	1.5		$ 3.6
Asset
Management interest-earning assets (6)	105		170		148		170		80
CONSOLIDATED:
Net
interest income	$ 58.8	$	70.6	$	17.1	$	19.1		$ 21.1
Non-interest
operating income (1)	9.4		37.7		4.5		7.2		7.3
Operating
expenses (2)	(28.9	)	(37.0	)	(7.6	)	(10.5	)	(9.2	)
Operating
income (3)	39.3		71.2		14.0		15.8		19.2
Reversal
(provision) for loan and off-balance sheet credit losses,
net	13.0		1.5		0.8		(0.3	)	0.0
Recoveries
(impairment), on assets	5.6		(0.5	)	0.0		0.0		0.0
NET
INCOME	$ 57.9	$	72.2	$	14.8	$	15.5		$ 19.2
Consolidated
interest-earning assets	$ 3,336	$	4,122	$	3,798	$	4,494		$ 5,031

The bank has aligned its operations into two major business segments, based on the nature of clients, products and on credit risk standards.

Interest expenses are allocated based on average credits.

(1) Non-interest operating income consists of net other income (expense), excluding reversals of provisions for credit losses and impairment on assets

(2) Operating expenses are calculated based on average credits.

(3) Operating income refers to net income excluding reversals of provisions for credit losses and impairment on assets.

(4) Includes loans, net of unearned income and deferred loan fees.

(5) Includes cash and due from banks, interest-bearing deposits with banks, securities available for sale and held to maturity.

(6) Includes cash and due from banks, interest-bearing deposits with banks, and trading securities of Asset Management Division.

EXHIBIT VII

CREDIT PORTFOLIO

DISTRIBUTION BY COUNTRY

(In US$ million)

| | AT
THE END OF, | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | (A) | | (B) | | (C) | | | | | |
| | 31MAR07 | | 31DEC07 | | 31MAR08 | | Change
in Amount | | | |
| COUNTRY | Amount | %
of
Total Outstanding | Amount | %
of
Total Outstanding | Amount | %
of
Total Outstanding | (C) - (B) | (C)
- (A) | | |
| ARGENTINA | $ 190 | 4.5 | $ 287 | 6.0 | $ 310 | 6.4 | $ 23 | $ | 121 | |
| BOLIVIA | 5 | 0.1 | 5 | 0.1 | 0 | 0.0 | (5 | ) | (5 | ) |
| BRAZIL | 1,698 | 40.5 | 1,728 | 36.4 | 1,714 | 35.2 | (14 | ) | 16 | |
| CHILE | 238 | 5.7 | 53 | 1.1 | 53 | 1.1 | (0 | ) | (185 | ) |
| COLOMBIA | 476 | 11.4 | 530 | 11.2 | 629 | 12.9 | 99 | | 153 | |
| COSTA
RICA | 46 | 1.1 | 148 | 3.1 | 96 | 2.0 | (52 | ) | 50 | |
| DOMINICAN
REPUBLIC | 83 | 2.0 | 105 | 2.2 | 81 | 1.7 | (24 | ) | (2 | ) |
| ECUADOR | 121 | 2.9 | 142 | 3.0 | 151 | 3.1 | 9 | | 30 | |
| EL
SALVADOR | 65 | 1.5 | 59 | 1.2 | 62 | 1.3 | 3 | | (2 | ) |
| GUATEMALA | 111 | 2.6 | 102 | 2.2 | 119 | 2.4 | 17 | | 9 | |
| HONDURAS | 41 | 1.0 | 49 | 1.0 | 56 | 1.1 | 7 | | 14 | |
| JAMAICA | 42 | 1.0 | 93 | 2.0 | 70 | 1.4 | (23 | ) | 27 | |
| MEXICO | 269 | 6.4 | 451 | 9.5 | 492 | 10.1 | 41 | | 223 | |
| NICARAGUA | 13 | 0.3 | 13 | 0.3 | 20 | 0.4 | 7 | | 7 | |
| PANAMA | 190 | 4.5 | 222 | 4.7 | 227 | 4.6 | 4 | | 37 | |
| PERU | 243 | 5.8 | 484 | 10.2 | 646 | 13.3 | 162 | | 403 | |
| TRINIDAD
& TOBAGO | 209 | 5.0 | 93 | 1.9 | 26 | 0.5 | (67 | ) | (183 | ) |
| URUGUAY | 0 | 0.0 | 0 | 0.0 | 4 | 0.1 | 4 | | 4 | |
| VENEZUELA | 154 | 3.7 | 169 | 3.5 | 94 | 1.9 | (74 | ) | (60 | ) |
| OTHER | 1 | 0.0 | 19 | 0.4 | 25 | 0.5 | 6 | | 23 | |
| TOTAL
CREDIT PORTFOLIO (1) | $ 4,195 | 100 % | $ 4,753 | 100 % | $ 4,874 | 100 % | $ 121 | $ | 679 | |
| UNEARNED
INCOME AND COMMISSION (2) | (4 | ) | (6 | ) | (7 | ) | (1 | ) | (2 | ) |
| TOTAL
CREDIT PORTFOLIO, NET OF UNEARNED INCOME AND
COMMISSION | $ 4,190 | | $ 4,747 | | $ 4,867 | | $ 121 | $ | 677 | |

(1) Includes book value of loans, fair value of selected investment securities, acceptances, and contingencies (including confirmed letters of credit, stand-by letters of credit, and guarantees covering commercial and country risks, credit default swaps and credit commitments).

(2) Represents unearned income and commission on loans.

EXHIBIT VIII

COMMERCIAL PORTFOLIO

DISTRIBUTION BY COUNTRY

(In US$ million)

| | AT
THE END OF, | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | (A) | | (B) | | (C) | | | | | |
| | 31MAR07 | | 31DEC07 | | 31MAR08 | | Change in Amount | | | |
| | Amount | % of Total
Outstanding | Amount | % of Total
Outstanding | Amount | % of Total
Outstanding | (C) - (B) | | (C) - (A) | |
| COUNTRY | | | | | | | | | | |
| ARGENTINA | $ 170 | 4.5 | $ 268 | 6.3 | $ 291 | 7.0 | $ 23 | | $ 121 | |
| BOLIVIA | 5 | 0.1 | 5 | 0.1 | 0 | 0.0 | (5 | ) | (5 | ) |
| BRAZIL | 1,521 | 40.6 | 1,600 | 37.4 | 1,541 | 36.9 | (59 | ) | 20 | |
| CHILE | 197 | 5.3 | 11 | 0.3 | 10 | 0.2 | (1 | ) | (187 | ) |
| COLOMBIA | 377 | 10.1 | 402 | 9.4 | 394 | 9.4 | (8 | ) | 17 | |
| COSTA
RICA | 46 | 1.2 | 148 | 3.5 | 96 | 2.3 | (52 | ) | 50 | |
| DOMINICAN
REPUBLIC | 67 | 1.8 | 92 | 2.1 | 70 | 1.7 | (22 | ) | 3 | |
| ECUADOR | 121 | 3.2 | 142 | 3.3 | 151 | 3.6 | 9 | | 30 | |
| EL
SALVADOR | 65 | 1.7 | 48 | 1.1 | 40 | 1.0 | (8 | ) | (25 | ) |
| GUATEMALA | 111 | 2.9 | 102 | 2.4 | 113 | 2.7 | 11 | | 3 | |
| HONDURAS | 41 | 1.1 | 49 | 1.1 | 56 | 1.3 | 7 | | 14 | |
| JAMAICA | 42 | 1.1 | 93 | 2.2 | 70 | 1.7 | (23 | ) | 27 | |
| MEXICO | 197 | 5.3 | 424 | 9.9 | 416 | 10.0 | (8 | ) | 219 | |
| NICARAGUA | 13 | 0.3 | 13 | 0.3 | 20 | 0.5 | 7 | | 7 | |
| PANAMA | 170 | 4.5 | 150 | 3.5 | 149 | 3.6 | (2 | ) | (21 | ) |
| PERU | 243 | 6.5 | 454 | 10.6 | 616 | 14.8 | 162 | | 373 | |
| TRINIDAD
& TOBAGO | 209 | 5.6 | 93 | 2.2 | 26 | 0.6 | (67 | ) | (183 | ) |
| URUGUAY | 0 | 0.0 | 0 | 0.0 | 4 | 0.1 | 4 | | 4 | |
| VENEZUELA | 154 | 4.1 | 169 | 3.9 | 94 | 2.3 | (74 | ) | (60 | ) |
| OTHER | 1 | 0.0 | 19 | 0.4 | 20 | 0.5 | 1 | | 18 | |
| TOTAL
COMMERCIAL PORTFOLIO (1) | $ 3,749 | 100 % | $ 4,281 | 100 % | $ 4,176 | 100 % | $ (106 | ) | $ 427 | |
| UNEARNED
INCOME AND COMMISSION (2) | (4 | ) | (6 | ) | (7 | ) | (1 | ) | (2 | ) |
| TOTAL
COMMERCIAL PORTFOLIO, NET OF UNEARNED INCOME AND
COMMISSION | $ 3,745 | | $ 4,275 | | $ 4,169 | | $ (106 | ) | $ 424 | |

(1) Includes book value of loans, acceptances, and contingencies (including confirmed letters of credit, stand-by letters of credit, and guarantees covering commercial and country risks and credit commitments).

(2) Represents unearned income and commission on loans.

EXHIBIT IX

AVAILABLE FOR SALE PORTFOLIO

DISTRIBUTION BY COUNTRY

(In US$ million)

| | AT
THE END OF, | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| | (A) | (B) | (C) | | | | |
| | Mar. 31, 2007 | Dec. 31, 2007 | Mar. 31, 2008 | (C) - (B) | (C) - (A) | | |
| COUNTRY | | | | | | | |
| ARGENTINA | $ 20 | $ 20 | $ 20 | $ 0 | $ | (0 | ) |
| BRAZIL | 177 | 129 | 173 | 44 | | (4 | ) |
| CHILE | 41 | 42 | 43 | 0 | | 2 | |
| COLOMBIA | 100 | 126 | 232 | 107 | | 133 | |
| DOMINICAN
REPUBLIC | 16 | 13 | 11 | (2 | ) | (5 | ) |
| EL
SALVADOR | 0 | 11 | 22 | 11 | | 22 | |
| GUATEMALA | 0 | 0 | 6 | 6 | | 6 | |
| MEXICO | 72 | 27 | 76 | 49 | | 4 | |
| PANAMA | 20 | 72 | 78 | 6 | | 58 | |
| PERU | 0 | 29 | 30 | 0 | | 30 | |
| OTHER | 0 | 0 | 5 | 5 | | 5 | |
| TOTAL
AVAILABLE FOR SALE PORTFOLIO | $ 446 | $ 468 | $ 695 | $ 227 | $ | 250 | |

EXHIBIT X

CREDIT DISBURSEMENTS

DISTRIBUTION BY COUNTRY

(In US$ million)

| | QUARTERLY
INFORMATION | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| | (A) | (B) | (C) | | | | |
| | 1QTR07 | 4QTR07 | 1QTR08 | (C) - (B) | | (C) - (A) | |
| COUNTRY | | | | | | | |
| ARGENTINA | $ 75 | $ 115 | $ 94 | $ (21 | ) | $ 19 | |
| BOLIVIA | 5 | 0 | 0 | 0 | | (5 | ) |
| BRAZIL | 467 | 297 | 375 | 77 | | (92 | ) |
| CHILE | 133 | 1 | 0 | (1 | ) | (132 | ) |
| COLOMBIA | 247 | 129 | 156 | 28 | | (90 | ) |
| COSTA
RICA | 43 | 116 | 113 | (3 | ) | 70 | |
| DOMINICAN
REPUBLIC | 95 | 81 | 118 | 37 | | 23 | |
| ECUADOR | 98 | 104 | 96 | (9 | ) | (2 | ) |
| EL
SALVADOR | 38 | 43 | 29 | (14 | ) | (9 | ) |
| GUATEMALA | 66 | 64 | 61 | (4 | ) | (5 | ) |
| HONDURAS | 30 | 35 | 24 | (10 | ) | (6 | ) |
| JAMAICA | 49 | 129 | 79 | (50 | ) | 30 | |
| MEXICO | 108 | 187 | 115 | (72 | ) | 8 | |
| NICARAGUA | 10 | 3 | 19 | 16 | | 10 | |
| PANAMA | 18 | 51 | 33 | (17 | ) | 15 | |
| PERU | 168 | 373 | 537 | 164 | | 369 | |
| TRINIDAD
& TOBAGO | 273 | 84 | 53 | (31 | ) | (220 | ) |
| URUGUAY | 0 | 0 | 4 | 4 | | 4 | |
| VENEZUELA | 149 | 31 | 86 | 55 | | (63 | ) |
| OTHER | 1 | 18 | 7 | (12 | ) | 6 | |
| TOTAL
CREDIT DISBURSED | $ 2,071 | $ 1,861 | $ 2,000 | $ 139 | | $ (71 | ) |

Includes book value of loans, fair value of selected investment securities, and contingencies (including confirmed letters of credit, stand-by letters of credit, guarantees covering commercial and country risks, credit default swaps and credit commitments).

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