Bladex Asset Management (“BAM”), a New York-based, wholly-owned subsidiary of the Bank, had a banner year in 2007.  BAM manages the Bank’s multi-strategy investment fund, comprised mainly of Latin American fixed income securities, currencies, credit derivatives, and equity indices.  As a result of the fund’s superior returns, along with its commitment to the industry’s best practices in risk management and operational control, Bladex took steps to prepare the fund for an eventual offering to third-party investors.  In the fourth quarter of 2007, the Bank received regulatory permission in the U.S. to offer the fund to qualified offshore investors.  The fund can take both long and short positions to maximize returns under a wide range of market conditions.  We expect BAM to generate substantial fee income in the coming years as the fund brings in new investors.

Thanks to its quantitative approach to risk management, combined with the Bank’s unparalleled knowledge of the macroeconomic and credit environments in Latin America, Bladex’s Treasury & Capital Markets Division is well positioned to meet the challenges that await global financial markets in 2008.