Moody\'s Investors Service changed the outlook
to positive from stable on its Ba3 long-term foreign currency deposit
ratings for Bancolombia, S.A and Banco de Bogota, S.A. following a
similar action on Colombia\'s foreign currency deposit ceilings today.

Additionally, Moody\'s changed the outlook to positive from stable on
Bancolombia\'s Ba1 foreign currency subordinated bonds following a similar
action on the sovereign bond ceiling. Bancolombia\'s bond rating remains
constrained and does not pierce the ceiling.

The banks\' financial strength ratings remain unaffected by this action.

The following ratings were affected:

Bancolombia, S.A..- Ba3 long-term foreign currency deposit rating,
outlook changed to positive from stable

 Ba1 long-term foreign currency subordinated bond rating, outlook changed
to positive from stable

Banco de Bogota, S.A..- Ba3 long-term foreign currency deposit rating,
outlook changed to positive from stable