November 2, 2021, Bancolombia announces financial results for the third quarter of 2021.

BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER OF

2021.

• The net profit for 3Q21 was COP 943 billion.This value represents an increase of 18.5% compared to 2Q21.
• Gross loans amount to COP 210 trillion,which represents a 3.3% growth when compared to 2Q21.
• Provision charges for the quarter were COP 514 trillion and the coverage ratio for90-day past due loans was 218.5%. Provision charges decreased by 17.8% when compared to 2Q21 and by 69.4% when compared to 3Q20. This reduction is largely due to a better economic outlook in 2021, and to thefine-tuningin the provisioning models for the portfolio under credit reliefs.
• The annualized net interest margin in the quarter remains stable at 5.0%.The quarterly compression in the loans´ interest margin of 10 basis points is an effect of the repricing on assets derived from the reference rate reductions completed by the Central Bank in Colombia during 2020.
• The efficiency ratio was 51.4% for the last 12 months.Year to date operating expenses increased by 9.0% when compared to the same period of 2020. Operating expenses for the quarter increased 14.2% when compared to 2Q21 and 22.9% compared to 3Q20.
• Shareholders' Equity amount to COP 30 trillion as of September 30, 2021,which represents an increase of 8.1% compared to 3Q20. This growth has mainly resulted from the profits generated during the last 12 months.
• Bancolombia continues revealing a robust growth on its mobile platform users.As of September 30, 2021, the bank has 14.3 million digital accounts, 5.7 million users in Bancolombia a la Mano and 8.6 million in NEQUI.

November 2, 2021. Medellin, Colombia - Today, BANCOLOMBIA S.A. ("Bancolombia" or "the Bank") announced its earnings results for the third quarter of 20211.

1 This report corresponds to the interim unaudited consolidated financial information of BANCOLOMBIA S.A. and its subsidiaries ("BANCOLOMBIA" or "The Bank") which Bancolombia controls, amongst others, by owning directly or indirectly, more than 50% of the voting capital stock. This financial information has been prepared based on financial records generated in accordance with International Financial Reporting Standards - IFRS. BANCOLOMBIA maintains accounting records in Colombian pesos, referred to herein as "Ps." or "COP". The financial information for the quarter ended September 30, 2021 is not necessarily indicative of the results for any other future interim period. For more information, please refer to the Bank's filings with the Securities and Exchange Commission, which are available on the Commission's website at www.sec.gov.

. BANCOLOMBIA's first IFRS financial statements will cover the year ending in 2015. CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties; consequently, there are or will be factors, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products by other companies, lack of acceptances of new products or services by our targeted customers, changes in business strategy and various others factors, that could cause actual results to differ materially from those indicated in such statements. We do not intend, and do not assume any obligation, to update these forward-looking statements. Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. Any reference to BANCOLOMBIA means the Bank together with its affiliates, unless otherwise specified.

Representative Market Rate, October 1, 2021 $3,812.50 = US$ 1

1

BANCOLOMBIA: Summary of consolidated financial quarterly results

CONSOLIDATED BALANCE SHEET				Quarter				Growth
AND INCOME STATEMENT
(COP million)		3Q20		2Q21		3Q21		3Q21 / 2Q21		3Q21 / 3Q20
ASSETS
Net Loans	183,669,248	186,686,086	193,627,273	3.72%	5.42%
Investments	27,732,492	28,812,050	26,847,176	-6.82%	-3.19%
Other assets	54,212,465	49,985,866	49,276,772	-1.42%	-9.10%
Total assets	265,614,205	265,484,002	269,751,221	1.61%	1.56%
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits	183,648,637	189,742,391	189,645,429	-0.05%	3.27%
Other liabilities	52,525,727	45,146,599	48,236,442	6.84%	-8.17%
Total liabilities	236,174,364	234,888,990	237,881,871	1.27%	0.72%
Non-controlling interest	1,442,574	1,590,132	1,608,211	1.14%	11.48%
Shareholders' equity	27,997,267	29,004,880	30,261,139	4.33%	8.09%
Total liabilities and shareholders' equity	265,614,205	265,484,002	269,751,221		1.61%		1.56%
Interest income	4,213,194	3,911,503	3,968,117	1.45%	-5.82%
Interest expense	(1,444,008)	(1,065,935)	(1,062,599)	-0.31%	-26.41%
Net interest income	2,769,186	2,845,568	2,905,518	2.11%	4.92%
Net provisions	(1,683,408)	(626,055)	(514,355)	-17.84%	-69.45%
Fees and income from service, net	764,355	806,703	880,241	9.12%	15.16%
Other operating income	287,439	526,421	554,288	5.29%	92.84%
Total Dividends received and equity method	65,776	54,711	98,063	79.24%	49.09%
Total operating expense	(1,933,262)	(2,080,601)	(2,376,817)	14.24%	22.94%
Profit before tax	270,086	1,526,747	1,546,938	1.32%	472.76%
Income tax	10,882	(339,389)	(581,243)	71.26%	-5441.33%
Net income before non-controlling interest	280,968	1,187,358	965,695		-18.67%		243.70%
Non-controlling interest	(1,329)	(30,443)	(23,075)	-24.20%	1636.27%
Net income	279,639	1,156,915	942,620		-18.52%		237.08%
PRINCIPAL RATIOS				Quarter				As of
	3Q20		2Q21		3Q21		3Q20		3Q21
PROFITABILITY
Net interest margin (1) from continuing operations	4.92%	4.99%	4.97%	5.22%	5.02%
Return on average total assets (2) from continuing operations	0.42%	1.76%	1.41%	0.28%	1.34%
Return on average shareholders´ equity (3)	4.14%	16.33%	12.68%	2.67%	12.39%
EFFICIENCY
Operating expenses to net operating income	49.74%	49.15%	53.55%	49.48%	50.72%
Operating expenses to average total assets	2.92%	3.17%	3.54%	3.04%	3.28%
Operating expenses to productive assets	3.44%	3.65%	4.06%	3.60%	3.77%
CAPITAL ADEQUACY
Shareholders' equity to total assets	10.54%	10.93%	11.22%	10.54%	11.22%
Technical capital to risk weighted assets	14.76%	15.04%	15.31%	14.76%	15.31%
KEY FINANCIAL HIGHLIGHTS
Net income per ADS from continuing operations	0.30	1.28	1.03	0.58	2.88
Net income per share $COP from continuing operations	290.74	1,202.83	980.03	563.75	2,746.91
P/BV ADS (4)	0.85	0.89	1.05	0.85	1.05
P/BV Local (5) (6)	0.83	0.88	1.05	0.83	1.05
P/E (7) from continuing operations	21.04	5.54	8.41	32.56	9.00
ADR price	25.55	28.80	34.62	25.55	34.62
Common share price (8)	24,280.00	26,400.00	32,960.00	24,280.00	32,960.00
Weighted average of Preferred Shares outstanding	961,827,000	961,827,000	961,827,000	961,827,000	961,827,000
USD exchange rate (quarter end)	3,865.47	3,748.50	3,812.77	3,865.47	3,812.77

1. Defined as net interest income divided by monthly averageinterest-earning assets. (2) Net income divided by monthly average assets. (3) Net income divided by monthly average shareholders' equity. (4) Defined as ADS price divided by ADS book value. (5) Defined as share price divided by share book value. (6) Share prices on the Colombian Stock Exchange. (7) Defined as market capitalization divided by annualized quarter results. (8) Prices at the end of the respective quarter.

2

1. BALANCE SHEET

1.1. Assets

As of September 30, 2021, Bancolombia's assets totaled COP 269.751 billion, which represents a growth of 1.6% compared to 2Q21 and 3Q20.

During the quarter, the peso depreciated 1.7% versus the US dollar and in the last 12 months it appreciated 1.4%. The average exchange rate was 2.1% higher in 3Q21 versus 2Q21.

The increase in total assets during the first quarter is largely explained by the growth in the loan book.

1.2. Loan Portfolio

The following table shows the composition of Bancolombia's loans by type and currency:

(COP Million)	Amounts in COP	Amounts in USD converted to COP	Amounts in USD (thousands)	Total
(1 USD = 3,812.77 COP)	3Q21	3Q21/2Q21	3Q21	3Q21/2Q21	3Q21	3Q21/2Q21	3Q21	3Q21/2Q21
Commercial loans	89,895,965	1.86%	44,482,244	4.84%	11,666,648	3.07%	134,378,209	2.83%
Consumer loans	31,735,052	5.40%	13,844,725	3.41%	3,631,146	1.66%	45,579,777	4.79%
Mortgage loans	15,863,961	3.97%	13,270,716	2.93%	3,480,597	1.19%	29,134,678	3.49%
Small business loans	665,510	-1.55%	579,745	7.52%	152,053	5.71%	1,245,255	2.48%
Interests paid in advance	(12,456)	12.09%	(847)	-12.93%	(222)	-14.40%	(13,304)	10.08%
Gross loans	138,148,033	2.87%	72,176,583	4.23%	18,930,222	2.47%	210,324,615	3.34%

In 3Q21, gross loans grew 3.3% compared to 2Q21 and 5.8% compared to 3Q20. During the last 12 months peso- denominated loans grew 7.5% and the dollar-denominated loans (expressed in USD) grew 4.2%.

At the end of 3Q21, Banco Agricola operations in El Salvador, Banistmo in Panama and BAM in Guatemala represented 28% of total gross loans.

Gross loans denominated in currencies other than COP, generated by operations in Central America, the international operation of Bancolombia Panamá, Puerto Rico and the USD denominated loans in Colombia, accounted for 34.3% of the portfolio, and grew 4.2% in the quarter (when expressed in COP).

Total reserves (provisions in the balance sheet) for loan losses decreased 0.9% during the quarter and totaled COP 16,697 billion equivalent to 7.9% of the gross loans at the end of the quarter.

For further explanation regarding coverage of the loan portfolio and credit quality trends, (see section 2.4. Asset Quality, Provision Charges and Balance Sheet Strength).

The following table summarizes Bancolombia's total loan portfolio:

LOAN PORTFOLIO
(COP million)	3Q20	2Q21	3Q21	3Q21/2Q21	3Q21/3Q20	% of total loans
Commercial	128,917,692	130,683,524	134,378,209	2.83%	4.24%	63.9%
Consumer	41,566,548	43,497,602	45,579,777	4.79%	9.65%	21.7%
Mortgage	26,983,752	28,151,106	29,134,678	3.49%	7.97%	13.9%
Microcredit	1,328,348	1,215,173	1,245,255	2.48%	-6.26%	0.6%
Interests received in advance	(13,347)	(12,086)	(13,304)	10.08%	-0.33%	0.0%
Total loan portfolio	198,782,992	203,535,319	210,324,615	3.34%	5.81%	100.0%
Allowance for loan losses	(15,113,745)	(16,849,233)	(16,697,342)	-0.90%	10.48%
Total loans, net	183,669,247	186,686,086	193,627,273	3.72%	5.42%

1.3. Investment Portfolio

As of September 30, 2021, Bancolombia's net investment portfolio totaled COP 26,847 billion, decreasing 6.8% from the end of 2Q21 and 3.2% from the end of 3Q20.

At the end of 3Q21, the debt securities portfolio had a duration of 22.6 months and a weighted average yield to maturity of 5.4%.

3

1.4. Goodwill and intangibles

At the end of 3Q21, Bancolombia's goodwill and intangibles totaled COP 8,258 billion, increasing 1.4% compared to 2Q21. This quarterly variation is mainly explained by the depreciation of the COP against the USD.

1.5. Funding

As of September 30, 2021, Bancolombia's liabilities totaled COP 237,882 billion, growing 1.3% from the end of 2Q21, and 0.7% compared to 3Q20.

Customer deposits totaled COP 189,645 billion (79.7% of liabilities) at the end of 3Q21, decreasing 0.1% compared to 2Q21 and increasing 3.3% over the last 12 months. The net loans to deposits ratio was 102.1% at the end of 3Q21 increasing compared to 98.4% in 2Q21.

For the last two years, Bancolombia's funding cost has shown a sustained decrease on a quarterly basis, mainly as a result of the greater share on savings and checking accounts from retail customers, while maintaining at the same time a solid liquidity position.

Funding mix	3Q20		2Q21		3Q21
COP Million
Checking accounts	31,271,133	14%	35,593,777	16%	36,114,377	16%
Saving accounts	79,265,987	36%	93,813,194	42%	94,792,902	42%
Time deposits	71,386,752	32%	58,297,621	26%	56,799,008	25%
Other deposits	3,436,279	2%	6,554,355	3%	8,422,856	4%
Long term debt	21,165,855	10%	19,922,967	9%	20,249,849	9%
Loans with banks	15,740,786	7%	8,364,739	4%	8,894,455	4%
Total Funds	222,266,792	100%	222,546,653	100%	225,273,447	100%

1.6. Shareholders' Equity and Regulatory Capital

Shareholders' equity at the end of 3Q21 was COP 30,261 billion, increasing by 4.3% compared to 2Q21 and by 8.1% when compared to 3Q20.

Bancolombia's consolidated solvency ratio under Basel III was 15.31% in 3Q21, while the basic capital ratio (Tier 1) was 11.76%. This leverage level is adequate considering the balance sheet risks and asset growth expectations.

The tangible capital ratio, defined as shareholders' equity minus goodwill and intangible assets divided by tangible assets, was 8.3% at the end of 3Q21.

TECHNICAL CAPITAL RISK WEIGHTED ASSETS
Consolidated (COP millions)	3Q20	%	2Q21	%	3Q21	%
Basic capital (Tier I)	24,618,529	11.37%	22,638,870	11.49%	23,814,144	11.76%
Additional capital (Tier II)	7,337,256	3.39%	7,020,090	3.56%	7,204,502	3.56%
Technical capital (1)	31,955,785		29,644,922		31,004,560
Risk weighted assets including market and operational risk (2)	216,452,732		197,104,371		202,466,236
CAPITAL ADEQUACY (3)		14.76%		15.04%		15.31%

1. Technical capital is the sum of basic and additional capital, minus deductions ($ 14,039MM for 2Q21 and $ 14,086MM for 3Q21).
2. Operational risk only applies to 2Q21 and 3Q21 after the adoption of Basel III regulation.
3. Capital adequacy is technical capital divided byrisk-weighted assets.

4

2. INCOME STATEMENT

Net income totaled COP 943 billion in 3Q21, or COP 980.03 per share (USD $ 1.03 per ADR). This profit represents a reduction of 18.5% compared to 2Q21 and a growth of 237.1% when compared to 3Q20. Bancolombia's annualized return on equity ("ROE") was 12.7% for 3Q21 and 8.4% for the last 12 months.

2.1. Net Interest Income

Net interest income totaled COP 2,906 billion in 3Q21, 2.1% greater than the value reported in 2Q21, and 4.9% above 3Q20. During 3Q21, the investment, interest rate derivatives and repos portfolio generated COP 148 billion, 8.4% lower when compared to 2Q21.

Net Interest Margin

The annualized net interest margin remained stable at 5.0% during 3Q21. The annualized net interest margin for investments in 3Q21 was 0.6%. During the third quarter this value did not present significant variations compared to the previous period, and is mainly explained by the management operations of the bank´s liquidity and the fixed income portfolio, whose position at the short end of the yield curve was favored by the stability in the margin intermediation between its profitability and the costs linked to its funding.

The annualized net interest margin of the loan portfolio was 5.6%, meaning a decline of 10 basis points compared to 2Q21. This variation is explained by the repricing of assets late effect, following the reference rate reduction completed during 2020 by the Colombian Central Bank. The resulting lower interest expenses have avoided a further compression on the margin.

Annualized Interest	3Q20	2Q21	3Q21
Margin
Loans' Interest margin	5.5%	5.7%	5.6%
Debt investments' margin	1.7%	0.5%	0.6%
Net interest margin	4.9%	5.0%	5.0%

The total cost of funding extended its downward trend during 3Q21. Savings accounts and checking accounts continued to increase their share over the last 12 months. Savings accounts represented 36% in 3Q20, increasing to 42% of total funding by 3Q21. On the other hand, checking accounts represented 14% in 3Q20, rising to 16% of total funding in 3Q21. The annualized average weighted cost of deposits was 1.41% in 3Q21, falling 4 basis points compared to 2Q21 and 75 basis points compared to 3Q20.

Average weighted	3Q20	2Q21	3Q21
funding cost
Checking accounts	0.00%		0.00%		0.00%
Saving accounts	1.07%		0.69%		0.69%
Time deposits	4.29%		3.49%		3.47%
Total deposits	2.16%	1.45%	1.41%
Long term debt	5.04%		5.19%		5.32%
Loans with banks	2.40%		2.08%		1.86%
Total funding cost	2.47%	1.85%	1.81%

2.2. Fees and Income from Services

During 3Q21, net fees and income from services totaled COP 880 billion, growing 9.1% compared to 2Q21, and 15.2% compared to 3Q20.

5