Document:

Exhibit 10.4 Promissory Note dated October 12, 2017

 

THE SECURITY REPRESENTED HEREBY, HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, ENCUMBERED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THE HOLDER, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO COUNSEL FOR THIS COMPANY, IS AVAILABLE.

 

LOCKBOX LINK, INC.

 

PROMISSORY NOTE 

 

US $25,000October 12, 2017 

 

FOR VALUE RECEIVED, LOCKBOX LINK, INC., a corporation duly organized and validly existing under the laws of the State of Nevada (the “Company”), promises to pay to Natalie Moores, the registered holder of this promissory note (the “Note”) and its successors and assigns (the “Holder”), the principal sum of $25,000 (twenty five thousand dollars) (“Loan Proceeds”), with interest at 12% per annum, calculated upon a 360 day year, in accordance with the terms hereof and the Line of Credit and Security Agreement of even date by and between the Company and the Holder, with interest on the principal sum outstanding in accordance with the terms hereof. Terms defined in the Line of Credit and Security Agreement and not otherwise defined herein shall have the meanings assigned thereto in the Line of Credit and Security Agreement

 

The following is a statement of the rights of the Holder of this Note and the terms and conditions to which this Note is subject, and to which the Holder, by acceptance of this Note, agrees:

 

1.Payment. Unless accelerated by Holder as a result of a default under this Note, all principal and accrued interest will be due and payable as follows: 

 

(a) From the date of this Note until October 12, 2018, interest will accrue at 12% per annum. On September 18, 2018 (the “ Due Date”) the principal and interest will become due and payable.

 

2.Rights upon Liquidation, Dissolution or Winding Up. In the event of any liquidation, dissolution or winding up of the Company, either voluntary or involuntary, the Holder shall be entitled to receive, prior and in preference to any distribution of any of the assets of the Company or to the holders of any equity security of the Company, an amount equal to the unpaid principal face amount of this Note and any accrued and unpaid interest thereon.  

 

3.Affirmative Covenants of the Company. The Company hereby agrees that, so long as the Note remains outstanding and unpaid, or any other amount is owing to the Holder hereunder, the Company will: 

 

(a)Company Existence and Qualification. Take the necessary steps to preserve its company existence and its right to conduct business in all states in which the nature of its business requires qualification to do business.  

 

(b)Books of Account. Keep its books of account in accordance with good accounting practices. 

 

(c)Insurance. Maintain its existing insurance with responsible and reputable insurance companies or associations, as determined by the Company in its sole but reasonable discretion, in such amounts and covering such risks as is usually carried by companies engaged in similar businesses and owning similar properties in the same general areas in which the Company operates. 

 

(d)Preservation of Properties; Compliance with Law. Maintain and preserve all of its properties that are used or that are useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted and comply with the charter and bylaws or other organizational or governing documents of the Company, and any law, treaty, rule or regulation, or determination of an arbitrator or a court or other governmental authority, in each case applicable to or binding upon the Company or any of its property or to which each the Company or any of its property is subject. 

 

(e)Taxes. Duly pay and discharge all taxes or other claims, which might become a lien upon any of its property except to the extent that any thereof are being in good faith appropriately contested with adequate reserves provided therefor. 

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4.Negative Covenants of the Company. The Company hereby agrees that, so long as all or any portion of this Note remains outstanding and unpaid it will not, nor will it permit any of its subsidiaries, if any, without the consent of the Holder, to: 

 

(a)Loans; Except as set forth in Exhibit A hereto, lend or advance money, credit or property to (by capital contribution, loan, purchase or otherwise) any firm, corporation, or other Person except (i) investments in United States Government obligations, certificates of deposit of any banking institution with combined capital and surplus of at least $200,000,000; and (iii) loans to subsidiaries, if any.  

 

(b)Mergers and Acquisitions: The Company may enter into an acquisition or merger deemed beneficial by the board of directors if and only if immediate repayment of this Note is made a provision of any acquisition or merger discussion and successful closure. 

 

(c)Dividends and Distributions. Pay dividends or make any other distribution to the Membership of the Company. 

 

(d)Contingent Liabilities. Assume, endorse, be or become liable for or guarantee the obligations of any Person, contingently or otherwise, excluding however, the endorsement of negotiable instruments for deposit or collection in the ordinary course of business or guarantees of the Company made within the limitations of Section 8(a) hereof. 

 

(e)Sales of Receivables; Sale - Leasebacks. Sell, discount or otherwise dispose of notes, accounts receivable or other obligations owing to the Company, with or without recourse, except for the purpose of collection in the ordinary course of business; or sell any asset pursuant to an arrangement to thereafter lease such asset from the purchaser thereof. 

 

(f)Nature of Business. Materially alter the nature of the Company’s business or otherwise engage in any business other than the business engaged in or proposed to be engaged in on the date of this Note. 

 

(g)Stock of Subsidiaries. Sell or otherwise dispose of any subsidiary, if any, or permit a subsidiary, if any, to issue any additional shares of its capital stock except pro rata to its stockholders. 

 

(h)ERISA. (i) Terminate any plan (“Plan”) of a type described in Section 402l(a) of the Employee Retirement Income Security Act of l974, as amended from time to time (“ERISA”) in respect of which the Company is an “employer” as defined in Section 3(5) of ERISA so as to result in any material liability to the Pension Benefit Guaranty Corporation (the “PBGC”) established pursuant to Subtitle A of Title IV of ERISA, (ii) engage in or permit any person to engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1954, as amended) involving any Plan which would subject the Company to any material tax, penalty or other liability, (iii) incur or suffer to exist any material “accumulated funding deficiency” (as defined in Section 302 of ERISA), whether or not waived, involving any Plan, or (iv) allow or suffer to exist any event or condition, which presents a material risk of incurring a material liability to the PBGC by reason of termination of any Plan. 

 

(i)Accounting Changes. Make, or permit any subsidiary to make any change in their accounting treatment or financial reporting practices except as required or permitted by generally accepted accounting principles in effect from time to time. 

 

(j)Transactions with Affiliates. Directly or indirectly, purchase, acquire or lease any property from, or sell, transfer or lease any property to, or enter into any other transaction, with any Affiliate (as defined below) except in the ordinary course of business and at prices and on terms not less favorable to it than those which would have been obtained in an arm’s-length transaction with a non-affiliated third party. “Affiliate” as applied to any Person, shall mean any other Person directly or indirectly through one or more intermediaries controlling, controlled by, or under common control with, that Person. For the purposes of this definition, “control” (including with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities or by contract or otherwise. 

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5.Events of Default. The Note shall become immediately due and payable at the option of the Holder, without notice or demand, upon any one or more of the following events or occurrences (“Events of Default”): 

 

(a)if any monthly amortization payment of the Note is not paid on or before the Monthly Due Date; 

 

(b)if any representation or warranty of the Company made in this Note, or in any certificate, report or other financial statement or other instrument or document delivered pursuant hereto, or any notice, certificate, demand or request delivered to the Holder pursuant to this Note, or any other document or in the Line of Credit and Security Agreement proves to be false or misleading in any material respect as of the time when the same is made; 

 

(c)if the Company consummates a transaction which would cause this Note or any exercise of the Holder’s rights under this Note (i) to constitute a non-exempt prohibited transaction under ERISA, (ii) to violate a state statute regulating governmental plans or (iii) otherwise to subject the Company to liability for violation of ERISA or such state statute; 

 

(d)if any final judgment for the payment of money is rendered against the Company and the Company does not discharge the same or cause it to be discharged or vacated within sixty (60) days from the entry thereof, or does not appeal therefrom or from the order, decree or process upon which or pursuant to which said judgment was granted, based or entered, and does not secure a stay of execution pending such appeal within sixty (60) days after the entry thereof; 

 

(e)if the Company makes an assignment for the benefit of creditors or if the Company generally does not pay its debts as they become due; 

 

(f)if a receiver, liquidator or trustee of the Company is appointed or if the Company is adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, is filed by or against, consented to, or acquiesced in, by the Company or if any proceeding for the dissolution or liquidation of the Company is instituted; however, if such appointment, adjudication, petition or proceeding is involuntary and is not consented to by the Company, upon the same not being discharged, stayed or dismissed within 60 days; 

 

(g)if the Company defaults under the Line of Credit and Security Agreement or any other mortgage or security agreement covering any part of its property; 

 

(h)except for specific defaults set forth in this Section 6, if the Company defaults in the observance or performance of any other term, agreement or condition of this Note, , and the Company fails to remedy such default within thirty (30) days after notice by the Holder to the Company of such default, or, if such default is of such a nature that it cannot with due diligence be cured within said thirty (30) day period, if the Company fails, within said thirty (30) days, to commence all steps necessary to cure such default, and fails to complete such cure within ninety (90) days after the end of such thirty (30) day period; and 

 

6.Actions of Default. In the event of an uncured default as defined in Section Five (5) above, all principal and interest as defined in Section One (1) above, become immediately payable. In addition to the above provision, default penalties shall be in place at a rate of 18%, which shall become due and payable for on the first day following a failure to cure a default as set forth in 6(h) and each day thereafter that this Note remains in default.  

 

7.Waiver of Demand, Presentment, Etc. The Company hereby expressly waives demand and presentment for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, default and nonpayment, notice of acceleration or intent to accelerate, bringing of suit and diligence in taking any action to collect amounts called for hereunder, and all rights of set-off, defenses, deduction or counterclaim with respect to any amount owing hereunder, and shall be directly and primarily liable for the payment of all sums owing and to be owing hereunder, regardless of and without any notice, diligence, act or omission as or with respect to the collection of any amount called for hereunder. 

 

8.Payment. Except as otherwise provided for herein, all payments with respect to this Note shall be made in lawful currency of the United States of America, at the option of the Holder, (i) at the principal office of the Holder, located at P.O. Box 386, Kennesaw, GA 17601, or such other place or places as may be reasonably specified by the Holder of this Note in a written notice to the Company at least ten (10) business days before a given payment date, or (ii) by mailing a good check in the proper amount to the Holder at least three days prior to the Maturity Date or otherwise transferring funds by wire transfer so as to be received by the Holder on the Monthly Due Date; provided, however, that the Company shall make payment by wire transfer to an account such Holder may specify in writing to the Company at least two business days prior to the Maturity Date. Payment shall be credited first to the accrued interest then due and payable and the remainder applied to principal. The Holder shall keep a record of each payment of principal and interest with respect thereto.  

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9.Assignment. The rights and obligations of the Company and the Holder of this Note shall be binding upon, and inure to the benefit of, the permitted successors, assigns, heirs, administrators and transferees of the parties hereto. Notwithstanding the foregoing, the Holder may not assign, pledge or otherwise transfer this Note without the prior written consent of the Company. Interest and principal are payable only to the registered Holder of this Note in the Note Register. 

 

10.Waiver and Amendment. Any provision of this Note, including, without limitation, the due date hereof, and the observance of any term hereof, may be amended, waived or modified (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the Holder.  

 

11.Notices. Any notice, request or other communication required or permitted hereunder shall be in writing and shall be deemed to have been duly given if personally delivered or mailed by registered or certified mail, postage prepaid, or delivered by facsimile transmission, to the Company at the address or facsimile number set forth herein or to the Holder at its address or facsimile number set forth in the records of the Company. Any party hereto may by notice so given change its address for future notice hereunder. Notice shall conclusively be deemed to have been given when personally delivered or when deposited in the mail in the manner set forth above and shall be deemed to have been received when delivered or, if notice is given by facsimile transmission, when delivered with confirmation of receipt. 

 

12.Governing Law; Jurisdiction. This Note, and all matters arising directly or indirectly here from, shall be governed by and construed in accordance with the laws of the State of California, notwithstanding the choice of law or conflicts of law principles thereof. Each of the parties hereto hereby (i) irrevocably consents and submits to the sole exclusive jurisdiction of the United States District Court for the Southern District of California (and of the appropriate appellate courts) in connection with any suit, action or other proceeding arising out of or relating to this Note, (ii) irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum, and (iii) agrees that service of any summons, complaint, notice or other process relating to such suit, action or other proceeding may be effected in the manner provided by Section 12. 

 

13Severability. If one or more provisions of this Note are held to be unenforceable under applicable law, such provisions shall be excluded from this Note, and the balance of this Note shall be interpreted as if such provisions were so excluded and shall be enforceable in accordance with its terms. 

 

14.Attorney’s Fees and Expenses. If Holder brings a legal action to enforce the provisions of this Agreement or otherwise reasonably incurs attorneys’ fees or other legal expenses to enforce this Agreement, the substantially prevailing party or parties will be entitled to recover from the party or parties that do not substantially prevail all costs and expenses, including but not limited to attorneys’ fees and disbursements, reasonably incurred by the substantially prevailing party or parties in connection with such action or enforcement including but not limited to those incurred in connection with trial and appellate court proceedings, post-judgment collection proceedings, settlement negotiations, and bankruptcy or other insolvency proceedings. 

 

15.Headings. Section headings in this Note are for convenience only, and shall not be used in the construction of this Note. 

 

IN WITNESS WHEREOF, the Company has caused this Note to be issued as of the date first above written.

 

Lockbox Link, Inc.

 

 

By: /s/NatalieMoores

Natalie Moores 

President and CEO

4Exhibit 4.9

  

 

 

BANCOLOMBIA S.A.

 

4.875% SUBORDINATED NOTES DUE 2027

 

 

 

INDENTURE

 

Dated as of October 18, 2017

  

 

 

The Bank of New York Mellon

Trustee

  

 

 

     

     

    

  

CROSS-REFERENCE TABLE*

 

	Trust Indenture

        Act Section
	Indenture Section
	310(a)(1)	7.10
	  (a)(2)	7.10
	  (a)(5)	7.10
	  (b)	7.10
	311(a)	7.11
	  (b)	7.11
	312(a)	2.05
	  (b)	11.03
	  (c)	11.03
	313(a)	7.06
	  (b)(2)	7.06; 7.07
	  (c)	7.06; 11.02
	  (d)	7.06
	314(a)	4.03;11.02; 11.05
	  (c)(1)	11.04
	  (c)(2)	11.04
	  (e)	11.05
	315(a)	7.01
	  (b)	7.05; 11.02
	  (c)	7.01
	  (d)	7.01
	  (e)	6.10
	316(a) (last sentence)	2.09
	  (a)(1)(A)	6.05
	  (a)(1)(B)	6.04
	  (b)	6.06
	  (c)	2.13
	317(a)(1)	6.07
	  (a)(2)	6.08
	  (b)	2.04
	318(a)	11.01
	  (c)	11.01

 

* This Cross Reference Table is not part of
the Indenture.

 

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TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1	 
	DEFINITIONS AND INCORPORATION	 
	BY REFERENCE	 
	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	7
	Section 1.03	Incorporation by Reference of Trust Indenture Act	7
	Section 1.04	Rules of Construction	7
	 	 	 
	ARTICLE 2	 
	THE NOTES	 
	 	 	 
	Section 2.01	Form and Dating	8
	Section 2.02	Execution and Authentication	8
	Section 2.03	Registrar and Paying Agent	9
	Section 2.04	Paying Agent to Hold Money in Trust	9
	Section 2.05	Holder Lists	10
	Section 2.06	Transfer and Exchange	10
	Section 2.07	Replacement Notes	14
	Section 2.08	Outstanding Notes	14
	Section 2.09	Treasury Notes	14
	Section 2.10	Temporary Notes	14
	Section 2.11	Cancellation	15
	Section 2.12	Interest	15
	Section 2.13	Defaulted Interest	15
	Section 2.14	Additional Amounts	16
	Section 2.15	Write-Down	17
	Section 2.16	Purchase of Notes	18
	Section 2.17	Unclaimed Amounts	18
	 	 	 
	ARTICLE 3	 
	REDEMPTION AND PREPAYMENT	 
	 	 	 
	Section 3.01	Redemption and Prepayment	18
	Section 3.02	Redemption Procedures	19
	Section 3.03	Mandatory Redemption	20
	 	 	 
	ARTICLE 4	 
	COVENANTS	 
	 	 	 
	Section 4.01	Payment of Notes	20
	Section 4.02	Maintenance of Office or Agency	20
	Section 4.03	Provision of Financial Statements and Reports	21
	Section 4.04	Stay, Extension and Usury Laws	21
	Section 4.05	Further Actions	21
	Section 4.06	Compliance Certificate	22
	 	 	 
	ARTICLE 5	 
	SUCCESSORS	 
	 	 	 
	Section 5.01	Merger, Consolidation, or Sale of Assets	22
	Section 5.02	Successor Corporation Substituted	22

 

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	 	 	Page
	 	 	 
	ARTICLE 6	 
	DEFAULTS AND REMEDIES	 
	 	 	 
	Section 6.01	Events of Default	23
	Section 6.02	Acceleration	23
	Section 6.03	Other Remedies	24
	Section 6.04	Waiver of Past Defaults	24
	Section 6.05	Control by Majority	24
	Section 6.06	Rights of Holders of Notes to Receive Payment	25
	Section 6.07	Collection Suit by Trustee	25
	Section 6.08	Trustee May File Proofs of Claim	25
	Section 6.09	Priorities	25
	Section 6.10	Undertaking for Costs	26
	 	 	 
	ARTICLE 7	 
	TRUSTEE	 
	 	 	 
	Section 7.01	Duties of Trustee	26
	Section 7.02	Rights of Trustee	27
	Section 7.03	Individual Rights of Trustee	28
	Section 7.04	Trustee’s Disclaimer	28
	Section 7.05	Notice of Defaults	28
	Section 7.06	Reports by Trustee to Holders of the Notes	29
	Section 7.07	Compensation and Indemnity	29
	Section 7.08	Replacement of Trustee	30
	Section 7.09	Successor Trustee by Merger, etc.	30
	Section 7.10	Eligibility; Disqualification	31
	Section 7.11	Preferential Collection of Claims Against Company	31
	 	 	 
	ARTICLE 8	 
	AMENDMENT, SUPPLEMENT AND WAIVER	 
	 	 	 
	Section 8.01	Without Consent of Holders of Notes	31
	Section 8.02	With Consent of Holders of Notes	32
	Section 8.03	Compliance with Trust Indenture Act.	33
	Section 8.04	Revocation and Effect of Consents	33
	Section 8.05	Notation on or Exchange of Notes	33
	Section 8.06	Trustee to Sign Amendments, etc.	33
	 	 	 
	ARTICLE 9	 
	SUBORDINATION	 
	 	 	 
	Section 9.01	Agreement to Subordinate	34
	Section 9.02	Liquidation; Dissolution; Bankruptcy	34
	Section 9.03	Relative Rights	34
	Section 9.04	Subordination May Not Be Impaired by Company	35
	Section 9.05	Distribution or Notice to Representative	35
	Section 9.06	Rights of Trustee and Paying Agent	35
	Section 9.07	Authorization to Effect Subordination	35
	 	 	 
	ARTICLE 10	 
	satisfaction and discharge	 
	 	 	 
	Section 10.01	Satisfaction and Discharge	35
	Section 10.02	Application of Trust Money	36

 

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	 	 	Page
	 	 	 
	ARTICLE 11	 
	MISCELLANEOUS	 
	 	 	 
	Section 11.01	Trust Indenture Act Controls	37
	Section 11.02	Notices	37
	Section 11.03	Communication by Holders of Notes with Other Holders of Notes	38
	Section 11.04	Certificate and Opinion as to Conditions Precedent	38
	Section 11.05	Statements Required in Certificate or Opinion	38
	Section 11.06	Rules by Trustee and Agents	39
	Section 11.07	Currency Rate Indemnity	39
	Section 11.08	No Personal Liability of Directors, Officers, Employees and Stockholders	39
	Section 11.09	Governing Law, Jurisdiction	39
	Section 11.10	Maintenance of Office or Agent for Service of Process	40
	Section 11.11	No Adverse Interpretation of Other Agreements	40
	Section 11.12	USA Patriot Act.	40
	Section 11.13	Successors	40
	Section 11.14	Severability	41
	Section 11.15	Counterpart Originals	41
	Section 11.16	Table of Contents, Headings, etc.	41

 

	EXHIBIT A	FORM OF NOTE

 

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INDENTURE dated as of October
18, 2017 between Bancolombia S.A., a financial institution incorporated under the laws of Colombia (sociedad anόnima)
(the “Company”), and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”).

 

The Company and the Trustee
agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined) of the 4.875%
Subordinated Notes due 2027 (the “Notes”):

 

ARTICLE 1

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

Section
1.01         Definitions.

 

“Additional Amounts”
has the meaning assigned to it in Section 2.13(a) hereof.

 

“Additional Notes”
means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Section 2.02 hereof, as part
of the same series as the Initial Notes.

 

“Additional Tier
One Capital” means additional tier one capital (“patrimonio básico adicional”) as defined in
articles 2.1.1.1.6, 2.1.1.1.8 and 2.1.1.1.12 of Decree 2555 or any other Colombian law or regulation regulating the “patrimonio
básico adicional” in effect from time to time.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control,” as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided that beneficial
ownership of 10% or more of the Voting Stock of a Person will be deemed to be control. For purposes of this definition, the terms
“controlling,” “controlled by” and “under common control with” have correlative
meanings.

 

“Agent”
means any Registrar, co-registrar, Paying Agent or additional paying agent.

 

“amend”
means to amend, supplement, restate, amend and restate or otherwise modify; and “amendment” shall have a correlative
meaning.

 

“Applicable Procedures”
means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of
the Depositary, Euroclear and Clearstream that apply to such transfer or exchange.

 

“Asset”
means any asset or property.

 

“Bankruptcy Law”
means the provisions of the Financial Statute concerning bankruptcy of financial institutions, the Decree 2555 of 2010, as amended,
and any other Colombian law or regulation regulating the insolvency of financial entities from time to time.

 

“Basic Consolidated
Solvency Ratio” means in respect to the consolidated capital of the Company, the consolidated amount of Common Equity
Tier One Capital net from all deductions, divided by the consolidated amount of credit and market risk weighted assets, all of
the foregoing determined in accordance with Decree 2555 and Colombian Banking GAAP.

 

     

     

    

  

“Basic Individual
Solvency Ratio” means in respect to the capital of the Company, the result of dividing the Common Equity Tier One Capital
net from all deductions, by the credit and market risk weighted assets of the Company, all of the foregoing determined in accordance
with Decree 2555 and Colombian Banking GAAP.

 

“Benchmark Reset
Rate” means (i) the rate per annum corresponding to the semi-annual equivalent yield to maturity, under the heading that
represents the average for the week immediately prior to the third Business Day preceding the Reset Date as published under the
weekly U.S. Federal Reserve Board’s H.15(519) or any successor publication that is published weekly by the U.S. Federal Reserve
and that establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption
“Treasury Constant Maturities”, for the 5-Year U.S. Treasury Bond or (ii) if such release (or any successor release)
is not published during the week preceding the Reset Date (as defined below) or does not contain such yields, the rate per annum
equal to the semi-annual equivalent yield to maturity of the 5-Year U.S. Treasury Bond, calculated by U.S. dealers selected by
the Company using a price for the 5-Year U.S. Treasury Bond (expressed as a percentage of its principal amount) equal to the average
of the quotations obtained from such U.S. dealers for the Reset Date (as defined below). The Benchmark Reset Rate will be calculated
on the third Business Day preceding the Reset Date.

 

“Board of Directors”
shall mean, with respect to any Person, (i) in the case of any corporation, the board of directors of such Person, (ii) in the
case of any limited liability company, the board of managers of such Person, (iii) in the case of any partnership, the board of
directors of the general partner of such Person and (iv) in any other case, the functional equivalent of the foregoing.

 

“Business Day”
means any day other than a Saturday, Sunday or other day on which banking institutions in New York or Colombia are authorized or
required by law to close.

 

“Clearstream”
means Clearstream Banking, S.A.

 

“Colombian Banking
GAAP” means generally accepted accounting principles as prescribed by the Superintendency of Finance for banks licensed
to operate in Colombia, consistently applied, as in effect from time to time.

 

“Common Equity
Tier One Capital” means, as of any date of determination, the “patrimonio básico ordinario”
as the same is defined in Articles 2.1.1.1.6, 2.1.1.1.7, 2.1.1.1.10 and 2.1.1.1.11 of Decree 2555 or any other Colombian law or
regulation regulating the “patrimonio básico ordinario” in effect from time to time.

 

“Company”
means Bancolombia S.A., and any and all successors thereto.

 

“Corporate Trust
Office of the Trustee” will be at the address of the Trustee specified in Section 11.02 hereof or such other address
as to which the Trustee may give notice to the Company.

 

“Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Decree 2555”
means Decree 2555 of 2010, issued by the Ministry of Finance and Public Credit, as amended and supplemented from time to time.

 

“Default”
means (1) any Event of Default or (2) any event, act or condition that, after notice or the passage of time or both, would be an
Event of Default.

 

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“Definitive Note”
means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06 hereof, substantially
in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule
of Exchanges of Interests in the Global Note” attached thereto.

 

“Depositary”
means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof
as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become
such pursuant to the applicable provision of this Indenture.

 

“Enabling Regulations”
means any laws, decrees, codes, statutes, orders or regulations adopted by a governmental authority in Colombia, as amended from
time to time, allowing the exercise of the Regulatory Event Redemption and/or the Tax Event Redemption.

 

“Equity Interests”
of any Person means (a) any and all shares or other equity interests (including common stock, preferred stock, limited liability
company interests and partnership interests) in such Person and (b) all rights to purchase, warrants or options (whether or not
currently exercisable), participations or other equivalents of or interests in (however designated) such shares or other interests
in such Person.

 

“Euroclear”
means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Financial Statute”
means Decree 663 of 1993, as amended, of the Republic of Colombia.

 

“Global Note Legend”
means the legend set forth in Section 2.06(f) hereof, which is required to be placed on all Global Notes issued under this Indenture.

 

“Global Note”
means any Note deposited with or on behalf of and registered in the name of the Depository or its nominee, substantially in the
form of Exhibit A hereto and that bears the Global Note Legend.

 

“Government Securities”
means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States
pledges its full faith and credit.

 

“Holder”
means any registered holder, from time to time, of the Notes.

 

“H.15(519)”
means the weekly statistical release designated as such, or any successor publication, published by the Board of Governors
of the Federal Reserve System.

 

“Indebtedness”
means, with respect to any Person, any obligation, for the payment or repayment of money borrowed or otherwise evidenced by debentures,
Notes, bonds, or similar instruments or any other obligation (including all trade payables and other accounts payable and including
payments relating to bank deposits) that would appear or be treated as indebtedness upon a balance sheet if such Person prepared
it in accordance with Colombian Banking GAAP.

 

“Indenture”
means this Indenture, as amended or supplemented from time to time.

 

“Indirect Participant”
means a Person who holds a beneficial interest in a Global Note through a Participant.

 

    	 	3	 

     

    

  

“Intervention
Measures” means any of the measures described in (i) article 114 of the Financial Statute, as amended from time to time,
that allow the Superintendency of Finance to take possession of a financial institution, (ii) Decree 2555, and (iii) any other
Colombian law or regulation regulating the administrative takeover of a financial institution.

 

“Initial Notes”
means the US$750,000,000.00 aggregate principal amount of Notes issued under this Indenture on the date hereof.

 

“Interest”
means, with respect to the Notes, interest on the Notes.

 

“Interest Payment
Date” means the stated due date of an installment of interest on the Notes as specified in the Form of Face of Note contained
in Exhibit A.

 

“Issue Date”
means the date on which the Initial Notes are originally issued.

 

“Note Custodian”
means the custodian with respect to any Global Note appointed by DTC, or any successor Person thereto, and shall initially
be the Trustee.

 

“Note Register”
has the meaning assigned to it in Section 2.03 hereof.

 

“Notes”
has the meaning assigned to it in the preamble to this Indenture. The Initial Notes and the Additional Notes, if any, shall be
treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the
Notes shall include the Initial Notes and the Additional Notes, if any.

 

“Obligation”
means any principal, interest, penalties, fees, indemnification, reimbursements, costs, expenses, damages and other liabilities
payable under any Indebtedness.

 

“Officer”
means any of the following of the Company: the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial
Officer, the President, any Vice President, the Treasurer or the Secretary.

 

“Officers’
Certificate” means a certificate signed by two Officers.

 

“Opinion of Counsel”
means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of Section 11.04 hereof.
The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company.

 

“Optional Redemption”
has the meaning assigned to it in Section 3.01(a) hereof.

 

“Participant”
means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or
Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream).

 

“Person”
means any individual, corporation, partnership, limited liability company, joint venture, incorporated or unincorporated association,
joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof or other
entity of any kind.

 

“Preventive Measures”
means the measures described in (i) article 113 of the Financial Statute, as amended from time to time, that the Superintendency
of Finance can take with respect to a financial institution prior to and in order to avoid having to take an Intervention Measure,
(ii) Decree 2555, and (iii) any other Colombian law or regulation regulating the administrative takeover of a financial institution.

 

    	 	4	 

     

    

  

“principal”
means, with respect to the Notes, as of any date, the principal of, and premium, if any, on the Notes, after giving effect to any
prior Write-Down of such principal.

 

“Redemption”
refers to an Optional Redemption, a Regulatory Event Redemption or a Tax Event Redemption.

 

“Redemption Date”
means, with respect to any Redemption of Notes, the date fixed for such Redemption pursuant to this Indenture and the Notes.

 

“Regulatory Event”
means any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) or treaties of Colombia or
any political subdivision thereof or therein, or any change in the official application, administration or interpretation of such
laws, regulations, rulings or treaties, which change or amendment becomes effective on or after the Issue Date, as a result of
which we will no longer be entitled to treat the full outstanding principal amount of the Notes as Tier Two Capital pursuant to
applicable Colombian capital regulations, other than pursuant to article 2.1.1.1.13 letter h) of the Decree 2555, as amended, which
provides that starting on the date that is five years before the scheduled maturity of the Notes, the principal amount of the Notes
that may be accounted as Tier Two Capital shall be reduced by 20% each year.

 

“Regulatory Event
Redemption” has the meaning assigned to it in Section 3.01(b) hereof.

 

“Relevant Taxing
Jurisdiction” has the meaning assigned to it in Section 2.13(a) hereof.

 

“Representative”
means the indenture trustee or other trustee, agent or representative for any Senior External Liabilities.

 

“Reset Date”
means October 18, 2022.

 

“Responsible Officer,”
when used with respect to the Trustee, means any officer within the Corporate Trust Office of the Trustee (or any successor group
of the Trustee) having direct responsibility for the administration of this Indenture and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the
particular subject.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities Act”
means the U.S. Securities Act of 1933, as amended.

 

“Senior External
Liabilities” means any liabilities to third parties that constitute external debt of the Company (pasivo externo)
under Colombian banking laws and accounting principles, whether outstanding on the Issue Date or thereafter created, incurred or
assumed, unless the instrument creating or evidencing the same or pursuant to which the same is outstanding expressly provides
that such external debt shall not be senior in right of payment to the Notes.

 

“Stated Maturity”
means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of
interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the date of this Indenture,
and will not include any contingent obligations to repay or repurchase any such interest or principal prior to the date originally
scheduled for the payment thereof.

 

    	 	5	 

     

    

  

“Subsidiary”
means, with respect to any Person:

 

(1)         any
corporation, limited liability company, association or other business entity of which more than 50% of the total voting power of
the Equity Interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Board of Directors
thereof are at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of
that Person (or a combination thereof); and

 

any partnership
(a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the
only general partners of which are such Person or of one or more Subsidiaries of such Person (or any combination thereof).

 

Unless otherwise specified,
“Subsidiary” refers to a Subsidiary of the Company.

 

“Superintendency
of Finance” means the Superintendencia Financiera de Colombia or any other successor governmental entity in charge of
the surveillance of financial institutions in Colombia.

 

“Tax”
shall mean any tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and any other liabilities
related thereto).

 

“Tax Event”
shall occur if, as a result of any change in or amendment to the laws (or any rules or regulations thereunder) of a Relevant Taxing
Jurisdiction (as defined in Section 2.14), or any amendment to or change in an official interpretation, administration or application
of such laws, rules or regulations, or any treaties or related agreements to which the Relevant Taxing Jurisdiction is a party
(including a holding by a court of competent jurisdiction), which change or amendment becomes effective or, in the case of a change
in official position, is announced on or after the issue date of the Notes or, if later, the date on which the applicable Relevant
Taxing Jurisdiction became a Relevant Taxing Jurisdiction, (i) the Company has or will become obligated to pay additional amounts
as described in Section 2.14 or (ii) there is more than an insubstantial risk that interest payable by us on the Notes is not or
will not be deductible by the Company in whole or in part for Colombian income tax purposes, and in either case (i) or (ii) such
obligation cannot be avoided by the Company taking reasonable measures available to it.

 

“Tax Event Redemption”
has the meaning assigned to it in Section 3.01(b) hereof.

 

“Taxing Authority”
shall mean any government or political subdivision or territory or possession of any government or any authority or agency therein
or thereof having power to tax.

 

“Technical Capital”
means the “patrimonio técnico” of banks comprised of Common Equity Tier One Capital, Additional Tier
One Capital and Tier Two Capital pursuant to Decree 2555, or any other Colombian law or regulation regulating the “patrimonio
técnico” in effect from time to time.

 

“Tier One Capital”
means, as of any date of determination, Common Equity Tier One Capital and Additional Tier One Capital.

 

“Tier Two Capital”
means, as of any date of determination, the “patrimonio adicional” as the same is defined in article 2.1.1.1.6,
2.1.1.1.9 and 2.1.1.1.13 of Decree 2555, or any other Colombian law or regulation regulating the “patrimonio adicional”
in effect from time to time.

 

    	 	6	 

     

    

  

“TIA”
or “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb).

 

“Trustee”
means The Bank of New York Mellon until a successor replaces it in accordance with the applicable provisions of this Indenture
and thereafter means the successor serving hereunder.

 

“Voting Stock”
of any specified Person as of any date means the capital stock of such Person that is at the time entitled to vote in the election
of the Board of Directors of such Person.

 

Section
1.02         Other Definitions.

 

	 	 	Defined in 
	Term	 	Section
	“Authentication Order”	 	2.02
	“DTC”	 	2.03
	“Event of Default”	 	6.01
	“Paying Agent”	 	2.03
	“Registrar”	 	2.03

 

Section
1.03         Incorporation by Reference of Trust Indenture Act.

 

Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.

 

The following TIA terms
have the following meanings when used in this Indenture:

 

“indenture securities”
means the Notes;

 

“indenture security
Holder” means a Holder of a Note;

 

“indenture to
be qualified” means this Indenture;

 

“indenture trustee”
or “institutional trustee” means the Trustee; and

 

“obligor”
on the Notes means the Company and any successor obligor upon the Notes.

 

All other terms used in
this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have
the meanings so assigned to them.

 

Section
1.04         Rules of Construction.

 

Unless the context otherwise
requires:

 

(1)         a
term has the meaning assigned to it;

 

(2)         an
accounting term not otherwise defined has the meaning assigned to it in accordance with Colombian Banking GAAP;

 

(3)         “or”
is not exclusive;

 

(4)         words
in the singular include the plural, and in the plural include the singular;

 

    	 	7	 

     

    

  

(5)         “will”
shall be interpreted to express a command;

 

(6)         provisions
apply to successive events and transactions; and

 

(7)         references
to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor sections or rules
adopted by the SEC from time to time.

 

ARTICLE 2

THE NOTES

 

Section
2.01         Form and Dating.

 

(a)          General.
The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto. The Notes
may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of
its authentication. The Notes will be issued in registered form, without coupons, and in minimum denominations of US$200,000 and
integral multiples of US$1,000.

 

The terms and provisions
contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company and the Trustee,
by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However,
to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture
shall govern and be controlling.

 

(b)          Global
Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note Legend
thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive
form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule
of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding
Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes
from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time
to time be reduced or increased, as appropriate, to reflect exchanges. Any endorsement of a Global Note to reflect the amount of
any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee
or the Note Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required
by Section 2.06 hereof.

 

Section
2.02         Execution and Authentication.

 

At least one Officer must
sign the Notes for the Company by manual or facsimile signature.

 

If an Officer whose signature
is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid.

 

A Note will not be valid
until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence that the Note has been authenticated
under this Indenture.

 

The Trustee will, upon
receipt of a written order of the Company signed by an Officer (an “Authentication Order”), authenticate Notes
for original issue that may be validly issued under this Indenture, including any Additional Notes. The aggregate principal amount
of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Company
pursuant to one or more Authentication Orders, except as provided in Section 2.07 hereof.

 

    	 	8	 

     

    

  

The Trustee may appoint
an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever
the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.
An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Company.

 

The Company may, from time
to time, subject to compliance with any other applicable provisions of this Indenture, without the consent of the Holders, create
and issue pursuant to this Indenture additional notes (“Additional Notes”) that shall have terms and conditions
identical to those of the other outstanding Notes, except with respect to: (1) the issue date; (2) the first Interest Payment Date;
(3) the issue price and (4) any adjustments necessary in order to conform to and ensure compliance with the Securities Act (or
other applicable securities laws).

 

The Trustee shall not be
required to authenticate any Additional Notes, nor will it be liable for its refusal to authenticate any Additional Notes, if (i)
the issue of such Additional Notes will affect the Trustee’s own rights, duties or immunities under the Notes and this Indenture
or otherwise in a manner which is not reasonably acceptable to the Trustee, (ii) the Trustee, being advised by counsel, determines
that such action may not lawfully be taken or may expose the Trustee to personal liability to existing Holders or others or (iii)
the Company fails to deliver to the Trustee an Opinion of Counsel stating that such Additional Notes will be fungible with, and
constitute a single issuance with, the Initial Notes for U.S. federal income tax purposes.

 

Section
2.03         Registrar and Paying Agent.

 

The Company will maintain
an office or agency in the Borough of Manhattan, City of New York, where Notes may be presented for registration of transfer or
for exchange (“Registrar”) and where Notes may be presented for payment (“Paying Agent”)
and for the service of notices and demands to or upon the Company in respect of the Notes and this Indenture. The Registrar will
keep a register of the Notes and of their transfer and exchange (the “Note Register”). The Company may appoint
one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar
and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar
without notice to any Holder. The Company will notify the Trustee in writing of the name and address of any Agent not a party to
this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act
as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar.

 

The Company initially appoints
The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

 

The Company initially appoints
the Trustee to act as the Registrar and Paying Agent and to act as Note Custodian with respect to the Global Notes.

 

Section 2.04         Paying
Agent to Hold Money in Trust.

 

The Company will require
each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders
or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and
will notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee
may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay
all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary)
will have no further liability for such money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and hold
in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any Intervention Measure or
Preventive Measure relating to the Company, the Trustee will serve as Paying Agent for the Notes, to the extent permitted by applicable
Colombian laws.

 

    	 	9	 

     

    

 

Section
2.05         Holder Lists.

 

The Trustee will preserve
in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders
and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company will furnish to the Trustee
at least seven (7) Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing,
a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders and the
Company shall otherwise comply with TIA § 312(a).

 

Section
2.06         Transfer and Exchange.

 

(a)          Transfer
and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any
such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Company
for Definitive Notes if:

 

(1)         the
Company delivers to the Trustee notice in writing from the Depositary that it is unwilling or unable to continue to act as Depositary
or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not
appointed by the Company within ninety (90) days after the date of such notice from the Depositary;

 

(2)         the
Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes
and delivers a written notice to such effect to the Trustee; or

 

(3)         there
has occurred and is continuing a Default or Event of Default with respect to the Global Notes.

 

Upon the occurrence of
any of the preceding events above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee.
Neither the Company nor the Trustee shall be liable for any delay by the Depositary or any Participant or Indirect Participant
in identifying the beneficial owners of the related Notes and the Company and the Trustee may conclusively rely on, and shall be
protected in relying on, instructions from the Depositary for all purposes (including with respect to the registration and delivery,
and respective principal amounts, of the Notes to be issued).

 

Global Notes also may be
exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered
in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or Section
2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged
for another Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred
and exchanged as provided in Section 2.06(b) or (c) hereof and shall bear any legend required by Section 2.06(f) hereof.

 

    	 	10	 

     

    

  

(b)          Transfer
and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes
will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Transfers
of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable,
as well as one or more of the other following subparagraphs, as applicable:

 

(1)         Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred to Persons who
take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions shall be required
to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1).

 

(2)         All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial
interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar
either:

 

(A)         both:

 

(i)          a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the
beneficial interest to be transferred or exchanged; and

 

(ii)         instructions
given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with
such increase; or

 

(B)         both:

 

(i)          a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred
or exchanged; and

 

(ii)         instructions
given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be
registered to effect the transfer or exchange referred to in (1) above;

 

(c)          Transfer
or Exchange of Beneficial Interests for Definitive Notes.

 

(1)         Beneficial
Interests in Global Notes to Definitive Notes. If any holder of a beneficial interest in a Global Note proposes to exchange
such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in
the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2) hereof, the Trustee will
cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof,
and the Company will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive
Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section
2.06(c)(1) will be registered in such name or names and in such authorized denomination or denominations as the holder of such
beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect
Participant.

 

    	 	11	 

     

    

  

(d)          Transfer
and Exchange of Definitive Notes for Beneficial Interests.

 

(1)         Definitive
Notes to Beneficial Interests in Global Notes. A Holder of a Definitive Note may exchange such Note for a beneficial interest
in a Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest
in a Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable
Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes.

 

(e)          Transfer
and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s
compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes.
Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive
Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by
such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications,
documents and information, as applicable, requested by the Registrar. A Holder of Definitive Notes may transfer such Notes to a
Person who takes delivery thereof in the form of a Definitive Note.

 

(f)          Legends.
The legend in substantially the following form will appear on the face of all Global Notes issued under this Indenture unless specifically
stated otherwise in the applicable provisions of this Indenture:

 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY
(AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND
IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO
SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11
OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR
IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH
OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

 

    	 	12	 

     

    

  

(g)          Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged
for Definitive Notes or a particular Global Note has been repurchased or canceled in whole and not in part, each such Global Note
will be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation,
if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form
of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global
Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the
direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person
who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased
accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee
to reflect such increase.

 

(h)          General
Provisions Relating to Transfers and Exchanges.

 

(1)         To
permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive
Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request.

 

(2)         No
service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration
of transfer or exchange, but the Company or the Registrar may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.10 and 8.05 hereof).

 

(3)         All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will
be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

(4)         Neither
the Registrar nor the Company will be required to register the transfer of or to exchange a Note between a record date and the
next succeeding Interest Payment Date.

 

(5)         Prior
to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the
Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal
of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by
notice to the contrary.

 

(6)         The
Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof.

 

(7)         All
certifications, certificates and Opinions of Counsel, if any, required to be submitted to the Registrar pursuant to this Section
2.06 to effect a registration of transfer or exchange may be submitted by facsimile.

 

    	 	13	 

     

    

  

(8)         The
Registrar shall retain copies of all letters, notices and other written communications received pursuant to this Article 2.
The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at any
reasonable time, during the Registrar’s regular business hours, upon the giving of reasonable written notice to the Registrar.

 

Section
2.07         Replacement Notes.

 

If any mutilated Note is
surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note
if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the
Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any
authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company and the Trustee may charge for
its expenses in replacing a Note.

 

Every replacement Note
is an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and proportionately
with all other Notes duly issued hereunder.

 

Section
2.08         Outstanding Notes.

 

The Notes outstanding at
any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation,
those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described
in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because
the Company or an Affiliate of the Company holds the Note.

 

If a Note is replaced pursuant
to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note
is held by a protected purchaser.

 

If the principal amount
of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

If the Paying Agent (other
than the Company, a Subsidiary or an Affiliate of any thereof) holds, on the Stated Maturity, money sufficient to pay Notes payable
on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest.

 

Section
2.09         Treasury Notes.

 

In determining whether
the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company,
or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company,
will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will be protected
in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee knows are so owned will
be so disregarded.

 

Section
2.10         Temporary Notes.

 

Until certificates representing
Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate
temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Company
considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Company
will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes.

 

Holders of temporary Notes
will be entitled to all of the benefits of this Indenture.

 

    	 	14	 

     

    

 

Section
2.11         Cancellation.

 

The Company at any time
may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered
to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration
of transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes (subject to the record retention requirement
of the Exchange Act). Upon written request, certification of the destruction of all canceled Notes will be delivered to the Company.
The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation
for any reason other than in connection with a transfer or exchange.

 

Section
2.12         Interest.

 

The Notes will bear interest
at 4.875% per year on the outstanding principal amount thereof from and including the closing date of the Notes offering to, but
excluding, the Reset Date. From and after the Reset Date to, but excluding, the date of maturity or earlier redemption date of
the Notes, the Notes will bear interest at a rate per annum on the outstanding principal amount thereof equal to the sum of (i)
the Benchmark Reset Rate on the Reset Date plus (ii) 292.9 basis points as calculated by the Company.

 

Interest on the Notes will
be payable semi-annually, in arrears, on April 18 and October 18 of each year (each, an “Interest Payment Date”), commencing
on April 18, 2018, to Holders of record at the close of business on the Business Day immediately prior to each such Interest Payment
Date, as the case may be, immediately preceding the relevant Interest Payment Date. Interest on the Notes will be computed on the
basis of a 360-day year of twelve 30-day months. If any Interest Payment Date or final maturity date is a day that is not a Business
Day, the related payment of the principal and interest will be made on the next succeeding Business Day as if it were made on the
date the payment was due.

 

Section
2.13         Defaulted Interest.

 

If the Company defaults
in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest
payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate
provided in the Notes and in Section 4.01 hereof. The Company will notify the Trustee in writing of the amount of defaulted interest
proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each such special
record date and payment date; provided that no such special record date may be less than ten (10) days prior to the related
payment date for such defaulted interest. At least fifteen (15) days before the special record date, the Company (or, upon the
written request of the Company, the Trustee in the name and at the expense of the Company) will mail or cause to be mailed to Holders
a notice that states the special record date, the related payment date and the amount of such interest to be paid.

 

    	 	15	 

     

    

  

Section
2.14         Additional Amounts.

 

(a)          All
payments made by the Company under or with respect to the Notes will be made free and clear of and without withholding or deduction
for or on account of any present or future Taxes imposed or levied by or on behalf of any Taxing Authority in any jurisdiction
in which the Company is organized or is otherwise resident for tax purposes or any jurisdiction from or through which payment is
made (each a “Relevant Taxing Jurisdiction”), unless the Company is required to withhold or deduct Taxes by
law or by the interpretation or administration thereof. If the Company is required to withhold or deduct any amount for or on account
of Taxes imposed by a Relevant Taxing Jurisdiction, from any payment made under or with respect to the Notes, the Company will
pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amount received by each
Holder of Notes (including Additional Amounts) after such withholding or deduction will equal the amount the Holder would have
received if such Taxes had not been withheld or deducted; provided, however, that no Additional Amounts will be payable
with respect to any Tax that would not have been imposed, payable or due:

 

(1)         but
for the existence of any present or former connection between the Holder (or the beneficial owner of, or Person ultimately entitled
to obtain an interest in, such Notes) and the Relevant Taxing Jurisdiction (including being a citizen or resident or national of,
or carrying on a business or maintaining a permanent establishment in, or being physically present in, the Relevant Taxing Jurisdiction)
other than the mere holding of the Notes or enforcement of rights thereunder or the receipt of payments in respect thereof;

 

(2)         but
for the failure to satisfy any certification, identification or other reporting requirements whether imposed by statute, treaty,
regulation or administrative practice, provided, however, that the Company has delivered a request to the Holder
to comply with such requirements at least thirty (30) days prior to the date by which such compliance is required; or

 

(3)         if
the presentation of Notes (where presentation is required) for payment had occurred within thirty (30) days after the date such
payment was due and payable or was duly provided for, whichever is later.

 

(b)          Additional
Amounts will not be payable if the beneficial owner of, or Person ultimately entitled to obtain an interest in, such Notes had
been the Holder of the Notes and such beneficial owner would not be entitled to the payment of Additional Amounts by reason of
clause (1), (2) or (3) of subsection (a) above. In addition, Additional Amounts will not be payable with respect to any Tax which
is payable otherwise than by withholding from payments of, or in respect of principal of, or any interest on, the Notes.

 

(c)          Whenever
in this Indenture there is mentioned, in any context, the payment of amounts based upon the principal amount of the Notes or of
principal, interest or any other amount payable under or with respect to any of the Notes, such mention shall be deemed to include
mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable
in respect thereof.

 

(d)          Notwithstanding
the foregoing, all payments shall be made net of any deduction or withholding imposed or collected pursuant to Sections 1471 through
1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), any current or future regulations or
official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory
legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation
of such Sections of the Code (or any law implementing such an intergovernmental agreement) (any such withholding, a “FATCA
Withholding Tax”), and no additional amounts will be payable as a result of any such FATCA Withholding Tax.

 

    	 	16	 

     

    

  

(e)          The
Company will provide the Trustee with documentation satisfactory to the Trustee evidencing the payment of Additional Amounts.

 

(f)          The
Company will pay any present or future stamp, court or documentary taxes, or any other excise or property taxes, charges or similar
levies which arise in any jurisdiction from the execution, delivery or registration of the Notes or any other document or instrument
referred to therein, or the receipt of any payments with respect to the Notes, excluding any such taxes, charges or similar levies
imposed by any jurisdiction other than a jurisdiction in which the Company is organized or is otherwise resident for tax purposes,
the United States of America or any jurisdiction in which a Paying Agent is located, but not excluding those resulting from, or
required to be paid in connection with, the enforcement of the Notes or any other such document or instrument following the occurrence
of any Event of Default with respect to the Notes.

 

Section
2.15         Write-Down.

 

(a)          Write-Down
Event. Subject to applicable Colombian laws and regulations then in effect, if: (i) the Company’s Basic Individual Solvency
Ratio or the Company’s Basic Consolidated Solvency Ratio is below 4.5%; or (ii) the Superintendency of Finance, in its discretion,
otherwise so determines in writing (each of the foregoing, a “Write-Down Event”), the outstanding principal, accrued
and unpaid interest, and any other amounts due on the Notes will be permanently reduced, pro rata with reductions in
the outstanding principal, accrued and unpaid interest, and any other amounts due on other Tier Two Capital subordinated Indebtedness,
if any, as to which a Write-Down Event has occurred (other than subordinated Indebtedness, that, under its terms, is designated
as junior to the Notes) by an amount needed to (x) restore the Basic Individual Solvency Ratio to 6%; (y) restore the Basic Consolidated
Solvency Ratio to 6%; or (z) comply with the order of the Superintendency of Finance to restore the Company Individual Solvency
Ratio or Basic Consolidated Solvency Ratio to 6%, as applicable (a “Write-Down”), provided that the principal amount
of the Notes may not be written down below zero. The amount by which the outstanding principal amount, accrued and unpaid interest,
and any other amounts due on the Notes is reduced upon the occurrence of a Write-Down Event is referred to as the “Permanent
Reduction Amount.”

 

(b)          Write-Down
to Zero. In the event that the Write-Down is insufficient to restore the Basic Individual Solvency Ratio or the Basic Consolidated
Solvency Ratio to the required levels, the principal amount of the Notes will be reduced to zero.

 

(c)        Write-Down.
The Company will provide notice to Holders and the Trustee (a “Write-Down Notice”) that a Write-Down Event and subsequent
Write-down has occurred within two Business Days following such Write-Down Event. Any Write-Down Notice will be accompanied by
an Officers’ Certificate stating that a Write-Down Event has occurred, specifying the Reduction Date, which shall be the
Business Day following the occurrence of the Write-Down Event, setting out the method of calculation of the Permanent Reduction
Amount and indicating the amounts of principal, interest and any other amounts due comprising the Permanent Reduction Amount.

 

On the Reduction Date,
the outstanding principal amount on the Notes will be decreased as specified in the Write-Down Notice and the amounts of accrued
and unpaid interest and any other amounts due on the Notes as of the Reduction Date will be canceled, in each case to the extent
specified in the Write-Down Notice. Following the Reduction Date, interest will accrue on the principal amount of the Notes that
remains after giving effect to the Write-Down.

 

    	 	17	 

     

    

  

A Write-Down Event and
the subsequent reduction of the outstanding principal, accrued and unpaid interest, and any other amounts on the Notes will not
constitute an Event of Default. Any Holder of Notes will automatically be deemed to have irrevocably waived its right to claim
or receive, and will not have any rights against the Company or the Trustee with respect to, repayment of, the Permanent Reduction
Amount, irrespective of whether such amounts have become due and payable prior to the date on which the Write-Down Event shall
have occurred.

 

Section
2.16         Purchase of Notes.

 

The Company may at any
time purchase Notes at any price in the open market, in privately negotiated transactions or otherwise. Notes so purchased by the
Company may be held, resold in accordance with the Securities Act or any exemption therefrom, or surrendered to the Trustee for
cancellation.

 

Section
2.17         Unclaimed Amounts.

 

Any money deposited with
the Trustee or paying agent or held by the Company, in trust, for the payment of principal, premium, interest or any Additional
Amounts, that remains unclaimed for two (2) years after such amount becomes due and payable shall be paid to the Company upon its
request or, if held by the Company, shall be discharged from such trust. The Holder of the Notes will look only to the Company
for payment thereof, and all liability of the Trustee or any Paying Agent shall thereupon cease. However, the Trustee or Paying
Agent may at the expense of the Company cause to be mailed to Holders at the last address of record, notice that the money remains
unclaimed and any unclaimed balance of such money remaining, after a specified date, will be repaid to the Company.

 

ARTICLE 3

REDEMPTION AND PREPAYMENT

 

Section
3.01         Redemption and Prepayment.

 

The Notes may not be redeemed
prior to the Stated Maturity, except as set forth below:

 

(a)          Optional
Redemption on Reset Date. The Company may, at its option, redeem the Notes, in whole but not in part, on the Reset Date, at
a redemption price equal to 100% of the outstanding aggregate principal amount thereof, plus accrued and unpaid interest and Additional
Amounts, if any, to, but excluding, the Redemption Date (such redemption an “Optional Redemption”), provided,
however, that the Company shall not exercise its right to redeem the Notes under this Section 3.01(a) other than in compliance
with, and as permitted by, applicable Colombian laws and regulations then in effect and, to the extent required by applicable law,
subject to the prior approval of the Superintendency of Finance or any other then applicable Colombian Governmental Authority.

 

(b)          Optional
Redemption upon Tax Event or Regulatory Event. Subject to the adoption of Enabling Regulations, the Company will have the right
to redeem the Notes in whole, but not in part at a price equal to 100% of the principal amount thereof plus accrued and unpaid
interest and any Additional Amounts, to the date of redemption upon the occurrence of a Regulatory Event (such redemption a “Regulatory
Event Redemption”) or upon the occurrence of a Tax Event (such redemption a “Tax Event Redemption”),
provided, however, that the Company shall only exercise its right to redeem the Notes in compliance with, and as
permitted by, applicable Colombian laws and regulations then in effect and, to the extent required by applicable law, subject to
the prior approval of the Superintendency of Finance or any other then applicable Colombian governmental authority. In the
case of a redemption following the occurrence of a Tax Event, the Company shall provide the Trustee an Officers’ Certificate
and an opinion of an independent legal counsel of nationally recognized standing in such tax matters, stating that the conditions
set forth in this Indenture for the exercise of the optional redemption upon the occurrence of a Tax Event have been met.

 

    	 	18	 

     

    

  

Section
3.02         Redemption Procedures.

 

(a)          Notice
of Redemption.

 

(1)         In
the event the Company elects to redeem the Notes pursuant to Section 3.01, the Company shall give or, subject to Section 3.02(a)(2),
cause the Trustee to give an irrevocable notice of redemption, in the manner provided for in Section 11.02, not less than 30 days
or more than 60 days prior to the Redemption Date, to each Holder of Notes. If the Company itself gives the notice, it shall also
deliver a copy to the Trustee.

 

(2)         If
the Company elects to have the Trustee give any notice of redemption under Section 3.01, then the Company shall deliver to the
Trustee, not less than 40 days or more than 60 days prior to the Redemption Date (unless the Trustee agrees to a shorter period
in writing), a notice requesting that the Trustee give notice of redemption and setting forth the information required by Section
3.02(a)(3). If the Company elects to have the Trustee give notice of redemption, the Trustee shall give the notice in the name
of the Company and at the Company’s expense.

 

(3)         All
notices of an Optional Redemption shall state (i) the Redemption Date, (ii) the redemption price, (iii) that on the Redemption
Date the redemption price and any accrued and unpaid interest payable up to (but excluding) the Redemption Date as provided in
Section 3.02(b) will become due and payable in respect of each Note and, unless the Company defaults in making the redemption payment,
that interest on each Note will cease to accrue on and after the Redemption Date, (iv) the place or places where a Holder must
surrender the Holder’s Notes for payment of the redemption price, and (v) the CUSIP or ISIN number, if any, listed in the
notice or printed on the Notes, and that no representation is made as to the accuracy or correctness of such CUSIP or ISIN number.

 

(4)         A
redemption notice will be automatically rescinded and will have no force and effect, and no redemption amount will be due and payable,
if a Write-Down Event occurs prior to the applicable Redemption Date (in which chase, a Write-Down will occur in accordance with
Section 2.15).

 

(b)          Deposit
of Redemption Price.

 

(1)         Prior
to 11:00 a.m. New York City time on the Business Day prior to the relevant Redemption Date, the Company shall deposit with the
Trustee or with a Paying Agent an amount of money in immediately available funds sufficient to pay the redemption price of, and
accrued and unpaid interest on, all the Notes that the Company is redeeming on that date.

 

(2)         With
respect to the Notes being redeemed and held in certificated form, the Trustee, to the extent funds are legally available, will
pay the applicable redemption price to the Holders thereof upon surrender of their certificates evidencing the Notes. Interest
payable on or prior to the Redemption Date shall be payable to the Holders of such Notes on the relevant Record Dates. If notice
of redemption shall have been given and funds deposited with the Trustee to pay the applicable redemption price for the Notes,
then upon the Redemption Date, all rights of the Holders of the Notes will cease and the Notes will cease to be outstanding. In
the event that any Redemption Date in respect of the Notes is not a Business Day, then the applicable redemption price payable
on such date will be paid on the next succeeding day that is a Business Day (without any interest or other payment in respect of
any such delay), in each case with the same force and effect as if made on such Redemption Date. In the event that payment of the
applicable redemption price is improperly withheld or refused and not paid by the Company (i) interest due on the Notes being redeemed
will continue to accrue at the then applicable rate, from the Redemption Date originally established by the Company to the date
such applicable redemption price is actually paid and (ii) the actual payment date will be the Redemption Date for purposes of
calculating the applicable redemption price.

 

    	 	19	 

     

    

  

(3)         If
the applicable Redemption Date falls after a Record Date but on or prior to the corresponding Interest Payment Date, the Company
shall pay accrued interest to the Holder of record on the corresponding Record Date, which may or may not be the person who will
receive payment of the redemption price (which shall exclude such accrued interest).

 

Section
3.03         Mandatory Redemption.

 

The Company is not required
to make mandatory redemption or sinking fund payments with respect to the Notes.

 

ARTICLE 4

COVENANTS

 

Section
4.01         Payment of Notes.

 

The Company will pay or
cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes.
Principal, premium, if any, and interest will be considered paid on the date due if the Paying Agent, if other than the Company
or a Subsidiary thereof, holds as of 10:00 a.m. (New York City time) on the Business Day prior to the due date money deposited
by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest
then due.

 

The Company will pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal or premium, if any, at the rate
equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable
grace period) at the same rate to the extent lawful.

 

Section
4.02         Maintenance of Office or Agency.

 

The Company will maintain
in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an affiliate of
the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices
and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will give prompt written
notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails
to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the Trustee.

 

    	 	20	 

     

    

  

Initially this agent will
be CT Corporation System, 111 Eighth Avenue, New York, New York 10011, and the Company agrees not to change the designation of
such agent without prior notice to the Trustee and designation of a replacement agent in the Borough of Manhattan, The City of
New York.

 

Section
4.03         Provision of Financial Statements and Reports.

 

At all times when the Company
is required to file any financial statements or reports with the SEC, the Company shall use its best efforts to file all required
statements or reports in a timely manner in accordance with the rules and regulations of the SEC and promptly thereafter to deliver
such reports to the Trustee. In addition, at any time when the Company is not subject to or is not current in its reporting obligations
under Section 13 or Section 15(d) of the Exchange Act or is not included on the SEC’s list of foreign private issuers that
claim exemption from the registration requirements of Section 12(g) of the Exchange Act pursuant to Rule 12g3-2(b) thereunder and
any Note remain outstanding, the Company will make available, upon request, to any Holder or any prospective purchaser of the Notes,
who so requests in writing, substantially the same financial and other information that the Company would be required to include
and file in an annual report on Form 20-F and reports on Form 6-K.

 

Delivery of such reports,
information and documents to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely on
an Officers’ Certificate).

 

The Company will at all
times comply with TIA § 314(a).

 

Section
4.04         Stay, Extension and Usury Laws.

 

The Company covenants (to
the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take
the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may
affect the covenants or the performance of this Indenture; and the Company hereby expressly waives all benefit or advantage of
any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted.

 

Section
4.05         Further Actions.

 

The Company will, at its
own cost and expense, satisfy any condition or take any action (including the obtaining or effecting of any necessary consent,
approval, authorization, exemption, filing, license, order, recording or registration) at any time required, as may be required,
in accordance with applicable laws and/or regulations, to be taken, fulfilled or done in order to (i) enable the Company to lawfully
enter into, exercise its rights and perform and comply with its obligations under this Indenture and the Notes, as the case may
be; (ii) ensure that its obligations under this Indenture and the Notes are legally binding and enforceable; (iii) make this Indenture
and the Notes admissible in evidence in the courts of the State of New York and Colombia; (iv) preserve the enforceability of,
and maintain the Trustee’s rights under, this Indenture; and (v) respond to any reasonable requests received from the Trustee
to facilitate the Trustee’s exercise of its rights and performance of its obligations under this Indenture and the Notes,
including exercising and enforcing its rights under and carrying out the terms, provisions and purposes of this Indenture and the
Notes.

 

    	 	21	 

     

    

 

Section
4.06         Compliance Certificate.

 

The Company shall deliver
to the Trustee, within one hundred twenty (120) days after the end of each fiscal year of the Company, a certificate signed by
either the principal executive officer, principal financial officer or principal accounting officer of the Company, stating whether
or not to the best knowledge of the signer thereof the Company is in default in the performance and observance of any of the terms,
provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder)
and, if the Company shall be in default, specifying all such defaults and the nature and the status thereof of which the signer
may have knowledge.

 

ARTICLE 5

SUCCESSORS

 

Section
5.01         Merger, Consolidation, or Sale of Assets.

 

The Company will not consolidate
with or merge into, or sell, lease, convey or transfer, in one transaction or a series of transactions, all or substantially all
of the Company’s properties and assets to any Person, unless:

 

(1)         the
Company obtains any and all regulatory approvals in connection therewith,

 

(2)         the
surviving entity, if other than the Company, is organized and existing under the laws of Colombia or the United States and assumes
via a supplemental indenture all of the Obligations under the Notes and this Indenture,

 

(3)         the
Company, or the surviving entity, as the case may be, is not immediately after such transaction in Default under the Notes and
this Indenture, and

 

(4)         the
Company, or the surviving entity, has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each in form
and substance satisfactory to the Trustee, stating that (i) such consolidation, merger, sale, assignment, conveyance, transfer,
lease or other disposition, and if a supplemental indenture is required in connection with such transaction, such supplemental
indenture complies with the terms of this Section 5.01, (ii) all conditions precedent provided for in this Indenture relating to
the merger, consolidation or sale of assets have been satisfied and (iii) the Indenture and Notes constitute legal, valid and binding
obligations of the surviving entity, enforceable in accordance with their terms.

 

Section
5.02         Successor Corporation Substituted.

 

Upon any consolidation
or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties
or assets of the Company in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the
successor Person formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer,
lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such
consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture referring
to the “Company” shall refer instead to the successor Person and not to the Company), and may exercise every right
and power of the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein;
provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal of and interest
on the Notes except in the case of a sale of all of the Company’s assets in a transaction that is subject to, and that complies
with the provisions of, Section 5.01 hereof.

 

    	 	22	 

     

    

  

ARTICLE 6

DEFAULTS AND REMEDIES

 

Section
6.01         Events of Default.

 

(a)          Each
of the following is an “Event of Default”:

 

(1)         failure
by the Company to pay interest on any of the Notes when it becomes due and payable and the continuance of any such failure for
thirty (30) days;

 

(2)         failure
by the Company to pay the principal on any of the Notes when it becomes due and payable whether at Stated Maturity or otherwise
and the continuance of any such failure for seven (7) days;

 

(3)         the
Company pursuant to or within the meaning of any Bankruptcy Law:

 

(A)         commences
a voluntary case;

 

(B)         consents
to the entry of an order for relief against it in an involuntary case;

 

(C)         consents
to the appointment of a Custodian of it or for all or substantially all of its property;

 

(D)         makes
a general assignment for the benefit of its creditors;

 

(E)         is
subject to any other Intervention Measure or Preventive Measure; or

 

(4)         the
Superintendency of Finance enters an order or decree under any Bankruptcy Law that:

 

(A)         is
for relief against the Company as debtor in an involuntary case;

 

(B)         appoints
a Custodian of the Company or a Custodian for all or substantially all of the assets of the Company; or

 

(C)         orders
the liquidation of the Company and the order or decree remains unstayed and in effect for sixty (60) days.

 

Section
6.02         Acceleration.

 

There is no right of acceleration
in the case of a default in any payment on the Notes (whether when due or otherwise) or the performance of any of the Company’s
other obligations under this Indenture or the Notes. Notwithstanding the immediately preceding sentence, the Holders shall have
the right to accelerate the payments due under the Notes upon the Company’s liquidation.

 

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Section
6.03         Other Remedies.

 

Subject to the provisions
of Article 9, if an Event of Default occurs and is continuing, the Trustee may pursue any available remedy (excluding acceleration,
except as provided in Section 6.02 above) to collect the payment of principal, premium, if any, and interest on the Notes or to
enforce the performance of any provision of the Notes or this Indenture.

 

The Trustee may maintain
a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the
right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted
by law.

 

If the Company fails to
make payment of principal of or interest or Additional Amounts, if any, on the Notes (and, in the case of payment of principal,
such failure to pay continues for seven (7) days or, in the case of payment of interest or Additional Amounts, such failure to
pay continues for thirty (30) days), each Holder shall have the right to demand and collect under the Indenture and the Company
will pay to the Holders the applicable amount of such due and payable principal, accrued interest and Additional Amounts, if any,
on the Notes, provided, however, that to the extent that the Superintendency of Finance has adopted an Intervention
Measure in connection with the Company under the Colombian Bankruptcy Law, the Holders of the Notes will not be able to commence
independent collection proceedings to recover amounts owed.

 

Section
6.04         Waiver of Past Defaults

 

Holders of not less than
a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of
all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event
of Default in the payment of the principal of, premium, if any, or interest on, the Notes (including in connection with an offer
to purchase); provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding
Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration;
provided, further, the Company has paid or deposited with the Trustee all amounts due to the Trustee under Section
7.07 hereof and reimbursed any and all fees, expenses, disbursements and advances of the Trustee, its agents and counsel incurred
in connection with such Default or Event of Default. Upon any such waiver, such Default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend
to any subsequent or other Default or impair any right consequent thereon.

 

Section
6.05         Control by Majority.

 

Holders of a majority in
aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for
exercising any remedy available to the Trustee or exercising any trust or power conferred on it; provided, however,
the Trustee will be under no obligation to exercise any of its rights or powers under this Indenture at the request or direction
of any of the Holders, unless such Holders shall have offered to the Trustee reasonable security or indemnity. Subject to such
provision for indemnification, the Trustee may refuse to follow any direction that conflicts with any law or this Indenture or
that the Trustee determines may be prejudicial to the rights of other Holders or that may involve the Trustee in personal liability.

 

    	 	24	 

     

    

  

Section
6.06         Rights of Holders of Notes to Receive Payment.

 

Notwithstanding any other
provision of this Indenture, the right of any Holder to receive payment of principal, premium, if any, and interest on the Notes,
on or after the respective due dates expressed in the Notes (including in connection with an offer to purchase), or to bring suit
for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent
of such Holder.

 

Section
6.07         Collection Suit by Trustee.

 

If an Event of Default
specified in clause (1) or clause (2) of Section 6.01(a) hereof occurs and is continuing, the Trustee is authorized to recover
judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium,
if any, and interest remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful, interest and such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.

 

Section
6.08         Trustee May File Proofs of Claim.

 

The Trustee is authorized
to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its
creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable
or deliverable on any such claims and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make
such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any
such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee
under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be
secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that
the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement
or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any
Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

Section
6.09         Priorities.

 

If the Trustee collects
any money pursuant to this Article 6, it shall pay out the money in the following order:

 

First:         to
the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expenses
and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

Second:    to
Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority
of any kind, according to the amounts due and payable on the Notes for principal, premium, if any and interest, respectively; and

 

    	 	25	 

     

    

  

Third:    to
the Company or to such party as a court of competent jurisdiction or relevant entity shall direct.

 

The Trustee may fix a record
date and payment date for any payment to Holders pursuant to this Section 6.09.

 

Section
6.10         Undertaking for Costs.

 

In any suit for the enforcement
of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee,
a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant
in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section
6.10 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.06 hereof, or a suit by Holders of more
than 10% in aggregate principal amount of the then outstanding Notes.

 

ARTICLE 7

TRUSTEE

 

Section
7.01         Duties of Trustee.

 

(a)          If
an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances
in the conduct of such person’s own affairs.

 

(b)          Except
during the continuance of an Event of Default:

 

(1)         the
duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need perform only those
duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into
this Indenture against the Trustee; and

 

(2)         in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not they conform to the
requirements of this Indenture.

 

(c)          The
Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

 

(1)         this
paragraph does not limit the effect of paragraph (b) of this Section 7.01;

 

(2)         the
Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the
Trustee was negligent in ascertaining the pertinent facts; and

 

(3)         the
Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.06 hereof.

 

    	 	26	 

     

    

  

(d)          Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b), and (c) of this Section 7.01.

 

(e)          No
provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be
under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder
has offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense.

 

(f)          The
Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)          No
provision of this Indenture shall be deemed to impose any duty or obligation on the Trustee to take or omit to take any action,
or suffer any action to be taken or omitted, in the performance of its duties or obligations under this Indenture, or to exercise
any right or power thereunder, to the extent that taking or omitting to take such action or suffering such action to be taken or
omitted would violate applicable law binding upon it.

 

(h)          The
Trustee shall not be deemed to have notice or knowledge of any Default or Event of Default or knowledge of any cure of any Default
or Event of Default unless either (i) a Responsible Officer has actual knowledge thereof or (ii) written notice of such Default,
Event of Default or cure thereof has been given to the Trustee at its Corporate Trust Office by the Company or any Holder.

 

Section
7.02         Rights of Trustee.

 

(a)          The
Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate any fact or matter stated in the document.

 

(b)          Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee
will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion
of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full
and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in
good faith and in reliance thereon.

 

(c)          The
Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed
with due care.

 

(d)          The
Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the
rights or powers conferred upon it by this Indenture.

 

(e)          Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient
if signed by an Officer of the Company.

 

(f)          The
Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders unless such Holders have offered to the Trustee reasonable indemnity or security against the losses, liabilities
and expenses that might be incurred by it in compliance with such request or direction.

 

    	 	27	 

     

    

  

(g)          The
rights, privileges, protections, immunities and benefits provided to the Trustee hereunder (including its right to be indemnified)
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and to each of its agents, custodians
and other Persons duly employed by the Trustee hereunder.

 

(h)          The
permissive rights of the Trustee enumerated herein shall not be construed as duties.

 

(i)          The
Trustee may request that the Company deliver an Officers’ Certificate setting forth the name of the individuals and/or titles
of officers authorized at such time to take specific actions pursuant to this Indenture, which Officers’ Certificate may
be signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as so authorized in any
such Officers’ Certificate previously delivered and not superseded.

 

(j)          The
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation,
acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss
or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil
or military authority or governmental actions; it being understood that the Trustee shall use its best efforts to resume performance
as soon as practicable under the circumstances.

 

(k)          In
no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including,
but not limited to, lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless
of the form of action.

 

Section
7.03         Individual Rights of Trustee.

 

The Trustee in its individual
or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the
Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting
interest it must eliminate such conflict within ninety (90) days, apply to the SEC for permission to continue as trustee (if this
Indenture has been qualified under the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee is also
subject to Section 7.10 and Section 7.11 hereof.

 

Section
7.04         Trustee’s Disclaimer.

 

The Trustee will not be
responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable
for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction
under any provision of this Indenture, it will not be responsible for the use or application of any money received by any Paying
Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes
or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.

 

Section
7.05         Notice of Defaults.

 

If a Default or Event of
Default occurs and is continuing and if it is known to a Responsible Officer of the Trustee, the Trustee will mail to Holders a
notice of the Default or Event of Default within ninety (90) days after it occurs. Except in the case of a Default or Event of
Default in payment of principal of, premium, if any, or interest on, any Note, the Trustee may withhold the notice if and so long
as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders.

 

    	 	28	 

     

    

  

Section
7.06         Reports by Trustee to Holders of the Notes.

 

(a)          Within
sixty (60) days after each May 15 beginning with the May 15 following the date of this Indenture, and for so long as Notes remain
outstanding, the Trustee will mail to the Holders a brief report dated as of such reporting date that complies with TIA § 313(a)
(but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report
need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit by mail all reports
as required by TIA § 313(c).

 

(b)          A
copy of each report at the time of its mailing to the Holders will be mailed by the Trustee to the Company and filed by the Trustee
with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company will
promptly notify the Trustee when the Notes are listed on any stock exchange.

 

Section
7.07         Compensation and Indemnity.

 

(a)          The
Company will pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder.
The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will
reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition
to the compensation for its services. Such expenses will include the reasonable compensation, disbursements and expenses of the
Trustee’s agents and counsel.

 

(b)          The
Company will indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection
with the acceptance or administration of its duties under this Indenture, including, but not limited to, the costs and expenses
of enforcing this Indenture against the Company (including this Section 7.07) and defending itself against any claim (whether asserted
by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers
or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence or bad faith.
The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify
the Company will not relieve the Company of its obligations hereunder. The Company will defend the claim and the Trustee will cooperate
in the defense. The Trustee may have separate counsel and the Company will pay the reasonable fees and expenses of such counsel.
The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld.

 

(c)          The
obligations of the Company under this Section 7.07 will survive the resignation or removal of the Trustee and the satisfaction
and discharge of this Indenture.

 

(d)          To
secure the Company’s payment obligations in this Section 7.07, the Trustee will have a Lien prior to the Notes on all money
or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such
Lien will survive the satisfaction and discharge of this Indenture.

 

(e)          When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(3) or (4) hereof occurs, the
expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute
expenses of administration under any Bankruptcy Law.

 

    	 	29	 

     

    

 

(f)          The
Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable.

 

Section
7.08         Replacement of Trustee.

 

(a)          A
resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08.

 

(b)          The
Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders
of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and
the Company in writing. The Company may remove the Trustee if:

 

(1)         the
Trustee fails to comply with Section 7.10 hereof;

 

(2)         the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law;

 

(3)         a
Custodian or public officer takes charge of the Trustee or its property; or

 

(4)         the
Trustee becomes incapable of acting.

 

(c)          If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint
a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal
amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

(d)          If
a successor Trustee does not take office within sixty (60) days after the retiring Trustee resigns or is removed, the retiring
Trustee, the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may, at the expense
of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

(e)          If
the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.

 

(f)          A
successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers
and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring
Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the
Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the
Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof will continue for the benefit
of the retiring Trustee.

 

Section
7.09         Successor Trustee by Merger, etc.

 

If the Trustee consolidates,
merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation or banking
association, the transferee or resulting, surviving or successor corporation without any further act will be the successor Trustee.

 

    	 	30	 

     

    

  

Section
7.10         Eligibility; Disqualification.

 

There will at all times
be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of
any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination
by federal or state authorities and that has a combined capital and surplus of at least US$100.0 million as set forth in its most
recent published annual report of condition.

 

This Indenture will always
have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b).

 

Section
7.11         Preferential Collection of Claims Against Company.

 

The Trustee is subject
to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or
been removed shall be subject to TIA § 311(a) to the extent indicated therein.

 

ARTICLE 8

AMENDMENT, SUPPLEMENT
AND WAIVER

 

Section
8.01         Without Consent of Holders of Notes.

 

Notwithstanding Section
8.02 of this Indenture, the Company and the Trustee may amend or supplement this Indenture or the Notes without the consent of
any Holder of the Note to:

 

(1)         to
cure any ambiguity, defect or inconsistency;

 

(2)         to
provide for uncertificated Notes in addition to or in place of certificated Notes;

 

(3)         to
provide for the assumption of the Company’s obligations to the Holders by a successor to the Company pursuant to Article
5 hereof;

 

(4)         to
add any applicable covenants;

 

(5)         to
surrender any right or power under this Indenture conferred to the Company, not for the benefit of any Holder;

 

(6)         to
make any change that would provide any additional rights or benefits to the Holders or that does not adversely affect the legal
rights hereunder of any Holder;

 

(7)         to
comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;

 

(8)         to
conform the text of this Indenture or the Notes to any provision of the “Description of the Notes” section of the Company’s
Prospectus Supplement dated September 26, 2017, relating to the initial offering of the Notes, to the extent that such provision
in that “Description of the Notes” section was intended to be a verbatim recitation of a provision of this Indenture
or the Notes;

 

(9)         to
provide for the acceptance of a successor trustee; or

 

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(10)        to
provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the date hereof.

 

Upon the request of the
Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture,
and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company in the
execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further
appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such
amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

 

Section
8.02         With Consent of Holders of Notes.

 

Except as provided below
in this Section 8.02, the Company and the Trustee may amend or supplement this Indenture and the Notes with the consent of the
Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional
Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or
exchange offer for, or purchase of, the Notes), and, subject to Section 6.05 and Section 6.08 hereof, any existing Default or Event
of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes)
or compliance with any provision of this Indenture or the Notes may be waived with the consent of the Holders of a majority in
aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any) voting as a
single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase
of, the Notes). However, without the consent of each Holder affected, an amendment, supplement or waiver under this Section 8.02
may not:

 

(1)         reduce,
or change the Stated Maturity of, the principal of any Note;

 

(2)         reduce
the rate of or extend the time for payment of interest on any Note;

 

(3)         change
the currency or place of payment of principal of or interest on the Notes;

 

(4)         modify
or change the related definitions affecting the subordination of the Notes or any provision of this Indenture (including the covenants
in this Indenture) in a manner that adversely affects the Holders;

 

(5)         reduce
the percentage of Holders necessary to consent to an amendment or waiver to this Indenture or the Notes;

 

(6)         impair
the rights of Holders to receive payments of principal of or interest on the Notes; or

 

(7)         make
any change in these amendment and waiver provisions.

 

Upon the request of the
Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture,
and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders as aforesaid, and upon
receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company in the execution
of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be
obligated to, enter into such amended or supplemental Indenture.

 

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It is not be necessary
for the consent of the Holders under this Section 8.02 to approve the particular form of any proposed amendment, supplement or
waiver, but it is sufficient if such consent approves the substance thereof.

 

After an amendment, supplement
or waiver under this Section 8.02 becomes effective, the Company will mail to the Holders affected thereby a notice briefly describing
the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, will not, however,
in any way impair or affect the validity of any such amended or supplemental indenture or waiver.

 

Section
8.03         Compliance with Trust Indenture Act.

 

Every amendment or supplement
to this Indenture or the Notes will be set forth in an amended or supplemental indenture that complies with the TIA as then in
effect.

 

Section
8.04         Revocation and Effect of Consents.

 

Until an amendment, supplement
or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent
Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the
consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to
its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective.
An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.

 

Section
8.05         Notation on or Exchange of Notes.

 

The Trustee may place an
appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for
all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver.

 

Failure to make the appropriate
notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 

Section
8.06         Trustee to Sign Amendments, etc.

 

The Trustee will sign any
amended or supplemental indenture authorized pursuant to this Article 8 if the amendment or supplement does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental indenture
until the Board of Directors of the Company approves it. In executing any amended or supplemental indenture, the Trustee will be
entitled to receive and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents
required by Section 11.04 hereof, an Officers’ Certificate and an Opinion of Counsel each stating that the execution of such
amended or supplemental indenture is authorized or permitted by this Indenture.

 

    	 	33	 

     

    

 

ARTICLE 9

SUBORDINATION

 

Section
9.01         Agreement to Subordinate.

 

The Company agrees, and
each Holder by accepting a Note agrees, that the Indebtedness evidenced by the Notes, in the event of liquidation, is subordinated
in right of payment, to the extent and in the manner provided in this Article 9, (i) to the prior payment in full in cash or cash
equivalents of all outstanding obligations in respect of all Senior External Liabilities (whether outstanding on the date hereof
or hereafter created, incurred, assumed or guaranteed), and that the subordination is for the benefit of the holders of Senior
External Liabilities, (ii) rank pari passu with all other unsecured and Tier Two Capital subordinated Indebtedness of the
Company, if any, other than subordinated Indebtedness, that, under its terms, is designated as junior to the Notes, and (iii) be
senior only to subordinated instruments constituting Tier One Capital and the Company’s capital stock.

 

Section
9.02         Liquidation; Dissolution; Bankruptcy.

 

Upon any distribution to
creditors of the Company in a liquidation or dissolution of the Company or in an Intervention Measure relating to the Company or
its property, in an assignment for the benefit of creditors or any marshaling of the Company’s assets and liabilities:

 

(1)         holders
of Senior External Liabilities will be entitled to receive payment in full of all Obligations due in respect of such Senior External
Liabilities (including interest after the commencement of any bankruptcy proceeding at the rate specified in the applicable Senior
External Liabilities) before the Holders will be entitled to receive any payment with respect to the Notes; and

 

(2)         until
all Obligations with respect to Senior External Liabilities (as provided in clause (1) above) are paid in full, any distribution
to which Holders would be entitled but for this Article 9 will be made to holders of Senior External Liabilities, as their
interests may appear.

 

Section
9.03          Relative Rights.

 

This Article 9 defines
the relative rights of Holders and holders of Senior External Liabilities. Nothing in this Indenture will:

 

(1)         impair,
as between the Company and Holders, the obligation of the Company, which is absolute and unconditional, to pay principal of, premium
and interest on, the Notes in accordance with their terms;

 

(2)         affect
the relative rights of Holders and creditors of the Company other than their rights in relation to holders of Senior External Liabilities;
or

 

(3)         prevent
the Trustee or any Holder from exercising its available remedies upon a Default or Event of Default, subject to the rights of holders
and owners of Senior External Liabilities to receive distributions and payments otherwise payable to Holders.

 

If the Company fails because
of this Article 9 to pay principal of, premium or interest on, a Note on the due date, the failure is still a Default or Event
of Default.

 

    	 	34	 

     

    

  

Section
9.04          Subordination May Not Be Impaired by Company.

 

No right of any holder
of Senior External Liabilities to enforce the subordination of the Indebtedness evidenced by the Notes may be impaired by any act
or failure to act by the Company or any Holder or by the failure of the Company or any Holder to comply with this Indenture.

 

Section
9.05          Distribution or Notice to Representative.

 

Whenever a distribution
is to be made or a notice given to holders of Senior External Liabilities, the distribution may be made and the notice given to
their Representative.

 

Upon any payment or distribution
of assets of the Company referred to in this Article 9, the Trustee and the Holders will be entitled to rely upon any order or
decree made by any court of competent jurisdiction or upon any certificate of such Representative or of the liquidating trustee
or agent or other Person making any distribution to the Trustee or to the Holders for the purpose of ascertaining the Persons entitled
to participate in such distribution, the holders of the Senior External Liabilities and other Indebtedness of the Company, the
amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to
this Article 9.

 

Section
9.06          Rights of Trustee and Paying Agent.

 

Notwithstanding the provisions
of this Article 9 or any other provision of this Indenture, the Trustee will not be charged with knowledge of the existence of
any facts that would prohibit the making of any payment or distribution by the Trustee, and the Trustee and the Paying Agent may
continue to make payments on the Notes, unless the Trustee has received at its Corporate Trust Office at least five (5) Business
Days prior to the date of such payment written notice of facts that would cause the payment of any Obligations with respect to
the Notes to violate this Article 9. Only the Company or a Representative may give the notice. Nothing in this Article 9 will impair
the claims of, or payments to, the Trustee under or pursuant to Section 7.07 hereof.

 

The Trustee in its individual
or any other capacity may hold Senior External Liabilities with the same rights it would have if it were not Trustee. Any Agent
may do the same with like rights.

 

Section
9.07          Authorization to Effect Subordination.

 

Each Holder, by the Holder’s
acceptance thereof, authorizes and directs the Trustee on such Holder’s behalf to take such action as may be necessary or
appropriate to effectuate the subordination as provided in this Article 9, and appoints the Trustee to act as such Holder’s
attorney-in-fact for any and all such purposes. If the Trustee does not file a proper proof of claim or proof of debt in the form
required in any proceeding referred to in Section 6.08 hereof at least thirty (30) days before the expiration of the time to file
such claim, the Representatives are hereby authorized to file an appropriate claim for and on behalf of the Holders.

 

ARTICLE 10

satisfaction and
discharge

 

Section
10.01          Satisfaction and Discharge.

 

This Indenture will be
discharged and will cease to be of further effect (except as to rights of registration of transfer or exchange of Notes which shall
survive until all Notes have been canceled) as to all Notes issued hereunder, when either:

 

    	 	35	 

     

    

  

(1)         all
Notes that have been authenticated and delivered, except lost, stolen or destroyed Notes that have been replaced or paid and Notes
for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid
to the Company or discharged from the trust, have been delivered to the Trustee for cancellation; or

 

(2)         (a)          all
Notes that have not been delivered to the Trustee for cancellation have become due and payable and the Company has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S.
dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, without consideration
of any reinvestment of interest, to pay and discharge the entire Indebtedness (including all principal and accrued interest) on
the Notes not delivered to the Trustee for cancellation,

 

(b)          the
Company has paid or caused to be paid all sums payable by it under this Indenture,

 

(c)          the
Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment
of the Notes at maturity, and

 

(d)          the
Holders have a valid, perfected, exclusive security interest in this trust.

 

In addition, the Company
must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee each stating that all conditions precedent
to satisfaction and discharge have been satisfied.

 

Notwithstanding the satisfaction
and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (a) of clause (2) this Section
10.01, the provisions of Section 10.02 hereof will survive. In addition, nothing in this Section 10.01 will be deemed to discharge
those provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture.

 

Section
10.02          Application of Trust Money.

 

All money deposited with
the Trustee pursuant to Section 10.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the
Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest
for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except
to the extent required by law.

 

If the Trustee or Paying
Agent is unable to apply any money or Government Securities in accordance with Section 10.01 hereof by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit
had occurred pursuant to Section 10.01 hereof; provided that if the Company has made any payment of principal of, premium,
if any, or interest on, any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights
of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent.

 

    	 	36	 

     

    

  

ARTICLE 11

MISCELLANEOUS

 

Section
11.01          Trust Indenture Act Controls.

 

If any provision of this
Indenture limits, qualifies or conflicts with the duties imposed by TIA §318(c), the imposed duties will control. If any provision
of this Indenture modifies or excludes any provision of the TIA which may be so modified or excluded, the latter provision shall
be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.

 

Section
11.02          Notices.

 

Any notice or communication
to the Company or the Trustee is duly given if in writing and delivered in Person or by first class mail (registered or certified,
return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the applicable address:

 

Bancolombia S.A.

Carrera 48 No. 26-85, Avenida Los Industriales

Medellín, Colombia

Facsimile No.: (57)-1-488-6308

Attention: Juan Manuel Lopez Leon

 

If to the Trustee:

 

The Bank of New York Mellon

101 Barclay Street, 4E

New York, New York 10286

Facsimile No.: (212) 815-5603

Attention: International Corporate Trust

 

The Company or the Trustee,
by notice to the others, may designate additional or different addresses for subsequent notices or communications.

 

All notices and communications
(other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered;
five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted
by facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next
day delivery.

 

Any notice or communication
to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier
guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication will also
be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or
communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders.

 

If a notice or communication
is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.
Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive
such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance
upon such waiver.

 

    	 	37	 

     

    

  

If the Company mails a
notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same time.

 

The Trustee may rely upon
and comply with instructions or directions sent via unsecured facsimile or email transmission, and the Trustee shall not be liable
for any loss, liability or expense of any kind incurred by the Company or the Holders due to the Trustee’s reliance upon
and compliance with instructions or directions given by unsecured facsimile or email transmission; provided, however, that
such losses have not arisen from the negligence or willful misconduct of the Trustee, it being understood that the failure of the
Trustee to verify or confirm that the person providing the instructions or directions, is, in fact, an authorized person does not
constitute negligence or willful misconduct.

 

Section
11.03          Communication by Holders of Notes with Other Holders of Notes.

 

Holders may communicate
pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company,
the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c).

 

Section
11.04          Certificate and Opinion as to Conditions Precedent.

 

Upon any request or application
by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

(1)         an
Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements set
forth in Section 11.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided
for in this Indenture relating to the proposed action have been satisfied; and

 

(2)         an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in
Section 11.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied;

 

provided that in the case of any such request
or application as to which the furnishing of documents is specifically required by any provision of this Indenture relating to
such particular request or application, no additional certificate or opinion shall be required.

 

Section
11.05          Statements Required in Certificate or Opinion.

 

Each certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant
to TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include:

 

(1)         a
statement that the Person making such certificate or opinion has read such covenant or condition;

 

(2)         a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

    	 	38	 

     

    

  

(3)         a
statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him
or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and

 

(4)         a
statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.

 

Section
11.06         Rules by Trustee and Agents.

 

The Trustee may make reasonable
rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements
for its functions.

 

Section
11.07         Currency Rate Indemnity.

 

The Company has agreed
that, if a judgment or order made by any court for the payment of any amount in respect of any Notes is expressed in a currency
other than U.S. dollars, the Company will indemnify the relevant Holder against any deficiency arising from any variation in rates
of exchange between the date as of which the denomination currency is notionally converted into the judgment currency for the purposes
of the judgment or order and the date of actual payment. This indemnity will constitute a separate and independent obligation from
the Company’s other obligations under the Indenture, will give rise to a separate and independent cause of action, will apply
irrespective of any indulgence granted from time to time and will continue in full force and effect notwithstanding any judgment
or order for a liquidated sum or sums in respect of amounts due under the Indenture or the Notes.

 

Section
11.08         No Personal Liability of Directors, Officers, Employees and Stockholders.

 

No past, present or future
director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations of
the Company under the Notes or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws.

 

Section
11.09         Governing Law, Jurisdiction.

 

THE LAW OF THE STATE OF
NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS
OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY; PROVIDED, HOWEVER,
THAT THE AUTHORIZATION AND EXECUTION OF THIS INDENTURE AND THE NOTES BY THE COMPANY, AND ANY SUBORDINATION PROVISIONS IN THE NOTES,
WILL BE GOVERNED BY THE LAWS OF COLOMBIA. THE QUALIFICATION OF THE NOTES AS TIER TWO CAPITAL WILL BE DETERMINED PURSUANT TO APPLICABLE
COLOMBIAN BANKING LAW AND REGULATIONS.

 

The Company hereby irrevocably
submits to the non-exclusive jurisdiction of any New York state or federal court sitting in the Borough of Manhattan, The City
of New York, and any appellate court from any thereof, in any action or proceeding commenced by the Trustee or any Holder arising
out of or relating to this Indenture, and the Company hereby irrevocably agrees that all claims in respect of such action or proceeding
may be heard and determined in such New York state or federal court.

 

    	 	39	 

     

    

  

To the extent that the
Company has or hereafter may acquire or have attributed to it any immunity under any law from jurisdiction of any court or from
any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or
otherwise) with respect to itself or its property, the Company hereby irrevocably waives such immunity in respect of its obligations
under this Indenture and the Notes. In addition, the Company irrevocably waives, to the fullest extent permitted by law, any objection
to any suit, action or proceeding, that may be brought in connection with this Indenture or the Notes, including such actions,
suits or proceedings relating to securities laws of the United States of America or any state thereof, in such courts whether on
the grounds of venue, residence or domicile or on the grounds that any such action or proceeding has been brought in an inconvenient
forum. The Company hereby irrevocably waives, to the fullest extent permitted by law, any requirement or other provision of law,
rule, regulation or practice which requires or otherwise establishes as a condition to the institution, prosecution or completion
of any action or proceeding (including appeals) arising out of or relating to this Indenture the posting of any bond or the furnishing,
directly or indirectly, of any other security.

 

Each party hereto hereby
irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this agreement, the notes or the transactions contemplated hereby.

 

Section
11.10         Maintenance of Office or Agent for Service of Process

 

The Company shall maintain
an office or agent for service of process in the Borough of Manhattan, The City of New York, where notices to and demands upon
the Company in respect of the Notes and this Indenture may be served. Initially this agent will be CT Corporation System, 111 Eighth
Avenue, New York, New York, and the Company will agree not to change the designation of such agent without prior notice to the
Trustee and designation of a replacement agent in the Borough of Manhattan, The City of New York.

 

Section
11.11         No Adverse Interpretation of Other Agreements.

 

This Indenture may not
be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any
such indenture, loan or debt agreement may not be used to interpret this Indenture.

 

Section
11.12         USA Patriot Act.

 

The parties hereto acknowledge
that, in accordance with Section 326 of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (as
amended, modified or supplemented from time to time, the “USA Patriot Act”), the Trustee, like all financial institutions,
is required to obtain, verify, and record information that identifies each person or legal entity that opens an account. To the
extent permitted by Colombian or other applicable law, the Company agrees that it will provide the Trustee with such information
as the Trustee may request in order for the Trustee to satisfy the requirements of the USA Patriot Act.

 

Section
11.13         FATCA

 

The Trustee shall be entitled
to deduct or withhold from payments under this Indenture to the extent necessary to comply with an agreement described in Section
1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations or agreements thereunder
or official interpretations thereof (“FATCA”). To the extent permitted under applicable privacy law and if expressly
authorized by any agreement between the Company and such Holder or beneficial owner or by the terms of any tax certification, the
Company hereby covenants with the Trustee that it will use commercially reasonable efforts to provide the Trustee with any relevant
tax certification in the possession of the Company or other information identified by the Company in its sole discretion as relevant
for FATCA withholding tax purposes that may be useful to assist the Trustee in determining whether or not the Trustee is obliged,
in respect of any payments to be made by it pursuant to this Indenture, to make any withholding or deduction pursuant to FATCA.

 

    	 	40	 

     

    

  

Section
11.14         Successors.

 

All agreements of the Company
in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors.

 

Section
11.15         Severability.

 

In case any provision in
this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired thereby.

 

Section
11.16         Counterpart Originals.

 

The parties may sign any
number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement.
Delivery of an executed counterpart of a signature page of this Indenture by facsimile shall be as effective as delivery of a manually
executed counterpart of this Indenture.

 

Section
11.17         Table of Contents, Headings, etc.

 

The Table of Contents,
Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof.

 

[Signatures on following page]

 

    	 	41	 

     

    

  

SIGNATURES

 

	Dated as of October 18, 2017	 
	 	 
	 	BANCOLOMBIA S.A.
	 	 	 
	 	By:	/s/ José Humberto Acosta Martin
	 	 	Name: José Humberto Acosta Martin
	 	 	Title: Chief Financial Officer
	 	 	 
	 	THE BANK OF NEW YORK MELLON, as Trustee
	 	 	 
	 	By:	/s/ Bret Derman
	 	 	Name: Bret Derman
	 	 	Title: Vice President

 

     

     

    

  

EXHIBIT A

 

FORM OF NOTE

[FORM OF FACE OF NOTE]

 

[Insert the Global Note Legend pursuant
to the provisions of the Indenture]

 

CUSIP: [•]

ISIN: [•]

4.875% Subordinated Notes due 2027

 

	No. [1]	US$[•]

 

BANCOLOMBIA S.A.

 

promises to pay to Cede & Co. or registered
assigns,

 

the principal sum of [•] on October 18,
2027.

 

Interest Payment Dates: April 18th and October
18th

 

Record Dates: Business Day immediately preceding
a related Interest Payment Date

 

Original Issuance Date: October 18, 2017

 

Date:__________________________

 

	 	BANCOLOMBIA S.A. 
	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title: 

 

	This is one of the Notes referred to	 
	in the within-mentioned Indenture:	 
	 	 
	THE BANK OF NEW YORK MELLON,	 
	  as Trustee	 
	 	 
	By:	 	 
	 	Authorized Signatory	 

 

    	 	A-1	 

     

    

  

[Back of Note]

4.875% Subordinated Notes due 2027

 

Capitalized terms used
herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

(1)         Interest.
Bancolombia, a Colombian financial institution (the “Company”), promises to pay interest on the principal amount
of this Note at 4.875% per annum from October 18, 2017 to, but excluding, the Reset Date. From and after the Reset Date to, but
excluding, the date of maturity or earlier redemption date of this Note, this Note will bear interest at a rate per annum on the
outstanding principal amount thereof equal to the sum of (i) the Benchmark Reset Rate on the Reset Date plus (ii) 292.9 basis points
as calculated by the Company. The Company will pay interest semi-annually in arrears on April 18 and October 18 of each year, or
if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”),
as set forth in Section 2.12 of the Indenture.

 

(2)         Method
of Payment. If a Holder has given wire transfer instructions to the Company, copying the Trustee, at least ten Business
Days prior to the applicable payment date, the Trustee will make all payments on such Holder’s Notes by wire transfer of
immediately available funds to the account specified in those instructions. Otherwise, payments on the Notes will be made at the
office or agency of the Paying Agent and Registrar for the Notes within the City and State of New York unless the Company elects
to make interest payments by check mailed to the Holders at their addresses set forth in the register of Holders.

 

(3)         Paying
Agent and Registrar. Initially, The Bank of New York Mellon, the Trustee under the Indenture, will act as Paying Agent
and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries
may act in any such capacity.

 

(4)         Indenture.
The Company issued the Notes under an Indenture dated as of October 18, 2017 (the “Indenture”) between the Company
and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference
to the TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of
such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of
the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Company. The Indenture does not limit
the aggregate principal amount of Notes that may be issued thereunder.

 

(5)         Optional
Redemption. 

 

The Notes may
not be redeemed prior to the Stated Maturity, except as set forth in Section 3.01 of the Indenture, and subject to the procedures
set forth in Section 3.02 of the Indenture.

 

Mandatory
Redemption.

 

The Company is
not required to make mandatory redemption or sinking fund payments with respect to the Notes.

 

    	 	A-2	 

     

    

  

(6)         Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in minimum denominations of US$200,000 and integral
multiples of US$1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar
and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company
may require a Holder to pay any taxes and fees required by law or permitted by the Indenture.

 

(7)         Persons
Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes.

 

(8)         Amendment,
Supplement and Waiver. Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented with
the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes including Additional
Notes, if any, voting as a single class, and any existing Default or Event or Default or compliance with any provision of the Indenture
or the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding
Notes including Additional Notes, if any, voting as a single class. Without the consent of any Holder of a Note, the Indenture
or the Notes may be amended or supplemented to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes
in addition to or in place of certificated Notes, to provide for the assumption of the Company’s obligations to Holders in
case of a merger or consolidation, to add any applicable covenants, to surrender any right or power under the Indenture conferred
to the Company, not for the benefit of any Holder, to make any change that would provide any additional rights or benefits to the
Holders or that does not adversely affect the legal rights under the Indenture of any such Holder, to comply with the requirements
of the SEC in order to effect or maintain the qualification of the Indenture under the TIA, to conform the text of the Indenture
or the Notes to any provision of the “Description of Notes” section of the Company’s Prospectus Supplement dated
September 26, 2017, relating to the initial offering of the Notes, to the extent that such provision in that “Description
of the Notes” was intended to be a verbatim recitation of a provision of the Indenture or the Notes, to provide for the acceptance
of a successor trustee, to provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture.

 

(9)         Defaults
and Remedies. Events of Default include: (i) failure by the Company to pay interest on any of the Notes when it becomes
due and payable and the continuance of any such failure for thirty (30) days; (ii) failure by the Company to pay the principal
on any of the Notes when it becomes due and payable, whether at Stated Maturity or otherwise and the continuance of any such failure
for seven days; (iii) the Company pursuant to or within the meaning of any Bankruptcy Law (A) commences a voluntary case, (B) consents
to the entry of an order for relief against it in an involuntary case, (C) consents to the appointment of a Custodian of it or
for all or substantially all of its assets, (D) makes a general assignment for the benefit of its creditors or (E) a governmental
intervention is declared with respect to the Company; or (iv) a court of competent jurisdiction or relevant entity enters an order
or decree under any Bankruptcy Law that (A) is for relief against the Company as debtor in an involuntary case, (B) appoints a
Custodian of the Company or a Custodian for all or substantially all of the assets of the Company, or (C) orders the liquidation
of the Company, and the order or decree remains unstayed and in effect for 60 days. If the Company fails to make payment of principal
of or interest or Additional Amounts, if any, on the Notes (and, in the case of payment of principal, such failure to pay continues
for seven (7) days or, in the case of payment of interest or Additional Amounts, such failure to pay continues for thirty (30)
days), each Holder has the right to demand and collect under the Indenture and the Company will pay to the Holders the applicable
amount of such due and payable principal, accrued interest and Additional Amounts, if any, on the Notes, provided, however,
that to the extent that the Superintendency of Finance has adopted an Intervention Measure in connection with the Company
under the Colombian Bankruptcy Law, the Holders of the Notes would not be able to commence independent collection proceedings to
recover amounts owed. There is no right of acceleration in the case of a default in any payment on the Notes (whether when due
or otherwise) or the performance of any of the Company’s other obligations under the Indenture or the Notes. Notwithstanding
the immediately preceding sentence, the Holders shall have the right to accelerate the payments due under the Notes upon the Company’s
liquidation. Subject to the subordination provisions of the Notes, if any Event of Default occurs and is continuing, the Trustee
may pursue any available remedy (excluding acceleration, except as provided herein) to collect the payment of principal and interest
on the Notes or to enforce the performance of any provision under the Indenture.

 

    	 	A-3	 

     

    

  

(10)        Subordination.
Payment of principal, interest and premium, if any, on the Notes in the event of liquidation, is subordinated to the prior
payment of Senior External Liabilities on the terms provided in the Indenture.

 

(11)        Trustee
Dealings with Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from,
and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were
not the Trustee.

 

(12)        No
Recourse Against Others. A director, officer, employee, incorporator or stockholder of the Company, as such, will not
have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of,
or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The
waiver and release are part of the consideration for the issuance of the Notes.

 

(13)        Authentication.
This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

(14)        Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).

 

(15)        CUSIP
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Company has caused CUSIP numbers to be printed on the Notes. No representation is made as to the accuracy of such numbers as printed
on the Notes and reliance may be placed only on the other identification numbers placed thereon.

 

(16)        GOVERNING
LAW. THE LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY; PROVIDED, HOWEVER, THAT THE AUTHORIZATION AND EXECUTION OF THIS INDENTURE AND THE NOTES BY THE COMPANY,
AND ANY SUBORDINATION PROVISIONS IN THE NOTES, WILL BE GOVERNED BY THE LAWS OF COLOMBIA. THE QUALIFICATION OF THE NOTES AS TIER
TWO CAPITAL WILL BE DETERMINED PURSUANT TO APPLICABLE COLOMBIAN BANKING LAW AND REGULATIONS.

 

The Company will furnish
to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:

 

    	 	A-4	 

     

    

 

Bancolombia S.A.

Carrera 48 No. 26-85, Avenida Los Industriales

Medellín, Colombia

Attention: Investor Relations

 

    	 	A-5	 

     

    

 

Assignment
Form

 

To assign this Note, fill
in the form below:

 

	(I) or (we) assign and transfer this Note to:	 
	 	(Insert assignee’s legal name)

 

	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	 
	 
	 
	 
	 
	 
	 
	 
	(Print or type assignee’s name, address and zip code)

 

	and irrevocably appoint 	 

to transfer this Note on the books of the Company.
The agent may substitute another to act for him.

 

Date: _______________

 

	 	Your Signature:	 
	 	(Sign exactly as your name appears on the face of this Note)

 

Signature Guarantee*: _________________________

 

*       Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    	 	A-6	 

     

    

  

Date: _______________

 

	 	Your Signature: 	 
	 	(Sign exactly as your name appears on the face of this Note)

 

	 	Tax Identification No.: 	 

 

Signature Guarantee*: _________________________

 

*       Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    	 	A-7	 

     

    

 

SCHEDULE
OF INCREASES OR DECREASES IN GLOBAL NOTE *

 

The following exchanges
of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made:

 

 

	Date
    of Exchange	 	Amount
    of decrease in

    Principal Amount of

    this Global Note	 	Amount
    of increase in

    Principal Amount of

    this Global Note	 	Principal
    Amount of

    this Global Note

    following such

    decrease

    (or increase)	 	Signature
    of authorized

    officer of Trustee or

    Note Custodian
	 	 	 	 	 	 	 	 	 

 

		*	This schedule should be included only if the Note is
issued in global form.

 

    	 	A-8

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