The moderating roles of friendship and contextual variables on associations between social withdrawal and peer exclusion and growth curves of depressed affect were studied with a three-wave multilevel longitudinal design. Participants were 313 boys and girls aged 10–12 from Canada (n = 139), mostly of European and North African descent, and Colombia (n = 174), mostly mestizo, afrocolombian, and European descent. Depressed affect, peer exclusion, social withdrawal and friendship were assessed with peer-reports, and collectivism and individualism with self-reports. Group-level scores included gender, place and means of social withdrawal, peer exclusion, friendship, collectivism and individualism for each child’s same-gender classroom peer-group. Results indicated that being friended weakened associations between peer exclusion and social withdrawal and depressed affect. The strength of this effect varied across peer-group contexts.