Bancolombia S.A. Announces Board of Directors' Decision

MEDELLIN, Colombia, April 28 /PRNewswire-FirstCall/ -- In accordance with internal procedures, the Board of Directors of Bancolombia S.A. ("Bancolombia") authorized Mr. Luis Fernando Montoya Cusso, Vice President of Operations of Bancolombia, to give notice to Fiduciaria Helm Trust S.A. for the sale of Mr. Montoya Cusso's units in a share portfolio (Cartera Colectiva con Pacto de Permanencia Acciones Sistema Valor Agregado) managed by such company. The units have an approximate value of Ps $144 million (Approximately US$ 82,041)(1). The units represent shares of Bancolombia.

1) Exchange rate April 28, 2008 Ps 1,775.22 = US$ 1

First Call Analyst:
FCMN Contact: mabotero@bancolombia.com

Source: Bancolombia S.A.

CONTACT: Sergio Restrepo, Executive VP, +011-574-5108668, or Jaime A.
Velasquez, Financial VP, +011-574-5108666, or Juan Esteban Toro, IR Manager,
+011-574-5108866, all of Bancolombia

Web site: http://www.bancolombia.com.co/

2008-04-28 18:26:38 0347008 PRNEWSWIRE