MEDELLIN, Colombia, March 31 /PRNewswire-FirstCall/ -- On March 28, 2008, the Civil Chamber of the Colombian Supreme Court of Justice (the "Supreme Court") temporarily suspended the decision of the Tribunal Superior de Bogota (the "Superior Court") dated February 26, 2008, that annulled an award granted by an arbitral tribunal in March 30, 2006 (the "Arbitral Award") requiring Mr. Jaime Gilinski to pay Ps 63,216,447,152 to Bancolombia S.A. ("Bancolombia"). This amount included accrued interest and adjustments for inflation. The arbitral tribunal that granted the Arbitral Award, had ruled in favor of Bancolombia, and the validity and enforceability of a guaranty granted by the former Banco de Colombia S.A. for payment of specific contingencies and liabilities, the value of which is now US$ 30 million. Bancolombia had filed the complaint, in the context of the merger between Banco de Colombia S.A. and Bancolombia. In a decision dated February 26, 2008, the Superior Court annulled the Arbitral Award, based solely on procedural matters. The Supreme Court temporarily suspended the Superior Court decision, rejecting the Superior's Court reasoning and holding that an annulment of the Arbitration Award violated the constitutional rights of Bancolombia. Bancolombia will continue to enforce its rights and those of its shareholders before the competent forums. Bancolombia will continue to defend the validity and the transparency of the actions of the bank and its officers in the acquisition of Banco de Colombia S.A. and the subsequent merger. DATASOURCE: Bancolombia S.A. CONTACT: Sergio Restrepo, Executive VP, +1-574-510-8668, or Jaime A. Velasquez, Financial VP, +1-574-510-8666, or Juan Esteban Toro, IR Manager, +1-574-510-8866, all of Bancolombia S.A Web site: http://www.bancolombia.com.co/

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