MEDELLIN, Colombia, May 15 /PRNewswire-FirstCall/ -- The Labor Chamber of the Supreme Court of Justice (Sala Laboral de la Corte Suprema de Justicia) revoked the temporary order granted by the Civil Chamber of the Supreme Court of Justice on March 28, 2008, which suspended the decision of the Tribunal Superior de Bogota (the "Superior Court") while the appeal (recurso extraordinario de revision) filed by Bancolombia S.A. ("Bancolombia") remained pending. This decision relates to the constitutional action (accion de tutela) filed by Bancolombia opposing the decision of the Superior Court that annulled an award granted by an arbitral tribunal on March 30, 2006 (the "Arbitral Award"), requiring Mr. Jaime Gilinski to pay approximately Ps $63,000 million to Bancolombia relating to certain contingencies and liabilities, arising in the context of the merger between Banco de Colombia S.A. and Banco Industrial Colombiano ("BIC"). In its decision, the Labor Chamber also ruled that the guaranty (garantia fiduciaria) would remain in effect. This new decision does not resolve the substantive controversy arising from the merger with Banco de Colombia S.A. Bancolombia and its attorneys will analyze the decision of the Labor Chamber upon official notification of such decision from the Labor Chamber. Bancolombia will continue to enforce its rights and those of its shareholders before the competent forums. DATASOURCE: 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/

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