Totaling Ps 500.5 Billion for the First Five Months of 2008* MEDELLIN, Colombia, June 11 /PRNewswire-FirstCall/ -- Bancolombia S.A. ("Bancolombia") reported unconsolidated net income of Ps 75.5 billion in May 2008. As of May 31, 2008, net income for Bancolombia on an unconsolidated basis totaled Ps. 500.5 billion for the first five months of 2008, increasing 58.0% as compared to the same period of 2007. -- Net interest income, including investment securities, totaled Ps. 206.8 billion in May 2008. For the five month period ended May 31, 2008, net interest income totaled Ps. 1,004.9 billion, increasing 40.9% as compared to the same period last year. -- Net fees and income from services in May 2008 totaled Ps. 59.2 billion. For the five month period ended May 31, 2008, net fees and income from services totaled Ps. 308.2 billion, which represents an increase of 18.7% as compared to the same period of 2007. -- Other operating income totaled Ps. 28.8 billion in May 2008. For the five month period ended May 31, 2008, other operating income totaled Ps. 328.2 billion increasing 116.5% as compared to the same period last year. Bancolombia notes that a considerable part of this revenue comes from dividend income received from subsidiaries, which is eliminated in the consolidated results as it is an intercompany transaction. As a result, this dividend income is only recorded in Bancolombia's unconsolidated results. -- Net provisions totaled Ps 53.7 billion in May 2008. Net provisions totaled Ps 204.7 for the five month period ended May 31, 2008, which represents an increase of 189.9% as compared to the same period of 2007. -- Operating expenses totaled Ps. 148.4 billion in May 2008. For the five month period ended May 31, 2008, operating expenses totaled Ps. 701.3 billion, increasing 8.6% as compared to the same period of 2007. Total assets (unconsolidated) amounted to Ps 32.8 trillion, loans amounted to Ps 23.6 trillion, deposits totaled Ps 20.5 trillion and Bancolombia's total shareholders' equity amounted to Ps 4.93 trillion. Bancolombia's (unconsolidated) level of past due loans as a percentage of total loans amounted to 3.55% as of May 31, 2008, and the level of allowance for past due loans amounted to 121.90% as of the same date. Market Share According to Asobancaria (Colombia's national banking association), Bancolombia's market share in the Colombian financial system as of May 2008 was as follows: 21.1% of total net loans, 21.0% of total checking accounts, 18.7% of total savings accounts, 15.7% of total time deposits and 18.2% of total deposits. * This report corresponds to the unconsolidated financial statements of Bancolombia. The numbers contained herein are subject to review by the relevant Colombian authorities. This information has been prepared in accordance with generally accepted accounting principles in Colombia and is stated in nominal terms. Contacts Sergio Restrepo Executive VP Tel.: (574) 5108668 Jaime A. Valasquez Financial VP Tel.: (574) 5108666 Juan Esteban Toro IR Manager Tel.: (574) 5108866 DATASOURCE: Bancolombia S.A. CONTACT: Sergio Restrepo, Executive VP, +011-574-5108668, or Jaime A. Valasquez, 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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