MEDELLIN, Colombia, July 16 /PRNewswire-FirstCall/ -- Bancolombia S.A ("Bancolombia") has been informed, by a letter dated July 14, 2008, of the irrevocable resignation of Mr. Francisco Moncaleano Botero, as a member of Bancolombia's Board of Directors and the Audit Committee of the Board. The acceptance of the resignation and the election, if any, of a new member of the Board will occur at Bancolombia's next General Shareholders Meeting. The Board of Directors, whose next scheduled meeting is on July 28, 2008, has the power to decide all matters regarding the composition of Bancolombia's Audit Committee. 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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