MEDELLIN, Colombia, Sept. 2 /PRNewswire-FirstCall/ -- In accordance with Decree 3139 of 2006, Bancolombia S.A. ("Bancolombia") hereby announces that, on August 27, 2008, the Colombian tax authority (Departamento de Impuestos y Aduanas Nacionales or DIAN) issued Resolution No. 0007968, which imposed a fine on Bancolombia for the amount of Ps. 5,529,399,458 (approximately US $ 2.86 million(1)) due to the late filing of certain Colombian tax returns for 2006. Bancolombia will study Resolution No. 0007968 and will analyze the possibility of contesting it in accordance with applicable law. (1) Exchange Rate September 2, 2008. Ps. 1,932.20 = 1 USD 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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