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Bancolombia S.A. Announces Successful Offering of Subordinated Ordinary Notes

MEDELLIN, Colombia, March 4 /PRNewswire-FirstCall/ -- Bancolombia S.A. (NYSE: CIB) ("Bancolombia") successfully completed the first issuance and offering of Bonos Ordinarios Subordinados Bancolombia (the "Subordinated Ordinary Notes") for an aggregate principal amount of four hundred billion pesos (Ps. 400,000,000,000) (approximately US$ 155 million)**. This issuance and offering is the first of multiple and successive issuances of Subordinated Ordinary Notes which are limited up to an aggregate principal amount of one trillion Colombian pesos (Ps. $1,000,000,000,000) (approximately US $ 386 million)**.

Bancolombia offered the Subordinated Ordinary Notes with an aggregate principal amount of three hundred billion pesos (Ps. 300,000,000,000) and up to four hundred billion pesos (Ps. 400,000,000,000) if the over-allotment option was exercised. The over-allotment option was fully exercised.

The subscription for today's offering was for Ps. 575,407,000,000 equivalent to 1.9 times the size of the offering.

The Subordinated Ordinary Notes are issued in registered form ("a la orden") and negotiable in the secondary market and have the following terms:

    SERIES       MATURITY       COUPON RATE            AGGREGATE
                                                    PRINCIPAL AMOUNT
                                                     (Ps. Million)
    A10          10 years      10.70 % E.A.              65,100
    B10          10 years      IPC* + 6.45 % E.A.       125,900
    B15          15 years      IPC* + 6.90 % E.A.       209,000


    *  IPC: Consumer Price Index
    ** Representative Market Rate:  March 04, 2008 Ps. 2,588.96 =  US$ 1

The entire proceeds from the offering will be used for general corporate purposes of Bancolombia, including all the business and operational transactions available to banking institutions in accordance with the terms and requirements established by applicable law.

The lead coordinator and lead book-running manager for the transaction was Banca de Inversion Bancolombia S.A. Corporacion Financiera. Valores Bancolombia S.A. also participated in the transaction as book-running manager.

The Subordinated Ordinary Notes were rated AA+ by Duff & Phelps of Colombia.

SOURCE Bancolombia S.A.

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