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MEDELLIN, Colombia, March 3 /PRNewswire-FirstCall/ -- Today, Bancolombia S.A. (NYSE: CIB) ("Bancolombia") announced the local public offering of tranche 1 of Bonos Ordinarios Subordinados (the "Subordinated Ordinary Notes"). This offering of Subordinated Ordinary Notes (the "First Subordinated Ordinary Notes Offering") is the first offering of multiple and successive issuances of Subordinated Ordinary Notes up to an aggregate principal amount of one trillion Colombian pesos (Ps $1,000,000,000,000).

Three hundred thousand (300,000) Subordinated Ordinary Notes were offered in the First Subordinated Ordinary Notes Offering for an aggregate principal amount of three hundred billion pesos ($ 300,000,000,000) (approximately US$ 116 million)*. Bancolombia may increase the offering principal amount of Subordinated Ordinary Notes by one hundred billion pesos ($100,000,000,000), for a total amount of up to four hundred billion pesos ($400,000,000,000) (approximately US$ 154 million)*.

The First Subordinated Ordinary Notes Offering has been rated AA + by Duff & Phelps de Colombia S.A.

The First Subordinated Ordinary Notes Offering was announced on page 7A of the March 3, 2009 edition of the Colombian newspaper "La Republica."

* Representative Market Rate: March 03, 2008 Ps. 2,590.97 = US$ 1

SOURCE Bancolombia S.A.

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