Bancolombia S.A. Announces Amendment of Ordinary Notes Terms

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Wed Jun 24, 2009 9:05am EDT 

MEDELLIN, Colombia, June 24 /PRNewswire-FirstCall/ -- Yesterday, June 23,
the board of directors of Bancolombia S.A. ("Bancolombia") (NYSE: CIB)
approved an amendment to Reglamento de Emision y Colocacion de Multiples y
Sucesivas Emisiones de Bonos Ordinarias con Cargo a un Cupo Global  (the
"Ordinary Notes Terms") which incorporates a new series which will be pegged
to the IBR (Indicador Bancario de Referencia) index rate.
    The Ordinary Notes Terms that had been approved at a meeting of the board
of directors of Bancolombia held on December 18, 2006 govern the financial
terms and maximum interest rates of the ordinary notes to be issued from time
to time by Bancolombia in the Colombian local markets.
    The board of directors of Bancolombia authorized the legal representative
of Bancolombia to carry out all actions and request the necessary permits that
may be required for the implementation of this amendment.
    Sergio Restrepo
    Executive VP
    Tel.: (574) 4041424

    Jaime A. Velasquez
    Financial VP
    Tel.: (574) 4042199

    Juan Esteban Toro
    IR Manager
    Tel.: (574) 404183

SOURCE  Bancolombia S.A.

Sergio Restrepo, Executive VP, +011-574-4041424, or Jaime A. Velasquez,
Financial VP, +011-574-4042199, or Juan Esteban Toro, IR Manager,
+011-574-4041837, all of Bancolombia S.A.
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