Bancolombia S.A. Announces that an Extraordinary Shareholders' Meeting Will be Held...

Bancolombia S.A. Announces that an Extraordinary Shareholders' Meeting Will be
Held on July 8, 2009

MEDELLIN, Colombia, June 26 /PRNewswire-FirstCall/ -- The board of directors
of Bancolombia S.A. ("Bancolombia") (NYSE: CIB) decided to call an
Extraordinary Shareholders Meeting to be held on Wednesday July 8, 2009, at
9:00 a.m. in Bancolombia's headquarters located in Carrera 48 #26-85, Torre
Sur, 11th Floor, Medellin, Colombia.

The only matter on the agenda for this Extraordinary Shareholders' Meeting
will be a proposal to issue non-voting preferred shares of Bancolombia and the
delegation of authority to determine the terms of the issuance and offering of
such preferred shares to the Board of Directors. The decision to propose a
share issuance was taken in order to continue strengthening Bancolombia's
capital and be in a position to take advantage of existing market
opportunities.

SOURCE Bancolombia S.A.

Sergio Restrepo, Executive VP, Bancolombia S.A., 574-404-1424, or Jaime A.
Velasquez, Financial VP, 574-404-2199, or Juan E. Toro, IR Manager,
574-404-1837, all of Bancolombia S.A.