Bancolombia S.A. Announces Approval by the General Shareholders Meeting of Distribution of 2008 Profits

MEDELLIN, Colombia, March 2  /PRNewswire-FirstCall/ -- Today at the annual general shareholders meeting of Bancolombia S.A. ("Bancolombia"), the shareholders of Bancolombia adopted the following resolutions:

  1. Approval of the financial statements for the year ended December 31,
     2008.

  2. Approval of the distribution of the 2008 profits, following a proposal
     made by the Board of Directors of Bancolombia. The shareholders
     approved a distribution of dividends in an amount equivalent to Ps. 624
     per share, per quarter, which will be payable as of the first business
     day of each calendar quarter (April 1, July 1, and October 1, 2009, and
     January 4, 2010).



The dividends to be paid in 2009 represent an increase of 9.9% with respect to the dividends paid in 2008. Bancolombia notes that 90.12% of the amount to be paid as dividends does not constitute taxable income under Colombian regulations.

The shareholders also approved an allocation of Ps. 538,776,428 to increase the legal reserves. 

DATASOURCE: Bancolombia S.A.



CONTACT:  Sergio Restrepo, Executive VP, (574)4041424, or Jaime A.

Velasquez, Financial VP, (574)4042199, or Juan E. Toro, IR Manager,

(574)4041837, all for Bancolombia S.A.



Web site:  http://www.bancolombia.com.co/ 

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