Bancolombia S.A. Announces Sale of Real Estate Property

Today, Bancolombia S.A. announced the sale to CMB S.A. of 67.42% of its interests in a real estate property (public registry number 060-209429) located in the Chambacu sector in Cartagena, Colombia. The sale price amounted to Ps. 22,531,764,000 (approximately US$ 9,720,346.85) (1) and has been already paid to Bancolombia.

Bancolombia also made an in-kind contribution to CMB S.A., of its rights in the trust Lote Chisa 2C, (the “Trust”) which is managed by Fiduciaria Bancolombia S.A. The Trust’s only asset is a real estate property (public registry number 060-163654), located in the Chambacu sector in Cartagena, Colombia.

(1) Exchange Rate for December 1, 2008. Ps. 2,318.00 = 1US$