com.co . AC/DC's Back in Black, David Bowie's Reality, Avril Lavigne's Under My Skin,
Jennifer Lopez's Rebirth, John Mayer's Heavier Things, Velvet Revolver 's
Contraband and Toby Keith's Shock'n Y'all

Among New DualDiscs Released In February and March

Initial Holiday Sales Generate Strong Consumer Interest

NEW YORK, Following an impressive debut over the
2004 holiday season, major and independent record labels are set to release
more than 25 additional titles on DualDisc, an exciting new double -sided music
entertainment product that combines audio and video content on a single disc."
All of the major recording companies including SONY BMG, Universal Music
Group, Warner Music Group , and EMI, as well as independent companies such as
5.

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(Lava Records), released on
DualDisc, was certified platinum by the Recording Industry Association of
America (RIAA). Kije Symphonic Suite "
-- Wishbone Ash, "Bare Bones"
-- Yo-Yo Ma, "Yo-Yo Ma Plays Ennio Morricone"

More than 50 titles were part of the initial rollout of DualDisc in
November, 2004 including:
-- Simple Plan's newest album "Still Not Getting Any.

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Principal Directors Alternate Directors

Juan Camilo Ochoa Restrepo David Bojanini Garcia
Jose Alberto Velez Cadavid Carlos Raul Yepes Jimenez
Carlos Enrique Piedrahita Arocha Juan Sebastian Betancur Escobar
Gonzalo Alberto Perez Rojas Carlos Mario Giraldo Moreno
Ricardo Sierra Moreno Francisco Moncaleano Botero
Juan Camilo Restrepo Salazar Luis Alberto Zuleta Jaramillo
Alejandro Gaviria Uribe Maria Angelica Arbelaez Restrepo

Profit Distribution
In addition, the shareholders of Bancolombia approved the distribution of
profits earned by the Bank for fiscal year 2005 as proposed by the Bank 's
Board of Directors. "Over the next year we look forward to enabling more and more artists
to reach their fans using this exciting new product." featuring 20
minutes of exclusive behind the scenes "making of the album" footage
-- Nine Inch Nails' "The Downward Spiral" featuring exclusive photos and
videos in surround sound and a complete discography
-- Blondie 's "The Curse of Blondie" featuring stunning 5.

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In accordance with the Board's proposal, after retaining
the reserve necessary under Colombian law and creating a mandatory reserve for
investment portfolio valuation, a quarterly dividend of COP 127 per share per
quarter for a total of COP 508 per year was approved, to be paid after the
last business day of each calendar quarter (April 3, July 4, October 2, 2006,
and January 2, 2007)..
"Music fans responded very well to the introduction of DualDisc this
holiday season," said John Esposito, President and CEO, WEA Corp. 4"
-- David Bowie , "Reality"
-- Destiny's Child, "Destiny Fulfilled"
-- Dishwalla, "Opaline"
-- DJ Haul and Mason, "Half Baked Goods"
-- Donovan, "Fairy Tale"
-- Five for Fighting , "The Battle for Everything"
-- Good Charlotte, The Young and the Hopeless"
-- Humble Pie, "Live at the Whisky A Go-Go '69"
-- Incubus, "A Crow Left of the Murder"
-- Jane Monheit, "In the Sun"
-- Jennifer Lopez, "Rebirth"
-- John Mayer, "Heavier Things"
-- Joshua Bell, "Romance Of The Violin"
-- Judas Priest, "Angel of Retribution"
-- Lee Ann Womack, "Greatest Hits"
-- Los Lonely Boys, "Los Lonely Boys"
-- Mercy Me , "Almost There"
-- Miles Davis, "Kind of Blue"
-- Motorhead, "Overkill"
-- Omarion , "Omarion"
-- Peter Green's Fleetwood Mac, "Live at the BBC"
-- Philharmonic Promenade Orchestra of London/Boult, "Ludwig van
-- Beethoven: Symphony No.

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Resolutions of the General Shareholders' Meeting of Bancolombia S.A.

MEDELLIN, Colombia, March 2008 period.

DECISIONS OF THE BOARD OF DIRECTORS
March 2, 2006
In its meeting today, the Board of Directors of Bancolombia approved a
partial amendment of the Bank's Corporate Governance Code, which will also be

filed with the SEC and made available in English through Bancolombia's Web
Page http:/ /www.
With the first side of every DualDisc containing a full audio album, and
the DVD side providing the same album in enhanced sound (such as 5.1 Entertainment Group. 6"
-- Utah Symphony Orchestra/Abravanel conducting,
"Brahms - Symphony No..1 surround sound
and music video of club hit "Good Boys."
DualDisc has already received an impressive response from consumers in
test markets conducted in 2004.

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, Warner
Music Group's U. Music consumers who purchased a DualDisc said
it met or exceeded their expectations.

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"
"DualDisc technology provides artists with a new creative outlet which
combines their passion for music with the endless possibilities of DVD," said
Phil Quartararo, President of EMI Music Marketing and EVP, EMI Music North
America .5 and Leonore Overture"
-- REO Speedwagon, "Live: Plus"
-- Sammy Hagar, "Hallelujah "
-- Slaughter, "Then and Now"
-- Stray Cats, "Rockabilly Rules"
-- Switchfoot , "The Beautiful Letdown"
-- Tesla, "Standing Room Only"
-- The Church, "Forget Yourself "
-- The 5 Browns, "Introducing The 5 Browns"
-- The Pentangle, "Basket of Light"
-- The Pogues, "Streams of Whiskey"
-- The Searchers, "The Very Best of the Searchers"
-- Toby Keith, "Shock'n Y'all"
-- Todd Rundgren, "Liars"
-- Train, "My Private Nation "
-- Usher, "8701"
-- Utah Symphony Orchestra/Abravanel, "Leroy Anderson-Fiddle Faddle "
-- Utah Symphony Orchestra/Abravanel, "Tchaikovsky's Swan Lake"
-- Utah Symphony Orchestra /Abravanel conducting,
"Mahler - Symphony No. "DualDisc provides the budget
conscious consumer with the best value in music entertainment without
compromising quality.

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The approved dividend represents a 35..

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S. Jane, "Johann Sebastian Bach: The Brandenburg
Concertos" Astrud Gilberto, "Now"
-- Avril Lavigne, "Under My Skin"
-- Baltimore Symphony/Orchestra, "Saint Saen's Organ Symphony/Franck's
Symphony in D Minor"
-- Baltimore Orchestra/Houston Symphony Orchestra , "Tchaikovsky's
Symphony No.

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New DualDisc Titles to Hit Stores Beginning February 2005

"We're thrilled to be coming to the marketplace with an innovative slate
of DualDiscs, representing a broad range of artists and genres, including
titles from Omarion, Jennifer Lopez, Velvet Revolver , Usher, AC/DC, Destiny's
Child and Avril Lavigne," commented Jordan Katz, Co-President, SONY BMG Sales
Enterprise.

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"
In fact, just 10 weeks after its release in October 2004, Simple Plan's
sophomore album Still Not Getting Any .

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DualDisc will add an
exciting new dimension to the consumer 's musical experience.. "The platinum
certification of Simple Plan's album illustrates DualDisc's appeal to
consumers.

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sales and retail marketing company. Among the
DualDisc titles slated for release in February and March of 2005 are:

-- AC/DC, "Back in Black"
-- Academy of St. 1"
-- Utah Symphony Orchestra/Abravanel conducting, "Rachmaninov - Symphony
No.

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"

"This past holiday season proved to be an excellent time to introduce
music fans to this new, exciting music product," said Jim Urie, President,
Universal Music and Video Distribution .

Sites in which the primary focus is the etymology of a surname and its variants, a one-name study or organization, relevant genealogy, or an associated family history.

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1% increase over
the dividend paid in 2005.1 Surround
Sound), along with such multimedia features as music videos, documentary
footage , photo galleries, web links, and so on, DualDisc was created to bring
the fan even closer to the creative artistic process.

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"Initial
sales figures exceeded our expectations and retailers have reported strong
consumer demand for albums on DualDisc.

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bancolombia.

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In addition, 90 percent of consumers
who experienced DualDisc said they would recommend DualDisc to a friend and
82 percent said they are satisfied or extremely satisfied with DualDisc.

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"
"We are thrilled with the consumer response to DualDisc and look forward
to bringing many additional titles to the market in the coming months ," said
John Trickett, Chief Executive Officer, 5. The certification, for sales to retail in excess of one
million copies, marks a first for DualDisc.1 Entertainment/Silverline Records, are developing DualDiscs. 3"
-- Utah Symphony Orchestra, "Jean Sibelius: Symph 1+ 4"
-- Utopia, "KSAN 95 FM Live '79"
-- Various Artists, "The British Are Coming"
-- Various Artists Reggae Tribute to Bob Dylan, "Is It Rolling Bob?"
-- Velvet Revolver, "Contraband"
-- Vienna State Opera Orchestra Peter and the Wolf by Boris Karloff,
-- "Serge Prokofiev's Peter and the Wolf and Lt.

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Additionally, in order to encourage Bancolombia's growth in fiscal year
2006 , the Board's proposal for an appropriation of COP 286,307 million to
increase the mandatory reserve was approved. One disc, two
experiences.
Bill Frohlich, Co-President, SONY BMG, Sales Enterprise added, "From the
brilliantly stylized, high concept film, created by David Bowie, which is
included on the Reality DualDisc, to 'Made In Heaven,' the compelling
25-minute mini-documentary that is part of the Kind Of Blue disc, SONY BMG's
first DualDisc releases make extremely good use of the extraordinary
capabilities of this exciting new product.