MEDELLIN, Colombia, Oct. 7 /PRNewswire-FirstCall/ -- This correction to the Information Statement, dated October 6, 2008, corrects an inadvertent error in the approximate value of the 38 real estate properties transferred to 'Colombia Inmobiliaria'. The corrected information statement is as follows:

On October 3, 2008, Bancolombia S.A. ('Bancolombia') made an in-kind contribution of 38 real estate properties to private equity fund Colombia Inmobiliaria ('Colombia Inmobiliaria'). The 38 properties are valued at approximately Ps. 23,034,874,029 (approximately US$ 10,505,304)(1). Colombia Inmobiliaria will be managed by Bancolombia's subsidiary Fiduciaria Bancolombia S.A.

In exchange for its contribution, Bancolombia will receive securities issued by Colombia Inmobiliaria. These securities are expected to be traded on the Colombian Stock Exchange.

(1) Exchange rate October 3, 2008 Ps 2,192.69 = US$ 1

SOURCE Bancolombia S.A.