Article: Bancolombia S.A. Announces That the Superior Court of Bogota Dismisses the Annulment Action Filed by the Bank.

MEDELLIN, Colombia, March 5 /PRNewswire-FirstCall/ -- Today the Superior Court of Bogota dismissed a complaint filed by Bancolombia S.A. ("Bancolombia") on February 17, 2004 that sought the annulment of a January 30, 2004 arbitral award (the "Arbitral Award") of compensation to a class of minority shareholders of the former Banco de Colombia. The court rejected the grounds for annulment advanced by Bancolombia.

Under the Arbitral Award, shareholders of the former Banco de Colombia will be entitled to compensation if they: (i) fulfill the requirements established in articles 55 and 66 of Law 472 of 1998, (ii) fulfill the requirements established in the Arbitral Award, ...

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