CERTIFICATION

I, Jorge Londono Saldarriaga, certify that:

   1.   I have reviewed this annual report on Form 20-F of Bancolombia S.A.;

   2.   Based on my knowledge, this report does not contain any untrue statement
        of a material fact or omit to state a material fact necessary to make
        the statements made, in light of the circumstances under which such
        statements were made, not misleading with respect to the period covered
        by this report;

   3.   Based on my knowledge, the financial statements, and other financial
        information included in this annual report, fairly present in all
        material respects the financial condition, results of operations and
        cash flows of the registrant as of, and for, the periods presented in
        this annual report;

   4.   The registrant's other certifying officer and I are responsible for
        establishing and maintaining disclosure controls and procedures (as
        defined in Exchange Act Rules 13a - 15(e) and 15d - 15(e)) and internal
        control over financial reporting (as defined in Exchange Act Rules
        13a-15(f) and 15d-15(f)) for the registrant and have:

        (a)  Designed such disclosure controls and procedures, or caused such
             disclosures controls and procedures to be designed under our
             supervision, to ensure that material information relating to the
             registrant, including its consolidated subsidiaries, is made known
             to us by others within those entities, particularly during the
             period in which this report is being prepared;

        (b)  Designed such internal control over financial reporting or caused
             such internal control over financial reporting to be designated
             under our supervision, to provide reasonable assurance regarding
             the reliability of financial reporting and the preparation of
             financial statements for external purposes in accordance with
             generally accepted accounting principles;

        (c)  Evaluated the effectiveness of the registrant's disclosure controls
             and procedures and presented in this report our conclusions about
             the effectiveness of the disclosure controls and procedures, as of
             the end of the period covered by this report based on such
             evaluation; and

        (d)  Disclosed in this report any change in the registrant's internal
             control over financial reporting that occurred during the period
             covered by the annual



             report that has materially affected, or is reasonably likely to
             materially affect, the registrant's internal control over financial
             reporting; and

   5.   The registrant's other certifying officer and I have disclosed, based on
        our most recent evaluation of internal control over financial reporting,
        to the registrant's auditors and the audit committee of registrant's
        board of directors (or persons performing the equivalent function):

        (a)  All significant deficiencies and material weaknesses in the design
             or operation of internal control over financial reporting which are
             reasonably likely to adversely affect the registrant's ability to
             record, process, summarize and report financial information; and

        (b)  Any fraud, whether or not material, that involves management or
             other employees who have a significant role in the registrant's
             internal control over financial reporting.

Date: May 10, 2007
     ---------------------                 /s/ Jorge Londono Saldarriaga
                                           -------------------------------
                                           Name: Jorge Londono Saldarriaga
                                           Title: Chief Executive Officer