. . . EXHIBIT 8.1. LIST OF BANCOLOMBIA'S SUBSIDIARIES AS OF DECEMBER 31, 2006. ENTITY JURISDICTION OF BUSINESS SHAREHOLDING DIRECTLY INCORPORATION AND INDIRECTLY Leasing Bancolombia S.A. Colombia Leasing 100.00% Fiduciaria Bancolombia S.A. Colombia Trust 98.81% Bancolombia (Panama), S.A. Panama Banking 100.00% Banca Inversion Bancolombia S.A. Colombia Investment Banking 100.00% Almacenes Generales de Depositos S.A. Colombia Warehousing and logistics 98.31% Sufinanciamiento S.A. Colombia Financial services 99.98% Suleasing Internacional S.A. Panama Leasing 100.00% Valores Bancolombia S.A. Colombia Securities brokerage 100.00% Bancolombia Puerto Rico Puerto Rico Banking 100.00% Multienlace S.A. Colombia Contact center 98.20% Inversiones Valores y Logistica S.A. Colombia Investments 98.31% Factoring Bancolombia S.A. Colombia Financial services 99.97% Patrimonio Autonomo CV Sufinanciamiento Colombia Loan management 100.00%