To the Board of Directors and Stockholders of Bancolombia S.A.:
We consent to incorporation by reference in the registration statement on Form F-3 of Bancolombia S.A. of our
report dated January 21, 2003, except note 30, which is as of March 12, 2003, relating to the consolidated
balance sheets of Bancolombia S.A. and subsidiaries as of December 31, 2002, and the related consolidated
statements of operations, stockholders' equity and cash flows for each of the years in two-year period ended
December 31, 2002 which report appears in the December 31, 2003, annual report on Form 20-F of
Bancolombia S.A. Our report refers to changes in classification and valuation of investment securities.
March 15, 2004