(GRUPO SURA) December 29, 2011 – GRUPO SURA has become the largest pension fund player in Latin America with one of the most important insurance and investment operations within the region. The regulatory authorities in Colombia, Mexico, Chile, Peru and Uruguay have all formally issued the authorizations required for Grupo de Inversiones Suramericana –
GRUPO SURA- to proceed to close the acquisition of the ING Group´s assets in Latin America, as initially announced on July 25 of this year. Such closing took place today.

GRUPO SURA also announced that General Atlantic, a global investor in growth companies, will be part of this deal with an investment of USD 300 million, joining Grupo Bolívar, IFC and Bancolombia. In addition to capital, for USD 1,050 million, these top-tier co-investors bring broad knowledge and experience to team up with GRUPO SURA achieving its growth
objectives.

“We are delighted to be adding these businesses to GRUPO SURA so that we can begin to share the experience and know-how that each of these companies has amassed over the years in each of their respective markets. This combination provides enormous benefits for our new affiliates. Our organizations share the same values and the same commitment to excellent customer service, and we warmly welcome our new affiliates into Grupo Sura,” stated David Bojanini Garcia, CEO of GRUPO SURA. “With our new investors, GRUPO SURA and the combined businesses have sound and stable backing so that our clients can have the utmost confidence in us for their savings and investments.”

William E. Ford, General Atlantic’s CEO, said, “As a market leader in financial services in the fast growing Andean countries – Chile, Colombia, and Peru- and with a strong position in Mexico and Uruguay, GRUPO SURA’s new acquisition is well positioned to add new investment
management services and to accelerate its growth in the region. We are pleased to partner with GRUPO SURA, a leading Latin American financial services group with a record of successful acquisitions.”

GRUPO SURA shall continue to uphold its core strategy of harnessing synergies among the companies that make up its investment portfolio, consolidating markets, and fostering sustainable business, in order to create added value for its clients and shareholders.

“The employees and clients of the companies that we have acquired in Latin America can rest assured that GRUPO SURA, as part of its long-term strategy, is committed to fostering the already excellent quality of the workforce that exists today as well as to provide our new affiliates with the best possible benefits,” reaffirmed David Bojanini. “With the current state
of the global economy, the emerging markets are becoming a more attractive investment option. This alliance represents a long-term commitment to building a leading firm in Latin America.”

GRUPO SURA will now embark on a corporate identity transition period, which is expected to conclude in a few weeks in Chile, Mexico, Peru and Uruguay and in the middle part of 2012 for Colombia. The acquired companies will continue their normal course of business, ensuring that
affiliates are provided with the best possible service. ING’s former clients shall continue to deal with the Company just as before and shall be attended by the same professional, experienced staff.

In November GRUPO SURA ratified the senior management executives of the companies in Mexico, Chile, Peru and Uruguay, based on the Company’s confidence in the human talent and excellent results of these companies, all of which made this acquisition so attractive.

Nevertheless, this process has still to be ratified in Colombia, where we expect to obtain the
required authorization for an integrated operation with Protección.

About this acquisition
The agreement governing GRUPO SURA´s acquisition of the ING assets in Chile, Mexico, Uruguay, Peru and Colombia was first announced back in July. The final value of this transaction came to USD 3.614 million, which was the largest acquisition ever to be carried out by a Latin American company in the region.

As we had initially projected, the financing arrangements included the Company’s cash resources, funds obtained from an IPO of preferred shares, a portion of debt with private banks and contributions received from top-tier co-investors such as International Finance Corporation, Grupo Bolívar, Bancolombia and General Atlantic.

About GRUPO SURA
Grupo de Inversiones Suramericana is a multi-Latin holding company listed on the Colombian stock exchange and registered with the ADR- Level 1 program in the United States. It is also listed with the Latibex Market for Latin American Stocks in Euros hosted by the Madrid Stock Exchange. Its holdings enjoy a presence in various Latin American countries. The Company
has built up an experience spanning 67 years in the banking, insurance, pension, severance, food, cement and energy sectors.

These are just some of the figures corresponding to GRUPO SURA´s strategic investments, including the newly acquired companies together with the current operations of Bancolombia, Suramericana, Protección and Enlace Operativo.

• 25 million clients
• Managed assets totaling USD 121,000 million
• Presence spanning 8 Latin American countries
• Chile, México, Perú, Uruguay, Panamá, República
  Dominicana, El Salvador and Colombia. Along with branch offices in Miami, the
  Cayman Islands and Puerto Rico.
• 37,000 employees

About Sociedades Bolívar
Sociedades Bolívar S.A. is a Colombia company, listed with the Colombian Stock Exchange (BVC). It is the parent company of Grupo Empresarial Bolívar, which is a group of different companies from the insurance, finance and construction sectors. Its presence in Colombia goes back more than 70 years, and over the last few years it has expanded into countries such as the United States, Panama, Ecuador, Venezuela and Costa Rica

About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. GA combines a collaborative global approach, sector-specific expertise, and a deep understanding of growth drivers to partner with great management and build
exceptional businesses worldwide. Founded in 1980, GA manages US $ 17 billion
in capital with a worldwide staff of 75 experts in the field of investment professionals in its branch offices in Greenwich, New York, Palo Alto, London, Düsseldorf, Hong Kong, Peking, Mumbai and Sao Paulo. For more information and/or details regarding GA´s portfolio of public and private companies, please click on the following link: www.generalatlantic.com.

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. They create opportunity for people to escape poverty and improve their lives. They do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development.

About Bancolombia
With over 130 years of experience, Bancolombia is the largest bank in Colombia, offering a wide range of products and services to a diversified individual and corporate base of more than 6.9 million customers. BANCOLOMBIA delivers its products and services via its regional network
comprised of Colombia´s largest non-government owned banking network, El Salvador´s leading financial conglomerate (Banagricola S.A.), off-shore banking subsidiaries in Panama, Cayman and Puerto Rico, as well as an agency in Miami. Together, BANCOLOMBIA and its subsidiaries provide stock brokerage, investment banking, leasing, factoring, consumer finance, fiduciary and trust services, asset management, and insurance, among others.