1. P. 161 of 2016 Estados separados de situación financiera

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1 Valorem S.A. hereby issues the answers given to those shareholders who have previously asked questions and queries about the company. The investor relations office of Valorem S.A., in accordance with the company's good governance policies and the rules of the public securities market, only provides information and answers questions to shareholders based on information that is public. The following are the questions that were received from our shareholders in November 2017, regarding the annual results as of December and 3Q 2017 results with their respective answers: 1. P. 161 of 2016 Estados separados de situación financiera Are the 2016 valuations for each business/investment the most recent valuations available? Is it possible to find the valuations for each business as of 3Q17 anywhere in your disclosure? A/ Please be advised that these figures are not a financial valuation of each business (i.e. an EBITDA multiple or discounted cashflows, etc.). These figures represent the carrying book values for each investment based on the equity method as described in IAS 28 (initial investment +/ investor s share in earnings +/ investor s share in changes in equity), and as stated in our summary of accounting policies Note 2.4B. The values in the Valor column represent the valuation of the % ownership/participation for Valorem only, correct? I.E. the total value of each respective enterprise would need to be grossed up for 100% ownership? A/ It represents the book value for each investment based on the equity method as described in the previous question. For that reason, it represents the ownership % for Valorem. If you gross them up for 100%, the figure would not necessarily reflect a market measurement (i.e. the book value depends on the initial amount invested on each business). We believe that your 20% stake in Gases del Caribe is presented by the Prime Other S.A.S. line item on p Please confirm if this is correct and explain why (1) the disclosure indicates Valorem owns 86.09% of PrimeOther S.A.S.

2 A/ The 20% stake in Gases del Caribe is owned through PrimeOther and the equity method of Gases del Caribe affects the carrying book value of PrimeOther. PrimeOther is 86.09% owned by Valorem directly, and 13.91% owned indirectly through another subsidiary of Valorem. Also, what do the 100% stake in PrimeValueServices S.A.S and PrimeFinanzas S.A.S. each represent? A/ Just like PrimeOther, PrimeValueServices and PrimeFinanzas are other investments owned by Valorem. 2. P. 59 of 2016 Estados separados de situación financiera: El EBITDA presentó un incremento del 6.13% con respecto al año 2015, alcanzando los $123,236 millones, lo cual a su vez representa un margen de 26.7%. Los anteriores indicadores incluyen costos especiales no recurrentes relacionados con la búsqueda de oportunidades de crecimiento no orgánico, que si son excluidos para fines comparativos se estaría alcanzando los $128,591 millones y un margen EBITDA de 27.84% (53 puntos básicos por encima del año anterior). Does the above paragraph say that Cine Colombia EBITDA in 2016 or 2015 would have been 128,591 millones excluding the onetime charge related to acquisition costs? A/ EBITDA figure of $128,591 million refers to EBITDA per p.60 of Valorem financials:

3 3. P. 15 of 3Q17 Financieros Consolidados: Which businesses are included in each Segment? A/ You may find in Note 9 on the Consolidated financials 2016 (page 87) the segment in which each company is included. Entretenimiento y medios Cine Colombia, Caracol TV, El Espectador, Cromos any other businesses included? A/ Stock Models SAS, Radial Bogota SA, Famosa SAS, Caracol America Productions LLC, Caracol Television Inc, Caracol TV America Corp, Mambo LLC. Logistica y transporte Ditransa and Suppla. Any other businesses included? A/ Suppla includes three other subsidiaries: Suppla Cargo SAS, Serviceuticos Ltda, and Agencia de Aduanas Supla SAS Nivel 1.

4 Retail Just Koba included in retail segment, correct? A/ Correct, only Koba and Koba International (its holding company). Otros Biofilm and Refocost? Which other businesses included? A/ In the Segments note, Biofilm is not included since it is classified as an investment held for sale. Besides Refocosta, we also include in the Other segment the financial results and position of Canal Clima SAS, Naviagro SAS, PrimeFinanzas SAS, PrimeOther SAS, PrimeValueService SAS, San Francisco Investments SAS (along with four SPEs Fideicomiso PA San Francisco Hotel, Fideicomiso PA Inmueble Getsemani, Fideicomiso FA Residencias SF, and Fideicomiso FA Hotel SF), and the holding company Valorem SA. Is it possible to calculate EBITDA by business segment? A/ Yes, it is. Please download the information provided in our latest consolidated financials from: valoreminfconsolidadointermedio.pdf. Would Gases de Caribe not be included in any of the above segments because it is only a 20% owned equity method investment? A/ The equity method from our investment in Gases del Caribe is recognized by PrimeOther. Can we calculate 3Q17 EBITDA for Cine Colombia in particular? A/We do not disclose specific EBITDA figures for our subsidiaries in our interim financial reports. 4. We reviewed the separate Caracol TV financials prepared by E&Y. How is the 46.49% stake in Cine Colombia reflected in Caracol TV financials? Per the attached and below 3Q17 Caracol TV income statement, do the Ingresos por actividades ordinarias and utilidad operacional line items solely reflect the operational activities of Caracol TV, or does Cine Colombia equity income somehow flow through either of these line items?

5 A/Caracol applies the equity method to recognize its stake in Cine Colombia. 5. Can you please help us understand why Caracol TV EBITDA as presented on P. 72 of the 2016 Estados separados de situación financiera is 9.5% lower in 2015 and 21.5% lower in 2016 compared to our calculation of Caracol TV EBITDA from the E&Y 2016 financial statements for Caracol TV? EBITDA per p.72 of Valorem financials:

6 Our calculation of EBITDA per E&Y financials (3Q17 E&Y financials are attached for your review). Por los nueve meses terminados al 30 de septiembre de LTM /30/ Ingresos por actividades ordinarias 726, , , , ,019.6 Costo de Ventas 445, , , , ,809.8 Ganancia bruta 280, , , , ,209.8 Utilidad Operacional 103, , , , ,047.0 Depreciacones y Amortizaciones (en gastos de administracion) 12, , , , ,793.7 Costo por depreciacion (en costos de ventas) 24, , , , ,661.3 Total D&A 36, , , , ,454.9 EBITDA 140, , ,112.5 % Margin 19.3% 20.2% 26.0% Ingresos Operacionales in 2016 Valorem Annual Report 716, ,028.0 NA % Difference 1.5% 1.1% EBITDA reported in 2016 Valorem Annual Report (p. 72) 126, ,143.0 NA % Difference 9.7% 21.5%

7 A/ For the information presented on pg 72 we have calculated a proforma/management EBITDA using only what we consider operational revenues and expenses. 6. Do you agree with our calculation methodology that LTM EBITDA for Caracol TV as of 9/30/17 LTM is 193,112 millones de pesos? If not, can you provide your calculation of Caracol TV LTM EBITDA as of 93017? A/ We do not disclose specific EBITDA figures for our subsidiaries in our interim financial reports. 7. P. 110 of Financieros Consolidados: Valorem breaks out debt balance by each individual portfolio company and also for the Valorem holding company. However, we do not see similar disclosure for the consolidated cash balance, which is 151,197,717 COP as of 12/31/16 and 127,012,382 COP as of 9/30/17. Is there any disclosure that indicates which portfolio companies hold the cash balance? A/ We do not disclose cash balances for each portfolio company.