Mexico City, February 21, 2014.

To the Stockholders of
El Puerto de Liverpool, S. A. B. de C. V

Report on the consolidated financial statements
We have audited the consolidated financial statements of El Puerto de Liverpool, S.A.B. de C.V. and subsidiaries, which comprise the consolidated balance sheet at December 31, 2013 and the consolidated statements of comprehensive income, changes in stockholders' equity and cash flows for the year then ended, as well as a summary of the main accounting policies and other explanatory notes.

Management's responsibility for the consolidated financial statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) and for the internal control structure considered by Management to be necessary to allow for ensuring that the consolidated financial statements are free of material misstatement, whether due to fraud or error.

Auditor's responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement.

An audit consists of applying procedures to obtain audit evidence to support the balances and disclosures contained in the consolidated financial statements. The procedures applied are determined on the basis of the auditor's judgment and include an assessment of the risk of material errors in the consolidated financial statements, either due to fraud or error. In conducting this risk assessment, the auditor considers the Company's internal control relevant for preparation and fair presentation of the consolidated financial statements, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes assessing whether or not the accounting principles applied are appropriate and the accounting estimates used by Management are reasonable, as well as an evaluation of the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of El Puerto de Liverpool, S.A.B. de C.V. and subsidiaries at December 31, 2013, and their consolidated results of operation and cash flows for the year then ended, in accordance with International Financial Reporting Standards (IFRS).

José Luis Guzmán
Audit Partner