Letter from the
Chairman of the Board

To the Shareholders,

The year 2014 was a very good one for the group. In the month of October, we opened Liverpool Toluca, our chain’s one-hundredth store. During that same period, we invested Ps. 4,970 million in opening five new locations, two shopping centers and 42 specialty boutiques.

Last year’s results reflected a 9.3% increase in total revenues as compared to the prior year; these figures were obtained in spite of a highly competitive and very sluggish economic environment. Net profit at the year-end reached Ps. 7,763 million.

The Company’s on-going development and its long-term strategy brought about new businesses and profitable growth. During 2015, Liverpool will open three new stores under this format, five Fábricas de Francia, and will also bring more and better benefits in the mobile platform, permitting the commercial offering of merchandise, product categories and services.

The effort to continue to find and develop personnel with great potential will continue to be a priority.

During the year, Mr. Jorge Salgado, our CEO, reached retirement age and retired after 20 years of service. We appreciate his effort, creativity, integrity and dedication during those years. The Board of Directors appointed Mr. Graciano Guichard as the Company’s new CEO.

Once again, we express our appreciation to our shareholders, associates, board members, suppliers, tenants, financial institutions, business partners and clients for granting us their trust and support in times that will continue to change and that will demand more and different ways to strengthen our operations and to integrate new options for sales and purchases.

Sincerely,

Max David
Chairman of the Board of Directors

Mexico City, March 5, 2015