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

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We have audited the consolidated financial statements of El Puerto de Liverpool, S. A. B. de C. V. and subsidiaries (“the Company”), which comprise the consolidated balance sheet at December 31, 2015 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 significant accounting policies and other explanatory information.

Management’s responsibility for the consolidated financial statements
The management of the company is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) and for such internal control as management determines is necessary to enable the preparation consolidated financial statements that are free from 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 involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on auditor’s judgment including the assessment of the risk of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessment, the auditor considers internal control relevant to the Company’s 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 evaluation the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management as well as evaluating 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, 2015, and their consolidated results of operation and cash flows for the year then ended, in accordance with International Financial Reporting Standards.