To the Shareholders,

The worldwide economic environment is rapidly being transformed into a space that is primarily digital. With this situation in mind, Liverpool has focused upon a vision that is more and more global every day with respect to merchandise, brands, services and channels, as well as upon the continuous improvement in customer service.

During fiscal year 2015, total revenues amounted to Ps. 91,293 million, and net profits totaled Ps. 9,211 million, representing an increase of 12.4% and 18.6%, respectively, in comparison with the prior year of 2014. In the year, we invested Ps. 4,872 million.

The Company plans to open nine new stores during 2016: three Liverpools and six Fábricas de Francia. We will also concentrate our efforts upon enriching the technological and mobility platforms that support our operations, our Internet page, our social networks and our communication and collaboration portals, to bring us even closer to our customers and to facilitate the integration of our buyers, sellers and logistics teams.

The volatility of current financial markets requires us to exercise caution with respect to the management of resources and customer credit. Thus, we will pay close attention to the evolution of the respective indicators and we will proceed accordingly.

Our profitable growth motivates us to continue to find, develop and keep personnel and talent for the various divisions, placing special emphasis on the new digital culture.

Mr. Max Michel, Liverpool’s Honorary President, passed away on February 11, 2016. Mr. Michel joined the Company in 1954 and was instrumental in its human and economic development. We express our deepest sympathy.

Once again, we thank you, our shareholders, for your constant support; we express our sincere gratitude to our collaborators, tenants, suppliers, financial institutions and business partners for their contributions to our Company’s success, and; we extend special thanks to our customers for their ongoing patronage.