3rd Quarter 2019 Results

November 2019

Safe Harbor

This presentation has been prepared by El Puerto de Liverpool, S.A.B. de C.V. (together with its subsidiaries, “Liverpool”), is strictly confidential, is not intended forgeneral distribution and may only be used for informational purposes. This presentation may contain proprietary, trade-secret, and commercially sensitiveinformation and neither this presentation nor the information contained herein may be copied, disclosed or provided, in whole or in part, to third parties for anypurpose. By receiving this presentation, you become bound by the above referred confidentiality obligation and agree that you will, and will cause yourrepresentatives and advisors to, use the information contained herein only to evaluate a credit rating for Liverpool and for no other purpose. Failure to comply withsuch confidentiality obligation may result in civil, administrative or criminal liabilities. The distribution of this presentation in other jurisdictions may also be restrictedby law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions.

Although the information presented in this document has been obtained from sources that Liverpool believes to be reliable, Liverpool does not make anyrepresentation as to its accuracy, validity, timeliness or completeness for any purpose. The information set forth herein does not purport to be complete and Liverpoolis not responsible for errors and/or omissions with respect to the information contained herein. Certain of the information contained in this presentation represents oris based upon forward-looking statements or information. These forward-looking statements may relate to Liverpool’s financial condition, results of operations,plans, objectives, future performance and business, including, but not limited to, statements with respect to outlooks and growth prospects, liquidity, capital resourcesand capital expenditure, growth in demand for our products, economic outlook and industry trends, development of our markets, competition in areas of ourbusiness; and plans to launch new products and services, and the effect of legal proceedings and new laws, rules and regulations and accounting standards onLiverpool’s financial condition and results of operations. All statements contained in this presentation that are not clearly historical in nature are forward-looking,and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” “project” and similar expressions and future or conditional verbssuch as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions are generally intended to identify forward-looking statements.The information in this presentation, including but not limited to forward-looking statements, applies only as of the date of this presentation and is not intended togive any assurance as to future results. Liverpool and its advisors expressly disclaim any obligation or undertaking to update or revise the information, including anyfinancial data and forward-looking statements, and will not publicly release any revisions they may make to this presentation that may result from events orcircumstances arising after the date of this presentation.

Any projections included herein have been prepared based on Liverpool’s views as of the date of this presentation of future events and financial performance andvarious estimations and assumptions, including estimations and assumptions about future events, may prove to be incorrect or may change over time. The projectionshave been prepared and are set out for illustrative purposes only, and do not constitute a forecast. While the projections are based on assumptions that Liverpoolbelieves are reasonable under the circumstances, they are subject to uncertainties, changes (including changes in economic, operational, political, legal, and othercircumstances) and other risks, all of which are beyond Liverpool’s control and any of which may cause the relevant actual, financial and other results to be materiallydifferent from the results expressed or implied by such projections. No assurance, representation or warranty is made by any person that any of the projections will beachieved and no recipient should rely on the projections. None of Liverpool, its affiliates, Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & SmithIncorporated or any of their respective directors, officers, employees, partners, shareholders, advisers and agents makes any assurance, representation or warranty asto the accuracy of the projections. Nothing contained in this presentation may be relied upon as a guarantee, promise or forecast or a representation as to the future.Liverpool undertakes no obligation to update the projections or any of the information contained in this presentation. (1.0)

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Contenido

I. El Puerto de Liverpool

Strategic Priorities

Financial Information

II. Annexes

3

Content

Omni-experience Entity

-Private label cards**-VISA cards-More than 5.3M card holders-9% of total income *

-129 Boutiques (presence in +65% of country)-2% of total income *

-27 Shopping Malls(presence across 17 states)-3% of total income *

-121 Stores (nationwide presence)-74% of total income*

-146 Stores (nationwide presence) -12% of total income *

Digital Sales Click & Collect Liverpool Pocket Seller´s App Extended Catalog Marketplace

8.6% of total sales

Omni-experience

*Based on 2018 results.**For Liverpool & Suburbia.

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Strategic Priorities

Omni-experience

Customer Experience & Big Data

Profitability Improvement

Digital Transformation

Suburbia´s Growth

El Puerto de Liverpool´s Footprint

5

Suburbia´s Priorities

Maintain successful business model

Accelerated expansion to reach 250 total units

by 2022

Development of our own credit card

Launched in July 2018

Omni-experiencelaunch

World class Suburbia.com platform

Since October 2018

Talent development model

Create CRM capabilities

Best in class IT(SAP® S/4 Hana)

Implementation completedSince 2019

6

El Puerto de Liverpool´s Footprint

Environment

Volunteering Responsible Purchases

• Suppliers certification• Relationship within society Donations Education for communities

Energy efficiency Waste management Sustainable shopping bags

7

Company´s Footprint

Working environment Health and wellness projects Education programs

Department stores closed some of these departments.

As well as the overexpansion, one of the main reason of the B&M fall.

- Based on Quick Response method.

- The supply chain is the backbone of these business.

Offer convenient prices on selected items.

- Offer a wide variety of consumer goods.

- Some of them follow the EDLP (everyday low price) policy.

Physical department stores declined in sales and traffic while B&M openings were increasing .

In the USA, department stores failed on adapting to new customer

needs.

Usually offering surplus merchandise from mayor retailers or from their parent brand at discount prices.

Department Stores GrowthReplaced mom and pop’s with a convenient and self service shopping place.

In USA:

Mexico has endured these evolution steps

Apply for Mexico Doesn´t apply for Mexico

Retail Evolution: USA & MEXICO

Department stores remain as a destination

point for consumers.

Shopping malls and department stores

quickly adapted to the new trends

In Mexico:

8

E-commerceOverexpansion

Off-PriceFast Fashion

Price Clubs

New Breed of Supermarkets

Category KillersUp to 1970s

Omni-experience Right to Win

Highly Recognized Liverpool BrandTop of mind brand

Liverpool Cards• Payment Solutions• Preferred Online Payment Method (+60%)• Lowest Fraud Index & Surcharges

Logistics Infrastructure121 Stores

2 National DCs1 Central Warehouse

+40 Regional Warehouses

Store Network• Click & Collect (half of e-commerce sales)• Seller´s App (Extended Catalog )• Store fulfillment (+87% of orders)• Fulfillment App (orders optimization)• Customer Service (Seamless Returns)• Mobile POS (+10K units in store)

Retail Assortment, Extended Catalog &

Market Place

Liverpool PocketDownloads (60% increase YoY)Most important digital channel

9

As of September 30th 2019

Digital Transformation Priorities

Logistics• 10% reduction in delivery

time vs. YA • Store fulfillment &

optimization (87%).

IT PlatformState of the art technology

Continue Development of Click & Collect

Half of e-commerce sales

Seller´s AppExtended Catalog

Marketplace • Full IT Integration• 10% of sales took place in-store• 98% of returns were made on

sales floor• +/-300 “3P”Sellers• 5%of total commercial offer

Liverpool Pocket144% sales growth

Our digital customer is worth 3x a

normal customer

10

New Payment MethodsE-Wallet

Store Collaboration in Digital Transformation

Sellers get commissions for online orders

Access to Marketplace

Access to extended catalog

Seller´s App

Fulfillment App

Seller takes the merchandise to

the delivery area

Delivery to customer

Real time inventory (Stores, Liverpool Pocket, Web page)

87% of home deliveries are made from store

11

Our most important digital channel

Liverpool Pocket

144% sales growth

12

Access to Market Place & Extended Catalog

Real Time Inventory Availability by Store

Click & Collect option

Follow Up

Order Tracking

Credit Card Payments

Account Balance

Safe Transactions

Account Monthly Statement

Customer Experience & Big Data Priorities

Customer 360° View

Business Intelligence

Segmentation

Customer Service

Advanced Analytics

Customer Knowledge

Holistic customer view

• Descriptive analytics • Predictive models• Prescriptive models• Cognitive models (AI)

-Personalized communication (CRM)-Increase R-F-M1

• Customer identification• Unique customer

• Comprehensive knowledge of customer behavior

• Experiences design & value generation

Clients, channels, products payment methods, etc.

1. R-F-M: Recency, Frecuency, Money 13

Customer 360° View

14

95% SKU´sCentrally received

+ 165 M Products delivered

by our DCs 1

+4.6 MAnnual home

deliveries 2

121 Stores2 National DCs1 Central WHS

+40 Regional WHS

10% reduction in average

delivery time

91% delivered on or before

time

Savings by using store network to

deliver

Supplier

Distribution Center

Department Store

Delivery

Customer

50% increase in purchase

orders

87% of home deliveries from store

Logistic Infrastructre

Regional WHS

1 On a 12 month base2 Packages & Big ticket

15

As of September 30th 2019

Liverpool at a Glance

NPL´s3Q19 5.9%10 bps vs. YA

CREDIT CARD3

46% of total retail sales

CARD HOLDERSMore than 5.3M

RETAIL SALES2

3Q19 1.7% increaseYTD 5.9% increase

REVENUES3Q19 $30,146MYTD $93,278M

SSS1

3Q19 (0.5)% decrease YTD 3.6% increase

EBITDA3Q2019 $3,760MYTD $11,478M

CAPEX$5,649MYTD

EBITDA MARGIN3Q19 26 bps decreaseYTD 26 bps decrease

OPERATING CASH FLOW$(2,324)MYTD

STORE OPENINGS2 Liverpool Stores in 20198 Suburbia Stores in 2019

1 Liverpool + Suburbia + Digital *Figures in Million MXP2 Liverpool + Suburbia **All figures without IFRS 163 Liverpool only.

16

1.7% 0.4%

2.4% 1.8%

DepartmentStores SSS

TotalSSSSuburbia

SSSLiverpool

RetailSales

6%

0%

-6%

-3%

3%

2%

0%

1%

5.9% 4.2% 4.2%

3.2% 4.1%

TotalTraffic

LiverpoolAverage

TicketLiverpool

SSSSuburbia

SSSLiverpool

RetailSales

10%

5%

-5%

0%

Liverpool & Suburbia

(5.9)%

(0.3)%

El Puerto de Liverpool – Retail Sales

3Q19 ANTAD Department Stores 3Q19

2019 YTD ANTAD Department Stores 2019 YTD

3%

(0.1)%

6%

4%

0%

2%

17

DepartmentStores SSS

Annual Growth:

Liverpool

Suburbia

TOTAL

2017 2018

5.8% 6.6%

10.6%

7.1%

4.6% (1)

2019 YTD

4.2%

-0.3%

3.6%

Suburbia

Liverpool

Quarter Growth:

Consistent growth above

ANTAD ANTAD

4.1%6.1%

6.8%

4Q173Q172Q171Q17

15%

10%

0%

5%

20%

-5%

5.1%5.9%

4Q183Q182Q181Q18 2Q191Q19

7.4%6.4%6.3%

4.9%

7.1%

4.7%

7.3%

3.2%

17.1%11.4%

6.6%

11.5%

(0.5%)

5.0%

Same Store Sales Growth

3Q19

0.4%

(5.9%)

(1) Starting in April ´17 18

$6,506$4,821

$8,652

$11,691 $11,650$12,453

$2,044

-$2,324

8.7%5.9%

9.5%11.6%

9.5% 9.2%2.3% -2.5%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(3,000)

(1,000)

1,000

3,000

5,000

7,000

9,000

11,000

13,000

2013 2014 2015 2016 2017 2018 2018 Σ3Q 2019 Σ3Q

Cash flow

%Revenue

$12,536 $13,024$14,870

$16,051

$18,350$20,237

$10,947$11,478

16.90% 16.10% 16.30% 16.00% 15.00% 14.90%

12.60% 12.30%

5%

10%

15%

20%

25%

30%

35%

40%

1,000

6,000

11,000

16,000

21,000

2013 2014 2015 2016 2017 2018 2018 ∑3Q 2019 ∑3Q

Liverpool has been a consistent performer, delivering solid results throughout the years

11.10%

9.60%8.90% 9.40% 9.00%

9.70%

-1.00%

1.00%

3.00%

5.00%

7.00%

9.00%

11.00%

13.00%

15.00%

2015 2016 2017 2018 2018 ∑3Q 2019 ∑3Q

El Puerto de Liverpool – Financial Performance Trends

$74,504 $81,214$91,293

$100,442

$122,168$135,535

$87,140 $93,278

2013 2014 2015 2016 2017 2018 2018 ∑3Q 2019 ∑3Q

Same store sales growth

6%7%

6%7%

8%10%8%

4%

Revenues EBITDA and EBITDA Margin1

Operating Cash Flow Return on Invested Capital (ROIC)

(Ps $ in millions)

1 Before IFRS 16 effects2 After taxes

19

(Ps $ in millions)

(Ps $ in millions)

6.9%(844) (796) (2,271) (2,427)6.0%

12.8%922 771 2,8003,15819.6%

4,636 3,640 3,086 29.1%3,982 27.3%

Millions

Initial balance of reserve

(+) New reserves

(-) Write off

201820182019 Dif. %

3rd Quarter YTD

Ending balance of reserve

2019Dif. %

30.4%4,714 3,615 3,6154,71330.4%

Preferred payment method

online and in B&M

NPL´s within company

targets

Change vs. YA

Credit Card Division 3Q2019

NPL´s

4.5% 5.0% 4.5%

4Q173Q172Q171Q17

4%

3%

1%

2%

5%

0%

5.6% 5.1%

4Q183Q182Q181Q18 2Q191Q19

5.7%4.5%

5.8% 5.2% 5.6%

6%

10%

5%

-2.5%

0%

15%

20%

6.0%

3Q19

1 Liverpool + Suburbia 20

$6,258

$4,970

$7,958

2017201620152014

4K

3K

1K

2K

5K

0

$4,873

$8,418

3Q193Q182018

$5,649

6K

8K

7K

9K

10K

$8,592

10%

5%

0%

15%

20%

% Revenue

El Puerto de Liverpool - CAPEX

Million pesos

1. Stores Expansion(23%)

2. Store & Shopping Mall

Remodeling(23%)

3. Logistics (27%)

4. IT Investments

(9%)

5. Maintenance (6%)

CAPEX (Ps $ in millions)

6. Stores $ Shopping Mall

Expansion(11%)

21

Million Pesos (as of November 14th 2019)Total Debt: Mx$33,394.1 (not including IFRS16)(Includes derivative instruments acquired for hedging purposes)

Average interest rate: 7.97% Average life: 6.3 years

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Local Bonds 144A Reg S

3,948 (1)

Net Debt/EBITDA

Debt/EBITDA

0.06x1.0x

20142013

1.5

1.0

0

0.5

2.0

1.2x0.9x

2018201720162015 3Q193Q18

1.6x 1.4x1.8x

1.5x 1.4x

0.6x1.1x

0.4x 0.7x0.9x1.2x 1.1x

Debt Structure & Maturity Profile

By Instrument By interest type

By Currency

Leverage

14,546 (2)

(1) LIVEPOL24 144A Reg S US$300 million, fixed exchange rate 13.15 MxPs/USD (2) LIVEPOL26 144A Reg S US$750 million, fixed exchange rate 19.39 MxPs/USD(3) Fully hedge in Pesos: principal + interest

22

44.6%

55.4%

Local Bonds

144A Reg S

44.6%

55.4%

Pesos Synthetic Pesos (3)

100.0%

Fixed

3,000 3,400 3,5005,000

Content

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I. El Puerto de Liverpool

Strategic Priorities

Financial Information

II. Annexes

Income Statement | 2019 YTD

24

Million pesos 2019 2018 % VAR. IFRS 162019 IFRS

162018 % VAR.

Commercial Income 80,769.0 76,250.1 5.9 80,769.0 76,250.1 5.9

Leasing Income 2,619.3 2,543.5 3.0 2,619.3 2,543.5 3.0

Interest Income 9,890.1 8,346.5 18.5 9,890.1 8,346.5 18.5

Total Income 93,278.4 87,140.1 7.0 93,278.4 87,140.1 7.0

COGS (55,537.5) (51,976.3) 6.9 (55,537.5) (51,976.3) 6.9

Commercial Gross Profit 25,231.5 24,273.8 3.9 25,231.5 24,273.8 3.9

Commercial Margin 31.2% 31.8% (0.6 p.p) 31.2% 31.8% (0.6 p.p)

Net Gross Profit 37,741.0 35,163.8 7.3 37,741.0 35,163.8 7.3

Gross Margin 40.5% 40.4% 0.1 p.p. 40.5% 40.4% 0.1 p.p.

Operating expenses without depreciation,

overdue accounts and one time provisions(23,104.9) (21,417.1) 7.9 1,392.6 (21,712.3) (21,417.1) 1.4

Provisions for overdue accounts (3,158.0) (2,800.1) 12.8 - (3,158.0) (2,800.1) 12.8

EBITDA Expenses (26,262.9) (24,217.2) 8.4 1,392.6 (24,870.3) (24,217.2) 2.7

Depreciation & Amortization (2,611.9) (2,431.0) 7.4 (885.6) (3,497.5) (2,431.0) 43.9

Net Operating Expenses (28,874.8) (26,648.2) 8.4 507.0 (28,367.8) (26,648.2) 6.5

Consolidated Operating Income 8,866.1 8,515.6 4.1 507.0 9,373.1 8,515.6 10.1

Consolidated EBITDA 11,478.0 10,946.6 4.9 1,392.6 12,870.6 10,946.6 17.6

Consolidated EBITDA Margin 12.3% 12.6% (0.3 p.p) 1.5 p.p. 13.8% 12.6% 1.2 p.p.

Financing expense (1,321.9) (1,407.9) (6.1) (793.7) (2,115.6) (1,407.9) 50.3

Foreign exchange gain 13.2 1.5 768.0 - 13.2 1.5 768.0

Profit before income tax 7,557.3 7,109.2 6.3 (286.7) 7,270.7 7,109.2 2.3

Income Tax (2,038.1) (1,903.3) 7.1 84.9 (1,953.2) (1,903.3) 2.6

Effective Rate 27.0% 26.8% 0.0% 0.0 p.p. 26.9% 26.8% -

Net Income before Investment in Associates 5,519.2 5,205.9 6.0 (201.8) 5,317.5 5,205.9 2.1

Investment in Associates 570.2 429.6 32.7 (9.1) 561.1 429.6 30.6

Net Income 6,089.4 5,635.5 8.1 (210.9) 5,878.6 5,635.5 4.3

Non-controlling Net Income 4.7 (7.4) 164.0 - 4.7 (7.4) 164.0

Controlling Net Income 6,094.2 5,628.1 8.3 (210.9) 5,883.3 5,628.1 4.5

YTD

Balance Sheet | 3Q2019

25

2019 2018 Dif

Cash / cash equivalent 5,562.6 5,970.8 (408.2)

Loan portfolio 31,794.1 30,173.8 1,620.3

Inventories 28,276.6 23,615.7 4,660.8

Investment in associates 8,268.8 7,843.8 425.0

Fixed assets 49,599.5 46,352.9 3,246.5

Right of use assets 11,326.9 0.0 11,326.9

Investment properties 21,516.8 20,034.3 1,482.6

Other 30,309.2 28,635.0 1,674.2

Total Assets 186,654.4 162,626.3 24,028.1

Suppliers 20,545.6 19,554.4 991.2

Short term loans 3,000.0 0.0 3,000.0

Long termn loans 27,621.2 29,559.3 (1,938.0)

Lease liabilities 11,613.5 0.0 11,613.5

Other liabilities 20,396.9 20,080.8 316.1

Total Liabilities 83,177.3 69,194.5 13,982.8

Stockholders' equity 103,477.2 93,431.8 10,045.3

Million Pesos

Balance Sheet

As of September 2019

with IFRS 16 effects

Cash Flow | 2017 – 2018

26

Cashflow

(Million pesos)2018 2017

Operating income 16,925.4 15,231.7

Depreciation and amortization 3,311.3 3,118.8

EBITDA 20,236.6 18,350.5

Interests (2,744.6) (2,645.9)

Taxes (3,704.2) (4,438.2)

Working capital (2,794.8) (634.0)

Other 1,460.0 1,017.5

Cashflow from operations 12,453.0 11,649.8

Capex (8,592.5) (8,417.8)

Cashflow before dividends 3,861.0 3,232.0

Suburbia Acquistion (1,288.4) (1,288.3)

Cashflow 2,572.0 1,943.7

Suburbia Acquistion - (17,532.9)

Debt (5,671.5) 6,650.0

Increase / (Decrease) (3,099.4) (8,939.2)

Cash Flow | 2019 YTD

27

Cashflow

(Million pesos)2019 2018

2019 with

IFRS 16

Operating income 8,866.1 8,515.6 9,373.1

Depreciation and amortization2,611.9 2,431.0 3,497.5

EBITDA 11,478.0 10,946.6 12,870.6

Interests (1,571.3) (1,700.5) (1,571.3)

Taxes (2,987.7) (3,645.4) (2,987.7)

Working capital (6,282.5) (3,144.0) (6,282.5)

Clients 4,469.5 4,966.7 4,469.5

Inventaries (7,603.3) (5,129.3) (7,603.3)

Suppliers (3,148.7) (2,981.4) (3,148.7)

Other (2,960.8) (413.3) (2,075.4)

Cashflow from operations (2,324.3) 2,043.5 (46.3)

Capex (5,648.6) (6,257.9) (5,648.6)

Cashflow (7,972.9) (4,992.8) (6,580.2)

Paid Loans - (5,671.5) -

Lease liabilities - - (1,392.6)

Increase / (Decrease) (7,972.9) (10,664.3) (7,972.9)

Contact Information:emgrinang@liverpool.com.mx jfregosoa@liverpool.com.mx

IR: www.elpuertodeliverpool.mxwww.liverpool.com.mx

Bolsa Mexicana de Valores (BMV): LIVEPOL

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