LISTING PARTICULARS OFFERING MEMORANDUM U.S.$750,000,000 El Puerto de Liverpool, S.A.B. de C.V. 3.875% Senior Notes due 2026 Guaranteed by Distribuidora Liverpool, S.A. de C.V. We are offering U.S.$750,000,000 aggregate principal amount of our 3.875% senior notes due 2026, or the notes. Interest on the notes will accrue at a rate of 3.875% per year. We will pay interest on the notes semi-annually in arrears on April 6 and October 6 of each year, commencing on April 6, 2017. The notes will mature on October 6, 2026. The notes will be our senior unsecured general obligations and will be guaranteed by our wholly owned subsidiary Distribuidora Liverpool, S.A. de C.V., or the subsidiary guarantor. The notes will rank at least pari passu in right of payment with all of our unsecured and unsubordinated debt, and the subsidiary guarantee will rank at least pari passu in right of payment with all unsecured and unsubordinated debt of the subsidiary guarantor (in each case, subject to certain obligations given preferential treatment pursuant to applicable law). The notes and the subsidiary guarantee will be structurally subordinated to all existing and future indebtedness and trade payables of our non-guarantor subsidiaries in respect of assets of and revenue generated by these subsidiaries. See "Risk Factors— Risk Related to the Notes—The notes are not secured by our assets and the notes and the subsidiary guarantee will be effectively subordinated to our and the subsidiary guarantor's secured debt" and "—The notes and the subsidiary guarantee will be structurally subordinated to the liabilities of our non-guarantor subsidiaries." We may redeem the notes, in whole or in part, at any time at a redemption price equal to the greater of par and a make-whole amount described herein, plus accrued and unpaid interest, if any. See "Description of the Notes—Optional Redemption—Optional Redemption with "Make-Whole" Amount." In addition, we may redeem the notes, in whole but not in part, at 100% of their principal amount plus accrued and unpaid interest and additional amounts, if any, upon the occurrence of specified events relating to Mexican tax law, all as described under "Description of the Notes—Optional Redemption—Redemption for Taxation Reasons." In addition, if we experience a Change of Control Triggering Event (as defined in the indenture governing the notes), we must offer to repurchase the notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any. See "Description of the Notes—Repurchase at the Option of Holders Upon a Change of Control Triggering Event." This offering memorandum constitutes the listing particulars, or the Listing Particulars, in respect of the admission of the notes to the Official List and to trading on the Global Exchange Market of the Irish Stock Exchange. Application has been made to the Irish Stock Exchange for the approval of this offering memorandum as Listing Particulars. Application has been made to the Irish Stock Exchange for the notes to be admitted to the Official List and trading on the Global Exchange Market, which is the exchange regulated market of the Irish Stock Exchange. The Global Exchange Market is not a regulated market for the purposes of Directive 2004/39/EC. Investing in the notes involves significant risks. See "Risk Factors" beginning on page 21 for a discussion of certain information that you should consider before investing in the notes. Price: 98.881% plus accrued interest, if any, from October 6, 2016. THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE MEXICAN NATIONAL SECURITIES REGISTRY (REGISTRO NACIONAL DE VALORES, OR THE RNV) MAINTAINED BY THE MEXICAN NATIONAL BANKING AND SECURITIES COMMISSION (COMISIÓN NACIONAL BANCARIA Y DE VALORES, OR CNBV), AND MAY NOT BE OFFERED PUBLICLY IN MEXICO. THE NOTES MAY ONLY BE OFFERED IN MEXICO PURSUANT TO THE EXEMPTIONS TO REGISTRATION PROVIDED IN ARTICLE 8 OF THE MEXICAN SECURITIES MARKET LAW (LEY DEL MERCADO DE VALORES). WE WILL NOTIFY THE CNBV OF THE TERMS AND CONDITIONS OF THIS OFFERING FOR INFORMATIONAL AND STATISTICAL PURPOSES ONLY, AND DELIVERY OR RECEIPT OF SUCH NOTICE DOES NOT CONSTITUTE OR IMPLY A CERTIFICATION AS TO THE INVESTMENT QUALITY OF THE NOTES OR OF OUR OR THE SUBSIDIARY GUARANTOR'S SOLVENCY, LIQUIDITY OR CREDIT QUALITY OR THE ACCURACY OR COMPLETENESS OF THE INFORMATION SET FORTH HEREIN. THIS OFFERING MEMORANDUM IS SOLELY OUR RESPONSIBILITY AND HAS NOT BEEN REVIEWED OR AUTHORIZED BY THE CNBV AND MAY NOT BE PUBLICLY DISTRIBUTED IN MEXICO. IN MAKING AN INVESTMENT DECISION, ALL INVESTORS, INCLUDING ANY MEXICAN INVESTOR, WHO MAY ACQUIRE NOTES FROM TIME TO TIME, MUST RELY ON THEIR OWN EXAMINATION OF EL PUERTO DE LIVERPOOL, S.A.B. DE C.V. AND THE SUBSIDIARY GUARANTOR. We have not registered the notes under the U.S. Securities Act of 1933, as amended, or the Securities Act, or under any state securities laws. Therefore, we may not offer or sell the notes within the United States to, or for the account or benefit of, any U.S. person unless the offer or sale would qualify for an exemption from registration under the Securities Act and applicable state securities laws. Accordingly, we are only offering the notes (1) to qualified institutional buyers (as defined in Rule 144A under the Securities Act) and (2) to persons outside the United States in compliance with Regulation S under the Securities Act. See "Transfer Restrictions" for additional information about eligible offerees and transfer restrictions. The notes are not being offered to the public within the meaning of Directive 2003/71/EC of the European Union, and this offer is not subject to the obligation to publish a prospectus under that Directive. We expect that the notes will be delivered to purchasers in book-entry form through The Depository Trust Company and its direct and indirect participants, including Clearstream Banking, société anonyme and Euroclear S.A./N.V., as operator of the Euroclear System, on or about October 6, 2016. Joint Book-Running Managers Citigroup Credit Suisse J.P. Morgan The date of this offering memorandum is October 6, 2016. TABLE OF CONTENTS Page Market and Industry Information ..................................................................................................................................iii Trademarks, Service Marks and Trade Names .............................................................................................................. v Enforceability of Civil Liabilities ................................................................................................................................. vi Cautionary Statement Regarding Forward-Looking Statements ................................................................................. vii Presentation of Financial and Other Information .......................................................................................................... ix Summary........................................................................................................................................................................ 1 Risk Factors ................................................................................................................................................................. 21 Use of Proceeds ........................................................................................................................................................... 44 Exchange Rates ........................................................................................................................................................... 45 Capitalization ............................................................................................................................................................... 46 Selected Consolidated Financial and Other Information ............................................................................................. 47 Management's Discussion and Analysis of Financial Condition and Results of Operations ...................................... 51 Industry ....................................................................................................................................................................... 68 Business ....................................................................................................................................................................... 76 Management .............................................................................................................................................................. 104 Shareholders .............................................................................................................................................................. 110 Certain Transactions with Related Parties ................................................................................................................. 111 Description of the Notes ............................................................................................................................................ 112 Form of Notes, Clearing and Settlement ................................................................................................................... 130 Taxation ..................................................................................................................................................................... 134 Plan of Distribution ..................................................................................................................................................