PA - Banco Security

The individual financial liabilities therefore comprise the sum of the company’s individual
debts, that appear under the following IFRS accounting concepts: (i) obligations with banks
and financial institutions, current and non-current (as defined in IFRS), (ii) financial obligations
with the public (promissory notes and bonds), current and non-current, (iii) other liabilities,
accounts payable, notes payable, sundry creditors and provisions, current and non-current, and
(iv) accounts payable to related entities, current and non-current, which having been included
in the consolidation process have been eliminated in that process and are therefore not shown
in the issuer’s financial statements. In both cases, the amount of real or personal guarantees of
the issuer in favor of third parties, including subsidiaries, is considered as a liability. The issuer
must also send to the bond-holders representative, together with the copies of the quarterly
and annual financial statements, a letter signed by its legal representative stating that it is in
compliance with the financial ratios as defined above.
The Company should also retain, directly or indirectly, through one or more subsidiaries, a holding
of at least 51% of the shares with voting rights of Banco Security.
BONDS SERIES E
DATE: July 30, 2007
Debt Ratio: Effective January 1, 2010, the debt level should not exceed 0.40:1, measured
quarterly on the basis of the statement of financial position issued under IFRS, this being the
ratio of individual financial debt, as shown in the table of disclosures in the IFRS, to equity (the
IFRS debt level). For these purposes, the issuer should present the IFRS disclosures table quarterly,
together with a note showing the issuer’s individual financial liabilities and the ratio indicated.
The individual financial liabilities are the sum of financial obligations acquired by Grupo Security,
excluding those of its subsidiaries, whether or not these are consolidated with Grupo Security.
The individual financial liabilities therefore comprise the sum of the company’s individual
debts, that appear under the following IFRS accounting concepts: (i) obligations with banks
and financial institutions, current and non-current (as defined in IFRS), (ii) financial obligations
with the public (promissory notes and bonds), current and non-current, (iii) other liabilities,
accounts payable, notes payable, sundry creditors and provisions, current and non-current, and
(iv) accounts payable to related entities, current and non-current, which having been included
in the consolidation process have been eliminated in that process and are therefore not shown
in the issuer’s financial statements. In both cases, the amount of real or personal guarantees of
the issuer in favor of third parties, including subsidiaries, is considered as a liability. The issuer
must also send to the bond-holders representative, together with the copies of the quarterly
and annual financial statements, a letter signed by its legal representative stating that it is in
compliance with the financial ratios as defined above.