A N N U A L R E P O R T G R U P O S E C U R I T Y ... - Banco Security

Report of Independent Auditors
To the Shareholders and Directors of
Grupo Security S.A. and Subsidiaries:
We have audited the Consolidated Balance Sheet of Grupo Security S.A. and its subsidiaries (“the Company”) as of December 31, 2008,
and the related consolidated statements of income and cash flows for the year then ended. These consolidated financial statements
(including the related notes) are the responsibility of the Company’s management. Our responsibility is to express an opinion on these
financial statements based on our audit. The consolidated financial statements of Grupo Security S.A. and its Subsidiaries for the year
ended as of December 31, 2007, were audited by other auditors, whose issued an unqualified opinion in their report dated February 22,
2008.
We conducted our audit in accordance with generally accepted auditing standards in Chile. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by the Company and its subsidiaries’ management, as well as
evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the 2008 consolidated financial statements referred to above present fairly, in all material respects, the financial situation
of Grupo Security S.A. and subsidiaries as of December 31, 2008 and the results of its operations and cash flows for the year then ended,
in conformity with generally accepted accounting principles in Chile and accounting regulations established by the Superintendency of
Securities and Insurance.
Juan Francisco Martínez A.
ERNST & YOUNG LTDA.
Santiago, Chile
February 12, 2009