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

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INVESTMENT POLICY
The bylaws of Grupo Security do not define any kind of investment policy, but its strategy has been mainly focused
on making investments in the financial sector or in areas complementing this, in order to strengthen the Group’s
business areas and continue strengthening the Company’s commitment of providing the market with an integral
service of excellence.
F I N A N C I N G P O L I C Y
Grupo Security does not currently define any kind of financing policy in its bylaws. Its funds come mainly from own
resources, capital contributions, bond issues and traditional borrowing sources like bank loans.
COVENANTS WITH CREDITORS GRUPO SECURITY
Series C Bond
DATE: July 16, 2004.
· Debt:
Defined as the ratio of liabilities to shareholders’ equity in the unconsolidated balance sheet, which should
not exceed 0.40:1, effective from the financial statements at September 30, 2003. For determining the level
of debt in the unconsolidated financial statements, liabilities include all guarantees or collateral granted to
cover the obligations of third parties, even if these are subsidiaries.
· Ownership of Banco Security: the Company should be the holder, directly or indirectly through one or
more subsidiaries, of at least 51% of the issued shares with voting rights of Banco Security.
Serie C-2 Bond
DATE: March 17, 2006.
· Debt: Defined as the ratio of liabilities to shareholders’ equity in the unconsolidated balance sheet, which