PA - Banco Security

12 company information 85
STOCK MARKET PERFORMANCE
The Chilean stock market in 2010 produced an annual return of 37.6%. This result was lower than
the return shown by the IPSA (selective price index) in 2009, of 50.7%.
The global economic and financial scenario in the period continued to improve despite the
uncertainty that led to doubts about the fiscal solvency of some European countries. Regarding
local conditions, the earthquake that affected the center-south of the country last February
led to a brief period of growth and the evolution of the Chilean stock market. However, the
reconstruction drove business activity, concluding 2010 with GDP growth of around 5.3%.
In this context, the Grupo Security share closed at Ch$227 per share at December 31, 2010,
representing a 61.4% rise over December 31, 2009, and showed a trading presence of 96.4%
during the year.
The price/earnings ratio of the Security share reached 14.2 times, compared to 12.5 times in
2009.
The following graph shows the fluctuations in the share price of Grupo Security, compared to the
IPSA and IGPA (general stock price index).
SECURITY SHARE PRICE, IPSA AND IGPA
IPSA
IGPA
SECURITY
900
800
700
600
500
400
300
200
100
0
JAN-99
JUL-99
JAN-00
JUL-00
JAN-01
JUL-01
JAN-02
JUL-02
JAN-03
JUL-03
JAN-04
JUL-04
JAN-05
JUL-05
JAN-06
JUL-06
JAN-07
JUL-07
JAN-08
JUL-08
JAN-09
JUL-09
JAN-10
PAGE
JUL-10
SOURCE: ECONOMÁTICA
Annual Share Price Variation Security and IPSA
2002 2003 2004 2005 2006 2007 2008 2009 2010
SECURITY -3.4% 85.2% 21.1% -1.7% 24.3% 43.9% -42.9% 47.5% 61.4%
IPSA -15.5% 48.5% 21.0% 9.4% 37.1% 13.3% -22.1% 50.7% 37.6%
Prices adjusted for dividends
SOURCE: ECONOMÁTICA