annual report grupo security - Banco Security

I N D E P E N D E N T A U D I T O R S ’ R E P O R TT o t h e S h a r e h o l d e r s o f G r u p o S e c u r i t y S . A .We have audited the accompanying consolidated balance sheets of Grupo Security S.A. and subsidiariesat December 31, 2007, and 2006 and the related consolidated statements of income and cash flows forthe years then ended. These financial statements (including the related notes) are the responsibility of themanagement of Grupo Security S.A. Our responsibility is to express an opinion on these financial statementsbased on our audits.We conducted our audits in accordance with auditing standards generally accepted in Chile. Those standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by management, as well as evaluating the overallpresentation of the financial statements. We believe that our audits provide a reasonable basis for ouropinion.In our opinion, such consolidated financial statements present fairly, in all material respects, the financialposition of Grupo Security S.A. and subsidiaries at December 31, 2007 and 2006 and the consolidatedresults of its operations and its cash flows for the years then ended, in conformity with generally acceptedaccounting principles in Chile.February 22, 2008Juan Carlos Cabrol Bagnara