annual report grupo security - Banco Security

s e r i e s E b o n d sDATE: Jul 30, 2007.· Debt level: defined as the ratio of debt to shareholders’ equity in the unconsolidated balance sheet, whichshould not exceed 0.40:1 as from the financial statements at June 30, 2007. For determining the level of debtin the unconsolidated financial statements, liabilities include all guarantees or collateral granted to cover theobligations of third parties, even if these are subsidiaries.· Ownership of Banco Security: the Company should be the holder, directly or indirectly through one or moresubsidiaries, of at least 51% of the issued shares with voting rights of Banco Security.C R E D I T O R B A N K Sl e v e l o f d e b tmaintenance of a debt level no higher than 0.40:1, measured on figures in the quarterly unconsolidated financialstatements, this being the ratio of liabilities (short and long-term liabilities) to shareholders’ equity.o w n e r s h i p o f b a n c o s e c u r i t ythe Company should maintain the ownership, directly or indirectly, of at least 51% of the share capital with votingrights of Banco Security.D E P E N D E N C E O N D I V I D E N D S F R O M S U B S I D I A R I E SGrupo Security is the parent of a group of companies that receives its revenues from the dividends distributed by itssubsidiaries. Its results therefore depend fundamentally on their performance.Grupo Security controls its principal subsidiaries with large holdings in each of them. This provides it with theflexibility to set their dividend policies according to its needs. This point has been strengthened by the diversification