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 balance sheets of Grupo Security S.A. as of December 31, 2007, and2006 and the related statements of income and cash flows for the years then ended. These financialstatements (including the related notes) are the responsibility of the management of Grupo Security S.A.Our responsibility is to express an opinion on these financial statements based 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.These financial statements have been prepared to reflect the stand-alone financial position of Grupo SecurityS.A., on the basis of the criteria described in Note 2 to the financial statements before consolidating thefinancial statements of the subsidiaries detailed in Note 8. Therefore, in order for these stand-alone financialstatements to be correctly understood, they should be read and analyzed together with the consolidatedfinancial statements of Grupo Security S.A. and subsidiaries, which are required by accounting principlesgenerally accepted in Chile.In our opinion, such stand-alone financial statements present fairly, in all material respects, the financialposition of Grupo Security S.A. at December 31, 2007 and 2006 and the results of its operations and itscash flows for the years then ended, in conformity with the criteria described in Note 2 to the financialstatements.February 22, 2008Juan Carlos Cabrol Bagnara