-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PPPkskLWuji2lezr8ojvNsiy42SflScwmoLTXjG/B6MoITfsS/ixpFAcE06UHo+c
 d12H54inCMrgCoJcnFNGUA==

<SEC-DOCUMENT>0000888746-04-000034.txt : 20040625
<SEC-HEADER>0000888746-04-000034.hdr.sgml : 20040625
<ACCEPTANCE-DATETIME>20040624193336
ACCESSION NUMBER:		0000888746-04-000034
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20030630
FILED AS OF DATE:		20040625

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UNITED BREWERIES CO INC
		CENTRAL INDEX KEY:			0000888746
		STANDARD INDUSTRIAL CLASSIFICATION:	MALT BEVERAGES [2082]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14906
		FILM NUMBER:		04880597

	BUSINESS ADDRESS:	
		STREET 1:		AHUMADA 131
		CITY:			SANTIAGO CHILE
		STATE:			F3
		ZIP:			00000
		BUSINESS PHONE:		2125305000

	MAIL ADDRESS:	
		STREET 1:		BANDERA 84 6TH FL
		CITY:			SANTIAGO COUNTRY CHILE
		STATE:			F3
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>ccu_form20f.htm
<DESCRIPTION>FORM 20-F 2003
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<hr size="3" noshade color="#000000">
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" width=100%>
<TR VALIGN="TOP">
     <TD colspan=3 ALIGN="CENTER"><p align="center"> <FONT FACE=Arial SIZE="3"><B>
UNITED STATES<br>

 SECURITIES AND EXCHANGE COMMISSION</B> </FONT>
         <font size="3" face=Arial><br>
         <B>Washington, D.C. 20549</B> </font>
</P></td>
</tr>
<TR VALIGN="TOP">
     <TD width=30% ALIGN="CENTER"></TD>
     <TD width=40% ALIGN="CENTER"><FONT FACE=Arial SIZE="3"><B><br>
     FORM 20-F</B> <br>&nbsp;
     </FONT></TD>
     <TD width=30% ALIGN="CENTER"></TD></TR>
</TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" width=100%>
<TR VALIGN="TOP">
     <TD width=5% align="center"><center><img src="nox.gif"></center> </TD>
    <TD width=80% ALIGN="CENTER"><FONT FACE=Arial SIZE="2">REGISTRATION STATEMENT
PURSUANT TO SECTION 12(b) OR (g) OF THE<BR> SECURITIES EXCHANGE ACT OF
1934<br>
<BR>
    </FONT> </TD>
<TD width=5%></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><center><img src="x.gif"></center> </TD>
     <TD ALIGN="CENTER"><FONT FACE=Arial SIZE="2">ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES<BR>
EXCHANGE ACT OF 1934<BR>
<B>For the fiscal year ended: December 31, 2003</B></FONT><FONT FACE=Arial SIZE="2"><br>
<br>
</FONT> </TD>
<TD></TD></TR>
<TR VALIGN="TOP">
     <TD align="center"><center><img src="nox.gif"></center> </TD>
     <TD ALIGN="CENTER"><FONT FACE=Arial SIZE="2">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES <BR>EXCHANGE ACT OF 1934<br>
<BR>For the transition period from_____ to _____ </FONT> </TD>

<TD></TD></TR>
</TABLE>
<DIV align="center"> <font size=2 face=Arial>Commission
    file number: <b><u>0-20486</u></b></font></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" width=100%>
<TR VALIGN="TOP">
     <TD WIDTH="100%" ALIGN="CENTER"><p>&nbsp;</p>
     <p><FONT FACE=Arial SIZE="3">
 <b><u>COMPA&#209;IA CERVECERIAS UNIDAS S.A.</u></b></font><br>
<FONT FACE=Arial SIZE="3">(Exact name of Registrant as specified in its charter)</font><br>
     <b><u><FONT FACE=Arial SIZE="3">UNITED BREWERIES COMPANY, INC.</font></u></b><br>
     <font size="2">(Translation of Registrant's name into English)</FONT></p>
     <p><FONT FACE=Arial SIZE="3"><br>
        <u>Republic of Chile</u></font><br>
        <font FACE=Arial size="2">(Jurisdiction of incorporation or organization)</font><br>
        <u><font FACE=Arial size="2">Bandera 84, Sixth Floor, Santiago, Chile</font></u><br>
        <font FACE=Arial size="2">(Address of principal executive offices)</font><br>
 </p></TD>
</TR>
<TR VALIGN="TOP">
     <TD WIDTH="100%" ALIGN="CENTER">&nbsp;</TD>
</TR>
</TABLE>

<hr align="center" width="150" size="1" noshade>


<div align=center><FONT FACE=Arial SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
      registered or to be registered pursuant to Section 12(b) of the Act.</FONT> </div>

<table width="90%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr align="left">
    <td width="50%"><FONT FACE=Arial SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Title of each class</B></U><B>&nbsp;</B> </FONT> </td>
    <td><FONT FACE=Arial SIZE="2"><B> <U>Name of each exchange on which registered</U>&nbsp;</B> </FONT>
</td>
  </tr>
  <tr align="left">
    <td><FONT FACE=Arial SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Depositary Shares<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representing Common Stock<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shares, without par value </FONT> </td>
    <td><FONT FACE=Arial SIZE="2">The New York Stock Exchange <br>
<br>
The New York Stock Exchange* </FONT> </td>
  </tr>
</table>


<TABLE width="90%" BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
  <TD><p><font size="2" face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;__________ </font><br>
<font size="2" face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp; Not for trading, but only in connection with the registration of American
    Depositary Shares <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 which are evidenced by American Depositary Receipts </font></p>
</TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD><p align=left><FONT FACE=Arial SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
             registered or to be registered pursuant to Section 12(g) of the
     Act:</B></FONT></P></TD></TR>
<TR VALIGN="TOP">
     <TD><p align=CENTER><FONT FACE=Arial SIZE="2"><u>Not
           applicable</u></FONT></P></TD></TR>
<TR VALIGN="TOP">
     <TD><p align=left><FONT FACE=Arial SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
             for which there is a reporting obligation pursuant to Section 15(d)
     of the Act:</B></FONT></P></TD></TR>
<TR VALIGN="TOP">
     <TD><p align=CENTER><FONT FACE=Arial SIZE="2"><u>Not
             applicable</u><br>&nbsp;</FONT></P></TD></TR>
<TR VALIGN="TOP">
     <TD><p align=center><FONT FACE=Arial SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate the number of outstanding shares of each of the issuer&#146;s
             classes of capital or common <br>
stock as of the close of the period
     covered by the annual report. <br>
<FONT FACE=Arial SIZE="2">&nbsp;<b>Common
Stock, with no par value&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318,502,872</b></FONT></FONT> </p></TD></TR>
</TABLE>
<BR>
<TABLE width=90% BORDER="0" align="center" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
<td width="3%"></td>
     <Td width="97%"><p align=justify>
<FONT FACE=Arial SIZE="2">Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the Registrant was required
to file such reports) and (2) has been subject to such filing requirements for
the past 90 days. </FONT></p></Td>
</TR>
<TR>
     <TD colspan="2"><p align=center><FONT FACE=Arial SIZE="2"><B>Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="x.gif">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<img src="nox.gif"></B> </FONT></p></TD>
</TR>
<TR>
<TD></TD>
<TD><p align=justify><FONT FACE=Arial SIZE="2">Indicate
      by check mark which financial statement item the registrant has elected
    to follow: </FONT></p></TD>
</TR>
<TR VALIGN="TOP">
<TD colspan="2"><P ALIGN=CENTER><FONT FACE=Arial SIZE="2"><B>Item 17&nbsp;&nbsp;<img src="nox.gif">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 18</B>&nbsp;&nbsp;<img src="x.gif"> </FONT></P></TD>
</TR>
</TABLE>
<hr size="3" noshade color="#000000">
<p Style='page-break-before:always'>
<a name="content"></a>
<table width="100%" cellpadding="0" cellspacing="0">
  <tr>
    <td><center>
      <b><font size="2" face="Times New Roman, Times, serif">Table of Contents </font></b>
    </center></td>
    <td><div align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><u>Page</u> </font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif"><a href="#a01">Introduction</a> </font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a01">i </a></font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif"><a href="#a02">Forward Looking Statements </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a02">ii </a></font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif"><a href="#a03">PART I </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a03">1 </a></font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a04">Item 1: Identity of Directors, Senior Management and Advisers </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a04">1 </a></font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a05">Item 2: Offer Statistics and Expected Timetable </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a05">1</a> </font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a06">Item 3: Key Information </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a06">1</a> </font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a07">Item 4: Information on the Company </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a07">10 </a></font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a08">Item 5: Operating and Financial Review and Prospects </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a08">50 </a></font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a09">Item 6: Directors, Senior Management and Employees </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a09">68 </a></font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a10">Item 7: Major Shareholders and Related Party Transactions </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a10">79 </a></font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a11">Item 8: Financial Information </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a11">82</a> </font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a12">Item 9: The Offer and Listing </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a12">86</a> </font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a13">Item 10: Additional Information </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a13">87</a> </font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a14">Item 11: Quantitative and Qualitative Disclosures about
      Market Risk</a> </font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a14">103 </a></font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a15">Item 12: Description of Securities Other than Equity Securities </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a15">107</a> </font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif"><a href="#a16">PART II</a> </font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a16">107</a> </font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a17">Item 13: Defaults, Dividend Arrearages and Delinquencies </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a17">107</a> </font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a18">Item 14: Material Modifications to the Rights of Security
      Holders and Use of Proceeds </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a18">107 </a></font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a19">Item 15: Controls and Procedures</a> </font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a19">107 </a></font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a20">Item 16 A: Audit Committee Financial Expert </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a20">107 </a></font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a20">Item 16 B: Code of Ethics </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a25">107 </a></font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a20">Item 16 C: Principal Accountant Fees and Services</a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a26">107 </a></font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a20">Item 16 D:
                         Exemptions from the Listing Standards for Audit Committees
 </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a27">107 </a></font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a20">Item 16 E:
                   Purchases of Equity Securities by the Issuer and Affiliated Purchasers
</a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a28">107 </a></font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif"><a href="#a21">PART III </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a21">109 </a></font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a22">Item 17: Financial Statements </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a22">109 </a></font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a23">Item 18: Financial Statements </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a23">109 </a></font></div></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a24">Item 19: Exhibits </a></font></td>
    <td><div align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#a24">109 </a></font></div></td>
  </tr>
</table>
<p Style='page-break-before:always'>




<a name=a01></a>  <p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif"><b>Introduction</b></font></p>

<p align="left"><font size="2" face="Times New Roman, Times, serif">In this annual
    report on Form 20-F, all references to the &#147;we&#148;, &#147;us&#148; or &#147;CCU&#148; are
  to Compa&ntilde;&iacute;a Cervecer&iacute;as Unidas S.A., an open stock corporation
  ( <i>sociedad an&oacute;nima </i>) organized under the laws of the Republic
  of Chile, and its consolidated subsidiaries. Chile is divided into regions,
  each of which is known by its roman number (e.g. &#147;Region XI&#148;). Our fiscal year
  ends on December 31st. Unless otherwise specified, all references to &#147;U.S.
  dollars&#148;, &#147;dollars&#148;, or &#147;US$&#148; are to United States dollars, and references
  to &#147;Chilean pesos&#148;, &#147;pesos&#148; or &#147;Ch$&#148; are to Chilean pesos. We publish our financial
  statements in Chilean pesos, which are adjusted to reflect changes in purchasing
  power due to inflation and/or changes in exchange rates. Unless otherwise specified,
  financial data regarding us is presented in this annual report in constant
  Chilean pesos of December 31, 2003 purchasing power. See the notes to our consolidated
  financial statements included in pages F-8 through F-65 of this annual report.
  We use the metric system of weights and measures in calculating our operating
  and other data. The United States equivalent units of the most common metric
  units used by us are as shown below: </font></p>

<table cellspacing="0" cellpadding="0" width="100%">
<TR VALIGN=Bottom>
    <TD ALIGN=LEFT colspan="2"><hr size=1></TD></TR>
  <tr>
    <td valign="bottom" width="50%">    <p><font size="2" face="Times New Roman, Times, serif">1 liter = 0.2642 gallons </font></p></td>
    <td valign="bottom"  width="50%">    <p align="right"><font size="2" face="Times New Roman, Times, serif"> 1 gallon = 3.7854 liters </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">1 liter = 0.008522 US beer barrels </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">1 US beer barrel = 117.34 liters </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">1 liter = 0.1761 soft drinks unit cases ( 8 oz cans) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">1 soft drinks unit case ( 8 oz cans) = 5.6775 liters </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">1 liter = 0.1174 beer unit cases ( 12 oz cans). </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">1 beer unit case ( 12 oz cans) = 8.5163 liters </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">1 hectoliter = 100 liters  </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">1 liter = 0.01 hectoliters </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">1 US beer barrel = 31 gallons </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">1 gallon = 0.0323 US beer barrels </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">1 hectare = 2.4710 acres </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">1 acre = 0.4047 hectares </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">1 mile = 1.6093 kilometers</font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">1 kilometer = 0.6214 miles </font></p>   </td>
  </tr>
  <tr>
      <TD ALIGN=LEFT colspan="2"><hr size=1></TD></TR>
</table>

<p align="left"><font size="2" face="Times New Roman, Times, serif">This annual report contains various estimates made by us of market
  share data and related sales volume information. These estimates are based
  on statistics published or made available by A.C. Nielsen Chile S.A., or Nielsen,
  in the case of beer, soft drinks, mineral water and wine sales in Chile; the <i>Asociaci&oacute;n
  Nacional de Bebidas Refrescantes </i> (National Association of Soft Drinks,
  or ANBER) in the case of soft drinks and mineral water; the <i>Servicio Agr&iacute;cola
  Ganadero </i> (Agricultural and Livestock Service, or SAG) in the case of wine
  sales in Chile; and the <i>Asociaci&oacute;n de Vi&ntilde;as de Chile, A.G. </i> (the
  Wineries of Chile Association) in the case of Chilean wine exports. We believe
  that, due to the methodologies used, the statistics provided by these sources
  in some cases do not accurately reflect our market share or industry sales
  volumes. For example, the Nielsen sampling base includes only the metropolitan
  areas of Chile and not the rural areas of the country, where we believe our
  beer market share is higher than in the metropolitan areas, due to our distribution
  system. Similarly, data regarding the size of the Chilean soft drink and mineral
  water markets and market shares do not coincide with publicly available information
  of our sales volume and our competitors. As a consequence, we have revised
  the share estimates from the sources identified above for Chilean beer sales,
  soft drink and mineral water sales and wine sales in Chile to reflect what
  we believe is a more accurate measure of market shares, taking into account: </font></p>


<ul>
<li><div>
  <font size="2" face="Times New Roman, Times, serif">reports published by the <i>Instituto
        Nacional de Estad&iacute;sticas </i> (the
    Chilean National Institute of Statistics, or the INE), </font>
</div>
<li><div>
  <font size="2" face="Times New Roman, Times, serif">our internal sales data, </font>
</div>
<li><div>
  <font size="2" face="Times New Roman, Times, serif">sales information filed publicly by our competitors, </font>
</div>
<li><div>
  <font size="2" face="Times New Roman, Times, serif">equity research analyst reports, and </font>
</div>
<li><div>
  <font size="2" face="Times New Roman, Times, serif">import and export reports made available by Chilean and Argentine customs authorities. </font>
</div></ul>


<p><font size="2" face="Times New Roman, Times, serif">Most of the above information is also used to estimate Argentine beer market
  share. </font></p>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">i </font></p>

<p align="left"><font size="2" face="Times New Roman, Times, serif">However, our revised estimates have not been confirmed by independent
  sources. Certain amounts, including percentage amounts, which appear in this
  annual report have been rounded and may not sum exactly to the totals shown. </font></p>


<a name=a02></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><font face="Times New Roman, Times, serif"><b><font size="2">Forward Looking Statements </font></b></font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">This annual
    report contains &#147;forward-looking statements&#148; within
  the meaning of Section 27A of the Securities Act of 1933, as amended, which
  we refer to as the Securities Act, and Section 21E of the Securities and Exchange
  Act of 1934, which we refer to as the Exchange Act. These statements relate
  to analyses and other information, which are based on forecasts of future results
  and estimates of amounts not yet determinable. They also relate to our future
  prospects, development and business strategies. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">These forward-looking
    statements are identified by the use of terms and phrases such as &#147;anticipate&#148;, &#147;believes&#148;, &#147;could&#148;, &#147;expects&#148;, &#147;intends&#148;, &#147;may&#148;, &#147;plans&#148;, &#147;predicts&#148;, &#147;projects&#148;, &#147;will&#148; and
  similar terms and phrases. We caution you that actual results could differ
  materially from those expected by us, depending on the outcome of certain factors,
  including, without limitation: </font></p>

<ul><li><div><font size="2">our success in implementing our investment and capital expenditure   program; </font></div>
<li><div><font size="2">the nature and extent of future competition in our principal   marketing areas; </font></div>
<li><div><font size="2">political and economic developments in Chile, Argentina and other   countries where we currently conduct business or may conduct business in the   future, including other Latin American countries; and </font></div>
<li><div><font size="2">other Factors discussed under &#147;Risk factors&#148;, &#147;Our business&#148; and &#147;Management's   discussion and analysis of financial condition and results of operations&#148;</font>. </div>
</ul>

<p><font size="2" face="Times New Roman, Times, serif">You are cautioned not to place undue reliance on these forward-looking statements,
  which speak only as of the date of this annual report. We undertake no obligation
  to release publicly the result of any revisions to these forward-looking statements
  which may be made to reflect events or circumstances after the date of this
  annual report, including, without limitation, changes in our business strategy
  or planned capital expenditures, or to reflect the occurrence of unanticipated
  events.</font> </p>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">ii </font></p>

<a name=a03></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif"><b>PART   I</b></font></p>
<a name=a04></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><b><font size="2" face="Times New Roman, Times, serif">    ITEM     1: Identity of Directors, Senior Management and Advisers</font></b><font size="2" face="Times New Roman, Times, serif"> </font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">Not applicable </font></p>
<a name=a05></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><b><font size="2" face="Times New Roman, Times, serif">ITEM    2: Offer Statistics and Expected Timetable</font></b></p>
<p align="center"><font size="2">Not applicable </font></p>
<a name=a06></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><font size="2"><b><font face="Times New Roman, Times, serif">ITEM     3: Key Information </font></b></font></p>
<p><font size="2"><b><u><font face="Times New Roman, Times, serif">Selected  Financial Data </font></u></b></font></p>
<p><font size="2" face="Times New Roman, Times, serif">The following table presents
    selected consolidated financial data as of December 31, 2002 and 2003, and
    for each of the years ended December 31, 2001, 2002 and 2003, which has been
    derived from our consolidated financial statements included elsewhere in
    this annual report. Selected consolidated financial data as of December 31,
    1999, 2000 and 2001, and for the two years ended December 31, 1999 and 2000
    has been derived from our consolidated financial statements not included
    in this annual report. The financial data set forth below should be read
    in conjunction with the consolidated financial statements and related notes
    and &#147;Item 5: Operating and Financial Review and Prospects&#148; included
  elsewhere in this annual report. </font></p>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp; </font></p>
<p><font size="2" face="Times New Roman, Times, serif">The financial information
    as of and for the years ended December&nbsp;31,
  1999, 2000, 2001, 2002 and 2003 shown below is presented in constant Chilean
  pesos of December&nbsp;31, 2003: </font></p>

<table cellspacing="0" cellpadding="0" width=100%>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td colspan="5" valign="bottom"><center>
      <b><font size="2" face="Times New Roman, Times, serif">Year ended December 31, </font>
      </b>
    </center></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td colspan="5" valign="bottom"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><center><b><font size="2" face="Times New Roman, Times, serif">      1999      </font>      </b>    </center></td>
    <td valign="bottom"><center>
      <b><font size="2" face="Times New Roman, Times, serif">      2000
      </font>
      </b>
    </center></td>
    <td valign="bottom"><center>
      <b><font size="2" face="Times New Roman, Times, serif">      2001
      </font>
      </b>
    </center></td>
    <td valign="bottom"><center>
      <b><font size="2" face="Times New Roman, Times, serif">      2002
      </font>
      </b>
    </center></td>
    <td valign="bottom"><center>
      <b><font size="2" face="Times New Roman, Times, serif">      2003
      </font>
      </b>
    </center></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td valign="bottom"><hr size="1"></td>
    <td valign="bottom"><hr size="1"></td>
    <td valign="bottom"><hr size="1"></td>
    <td valign="bottom"><hr size="1"></td>
    <td valign="bottom"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="bottom">&nbsp;</td>
    <td colspan="5" valign="bottom"><center>
      <font size="2" face="Times New Roman, Times, serif"><b>(millions of constant Ch$) (1)</b></font>
    </center></td>
  </tr>
  <tr>
    <td valign="bottom" width="40%"><p><font size="2" face="Times New Roman, Times, serif"><b>Income Statement Data: </b></font></p></td>
    <td valign="bottom" width="12%"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom" width="12%"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom" width="12%"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom" width="12%"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom" width="12%"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">Chilean GAAP: </font></p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Total revenues </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$337,820 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$355,583 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$374,088 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$349,350 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$384,064 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Operating income </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">44,990 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">42,345 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">45,411 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">38,142 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">45,863 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Interest expense </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">(6,790) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">(7,483) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">(6,457) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">(3,871) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">(5,661) </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Other income </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">21,196 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">12,897 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">24,224 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">6,351 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">24,490 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Income tax </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">(8,077) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">(5,383) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">(7,434) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">(7,511) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">(4,977) </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Net income </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">46,246 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">27,594 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">39,924 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">22,286 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">54,088 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Net earnings per share </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">145.8 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">86.6 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">125.3 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">70.0 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">169.8 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Net earnings per ADS (2) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">729.2 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">433.2 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">626.7 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">349.8 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">849.1 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Dividends per share (3) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">64.65 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">132.00 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">66.00 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">64.60 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">614.26 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Dividends per ADS in US$ (2) (3) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">0.63 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">1.11 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">0.49 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">0.46 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">4.47 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares </font></p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding (000s) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">317,099 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">318,503 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">318,503 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">318,503 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">318,503 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">U.S. &nbsp;GAAP: </font></p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Total revenues </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$266,879 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$355,583 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$374,945 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$349,877 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$384,506 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Net income </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">49,445 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">28,899 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">35,901 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">19,533 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">55,209 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted earnings per share </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">156 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">90.73 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">112.72 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">61.33 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">173.34 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted earnings per ADS (2) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">780 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">454 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">564 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">307 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">867 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif"><b>Balance Sheet Data: </b></font></p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">Chilean GAAP: </font></p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Total assets </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$ 667,249 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$669,676 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$654,768 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$658,647 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$576,598 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Long-term liabilities </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">101,521 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">87,641 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">75,425 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">55,436 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">138,948 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Total debt (4) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">101,494 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">98,271 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">73,666 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">71,783 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">140,005 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">425,814 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">431,117 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">428,161 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">437,820 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">278,772 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Capital stock </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">169,976 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">169,976 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">169,976 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">169,976 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">169,976 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">U.S. &nbsp;GAAP: </font></p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Total assets </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$ 675,347 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$686,660 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$659,232 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$662,501 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">Ch$582,035 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Long-term liabilities </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">99,017 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">87,786 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">77,715 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">58,496 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">142,185 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Total debt (4) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">101,494 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">98,271 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">73,666 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">71,783 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">140,005 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">431,841 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">447,955 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">429,291 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">438,614 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">275,255 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Capital stock </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">169,976 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">169,976 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">169,976 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">169,976 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">169,976 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif"><b>Other Data: </b></font></p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">Sales volume (in millions of liters): </font></p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="bottom"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Beer ( Chile ) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">344.5 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">352.2 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">348.3 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">350.2 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">371.0 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Beer ( Argentina ) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">157.9 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">155.2 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">151.2 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">160.4 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">190.4 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Soft drinks, nectars and mineral water (5) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">376.1 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">405.1 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">414.1 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">413.6 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">428.4 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Wine (6) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">56.7 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">66.2 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">84.6 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">96.6 </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">120.7 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">Change in consumer price index applicable
        for the restatement of financial statements (7) </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">2.6% </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">4.7% </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">3.1% </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">3.0% </font></p></td>
    <td valign="bottom"><p align="right"><font size="2" face="Times New Roman, Times, serif">1.0% </font></p></td>
  </tr>
</table>

<hr size=1 width=15% align=left>
<!-- MARKER FORMAT-SHEET="Para (List) Hang " FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(1) </FONT> </TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Except
shares outstanding, net earnings per share and per ADS, sales volume and inflation data. </FONT> </P></TD>
</TR>
</TABLE>


<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><!-- MARKER FORMAT-SHEET="Para (List) Hang " FSL="Default" --> </FONT>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(2) </FONT> </TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Per
ADS amounts are determined by multiplying per share amounts by 5, as one ADS is equal to
5 shares of Common Stock </FONT> </P></TD>
</TR>
</TABLE>


<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><!-- MARKER FORMAT-SHEET="Para (List) Hang " FSL="Default" --> </FONT>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(3) </FONT> </TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Dividend
per share are expressed in pesos corresponding to payment dates and dividend per ADS are
expressed in US$ based on the conversion rate on the day of payment. </FONT> </P></TD>
</TR>
</TABLE>


<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><!-- MARKER FORMAT-SHEET="Para (List) Hang " FSL="Default" --> </FONT>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(4) </FONT> </TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Includes
short-term and long-term financial debt. </FONT> </P></TD>
</TR>
</TABLE>


<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><!-- MARKER FORMAT-SHEET="Para (List) Hang " FSL="Default" --> </FONT>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(5) </FONT> </TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Includes
sales of soft drinks, nectars and mineral water in Chile and Argentina . During 2002 and
2003, there were no sale of these products in Argentina. </FONT> </P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Para (List) Hang " FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(6)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes
sales of wine in Chile and Argentina.  </FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Para (List) Hang " FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(7)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Based
on the consumer price index of the INE for the twelve-month period ended November 30 of
each         indicated year. Accordingly, figures presented here may vary from other
        published inflation figures for given periods, which are generally calculated
    for the actual calendar period indicated.  </FONT></P></TD>
</TR>
</TABLE>


<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">2</font></p>

<p align="left"><b><i><font size="2" face="Times New Roman, Times, serif">Exchange Rates. </font></i></b><font size="2" face="Times New Roman, Times, serif">Prior to 1989, Chilean law permitted
  the purchase and sale of foreign currency only in those
  cases explicitly authorized by the Central Bank of Chile . The Central Bank
  Act, which was enacted in 1989, liberalized the rules that govern the ability
  to buy and sell foreign currency. The Central Bank Act now empowers the Central
  Bank of Chile to determine that certain purchases and sales of foreign currency
  specified by law must be carried out in the formal exchange market. The formal
  exchange market is formed by banks and other entities authorized by the Central
  Bank. All payments and distributions made to our holders of ADSs must be transacted
  in the formal exchange market. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">In order to keep fluctuations in the average exchange rate within
  certain limits, the Central Bank of Chile has in the past intervened by buying
  or selling foreign currency on the formal exchange market. In September 1999,
  the Central Bank of Chile decided to suspend its formal commitment to intervene
  in the exchange market to maintain the limits on a certain band, and decided
  to intervene in the market only under extraordinary circumstances, which will
  be informed in advance. The Central Bank of Chile also committed itself to
  provide periodic information about the levels of its international reserves. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">The observed exchange rate is the average exchange rate at which
  commercial banks conduct authorized transactions on a given date in Chile ,
  as certified by the Central Bank of Chile . The Central Bank of Chile generally
  carries out its transactions at the spot market rate. Authorized transactions
  by banks are now generally conducted at the spot market rate. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">Purchases and sales of foreign exchange effected outside the
  formal exchange market are carried out in the <i>Merced Cambiario Informal </i> (the
  informal exchange market). The informal exchange market reflects the supply
  and demand for foreign currency. There are no limits imposed on the extent
  to which the rate of exchange in the informal exchange market can fluctuate
  above or below the observed exchange rate. On June 17, 2004, the average exchange
  rate in the informal exchange market was Ch$647.25 per U.S. dollar and the
  U.S. dollar observed exchange rate was Ch$648.16 per U.S. dollar. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">The following table sets forth the low, high, average and period-end
  observed exchange rates for U.S. dollars for each of the indicated periods
  starting in 1999 as reported by the Central Bank of Chile . The Federal Reserve
  Bank of New York does not report a noon buying rate for Chilean pesos.</font><font face="Times New Roman, Times, serif"> </font></p>
<table cellspacing="0" cellpadding="0" width="100%">
  <tr>
    <td valign="bottom"></td>
    <td  valign="bottom" colspan="4"><p align="center"><font face="Times New Roman, Times, serif"><b><font size="2">Daily Observed
          Exchange Rate (1) </font></b><font size="2"><br>
    <b>(Ch$ per US$) </b></font></font></p></td>
  </tr>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=LEFT colspan="4"><hr size=1></TD></TR>
  <tr>
    <td valign="bottom" width="40%"><p>&nbsp; </p></td>
    <td valign="bottom" width="15%"><p align="center"><font size="2" face="Times New Roman, Times, serif"><b>Low (2) </b></font></p></td>
    <td valign="bottom" width="15%"><p align="center"><font size="2" face="Times New Roman, Times, serif"><b>High (2) </b></font></p></td>
    <td valign="bottom" width="15%"><p align="center"><font size="2" face="Times New Roman, Times, serif"><b>Average (3) </b></font></p></td>
    <td valign="bottom" width="15%"><p align="center"><font size="2" face="Times New Roman, Times, serif"><b>Period-end </b></font></p></td>
  </tr>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT></TD>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=LEFT><hr size=1></TD>
     <TD ALIGN=LEFT><hr size=1></TD></TR>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">1999 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">468.69 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">550.93 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">509.03 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">530.07 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">2000 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">501.04 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">580.37 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">539.67 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">573.65 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">2001 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">557.13 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">716.62 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">635.28 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">654.79 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">2002 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">641.75 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">756.56 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">689.21 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">718.61 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">2003</font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">593.10 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">758.21 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">690.90 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">593.80 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">December 2003</font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">593.10 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">617.85 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">601.53 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">593.80 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">January 2004 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">559.21 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">596.78 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">573.53 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">577.27 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">February 2004</font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">571.35 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">598.60 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">584.38 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">590.28 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">March 2004 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">593.22 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">623.21 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">604.94 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">616.41 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">April 2004 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">596.61 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">624.98 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">608.60 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">624.98 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">May 2004 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">622.25 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">644.42 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">635.76 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">636.02 </font></p></td>
  </tr>
  <tr>
    <td valign="bottom"><p><font size="2" face="Times New Roman, Times, serif">(June 2004, through June 17) </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">640.96 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">649.45 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">645.88 </font></p></td>
    <td valign="bottom"><p align="center"><font size="2" face="Times New Roman, Times, serif">648.16 </font></p></td>
  </tr>
</table>

<hr size=1 width=15% align=left>



<div><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>Source: Central Bank of Chile</I> </FONT> </div>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Historical
pesos. </FONT></P></TD>
</TR>
</TABLE>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Rates
shown are the actual low and high, on a day-by-day basis for each period. </FONT></P></TD>
</TR>
</TABLE>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>The
average of monthly average rates during the period reported. </FONT></P></TD>
</TR>
</TABLE>

   <p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">3 </font></p>

<!-- MARKER FORMAT-SHEET="times just bold" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Capitalization and
Indebtedness</U></B> </FONT></P>



<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not applicable  </FONT></P>

<!-- MARKER FORMAT-SHEET="times just bold" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Reasons for the
Offer and Use of Proceed</U>s</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not applicable </FONT></P>

<!-- MARKER FORMAT-SHEET="times just bold" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Risk Factors</B></U> </FONT> </P>



<p><font size="2"><b><font face="Times New Roman, Times, serif">RISKS RELATING TO CHILE</font> </b></font></p>

<p><font size="2"><b><font face="Times New Roman, Times, serif">We are substantially dependent on economic conditions in Chile , which
    may adversely impact our results of operations and financial condition. <br>
</font></b><font face="Times New Roman, Times, serif">We
    are predominantly engaged in business in Chile and approximately 89.9% of
    our revenues in 2003 were generated from our Chilean operations. Thus, our
  results of operations and financial condition are to a large extent dependent
  on the overall level of economic activity in Chile . Although the Chilean economy
  experienced an average yearly growth of 7.7% between 1990 and 1997, it experienced
  an average yearly growth of only 2.5% between 1998 and 2003. Historically,
  slower economic growth in Chile has negatively affected demand for our products
  and adversely affected our profitability. We cannot make any assurances that
  economic growth in Chile will return to its prior levels. </font></font></p>
<p><font size="2"><b><font face="Times New Roman, Times, serif">Our financial statements are reported and our dividends are declared, based
    on Chilean GAAP, which generally differs from U.S. GAAP. <br>
</font></b><font face="Times New Roman, Times, serif">There are important
    differences between Chilean accounting and reporting standards and U.S. standards.
    As a result, Chilean financial statements and reported earnings generally
    differ from those reported based on U.S. accounting and reporting standards.
    See Note 25 to our consolidated financial statements for a description of
    the principal differences between Chilean GAAP and U.S. GAAP as they relate
    to us and reconciliation to U.S. GAAP of our net income and total shareholders'
    equity. </font></font></p>
<p><font size="2"><b><font face="Times New Roman, Times, serif">The relative liquidity and volatility of Chilean securities markets may
    increase the volatility of the price of our ADSs and adversely impact a holder's
    ability to sell any shares of our common stock withdrawn from our ADR facility.<br>
</font></b><font face="Times New Roman, Times, serif">The
    Chilean securities markets are substantially smaller, less liquid and more
    volatile than major securities markets in the United States . For example,
  the Santiago Stock Exchange, which is Chile's main stock exchange, had a market
  capitalization of approximately US$86 billion as of December 31, 2003 while
  as of December 31, 2003, The New York Stock Exchange had a market capitalization
  of approximately US$17.3 trillion and the NASDAQ National Market had a capitalization
  of approximately US$2.8 trillion. In addition, the Chilean securities markets
  may be materially affected by developments in other emerging markets, particularly
  other countries in Latin America.</font></font> </p>
<p><font size="2" face="Times New Roman, Times, serif">The lower liquidity and
    greater volatility of the Chilean markets compared to markets in the United
    States could increase the price volatility of the ADSs and may impair a holder's
    ability to sell shares of our common stock withdrawn from the ADR facility
    in the Chilean market in the amount and at the price and time the holder
  wishes to do so. See &#147;Item 9: The Offer and Listing&#148;.</font> </p>

<p><font size="2"><b><font face="Times New Roman, Times, serif">Chilean economic policies, currency fluctuations, exchange controls and
    currency devaluations may adversely affect the price of our ADSs.<br>
</font></b><font face="Times New Roman, Times, serif">The
    Chilean government's economic policies and any future changes in the value
  of the Chilean peso against the U.S. dollar could adversely affect the dollar
  value of our ADSs and the return on any investment in our ADSs. The Chilean
  peso has been subject to large nominal devaluations in the past and may be
  subject to significant fluctuations in the future. In the period from December
  31, 1999 to</font></font></p>
   <p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">4 </font></p>
<p><font size="2"><font face="Times New Roman, Times, serif"> December 31, 2002,
      the value of the Chilean peso relative to the U.S. dollar declined 35.6%
      in nominal terms, or an average of 10.7% per year, based on the observed
      exchange rate for U.S. dollars on those dates. See &#147;Exchange
    Rates&#148;. </font></font></p>
<p><font size="2" face="Times New Roman, Times, serif">Chilean trading in the
    shares of our common stock underlying our ADSs is conducted in Chilean pesos.
    Cash distributions received by the depositary for the shares of our common
    stock underlying our ADSs will be received in Chilean pesos. The depositary
    will convert any Chilean pesos received by it to U.S. dollars at the then-prevailing
    exchange rate for the purpose of making dividend and other distribution payments
    for the ADSs. If the value of the Chilean peso falls relative to the U.S.
    dollar, the value of our ADSs and any distributions to holders of our ADSs
  receive from the depositary could be adversely affected. See &#147;Item 8: Financial Information &#150; Dividend Policy and Dividends&#148;. </font></p>

<p><b><font size="2" face="Times New Roman, Times, serif">We are subject to different corporate disclosure and accounting standards
    than U.S. companies.<br>
</font></b><font size="2" face="Times New Roman, Times, serif">Although the securities laws of Chile which govern
    open stock corporations or publicly listed companies such as us have as a
    principal objective promoting disclosure of all material corporate information
    to the public, Chilean disclosure requirements differ from those in the United
    States in certain important respects. In addition, although Chilean law imposes
    restrictions on insider trading and price manipulation, the Chilean securities
    market is not as highly regulated and supervised as the U.S. securities market.
    We have been subject to the periodic reporting requirements of the Exchange
    Act since our initial public offering of ADSs in September 1992. </font></p>
<p><font size="2"><b><font face="Times New Roman, Times, serif">RISKS RELATING TO ARGENTINA</font> </b></font></p>
<p> <font size="2"><b><font face="Times New Roman, Times, serif">We have significant operations in Argentina and the recent prolonged
    recession and economic crisis in Argentina has adversely affected our results
    of operations.<br>
</font></b><font face="Times New Roman, Times, serif">In addition to our operations
in Chile , we maintain substantial assets in Argentina and derive significant
revenue from our operations in Argentina . In 2003, we derived Ch$39,022 million,
or 10.2%, of our revenues from our Argentina operations, and, as of December
31, 2003, Ch$109,614 million, or 19.0%, of our assets were located in Argentina
.. In recent years, Argentina has suffered a prolonged recession, which culminated
in an economic crisis, with negative growth rates of -3.4% in 1999, -0.8% in
2000, -4.4% in 2001 and -10.9% in 2002. Although the economic situation in Argentina
has improved in the last year, it could continue to materially and adversely
affect our Argentine operations. See &#147;Item 5: Operating and Financial Review and Prospects &#150; Trend
    Information&#148;.</font></font> </p>
<p><font size="2" face="Times New Roman, Times, serif">The Argentine peso devaluation in 2002 resulted in a loss of Ch$2,987 million
  for the year 2002 and our subsidiary, Finca La Celia , reported a loss due
  to the devaluation in 2002 of Ch$995 million. Additionally, according to accounting
  pronouncements regulating the conversion of Argentine financial statements
  to Chilean GAAP, fixed assets and their depreciation are considered in historical
  dollars. As a result, a devaluation of the Argentine peso adversely affects
  our operating results, as our revenues from our Argentine operations are impacted
  by the devaluation of the Argentine peso. In spite of the recent appreciation
  of the Argentine peso against the U.S. dollar, we cannot assure if the Argentine
  economy will continue to recover or if the crisis will continue, and if the
  crisis continues whether it will affect our operations in Argentina. </font></p>

<p><font size="2"><b><font face="Times New Roman, Times, serif">Argentina 's legal regime and
      economy are susceptible to changes that could adversely affect our Argentinean
      operations.<br>
</font></b><font face="Times New Roman, Times, serif">The
    measures applied by the Argentine government in recent years to address the
    Argentine economic crisis, which began in 1998, have severely affected the
    Argentine financial system's stability and have had a materially negative
  impact on its reputation. From December 2001 through December 2003, the consumer
  price index, the wholesale price index and the <i>Coeficiente de Estabilizaci&oacute;n
  de Referencia </i>, or CER, exhibited annual cumulative increases of 44.6%,
  115.1% and 45.7%, respectively. However, in 2003 the inflationary trend slowed,
  with the consumer price index rising 3.7% from January to December 2003 and
  the wholesale price index rising 2.0% in the same period. In 2003, Argentina
  's gross domestic product increased by an estimated 7.9%. We cannot predict
  how the current Argentine government, which took office on May 25, 2003, will
  be able to maintain a strict monetary policy and control inflation in response
  to the changing economic situation. The unpredictability, timing and scope
  of possible</font></font></p>
  <p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">5 </font></p>
<p><font size="2"><font face="Times New Roman, Times, serif"> measures enacted
      by the Argentine government, including expropriations, higher taxes and
      exchange control measures, may adversely affect our Argentinean operations
      and our results of operations.</font></font> </p>
<p><font size="2"><b><font face="Times New Roman, Times, serif">RISKS RELATING TO OUR BUSINESS </font></b></font></p>
<p> <font size="2"><b><font face="Times New Roman, Times, serif">Fluctuations in the cost of our raw materials may adversely impact
    our profitability if we are unable to pass those costs along to our customers.<br>
</font></b><font face="Times New Roman, Times, serif">We
    purchase malt, rice and hops for beer, sugar for soft drinks and grapes for
    wine from local producers or through purchases in the international market.
  The prices of those commodities have experienced significant fluctuations over
  time and are determined by the global supply and demand for those commodities
  as well as other factors, such as fluctuations in exchange rates, over which
  we have no control.</font></font> </p>
<p><font size="2" face="Times New Roman, Times, serif">Although we historically have been able to increase our selling prices in
  response to increases in raw material costs and thus have not sought to hedge
  our exposure to increases in raw material prices, we cannot assure you that
  our ability to recover increases in the cost of raw materials will continue
  in the future. If we are unable to increase our selling prices in response
  to increases in raw material costs, any increase may adversely affect our profitability.</font> </p>
<p> <font size="2"><b><font face="Times New Roman, Times, serif">We are controlled by one majority shareholder, whose interests
    may differ from those of holders of our ADSs and this shareholder may take
    actions which adversely affect the value of a holder's ADSs or common stock.<br>
</font></b><font face="Times New Roman, Times, serif">As
    of May 31, 2004, Inversiones y Rentas S.A. , or IRSA, a Chilean closed corporation,
    owned 61.62% of our shares of common stock. Accordingly, IRSA has the power
    to control the election of most members of our board of directors and its
    interests may differ from those of the holders of our ADSs. IRSA also has
    a significant influence in determining the outcome of any corporate transaction
  or other matters submitted to our shareholders for approval, including mergers,
  consolidations, the sale of all or substantially all of our assets and going-private
  transactions. In addition, actions by IRSA with respect to the disposition
  of the shares of common stock that it owns, or the perception that such actions
  may occur, may adversely affect the trading prices of our ADSs or common stock. </font></font></p>
<p> <font size="2"><b><font face="Times New Roman, Times, serif">Competition in the Chilean beer market
    may erode our market share and lower our profitability.<br>
</font></b><font face="Times New Roman, Times, serif">In 2003, our market
    share of the Chilean beer market by volume was 89%. Our largest competitor
    in the Chilean beer market by volume is Cervecer&iacute;a
  Chile S.A., or Cervecer&iacute;a Chile , a subsidiary of Quilmes Industrial
  S.A., or Quilmes , the largest Argentine brewer. In May 2002, Quilmes and Companhia
  de Bebidas das Am&eacute;ricas, or AmBev, announced an agreement by which AmBev
  will assume control of Quilmes within a seven-year period. As of the date of
  this annual report the merger has not been completed. We estimate that Cervecer&iacute;a
  Chile had a market share by volume in Chile of approximately 10% in 2003. In
  the past, Cervecer&iacute;a Chile has engaged in aggressive price discounting.
  If Cervecer&iacute;a Chile were to engage in aggressive price discounting in
  the future, there can be no assurance, given the current environment, that
  any such discounting or other competitive activities will not have a material
  adverse impact on our profitability. </font></font></p>
<p><font size="2" face="Times New Roman, Times, serif">Additionally, if business conditions in the beer market continue to be relatively
  favorable in Chile , other enterprises may attempt to enter the Chilean beer
  market either by producing beer locally or through imports. We expect that
  additional competitors could erode our market share or lead to price discounting. </font></p>

<p><font size="2"><b><font face="Times New Roman, Times, serif">Our beer brands in Chile may face increased competition from other alcoholic
    beverages such as wine and spirits, as well as from non-alcoholic beverages
    such as soft drinks. <br>
</font></b><font face="Times New Roman, Times, serif">Beer consumption in Chile historically has been
    influenced by changes in domestic wine prices. Increases in domestic wine
    prices have tended to lead to increases in beer consumption, while reductions
    in wine prices have tended to reduce or slow the growth of beer consumption.
    In the last four years, wine prices have decreased and we expect that they
    will remain at a low level, becoming a threat to beer consumption. Similarly,
    over the past few years, the price of soft drinks has decreased relative
    to the price of beer due to lower packaging costs, the introduction of larger
    packaging formats and the launch of low-price brands, which we believe has
    slowed the growth in beer consumption. As a result of our lower </font></font></p>
	<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">6</font></p>
<p><font size="2"><font face="Times New Roman, Times, serif">market share
      in the Chilean wine and soft drinks markets as compared to the Chilean
      beer market, if beverage consumers were to shift their consumption from
      beer to either wine or soft drinks, we expect that it would adversely affect
      our profitability. </font></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b>Quilmes dominates the
      beer market in Argentina and we may not be able to maintain our current
      market share.<br>
</b>In Argentina , we face competition
    from Quilmes, Cervecer&iacute;a Argentina
  S.A. Isenbeck, a subsidiary of Warsteiner Brauerei Hans Cramer GmbH &amp; Co.,
  or Warsteiner, and Cervecer&iacute;a Estrella de Galicia S.A., or Galicia .
  In 2003, we estimate that Quilmes had a market share of 78%, Warsteiner had
  a market share of 7% and Galicia had a market share of less than 1%. We estimate
  that our year-end market share of the Argentine beer market was 14% in 2003.
  As a result of its dominant position in Argentina , Quilmes ' large size enables
  it to benefit from economies of scale in the production and distribution of
  beer throughout Argentina . Therefore, we can make no assurances that we will
  be able to grow or maintain our current market share of the Argentine beer
  market. </font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b>Consolidation in the beer industry.<br>
</b>In May 2002, AmBev and Quilmes announced
  an agreement by which AmBev will assume control of Quilmes within a seven-year
  period . Additionally, on March 2004, AmBev and Interbrew announced an agreement
  to merge, creating the world's largest brewer under the name InterbrewAmBev.
  As of the date of this annual report, this deal has not yet been completed.
  In Chile , InterbrewAmBev would sell its beer through Cervecer&iacute;a Chile
  , which had a market share of approximately 10% in 2003, and in Argentina ,
  InterbrewAmBev would sell its beer through Quilmes , which had a market share
  of approximately 78% in 2003. Consolidation in the beer industry has resulted
  in larger and more competitive participants, which could change the current
  market conditions under which we operate. </font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b>Restrictions in gas supply from Argentina.<br>
</b>In recent months, the Argentine
  government began restricting gas exports to Chile due to supply problems in
  that country. We expect that this situation will increase the costs of operating
  our beer production plants in Chile and Argentina , as well as our soft drinks
  plants in Chile . Additionally, we expect an increase in electrical power costs
  related to these same gas restrictions. We do not need additional investments
  because our boilers can work with gas or with alternative fuels, such as diesel
  oil. Considering the current energy prices, we estimate that the higher costs
  at a consolidated level should not exceed Ch$1,100 million for 2004. </font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b>Profitability of the wine business.<br>
</b>We have taken measures to improve
  the profitability of Vi&ntilde;a San Pedro
  by reducing costs and expenses, rationalizing stock keeping units, or SKUs,
  optimizing prices, and focusing efforts on its most important markets. However,
  if the strengthening of the Chilean peso continues throughout 2004, it could
  neutralize the effects of part of these efforts. In addition, there can be
  no assurance that the measures taken to improve profitability will have the
  expected outcome. </font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b>License agreements.<br>
</b>Most of our license agreements include certain conditions
  that must be met during their term, as well as provisions for their renewal
  at expiry date. We can make no assurances that such conditions will be fulfilled,
  and therefore that the agreements will be renewed, expire at end of term or
  undergo early termination. Termination of, or failure to renew our existing
  license agreements could have an adverse impact on our operations. </font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b>RISKS RELATING TO OUR ADSs </b></font></p>

<p><font size="2" face="Times New Roman, Times, serif"><b>Possible disposition
      of Anheuser-Busch International Holdings, Inc. Chile II of CCU's shares
      of common stock<br>
</b>On March 9, 2004, Anheuser-
    Busch Companies Inc., or A-BC, informed us that it was considering a possible
    disposition, through an underwritten secondary offering in Chile and in the
    international markets, of the shares of common stock held by its affiliate
    Anheuser-Busch International Holdings, Inc. Chile II Ltda., representing
    20% of our outstanding capital stock. Currently, and as requested by A-BC,
    we are</font></p>
	<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">7</font></p>
<p><font size="2" face="Times New Roman, Times, serif"> negotiating the form
    and conditions under which such possible offering might be effected with
    the support of our management. A-BC expressly stated that the disposition
    of our shares held by its affiliate will not affect the license agreement
    currently in force for Budweiser beer in Argentina . As of the date of this
    annual report, there can be no assurance that A-BC will consummate a secondary
    offering or other disposition of our shares and the potential risks of this
    possible disposition. </font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b>The price of our ADSs and the U.S. dollar value of any dividends will be
    affected by fluctuations in exchange conditions. <br>
</b>Our ADSs trade in U.S.
    dollars. Fluctuations in the exchange rate between Chilean and Argentine
    currencies, and the U.S. dollar are likely to affect the market price of
    our ADSs. For example, since our financial statements are reported in Chilean
    pesos, a decline in the value of the Chilean peso against the dollar would
    reduce our earnings as reported in U.S. dollars. Any dividend we may pay
    in the future would be denominated in Chilean pesos. A decline in the value
    of the Chilean peso against the U.S. dollar would reduce the U.S. dollar
    equivalent of any such dividend. Additionally, in the event of a dividend
  or other distribution, if exchange rates fluctuate during any period of time
  when the ADS depositary cannot convert a foreign currency into dollars, a holder
  of our ADSs may lose some of the value of the distribution. Also, since dividends
  in Chile are subject to withholding taxes, which we retain until the following
  year when the exact amount to be paid is determined, if part of the retained
  amount is refunded to the shareholders, the amount received by holders of our
  ADSs would be subject to exchange rate fluctuations between the two dates. </font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b>Holder of ADSs may be subject to certain risks due to the fact that holders
    of our ADSs do not hold shares of our common stock directly.<br>
</b>In order
    to vote at shareholders' meetings, if a holder is not registered on the books
    of the ADS depositary, the holder of our ADSs is required to transfer its
    ADSs for a certain number of days before a shareholders' meeting into a blocked
    account established for that purpose by the ADS depositary. Any ADS transferred
    to this blocked account will not be available for transfer during that time.
    If a holder of our ADSs is registered on the books of the ADS depositary,
  it must give instructions to the ADS depositary not to transfer its ADSs during
  this period before the shareholders' meeting. A holder of our ADSs must therefore
  receive voting materials from the ADS depositary sufficiently in advance in
  order to make these transfers or give these instructions. There can be no guarantee
  that a holder of our ADSs will receive voting materials in time to instruct
  the ADS depositary how to vote. It is possible that a holder of our ADSs will
  not have the opportunity to exercise a right to vote at all. Additionally,
  a holder of our ADSs may not receive copies of all reports from us or the ADS
  depositary. A holder of our ADSs may have to go to the ADS depositary's offices
  to inspect any reports issued. </font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b>Controls on foreign investment and repatriation of investments in Chile
    may adversely impact a holder of our ADSs ability to obtain and dispose of
    the shares of our common stock underlying its ADRs. <br>
</b>Equity investments
    in Chile by persons who are not Chilean residents are generally subject to
    exchange control regulations that restrict the repatriation of investments
  and earnings from Chile . Our ADSs are subject of an ADR foreign investment
  contract among us, the depositary and the Central Bank of Chile which is intended
  to grant holders of our ADSs and the depositary access to Chile 's formal exchange
  market. See &#147;Exchange Rates&#148;. Pursuant to current Chilean law, our ADR foreign
  investment contract may not be amended unilaterally by the Central Bank of
  Chile . However, we cannot make any assurances that additional Chilean restrictions
  applicable to holders of our ADSs, the disposition of underlying shares of
  our common stock or the repatriation of the proceeds from the disposition of
  the underlying common stock could not be imposed in the future, nor can we
  assess the duration or impact of the restrictions if imposed. If for any reason,
  including changes to our ADR foreign investment contract or Chilean law, the
  depositary is unable to convert Chilean pesos to U.S. dollars, investors would
  receive dividends or other distributions in Chilean pesos. Transferees of shares
  of our common stock withdrawn from the ADR facility will not be entitled to
  access to the formal exchange market unless the withdrawn shares are redeposited
  with the depositary. See &#147;Item 10: Additional Information &#150; Exchange Controls
  in Chile &#148;. </font></p>
  <p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">8</font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b>A holder of our ADSs' right to force us to purchase its underlying shares
    of our common stock pursuant to Chilean corporate law upon the occurrence
    of certain events may be limited. <br>
</b>In accordance with Chilean laws and
    regulations, any shareholder that votes against certain corporate actions
    or does not attend the meeting at which certain corporate actions are approved
    and communicates to the corporation its dissent in writing within the term
    established by Law, may exercise a withdrawal right, tender its shares to
    the company and receive cash compensation for its shares, provided that the
    shareholder exercises its rights within the prescribed time periods. See &#147;Item
    10: Additional Information &#150; Memorandum and Articles of
  Association &#150; Rights, preferences and restrictions regarding shares&#148;. In our
  case, the actions triggering a right of withdrawal include the approval of:</font> </p>
<ul><li><p> <font size="2" face="Times New Roman, Times, serif">our transformation into a different type of legal entity, </font></p>
</li></ul>
<ul><li><p><font size="2" face="Times New Roman, Times, serif"> our merger with and/or into another company, </font></p>
</li></ul>
<ul><li><font size="2" face="Times New Roman, Times, serif"> the transfer of 50% or more of our corporate assets, whether
  or not liabilities are also transferred, or the proposal or amendment of any
  business plan that contemplates the transfer of assets exceeding said percentage, </font></li>
</ul>
<ul><li><font size="2" face="Times New Roman, Times, serif"> the granting of real or personal guarantees to secure third party
  obligations exceeding 50% of the corporate assets, </font></li>
</ul>
<ul><li><p><font size="2" face="Times New Roman, Times, serif"> the creation of preferences for a series of shares or the increase
  or reduction in the already existing ones. In this case, only dissenting shareholders
  of the affected series shall have the right to withdraw, </font></p>
</li></ul>
<ul><li><p><font size="2" face="Times New Roman, Times, serif"> curing certain formal defects in our charter which otherwise
  would render it null and void or any modification of our by-laws that grant
  this right, and </font></p>
</li></ul>
<ul><li><font size="2" face="Times New Roman, Times, serif"> other cases provided for by statute or in our bylaws, if any. </font></li>
</ul>

<p><font size="2" face="Times New Roman, Times, serif">Because of the absence of legal precedent as to whether a shareholder that
  has voted both for and against a proposal, such as the depositary of our ADSs,
  may exercise withdrawal rights with respect to those shares voted against the
  proposal, there is doubt as to whether a holder of ADSs will be able to exercise
  withdrawal rights either directly or through the depositary for the shares
  of our common stock represented by its ADSs. Accordingly, for a holder of our
  ADSs to exercise its appraisal rights, it may be required to surrender its
  ADRs, withdraw the shares of our common stock represented by its ADSs, and
  vote the shares against the proposal. </font></p>

<p><font size="2" face="Times New Roman, Times, serif"><b>Preemptive rights to purchase additional shares of our common stock may
    be unavailable to holders of our ADSs in certain circumstances and, as a
    result, their ownership interest in us may be diluted.<br>
</b>The Chilean Corporations
    Act requires us, whenever we issue new shares for cash, to grant preemptive
    rights to all holders of shares of our common stock, including shares of
    our common stock represented by ADSs, giving those holders the right to purchase
    a sufficient number of shares to maintain their existing ownership percentage.
    We may not be able to offer shares to holders of our ADSs pursuant to preemptive
    rights granted to our shareholders in connection with any future issuance
    of shares unless a registration statement under the Securities Act is effective
    with respect to those rights and shares, or an exemption from the registration
    requirements of the Securities Act is available. </font></p>
<p><font size="2" face="Times New Roman, Times, serif">We intend to evaluate at the time of any future offerings of shares of our
  common stock the costs and potential liabilities associated with any registration
  statement as well as the indirect benefits to us of enabling U.S. owners of
  our ADSs to exercise preemptive rights and any other factors that we consider
  appropriate at the time, and then make a decision as to whether to file such
  a registration statement. We cannot make any assurances that any registration
  statement would be filed. </font></p>

<p><font size="2" face="Times New Roman, Times, serif">To the extent a holder
    of our ADSs is unable to exercise its preemptive rights because a registration
    statement has not been filed, the depositary will attempt to sell the holder's
    preemptive rights and distribute the net proceeds of the sale, net of the
    depositary's fees and expenses, to the holder, provided that a secondary
    market for those rights exists and a premium can be recognized over the cost
    of the sale. A secondary market for the sale of preemptive rights can be
    expected to develop if the subscription price of the shares of our common
    stock upon exercise of the rights is below the prevailing market price of
    the shares of our common stock. In addition, Chilean income tax laws provide
  a tax deduction to an </font></p>
  <p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">9</font></p>
<p><font size="2" face="Times New Roman, Times, serif">individual resident taxpayer
    in an amount equal to a percentage of the individuals' investment in newly
    issued shares. Nonetheless, we cannot make any assurances that a secondary
    market in preemptive rights will develop in connection with any future issuance
    of shares of our common stock or that if a market develops, a premium can
    be recognized on their sale. Amounts received in exchange for the sale or
    assignment of preemptive rights relating to shares of our common stock will
    be taxable in Chile and the United States . See &#147;Item
    10: Additional Information &#150; Taxation &#150; Chilean Tax Considerations &#150; Capital
    Gains&#148; and &#147;&#150; United States Tax Considerations &#150; Capital Gains&#148;. If the rights
    cannot be sold, they will expire and a holder of our ADSs will not realize
    any value from the grant of the preemptive rights. In either case, equity interest
    in us will be diluted proportionately. </font></p>
<a name=a07></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<center>
  <p><b><font size="2" face="Times New Roman, Times, serif">ITEM 4: Information on the Company

</font></b></p>
  <p align="left"><b><font size="2" face="Times New Roman, Times, serif"><u>History and Development
        of the Company </u></font></b>
  </p>
</center>
<p align="left"><font size="2" face="Times New Roman, Times, serif">Our current
    legal and commercial name is Compa&ntilde;&iacute;a
  Cervecer&iacute;as Unidas S.A. We were incorporated in the Republic of Chile
  in 1902 as an open stock corporation, following the merger of two existing
  breweries, one of which had its origins back in 1850, when Mr. Joaqu&iacute;n
  Plagemann founded one of the first breweries in Chile in the port of Valpara&iacute;so
  . By 1916, we owned and operated the largest brewing facilities in Chile .
  Our operations have included the production and marketing of soft drinks since
  1902 and the bottling and selling of mineral water products since 1960. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">We are subject to a full range of governmental regulation and
  supervision generally applicable to companies engaged in business in Chile
  and Argentina . These regulations include labor laws, social security laws,
  public health, consumer protection and environmental laws, securities laws,
  and anti-trust laws. In addition, regulations exist to ensure healthy and safe
  conditions in facilities for the production, bottling, and distribution of
  beverages. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">Our principal
    executive offices are located at Bandera 84, Sixth Floor, Santiago , Chile
    . Our telephone number in Santiago is (56-2) 427-3000, the fax number is
    (56-2) 427-3215 and the website is www.ccu-sa.com. Our authorized representative
    in the United States is Puglisi &amp; Associates, located at
  850 Library Avenue, Suite 204 , Newark , Delaware 19715 , USA , telephone number
  (302) 738-6680 and fax number (302) 738-7210. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">In 1986,
    IRSA, our current main shareholder, acquired its controlling interest in
    us through purchases of common stock at an auction conducted by a receiver
    who had assumed control of us following the economic crisis in Chile in the
    early 80's, which resulted in our inability to meet our obligations to our
    creditors. IRSA, at that time, was a joint venture between Qui&ntilde;enco
  S.A. and the Sch&ouml;rghuber Group from Germany through its wholly owed subsidiary
  Finance Holding International B.V., or FHI of the Netherlands . To our knowledge,
  none of our common stock is currently owned by governmental entities. Our common
  stock is listed and traded on the principal Chilean stock exchanges. See &#147;Item
  7: Major shareholders and Related Party Transactions&#148;. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">In September 1992, we issued 4,520,582 ADSs, each representing
  five shares of our common stock, in an international American Depositary Receipt,
  or ADR, offering. The underlying ADSs were listed and traded on the National
  Association of Securities Dealers Automated Quotation National Market System,
  or NASDAQ, until March 25,1999. Since that date, the ADSs have been listed
  and traded on the New York Stock Exchange. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">In 1994,
    we diversified our operations both in the domestic and international markets.
    In that year, we purchased a 48.4% interest in the Chilean wine producer
    Vi&ntilde;a San Pedro S.A., or VSP. As of December 31, 2003,
  that interest amounted to 60.3%. In November 1994, we and Buenos Aires Embotelladora
  S.A. (&#147;BAESA&#148;) (the PepsiCo bottler in Chile at that time) merged businesses
  to create Embotelladoras Chilenas</font></p>
  <p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">10</font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif"> Unidas S.A.
    , or ECUSA, for the production, bottling, distribution and marketing of soft
    drinks and mineral water products in Chile . </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">In November 1999, we bought BAESA's interest in ECUSA and thereafter
  have controlled 100% of that company. In addition, in 1994 through Southern
  Breweries Establishments, or SBE, a 50%-investment, we acquired a 26.9% indirect
  equity interest in Karlovacka Pivovara d.d., or Karlovacka, a Croatian brewery.
  Between 1994 and 1998, we increased our indirect equity stake in Karlovacka
  to 34.4%. On March 31, 2003, SBE sold its interest in Karlovacka to Heineken
  Adria d.o.o, a subsidiary of Heineken International B.V., or Heineken International,
  generating a profit of Ch$20,114 million, and on April 10, 2003, we bought
  the remaining 50% interest of SBE. At CCU consolidated level, we have a 99.97%
  interest in SBE due to minority shareholders in Comercial CCU Santiago S.A.,
  indirect owner of a 24.99% equity in Inversiones Ecusa S.A., which owns 50%
  of SBE. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">Through Compa&ntilde;&iacute;a Cervecer&iacute;as Unidas Argentina
  S.A., or CCU Argentina, we began our expansion into Argentina by acquiring
  an interest in two Argentine breweries: 62.7% of the outstanding shares of
  Compa&ntilde;&iacute;a Industrial Cervecera S.A, or CICSA, were acquired during
  January and February 1995 and 98.8% of the outstanding shares of Cervecer&iacute;a
  Santa Fe S.A. , or CSF, were acquired in September 1995. In 1997, CCU Argentina
  increased its interest in CICSA to 97.2% and in CSF to 99.9% through the purchase
  of minority interests. In January 1998, we decided to merge these two breweries
  into one company operating under the name of CICSA. Following the merger, CCU
  Argentina's interest in CICSA was 99.2%. In April 1998, CCU Argentina completed
  the purchase of the brands and assets of Cervecer&iacute;a C&oacute;rdoba for
  US$8 million. After subsequent capital expansions, our interest in CCU Argentina
  reached 89.2%, with Anheuser-Busch Incorporated, or Anheuser-Busch, interest
  at 10.8%. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">In addition to our acquisitions in Argentina , we signed a license
  agreement with Anheuser-Busch in 1995 granting us the exclusive right to produce,
  market, sell and distribute the Budweiser beer brand in Argentina . </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">After a capital increase approved by our shareholders in October
  1996, we raised approximately US$196 million between December 1996 and April
  1999. Part of this capital expansion was accomplished between December 1996
  and January 1997 through our second ADR offering in the international markets. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">During 2000, VSP acquired the winery Finca La Celia S.A ., or
  FLC, in Mendoza , Argentina , initiating its international expansion, allowing
  VSP to include fine quality Argentine wines into its export product portfolio.
  VSP began consolidating this operation on its financial statements as of January
  2003. Prior to January 2003, FLC was in the development stage. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">To increase
    our presence in the premium beer segment, we acquired in November 2000, a
    50% stake in Cervecer&iacute;a Austral S.A., located in
  the city of Punta Arenas, with an annual production capacity of 50,000 hectoliters.
  Further, in May 2002, we acquired a 50% stake in Compa&ntilde;&iacute;a Cervecera
  Kunstmann S.A., located in the city of Valdivia , with an annual production
  capacity of 30,000 hectoliters. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">In October
    2001, VSP signed a joint venture agreement with the French winery Ch&acirc;teau Dassault for the production of super premium wines,
  mainly for the export market. As a result of this agreement we have combined
  Ch&acirc;teau Dassault's vast experience in first-quality wine production with
  VSP's knowledge of both the Chilean and Argentine markets, along with its extensive
  international distribution network. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">In February
    2003, we began the sale of a new product for our beverage portfolio, pisco,
    under the brand Ruta Norte. Pisco is a grape spirit very popular in Chile
    that is produced in the northern part of the country and the southern part
    of Peru . Our pisco is produced in the &#147; Elqui Valley &#148; in
  the IV Region of Chile and it is sold throughout the country by our beer division
  sales force. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">On April
    17, 2003, the Sch&ouml;rghuber Group, an indirect owner
  of 30.8% of our ownership interest, gave Qui&ntilde;enco S.A. , also an indirect
  owner of 30.8% of our ownership interest, formal notice of its intent to sell
  100% of its interest in FHI to Heineken Americas B.V., a subsidiary of Heineken
  International B.V. As a result of the sale, Qui&ntilde;enco and Heineken Americas
  B.V., the latter through FHI, became the only two shareholders of IRSA, the
  owner of 61.6% of our equity, each with a 50% interest in IRSA. Heineken</font></p>
  <p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">11</font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif"> International
    B.V. and FHI subsequently formed Heineken Chile Ltda., to hold the latter's
    50% interest in IRSA. Therefore, Qui&ntilde;enco and Heineken Chile Ltda. are
    the only two current shareholders of IRSA, with a 50% equity each. On December
    30, 2003, FHI merged into Heineken Americas B.V., which together with Heineken
    International B.V. remain as the only shareholders of Heineken Chile Ltda. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">In January
    2004, we entered the confectionery business by means of a joint venture between
    our subsidiary ECUSA and Empresas Lucchetti S.A. (which has been renamed &#147;Industria Nacional de Alimentos S.A.&#148;), a subsidiary
  of Qui&ntilde;enco, with a 50% interest each in Calaf S.A., a corporation that
  acquired the trademarks, assets and know-how, among other things, of Calaf
  S.A.I.C. and Francisca Calaf S.A., traditional Chilean candy makers, renowned
  for more than a century. We sell Calaf's products together with our soft drinks,
  with the potential to reach more than 90,000 clients. This new challenge offers
  an interesting growth potential to ECUSA in the ready-to-eat market segment.</font> </p>
<p><font size="2"><b><font face="Times New Roman, Times, serif">CAPITAL EXPENDITURES </font></b></font></p>
<p><font size="2" face="Times New Roman, Times, serif">The capital expenditures figures shown below reflect amounts on the date they
  are recorded in our accounting records and therefore may not match cash flow
  figures since these reflect payments when made. Our capital expenditures for
  2001, 2002 and 2003 were Ch$31,609 million, Ch$19,097 million and Ch$20,903
  million, respectively, totaling Ch$71,609 million, of which Ch$23,562 million
  were invested in our beer operations in Chile, Ch$9,693 million in our Argentine
  beer operations, Ch$20,457 million in soft drink and mineral water operations
  and Ch$12,858 million in wine operations during the years mentioned above. </font></p>
<p><font size="2" face="Times New Roman, Times, serif">In recent years, our capital expenditures have been made primarily for the
  expansion of our production capacity. In Chile , these expenditures included
  the completion of a new brewery in Temuco . In Argentina , capital expenditures
  have been made for the expansion and improvement of the beer production and
  bottling capacity of the facility in Santa Fe , including the construction
  of its new canning line. Capital expenditures have been made in our soft drinks
  division in order to adjust soft drink bottling lines to meet changes in consumer
  demand for new packaging formats. With regard to our wine operations, capital
  expenditures have been made primarily to increase wine bottling and storage
  capacities. </font></p>
<p><font size="2" face="Times New Roman, Times, serif">During 2000, we constructed and completed a canning line for the Santa Fe
  plant in Argentina , which has a capacity of 60,000 cans per hour. This investment
  was principally financed by Anheuser-Busch through a capital increase in CCU
  Argentina. This packaging line helped to reinforce CCU Argentina's position
  in this segment. This canning line was constructed to provide CCU Argentina
  with enough capacity to meet the export market's demand for Budweiser beer. </font></p>
<p><font size="2" face="Times New Roman, Times, serif">During 2000, we purchased
    50% of the shares of Cervecer&iacute;a Austral S.A.,
  located in Punta Arenas, Chile's southernmost city, for Ch$4,747 million. The
  purpose of this acquisition was the development of the Austral brand and to
  increase its volume and presence, not only in Chile but also in the southern
  regions of Argentina . Austral beer has potential to be sold abroad. </font></p>
<p><font size="2" face="Times New Roman, Times, serif">During 2001, our main capital expenditures included the acquisition of bottles,
  crates and marketing assets for all of our business segments as well as improvements
  in quality and productivity. </font></p>
<p><font size="2" face="Times New Roman, Times, serif">During 2002, our main capital expenditures included also the acquisition of
  bottles and crates as well as the upgrades and improvements of packaging lines
  for all of our business segments. </font></p>
<p><font size="2" face="Times New Roman, Times, serif">In Chile , during 2003, capital expenditures in our beer division were focused
  principally on increasing the amount of returnable bottles purchased from third
  parties. In Argentina , our capital expenditures were primarily for the implementation
  of machinery and equipment used in the production and sale of Heineken. Capital
  expenditures were incurred in our soft drink division for bottles and coolers.
  Additionally, with regards to our wine operations, we increased the number
  of wine cellars in San Pedro, Santa Helena, and Finca La Celia. We also purchased
  equipment to improve the capacity of Pisconor and to buy new software. </font></p>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">12</font></p>
<p><font size="2" face="Times New Roman, Times, serif">Our principal capital expenditures for the period 2001-2003 are displayed
  in the following table. The information is presented in constant million Chilean
  pesos of December 31, 2003.</font> </p>
<table width="100%" border="0" cellpadding="0" cellspacing="2">
  <tr>
    <td width="20%" valign="top"><p align="center"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td height="40%" valign="top"><p align="center"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td width="20%" valign="top"><p align="center"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td width="20%" valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>2001 </b></font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>(Million Ch$) </b></font></p></td>
  </tr>
  <tr>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif"><b>Beer Chile </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Bottling line improvements </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">3,549 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Bottles and crates </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">3,454 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif">Coolers </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">1,472 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Others </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">2,436 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Total </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">10,910 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif"><b>Beer Argentina </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Marketing assets </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">1,757 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif">Santa Fe Plant capacity improvement </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">380 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Salta Plant capacity improvement </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">29 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Others </font></p></td>
    <td valign="top"><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">1,983 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Total </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">4,150 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif"><b>Soft
            Drinks &amp; Mineral
    Water </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif">Bottles and crates </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">4,114 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif">Coolers </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">2,282 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Others </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">3,211 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Total </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">9,607 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif"><b>Wine </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Barrels </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">674 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif">New wine cellars </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">333 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Thanks capacity increase </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">240 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Bins and racks </font></p></td>
    <td valign="top"><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">199 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Others </font></p></td>
    <td valign="top"><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">3,632 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Total </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">5,078 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif"><b>Others </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif">Injection molds </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">1,222 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif">Trailers </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">42 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif">Pallets acquisition </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">32 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Others </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">567 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Total </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">1,864 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" valign="top"><hr size="1">      </td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif"><b>TOTAL 2001 </b></font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>31,609 </b></font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p align="center"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="center"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="center"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>2002 </b></font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>(Million Ch$) </b></font></p></td>
  </tr>
  <tr>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif"><b>Beer Chile </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif">Bottles </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">2,754 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif">Coolers </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">1,104 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif">Packaging line improvements </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">1,022 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Others </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">2,047 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Total </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">6,927 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif"><b>Beer Argentina </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif">Marketing assets </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">308 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif">Bottles and pallets </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">290 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif">Others </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">184 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Total </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">781 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif"><b>Soft
            Drinks &amp; Mineral
    Water </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
</table>

<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">13</font></p>

<table width="100%" border="0" cellpadding="0" cellspacing="2">
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif">Packaging line improvements </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">625 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Bottles, crates and pallets </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">2,837 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Coolers </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">1,783 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Others </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">262 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Total </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">5,507 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif"><b>Wine </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">New bottling line </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">445 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Storage tanks </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">184 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Plant improvements </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">415 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Barrels </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">941 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Others </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">2,437 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Total </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">4,422 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif"><b>Others </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Software and hardware </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">907 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Injection molds </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">397 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Others </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">157 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Total </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">1,461 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif"><b>TOTAL 2002 </b></font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>19,097 </b></font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p align="center"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="center"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="center"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>2003 </b></font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>(Million Ch$) </b></font></p></td>
  </tr>
  <tr>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif"><b>Beer Chile </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Bottles </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">2,468 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Coolers </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">1,098 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Marketing assets </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">688 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Packaging </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">567 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Machinery and equipment </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">549 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Others </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">355 </font></p></td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Total </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">5,725 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif"><b>Beer Argentina </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p align="center"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Machinery and equipment </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">2,700 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Marketing assets </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">322 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Bottles and pallets </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">248 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Others </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">1,492 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Total </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">4,762 </font></p></td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td colspan="2" valign="top"><p><font size="2" face="Times New Roman, Times, serif"><b>Soft
            Drinks &amp; Mineral
    Water </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Bottles, boxes and pallets </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">2,656 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Coolers </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">1,274 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="center"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Marketing assets </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">226 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="center"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Packaging </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">212 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="center"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Others </font></p></td>
    <td valign="top"><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">974 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><p align="center"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Total </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">5,343 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="center"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif"><b>Wine </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Barrels </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">1,099 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Machinery and Equipment </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">511 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="center"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Others </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">1,747 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Total </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">3,358 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif"><b>Others </b></font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Software and hardware </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">611 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Injection molds </font></p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">220 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Others </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">885 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Total </font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">1,716 </font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2" valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p align="right"><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td valign="top"><p><font size="2" face="Times New Roman, Times, serif"><b>TOTAL 2003 </b></font></p></td>
    <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>20,903 </b></font></p></td>
  </tr>
</table>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">14</font></p>
<p><font size="2"><b><font face="Times New Roman, Times, serif"><u>Business
    Overview</u> </font></b></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b>Summary </b></font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">We are a diversified beverage company operating principally in
  Chile and Argentina . We are the largest brewery in Chile , the second largest
  brewery in Argentina , the third largest soft drinks producer in Chile , the
  largest mineral water and bottled nectar producer in Chile , the second largest
  wine producer in Chile and the third largest pisco producer in Chile . Our
  beer and soft drink products include a wide range of proprietary, licensed
and imported brands. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">In 2003, we had consolidated net sales of Ch$384,064 million,
  of which 39.0% was accounted for by our beer sales in Chile, 8.2% by our beer
  sales in Argentina, 30.0% by our soft drinks, nectar and mineral water sales
in Chile, 21.5% by wine sales and the remainder by sales of other products. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif"><i>Beer </i>. We estimate that our share of the Chilean beer
  market by volume was approximately 88% for 2001, 88% for 2002 and 89% for 2003.
  Our line of beers in Chile includes a full range of super-premium, premium,
  medium-priced and popular-priced brands, which are primarily marketed under
  seven different proprietary brands and one brand extension. Our flagship brand,
  Cristal, is Chile 's best selling beer, accounting for an estimated 59% of
  all 2003 beer sales by volume in Chile . We are the only brewery in Chile with
  a nationwide production and distribution network. In addition, we are the exclusive
  producer and distributor in Chile of Heineken brand beer, the exclusive distributor
  in Chile of imported Budweiser brand beer and the exclusive local producer
  and importer of Paulaner brand beers. We also produce, under license, Austral
beer and distribute Kunstmann beer brands. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">We entered
    the Argentine beer market in 1995 by acquiring two breweries and their brands,
    CICSA and CSF. Additionally, in 1998, we bought the brands and assets of
    Cervecer&iacute;a C&oacute;rdoba.
    Under a joint venture agreement entered into with Anheuser-Busch in 1995,
    we began importing, selling and distributing Budweiser beer in Argentina
    in March 1996. We began production and distribution of locally produced Budweiser
    beer in Argentina in December 1996 as part of our strategy to develop Budweiser
    as the flagship brand of our Argentine operations. In addition, we are the
    exclusive producer and distributor in Argentina of Heineken brand beer and
    the exclusive distributor in Argentina of imported Corona and Guinness beer
    brands. Currently, we and Anheuser-Busch have 89.2% and 10.8% respective
    interests in our Argentine subsidiary, CCU Argentina. We estimate that our
    market share by volume of the Argentine beer market was approximately 12%
in 2001, 13% in 2002 and 14% in 2003. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif"><i>Soft Drinks and Mineral Water </i>. We produce and sell soft
  drink and mineral water products in Chile , including our proprietary brands
  and brands produced under license from PepsiCo, Schweppes Holdings Ltd. and
  Watt's Alimentos S.A. , or Watt's. We estimate that our Chilean soft drinks
  market share by volume, not including nectars, was approximately 21% in 2001,
  20% in 2002 and 20% in 2003 and that our mineral water market share by volume
was 57% in 2001, 57% in 2002 and 56% in 2003. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif"><i>Wine </i>. We entered the Chilean wine industry in 1994 with
  the acquisition of a 48.4% interest in VSP, Chile 's third largest winery and
  second largest wine exporter. After making subsequent investments, we currently
  have a 60.3% interest in VSP. VSP produces and markets a full range of wine
  products for both the domestic and export markets. We believe that in 2003,
  VSP's sales by volume amounted to approximately 18% of total measured domestic
  industry sales by volume and 13% of Chile 's total wine export sales by volume.
  VSP's main vineyard is located in Molina, 200 kilometers south of Santiago
  . VSP's domestic wine products are distributed through our nationwide distribution
  system with dedicated sales forces in the major cities and its export products
are sold in 70 different countries through distribution agents. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif"><i>Pisco. </i>In
    February 2003, we began the sale of a new product for our beverage portfolio,
    pisco, under the brand Ruta Norte. Pisco is a grape spirit very popular in
Chile that is produced in the northern part of the </font></p>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">15</font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">country and
    the southern part of Peru . Our pisco is produced in the &#147; Elqui Valley &#148; in the IV Region
      of Chile and it is sold throughout the country by the beer division sales
  force. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif"><i>Distribution Network. </i>In Chile , we have an extensive
  and integrated distribution network for the sale and distribution of beer,
  soft drinks, mineral water, nectars, wine and pisco including a total of 16
  owned or leased warehouses, a network of independent transportation companies
  and a direct sales force of approximately 800 people who sell our products
to approximately 93,000 customers throughout Chile . </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">In Argentina, our sales and distribution network for our beer
  products consists of five owned or leased warehouses, a direct sales force
  reaching approximately 15,800 customers plus 15 supermarket chains, and 448
distributors. </font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b>Our
Beer Business </b></font></p>
<p><font size="2" face="Times New Roman, Times, serif"> Our historical core business,
    our Chilean beer operation, was first established in 1850. Since that date,
    our management believes we have played a leadership role in the industry,
    with a business that in 1902, after the merger of different breweries, gave
    rise to our formation. In 1995, we began building our presence in Argentina
    through the acquisition of a majority interest in two Argentine brewing companies,
  CICSA and CSF. </font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b>Our Beer Business in Chile </b></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><i>The Chilean Beer Market. </i>We estimate that annual beer
  consumption in Chile was 419 million liters in 2003, or approximately 27 liters
  per capita. The following chart shows our estimates for total and per capita
consumption levels for beer in Chile for the years 1999 - 2003:</font> </p>
<table width="100%" border="0" cellpadding="0" cellspacing="2">
  <tr align="center" valign="bottom">
    <td width="25%"><font size="2" face="Times New Roman, Times, serif">Year                        </font>      <hr size="1"></td>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">Total Sales Volume (1)      </font>      <hr size="1"></td>
    <td width="25%"><font size="2" face="Times New Roman, Times, serif">Per Capita (2)      </font>      <hr size="1"></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center"><font size="2" face="Times New Roman, Times, serif">(millions of liters)</font></td>
    <td align="center"><font size="2" face="Times New Roman, Times, serif">(liters)</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr align="center" valign="bottom">
    <td><font size="2" face="Times New Roman, Times, serif">1999 </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">384 </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">26 </font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td><font size="2" face="Times New Roman, Times, serif">2000 </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">397 </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">27 </font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td><font size="2" face="Times New Roman, Times, serif">2001 </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">397 </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">27 </font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td><font size="2" face="Times New Roman, Times, serif">2002 </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">398 </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">26 </font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td><font size="2" face="Times New Roman, Times, serif">2003 </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">419 </font></td>
    <td><font size="2" face="Times New Roman, Times, serif">27 </font></td>
  </tr>
</table>
<hr size="1" width="15%" align="left">
<table cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="5%"><font size="1" face="Times New Roman, Times, serif">(1)</font></td>
    <td width="95%"><font size="1" face="Times New Roman, Times, serif">Based on our sales data, competitors' publicly available
      information, equity research analyst reports, imports and export data from
    customs authorities.</font></td>
  </tr>
  <tr valign="top">
    <td width="455"><font size="1" face="Times New Roman, Times, serif">(2)</font></td>
    <td width="455"><p><font size="1" face="Times New Roman, Times, serif"> Population estimated in accordance
        with the national census of April 2002. </font></p>        </td>
  </tr>
</table>
<p><font size="2" face="Times New Roman, Times, serif">We estimate that the total beer market increased approximately
  5.0% in terms of volume sold during 2003 as compared to 2002. We believe that
  this positive growth in the beer market is the result of the actions taken
  by us since 2001 to increase beer consumption in Chile with new products, new
  packaging and creating new occasions of consumption, the improvement in Chilean
economic conditions and a milder Chilean winter in 2003. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">Virtually
    all of the beer consumed in Chile is produced by four Chilean manufacturers:
    us, Cervecer&iacute;a Chile, Cervecer&iacute;a Austral
  S.A., or Cervecer&iacute;a Austral, and Compa&ntilde;&iacute;a Cervecera Kunstmann
  S.A., or Kunstmann, whose principal brands of beer in Chile are Cristal, Becker,
  Austral and Kunstmann, respectively. According to our estimates, during 2003,
  we and Cervecer&iacute;a Chile accounted for approximately 89% and 10% of total
  beer sales in Chile , respectively. In November 2000, we acquired a 50% stake
  in Cervecer&iacute;a Austral, located in the city of Punta Arenas . This brewery
has an annual production capacity of 50,000 hectoliters </font></p>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">16</font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">and had less
    than 1% market share during 2003. In October 2001, Cervecer&iacute;a Austral entered
    into a license agreement with our subsidiary, Cervecera CCU Chile Limitada,
    to produce and sell our brand Cristal, and also any other brand, owned by or
    licensed to Cervecera CCU Chile Limitada in the southern part of Chile . During
    2003, Cervecer&iacute;a Austral began the production and sale of our brands
    Cristal, Escudo and Dorada 6.0. In May 2002, we acquired a 50% stake in Compa&ntilde;&iacute;a
    Cervecera Kunstmann S.A., located in the city of Valdivia . This brewery has
    an annual production capacity of 30,000 hectoliters and had less than 1% market
    share during 2003. Due to the high costs of shipping beer to Chile and Chile
    's returnable glass bottle system, sales of imported beer are not significant,
  representing an estimated 1% of total beer industry volume in 2003. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">Wholesale and retail beer prices are not regulated in Chile .
  Wholesale prices are subject to negotiation between the producer and the purchaser.
  Retailers determine retail prices to the final consumer. We believe that the
  key factors determining retailers' prices include: national and/or local price
  promotions offered by the manufacturer, the nature of product consumption (on-premise
  or take-out), the type of packaging (returnable or non-returnable), the applicable
  tax structure, the desired profit margins and the geographical location of
the retailer. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif"><i>Beer Production and Marketing in Chile . </i>The production
  of beer in Chile is our principal activity, generating net sales of Ch$135,234
  million, Ch$135,820 million and Ch$149,672 million or 36.2%, 38.9% and 39.0%
  of our total net sales in 2001, 2002 and 2003, respectively. Our sales of beer
  by volume in Chile increased 6.0% in 2003. As a percentage of our total net
  sales, net sales of beer in Chile have increased slightly mainly due to volume
and price increases in this segment. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">The following table shows our proprietary brands, brands produced under license
  and brands imported under license for the Chilean market:</font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="2">
  <tr align="center" valign="bottom">
    <td><p align="center"><font size="2" face="Times New Roman, Times, serif">Super-Premium </font></p></td>
    <td><p align="center"><font size="2" face="Times New Roman, Times, serif">Premium </font></p></td>
    <td><p align="center"><font size="2" face="Times New Roman, Times, serif">Special </font></p></td>
    <td><p align="center"><font size="2" face="Times New Roman, Times, serif">Medium-priced </font></p></td>
    <td><p align="center"><font size="2" face="Times New Roman, Times, serif">Popular-priced </font></p></td>
  </tr>
  <tr align="center" valign="bottom">
    <td><p align="center"><font size="2" face="Times New Roman, Times, serif">beer brands </font></p></td>
    <td><p align="center"><font size="2" face="Times New Roman, Times, serif">beer brands </font></p></td>
    <td><p align="center"><font size="2" face="Times New Roman, Times, serif">beer brands </font></p></td>
    <td><p align="center"><font size="2" face="Times New Roman, Times, serif">beer brands </font></p></td>
    <td><p align="center"><font size="2" face="Times New Roman, Times, serif">beer brands </font></p></td>
  </tr>
  <tr align="center" valign="bottom">
    <td><hr size="1"></td>
    <td><hr size="1"></td>
    <td><hr size="1"></td>
    <td><hr size="1"></td>
    <td><hr size="1"></td>
  </tr>
  <tr align="center" valign="bottom">
    <td><p><font size="2" face="Times New Roman, Times, serif">Royal Guard </font></p></td>
    <td><p><font size="2" face="Times New Roman, Times, serif">Cristal </font></p></td>
    <td><p><font size="2" face="Times New Roman, Times, serif">Lemon Stones </font></p></td>
    <td><p><font size="2" face="Times New Roman, Times, serif">Morenita </font></p></td>
    <td><p><font size="2" face="Times New Roman, Times, serif">Dorada 6.0 </font></p></td>
  </tr>
  <tr align="center" valign="bottom">
    <td><p><font size="2" face="Times New Roman, Times, serif">Royal Light </font></p></td>
    <td><p><font size="2" face="Times New Roman, Times, serif">Escudo </font></p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td><p><font size="2" face="Times New Roman, Times, serif">Ays&eacute;n </font></p></td>
  </tr>
  <tr align="center" valign="bottom">
    <td><p><font size="2" face="Times New Roman, Times, serif">Heineken (1) </font></p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr align="center" valign="bottom">
    <td><p><font size="2" face="Times New Roman, Times, serif">Budweiser (2) </font></p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr align="center" valign="bottom">
    <td><p><font size="2" face="Times New Roman, Times, serif">Paulaner (1) </font></p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr align="center" valign="bottom">
    <td><p><font size="2" face="Times New Roman, Times, serif">Austral (1) </font></p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
  <tr align="center" valign="bottom">
    <td><p><font size="2" face="Times New Roman, Times, serif">Kunstmann (3) </font></p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
    <td><p><font face="Times New Roman, Times, serif"><font size="2"></font></font> </p></td>
  </tr>
</table>
<hr size="1" align="left" width="15%">
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%" valign="top"><font size="1" face="Times New Roman, Times, serif">(1)</font></td>
    <td width="95%" valign="top"><p><font size="1" face="Times New Roman, Times, serif"> Produced under license </font></p></td>
  </tr>
  <tr>
    <td valign="top"><font size="1" face="Times New Roman, Times, serif">(2)</font></td>
    <td valign="top"><font size="1" face="Times New Roman, Times, serif">Imported </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="1" face="Times New Roman, Times, serif">(3)</font></td>
    <td valign="top"><p><font size="1" face="Times New Roman, Times, serif">Distributed under license </font></p>    </td>
  </tr>
</table>
<p align="left"><font size="2" face="Times New Roman, Times, serif">Cristal is
    our principal and best selling beer brand in Chile . Escudo , Chile 's second
    most popular beer, is targeted to young-adult consumers. Royal Guard is our
    single, proprietary, super-premium brand. Royal Light is a light beer extension
    of the Royal Guard line and contains a lower alcohol content. Morenita is
    a dark beer and Dorada 6.0 is a discount brand with the highest alcohol content
    in Chile . Lemon Stones is a lemon flavored sweetened beer, with a 2.5% alcohol
    content. Ays&eacute;n
    is a discount brand to compete with cans of low-priced imported beers in
  the northern part of the country. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">In 2003, we exported a limited amount of beer. Export sales of
  beer accounted for less than 1% of our net sales in 2003. Although we continually
  explore export opportunities, we do not expect beer exports to be a significant
  source of sales in the future since our primary focus is on the Chilean domestic
market. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">On April
    28, 2003, we, through our subsidiaries Cervecera CCU Chile Limitada and Compa&ntilde;&iacute;a Cervecer&iacute;as
    Unidas Argentina S.A., and Heineken Brouwerijen B.V. signed license and technical
    assistance agreements which provide us with the exclusive rights to produce,
    sell and distribute Heineken beer in Chile and Argentina commencing June
    18, 2003. These agreements have an initial term of 10 years beginning in
</font></p>

<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">17</font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">June 2003,
    renewable for subsequent periods of five years. Heineken beer is the leading
    brand in the premium segment, the beer segment with the highest growth in
    Chile in the last years. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">Additionally,
    we both import and produce, bottle and distribute Paulaner beer under license
    from Paulaner Brauerei AG, which is controlled by the Sch&ouml;rghuber Group. The current Import and License agreement, executed
  in 1995, which supersedes all prior agreements, provides us with the exclusive
  right to produce in Chile super-premium beer under the Paulaner label and distribute
  in Chile a variety of additional imported Paulaner products. Its term is five
  years, beginning in May 1995, renewable for successive five-year periods beginning
  in the year 2000. Paulaner is a subsidiary of the Sch&ouml;rghuber Group, until
  April 2003 one of the two beneficial shareholders of IRSA, our major shareholder.
See &#147;Item 7: Major Shareholders and Related Party Transactions.&#148; </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">In October
    1996, we and Anheuser-Busch entered into an agreement granting us the exclusive
    right to distribute Budweiser beer in Chile . Since then, distribution has
    been carried out continuously. Currently, we and Anheuser-Busch are reviewing
    the terms and conditions of such distribution in order to execute a new agreement.
See &#147;Item 3: Risk Factors&#148;. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">In October
    2001, we signed a license agreement with Cervecer&iacute;a
  Austral S.A. for the production of the Austral brand by our beer division.
  This agreement has a fourteen-year term, automatically renewable for a seven-year
  term if certain conditions are fulfilled. This agreement can be extended for
an additional seven-year period if both parties express this intention in writing. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">In May 2002,
    we acquired a 50% ownership interest in Compa&ntilde;&iacute;a
  Cervecera Kunstmann S.A., a microbrewery located in the southern city of Valdivia
  , with an annual production capacity of 3 million liters. In July 2002, VSP
  began selling Kunstmann beer brands in the city of Vi&ntilde;a del Mar , and
  later on expanded into the cities of Santiago , Concepci&oacute;n, Chill&aacute;n
  and Los Angeles . Since June 2003, our beer division began selling Kunstmann
nationwide. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">Our investment
    in Cervecer&iacute;a Austral S.A., the production
  of Austral brand by our beer division, the investment in Compa&ntilde;&iacute;a
  Cervecera Kunstmann S.A., plus the production of Heineken beer since June 2003,
  are part of our strategy to increase our presence in the premium segment of
the Chilean beer market. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">Our beer products sold in Chile are bottled or packaged in returnable
  and non-returnable bottles, aluminum cans or stainless steel kegs at our production
  facilities in the Chilean cities of Santiago , Temuco and Antofagasta . During
  2001, 2002 and 2003, we sold our beer products in Chile in the following packaging
formats: </font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="2">
  <tr align="center">
    <td colspan="4" valign="top"><font size="2" face="Times New Roman, Times, serif">Percentage of
    Total Beer Products Sold</font>      <hr size="1"></td>
  </tr>
  <tr>
    <td width="40%" valign="top"><font size="2" face="Times New Roman, Times, serif">Container </font></td>
    <td width="20%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">2001
    </font>      <hr size="1"></td>
    <td width="20%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">2002
    </font>      <hr size="1"></td>
    <td width="20%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">2003
    </font>      <hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">Returnable (1) </font></td>
    <td align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;77% </font></td>
    <td align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;75% </font></td>
    <td align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;74% </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">Non-Returnable (2) </font></td>
    <td align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;17% </font></td>
    <td align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;19% </font></td>
    <td align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;20% </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">Returnable Kegs (3) </font></td>
    <td align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;6% </font></td>
    <td align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;6% </font></td>
    <td align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;6% </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">Total </font></td>
    <td align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">100% </font></td>
    <td align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">100% </font></td>
    <td align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">100% </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td align="center" valign="top"><hr size=2 color=black></td>
    <td align="center" valign="top"><hr size=2 color=black></td>
    <td align="center" valign="top"><hr size=2 color=black></td>
  </tr>
</table>
<hr size="1" width="15%" align="left">
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%" valign="top"><font size="1" face="Times New Roman, Times, serif">(1)</font></td>
    <td width="95%" valign="top"><font size="1" face="Times New Roman, Times, serif">Returnable beer containers include glass bottles of various
    sizes.</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="1" face="Times New Roman, Times, serif">(2)</font></td>
    <td valign="top"><font size="1" face="Times New Roman, Times, serif">Non-Returnable beer containers include bottles and aluminum
    cans, both of assorted sizes.</font></td>
  </tr>
  <tr>
    <td valign="top"><font size="1" face="Times New Roman, Times, serif">(3)</font></td>
    <td valign="top"><p><font size="1" face="Times New Roman, Times, serif">Returnable kegs are stainless steel containers, which
          have a capacity of 30 and 50 liters . </font></p>        </td>
  </tr>
</table>
<p><font size="2" face="Times New Roman, Times, serif">We obtain all of our glass
bottles and cans from third party suppliers. See &#147;&#150; Raw Materials&#148;. </font></p>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">18</font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">We directly distribute our beer products throughout Chile to: </font></p>
<ul><li><font size="2" face="Times New Roman, Times, serif"> off-premise retail: small and medium sized retail
outlets, which in turn sell beer to consumers for take-out consumption; </font></li>
</ul>
<ul><li><p align="left"><font size="2" face="Times New Roman, Times, serif"> on-premise retail: retail establishments such as
  restaurants, hotels and bars for on-premise consumption; </font></p>
</li></ul>
<ul><li><font size="2" face="Times New Roman, Times, serif"> wholesalers; and </font></li>
</ul>
<ul><li><font size="2" face="Times New Roman, Times, serif"> supermarket chains. </font></li>
</ul>
<p align="left"><font size="2" face="Times New Roman, Times, serif">In 2001,
    2002 and 2003, the percentage mix of the above distribution channels for
    our beer products in Chile was as follows:</font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="2">
  <tr align="center" valign="bottom">
    <td colspan="4"><font size="2" face="Times New Roman, Times, serif">Percentage of
    Total Beer Products Sold </font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="4"><hr size="1"></td>
  </tr>
  <tr valign="bottom">
    <td width="40%"><font size="2" face="Times New Roman, Times, serif">Distribution Channels </font></td>
    <td width="20%" align="right"><font size="2" face="Times New Roman, Times, serif">2001 </font></td>
    <td width="20%" align="right"><font size="2" face="Times New Roman, Times, serif">2002 </font></td>
    <td width="20%" align="right"><font size="2" face="Times New Roman, Times, serif">2003 </font></td>
  </tr>
  <tr valign="bottom">
    <td><hr size="1"> </td>
    <td><hr size="1"> </td>
    <td><hr size="1"> </td>
    <td><hr size="1"> </td>
  </tr>
  <tr valign="bottom">
    <td><font size="2" face="Times New Roman, Times, serif">Off-premise retail </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">41% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">40% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">38% </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2" face="Times New Roman, Times, serif">On-premise retail </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">19% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">18% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">18% </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2" face="Times New Roman, Times, serif">Wholesalers </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">22% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">22% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">23% </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2" face="Times New Roman, Times, serif">Supermarkets </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">18% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">20% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">21% </font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="right"><hr size="1"></td>
    <td align="right"><hr size="1"></td>
    <td align="right"><hr size="1"></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2" face="Times New Roman, Times, serif">Total </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">100% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">100% </font></td>
    <td align="right"><font size="2" face="Times New Roman, Times, serif">100% </font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="right"><hr size=2 color=black></td>
    <td align="right"><hr size=2 color=black></td>
    <td align="right"><hr size=2 color=black></td>
  </tr>
</table>
<p align="left"><font size="2" face="Times New Roman, Times, serif">As of December 31, 2003, we had more than 36,500 customers in
  Chile for our beer products, none of which accounted for more than 2% of our
  total beer sales by volume, with the exception of one large supermarket chain
  that represented 6%. During 2004, the Chilean supermarket industry continued
  to consolidate, increasing the importance and purchasing power of a few supermarket
  chains. We do not maintain any long-term contractual arrangements for the sale
  of beer with any of our customers in Chile . </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">The following table sets forth our beer sales volume in Chile
, by category, during each of the last five years: </font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="2">
  <tr>
    <td width="50%" valign="top"><font size="2" face="Times New Roman, Times, serif">Category</font></td>
    <td width="10%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">1999 </font></td>
    <td width="10%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">2000 </font></td>
    <td width="10%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">2001 </font></td>
    <td width="10%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">2002 </font></td>
    <td width="10%" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">2003 (*) </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" valign="top"><hr size="1"></td>
    <td align="center" valign="top"><hr size="1"></td>
    <td align="center" valign="top"><hr size="1"></td>
    <td align="center" valign="top"><hr size="1"></td>
    <td align="center" valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="5" align="center" valign="top"><font size="2" face="Times New Roman, Times, serif">(in millions of liters) </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">Super-Premium </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">12.8 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">11.9 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">12.0 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">14.2 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">21.8 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">Premium </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">246.5 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">244.7 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">233.7 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">233.5 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">302.1 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">Special </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">- </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">- </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">8.2 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">13.0 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">8.9 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">Medium-Priced </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">50.5 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">52.9 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">44.2 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">67.7 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">14.7 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">Popular-Priced </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">33.9 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">41.7 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">47.2 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">20.9 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">23.5 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">Other Brands </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">0.3 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">0.5 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">2.2 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">0.6 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">0.0 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="right" valign="top"><hr size="1"></td>
    <td align="right" valign="top"><hr size="1"></td>
    <td align="right" valign="top"><hr size="1"></td>
    <td align="right" valign="top"><hr size="1"></td>
    <td align="right" valign="top"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">Total </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">344.0 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">351.6 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">347.5 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">350.0 </font></td>
    <td align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">371.0 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="right" valign="top"><hr size=2 color=black></td>
    <td align="right" valign="top"><hr size=2 color=black></td>
    <td align="right" valign="top"><hr size=2 color=black></td>
    <td align="right" valign="top"><hr size=2 color=black></td>
    <td align="right" valign="top"><hr size=2 color=black></td>
  </tr>
</table>
<hr size="1" width="15%" align="left">
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td valign="top"><p><font size="1" face="Times New Roman, Times, serif">(*) Escudo beer brand has been classified
        as a premium beer effective January 2003; previous years were not reclassified. </font></p></td>
  </tr>
</table>
<p align="left"><font size="2" face="Times New Roman, Times, serif">The above figures do not include: </font></p>
<ul><li><font size="2" face="Times New Roman, Times, serif"> export sales to third parties, which amounted to
  0.5, 0.6, 0.8, 0.2 and 0.1 million liters in 1999, 2000, 2001, 2002 and 2003,
respectively, or </font></li>
</ul>
<ul><li><font size="2" face="Times New Roman, Times, serif"> export sales to affiliates, which amounted to 0.2
  and 0.3 million liters in 1999 and 2000. During 2001, 2002 and 2003, we did
  not export to affiliates. </font></li>
</ul>
<p align="left"><font size="2" face="Times New Roman, Times, serif">The average price, based on December 2003 Chilean pesos, per
  liter to our customers for beer products in Chile increased from an average
  of Ch$384 in 1999 to Ch$396 in 2003. The four-year compounded annual growth
rate was 0.8%. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">Our beer
    production in 2003 was centralized in the Santiago and Temuco plants in addition
    to the bottling facility in Antofagasta . The Temuco plant commenced in November
1999, replacing the closed plants of</font></p>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">19</font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif"> Concepci&oacute;n
    and Osorno. For a more detailed discussion of our capital expenditure program,
  see &#147; <b>&#150; </b> History and Development of the Company &#150; Capital Expenditures&#148;. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif"><i>Raw Materials. </i>The principal raw materials used in our
  production of beer are malt, rice, water and hops. We obtain our supply of
  malt from local producers and in the international market. During 2003, we
  renewed and signed long-term contracts with local producers for 50% of our
  requirements. The balance for 2004 is expected to continue to be imported,
  mainly from Canada , France , Argentina and Uruguay . During 2003, we received
  22,000 tons of malt from Argentina , France and Uruguay , representing 100%
  of our imports. Rice is obtained from local and international suppliers in
  spot transactions and/or annual contract agreements. We pre-treat rice in order
  to ensure that it meets our standards of quality. We import hops mainly pursuant
  to contracts with international suppliers, primarily in the United States and
Europe , which permits us to secure supplies for periods of up to four years. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">Water is essential in the production of beer. We obtain all of
  our water from wells located at our plants and/or from public utilities. The
  water is treated at facilities located at our plants to remove impurities and
  to adjust the characteristics of the water before it is used in the production
process. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">We maintain testing facilities at each of our plants and factories
  where raw materials are tested. Additionally, samples of beer are analyzed
at various stages of production to ensure product quality. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">We generally
    purchase all of the glass bottles used in packaging our beer from the major
    national glass supplier in Chile or Cristaler&iacute;as
  Chile S.A. under one-year agreements. In addition, other sources, principally
  in Argentina , can be used when price and delivery terms are favorable. During
  2003, all of our requirements for aluminum cans were purchased from a local
  supplier, Rexam Chile S.A., formerly Latasa Chile S.A., but if price and delivery
  conditions are favorable, cans can be imported. Our kegs used for draft beer,
  are purchased from various suppliers outside Chile . We obtain the labels for
  our beer products principally from local suppliers. Crowns and plastic caps
are principally purchased from two suppliers in Chile . </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">Prices of principal raw materials used in beer production in
  Chile are tied to the U.S. dollar and have not been volatile. However, from
  time to time, prices of agricultural products vary depending on demand and
supply factors. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">We believe that all of the contracts or other agreements between
  us and third party suppliers, with respect to the supply of raw materials for
  beer products, contain standard and customary commercial terms and conditions.
  We do not believe we are dependent on any one supplier for a significant portion
  of our important raw materials. During the past ten years, we have not experienced
  any material difficulties in obtaining adequate supplies of necessary raw materials
at satisfactory prices, nor do we expect to in the future. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif"><i>Sales, Transportation and Distribution. </i>We distribute
  all of our beer products in Chile directly to retail, supermarket and wholesale
  customers. This system enables us to maintain a high frequency of contact with
  our customers, obtain more timely and accurate marketing-related information,
and maintain good working relationships with our retail customers. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">During 2003, after production, bottling and packaging, our beer
  was either stored at one of the three production facilities or transported
  to a network of 16 warehouses which are located throughout Chile and are either
  owned or leased by us. Beer products are generally shipped from the region
  of production to the closest warehouse, allowing us to minimize our transportation
  and delivery costs. In July 2002, Comercial Patagona Ltda. began selling all
  of our beer products in the country's Twelfth Region. Comercial Patagona Ltda.
  is a subsidiary of Cervecera Austral S.A. that is responsible for the sales
  and distribution of our products and those of Cervecera Austral in Chile 's
extreme south. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">During 2003,
    we had approximately 340 salesmen, responsible for our sales of beer and
    other products in Chile . This sales force is divided into three categories:
    one exclusively responsible for sales of beer and pisco, another for sales
    of beer, pisco and wine, and the other responsible for sales of beer, pisco,
wine and </font></p>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">20</font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">soft drink
    products, all of them through a pre-sell system. As of April 2004, the sales
    operation of soft drinks in the cities of Iquique , Antofagasta , Calama
    and Copiap&oacute; was transferred from our
    beer division sales force to ECUSA's sales force. Therefore, currently our
    beer division sells soft drink products only in the rural areas of the country,
    representing approximately 7% of the total soft drink and mineral water sales
  by volume in Chile . </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">In 2003, beer represented 84% of the volume sold by our beer
  division in Chile . The remaining 16% of sales volume was accounted for by
  soft drinks, mineral water, pisco and wine sales. Our customers make payment
  for our products either in cash at the time of delivery or in accordance with
  one of various credit arrangements. Payment on credit sales for beer is generally
  due 30 days from the date of delivery. Credit sales accounted for 24.1%, 25.4%
  and 27.1% of our beer sales in Chile in 2001, 2002 and 2003, respectively.
Losses on credit sales of beer in Chile have not been significant. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">During the last eight years, with the goal of improving customer
  service and optimizing distribution efficiency in the larger cities, we implemented
  a distribution software package that enables delivery personnel to automatically
  generate client dispatch routes. During 2000, we implemented software to optimize
  truck loading. To decrease distribution costs, we continued the process of
  consolidating our distribution centers, resulting in fewer and larger warehouses
  strategically located throughout the country for a more efficient distribution.
  Moreover, since October 2001, all of the warehouses and transportation companies
  are managed on a consolidated basis for all our products by our subsidiary
Transportes CCU Ltda. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif"><i>Seasonality. </i>As a result of the seasonality of the beer
  industry, our sales and production volumes are normally at their lowest in
  the second and third calendar quarters and at their highest in the first and
  fourth calendar quarters (i.e., those months corresponding to the holidays
as well as the summer vacation season in Chile ). </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">The following table shows our annual sales volume of beer in
Chile , including exports, by quarter in 2001, 2002 and 2003:</font> </p>
<table width="100%" border="0" cellpadding="0" cellspacing="2">
  <tr align="center">
    <td width="25%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">Year
    </font>      <hr size="1"></td>
    <td width="25%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">Quarter
    </font>      <hr size="1"></td>
    <TD WIDTH="25%" VALIGN="top" ALIGN="CENTER"><font size="2" face="Times New Roman, Times, serif">Sales Volume
    </font>      <hr size="1"></td>
    <TD WIDTH="25%" VALIGN="top" ALIGN="CENTER"><font size="2" face="Times New Roman, Times, serif">% of Annual
    </font>      <hr size="1"></td>
  </tr>
  <tr align="center">
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <TD VALIGN="top" ALIGN="CENTER"><font size="2" face="Times New Roman, Times, serif">(millions of liters)</font></td>
    <TD VALIGN="top" ALIGN="CENTER"><font size="2" face="Times New Roman, Times, serif">Sales Volume
    </font>      <hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <TD VALIGN="top" ALIGN="CENTER"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <TD VALIGN="top" ALIGN="CENTER"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">2001 </font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">1 <sup>st</sup> quarter </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">105.4 </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;30.3 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">2 <sup>nd</sup> quarter </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;63.2 </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;18.1 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">3 <sup>rd</sup> quarter </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;67.8 </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;19.5 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">4 <sup>th</sup> quarter </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">111.9 </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;32.1 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><hr size="1"></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">Total </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">348.2 </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">100.0 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><hr size=2 color=black></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><hr size=2 color=black></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">2002 </font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">1 <sup>st</sup> quarter </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">108.7 </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;31.0 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">2 <sup>nd</sup> quarter </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;60.7 </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;17.3 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">3 <sup>rd</sup> quarter </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;67.6 </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;19.3 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">4 <sup>th</sup> quarter </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">113.2 </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;32.3 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><hr size="1"></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">Total </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">350.2 </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">100.0 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><hr size=2 color=black></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><hr size=2 color=black></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">2003 </font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">1 <sup>st</sup> quarter </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">112.8 </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;30.4 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">2 <sup>nd</sup> quarter </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;63.1 </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;17.0 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">3 <sup>rd</sup> quarter </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;73.8 </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;19.9 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">4 <sup>th</sup> quarter </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">121.3 </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;32.7 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><hr size="1"></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><hr size="1"></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font> </td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">Total </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">371.0 </font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><font size="2" face="Times New Roman, Times, serif">100.0 </font></td>
  </tr>
  <tr>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><hr size=2 color=black></td>
    <TD ALIGN="CENTER" VALIGN="bottom"><hr size=2 color=black></td>
  </tr>
</table>
<p align="left"><font size="2"><i><font face="Times New Roman, Times, serif">Geographical
        Markets. </font></i><font face="Times New Roman, Times, serif">Our main
        beer production facility is located in Santiago . Santiago and the surrounding
        areas (referred to as the Metropolitan Region) account for approximately
        40% of the population of Chile and accounted for approximately 38% of
        our beer sales by volume in 2003. We also have one additional beer production
        facility (Temuco) and one additional bottling facility ( Antofagasta
        ) located outside </font></font></p>
		<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">21</font></p>
<p align="left"><font size="2"><font face="Times New Roman, Times, serif">the
      Santiago metropolitan area. Virtually all of our brands are distributed
      to customers located within the geographic areas of the corresponding production
      facilities. </font></font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif"><i>Competition. </i>Our
    principal competitor in the beer business is Cervecer&iacute;a Chile (a subsidiary
    of Quilmes of Argentina), which commenced operations in Chile during the
    second half of 1991, resulting in a loss of market share for us. Nevertheless,
    since our market share low of 86% in 1994 and 1995, we have regained market
presence. In 2003, we had an 89% market share. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">Our estimated share of the Chilean beer market over the last
five years is as follows: </font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="2">
  <tr valign="bottom">
    <td width="20%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="80%" align="center"><font size="2" face="Times New Roman, Times, serif">Our Chilean Market Share for
        Beer </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center"><hr size="1"></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2" face="Times New Roman, Times, serif">Year </font></td>
    <td align="center"><font size="2" face="Times New Roman, Times, serif">Estimated Market Share </font></td>
  </tr>
  <tr valign="bottom">
    <td><hr size="1"> </td>
    <td><hr size="1"> </td>
  </tr>
  <tr valign="bottom">
    <td><font size="2" face="Times New Roman, Times, serif">1999 </font></td>
    <td align="center"><font size="2" face="Times New Roman, Times, serif">90% </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2" face="Times New Roman, Times, serif">2000 </font></td>
    <td align="center"><font size="2" face="Times New Roman, Times, serif">89% </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2" face="Times New Roman, Times, serif">2001 </font></td>
    <td align="center"><font size="2" face="Times New Roman, Times, serif">88% </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2" face="Times New Roman, Times, serif">2002 </font></td>
    <td align="center"><font size="2" face="Times New Roman, Times, serif">88% </font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2" face="Times New Roman, Times, serif">2003 </font></td>
    <td align="center"><font size="2" face="Times New Roman, Times, serif">89% </font></td>
  </tr>
</table>
<p><font size="2" face="Times New Roman, Times, serif">Our competitor, Cervecer&iacute;a Chile has one production facility
  located in Santiago and distributes its products throughout the country. Cervecer&iacute;a
  Chile uses third party distributors in Regions I and II in the north, and in
  Region X in the south. We estimate that the sales of Cervecer&iacute;a Chile
  's brands of beer by volume accounted for approximately 11% of total beer sales
  in 2002 and 10% in 2003. In 2003, we estimate that Cervecer&iacute;a Chile
  had an annual production capacity of approximately 78 million liters which
  represents approximately 12% of our annual nominal production capacity in Chile
.. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">Due to the high cost of shipping beer to Chile and the competitive
  advantage inherent to domestic producers as a result of Chile 's returnable
  glass bottle system, imported beer is not a significant component of the Chilean
  beer market. We estimate that imports accounted for approximately 1% of total
beer sales by volume during 2003. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">Although there are currently no significant legal or regulatory
  barriers to entering the Chilean beer market, substantial investment would
  be required to establish or acquire production and distribution facilities
  and bottles for use in Chile 's proprietary returnable bottling system, and
  to establish a critical mass in sales volumes. Nevertheless, if long-term economic
  conditions in Chile continue to be favorable, other enterprises may be expected
  to attempt to enter the Chilean beer market. In addition, our beer brands in
  Chile may face increased competition from other alcoholic beverages such as
wine and spirits, as well as from non-alcoholic beverages such as soft drinks. </font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b>Our Beer Business in Argentina </b></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><i>Overview. </i>In December 1994, we established CCU Argentina
  in order to develop a presence in the Argentine beer market. During January
  and February 1995, we, through CCU Argentina, acquired a 62.7% interest in
  CICSA, a brewery located in the city of Salta , 1,600 kilometers northwest
  of Buenos Aires . In September 1995, CCU Argentina expanded its operations
  by purchasing 98.8% of CSF, a brewery located 450 kilometers northwest of Buenos
Aires in the city of Santa Fe . </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">In December
    1995, we entered into a joint venture agreement pursuant to which Anheuser-Busch
    acquired a 4.4% interest in CCU Argentina. The agreement involved two kinds
    of contracts: an investment and a licensing contract. Under the investment
    contract, Anheuser-Busch maintains an option, which expires in 2005, to increase
    its interest in CCU Argentina to 20%. The licensing contract has a duration
    of 20 years and grants CCU Argentina the exclusive right to produce, package,
    market, sell and distribute Budweiser beer in Argentina . In November 1999,
    after the last capital expansion, Anheuser-Busch increased its interest in
CCU Argentina to 10.8% and we reduced our participation to 89.2%. See &#147;Item 3: Risk Factors&#148;. </font></p>



<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">22</font></p>


<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">Between 1996 and 1999,
we and Anheuser-Busch invested approximately US$189 million and US$23 million
in CCU Argentina, respectively. Among other things, this capital was used to
prepay debt incurred to acquire the initial stake in CICSA and CSF, increase
CCU Argentina's stake in these subsidiaries, increase plant capacity, purchase
land in Z&aacute;rate (a region close to Buenos Aires),
purchase the brands and assets of Cervecer&iacute;a C&oacute;rdoba, reduce short
term debt and buy a canning line for the Santa Fe plant. </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">In January 1998, we merged our two subsidiaries, CICSA and CSF.
Currently both plants operate under the CICSA name. After the merger of CICSA
and CSF, CCU Argentina holds a 99.2% interest in CICSA. </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">In April
1998, CCU Argentina paid approximately US$8 million to acquire the brands and
assets of Cervecer&iacute;a C&oacute;rdoba. After the
solution of certain labor issues, we began the production of the C&oacute;rdoba
brand at our Santa Fe plant during mid 1998. </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif"><I>The Argentine Beer Market. </I>The Argentine beer market is estimated by us
to be more than three times the size of Chile's. Traditionally, beer and wine
have been the principal alcoholic beverages consumed in the country. We estimate
that annual beer consumption in Argentina was 1,292 million liters, or approximately
36 liters per capita in 2003.</FONT></P>


<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">The table below sets forth our estimates of beer consumption in Argentina during
each of the last five years:</FONT></P>

<TABLE WIDTH="100%" cellpadding="0" cellspacing="2">
<TR ALIGN="CENTER" VALIGN="BOTTOM">
<TD width="30%"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
Year
</FONT></TD>
<TD width="30%"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
Volume</FONT></TD>
<TD width="30%"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
Per Capita (*)
</FONT></TD>
</TR>
<TR ALIGN="CENTER" VALIGN="BOTTOM">
<TD>
<HR SIZE="1">
</TD>
<TD>
<HR SIZE="1">
</TD>
<TD>
<HR SIZE="1">
</TD>
</TR>
<TR ALIGN="CENTER" VALIGN="BOTTOM">
<TD>&nbsp;</TD>
<TD><FONT SIZE="2" FACE="Times New Roman, Times, serif"> (in millions of liters)</FONT></TD>
<TD><FONT SIZE="2" FACE="Times New Roman, Times, serif">(liters)</FONT></TD>
</TR>
<TR ALIGN="CENTER" VALIGN="BOTTOM">
<TD width="30%"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
1999
</FONT></TD>
<TD width="30%"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
1,265
</FONT></TD>
<TD width="30%"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
36
</FONT></TD>
</TR>
<TR ALIGN="CENTER" VALIGN="BOTTOM">
<TD width="30%"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
2000
</FONT></TD>
<TD width="30%"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
1,231
</FONT></TD>
<TD width="30%"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
34
</FONT></TD>
</TR>
<TR ALIGN="CENTER" VALIGN="BOTTOM">
<TD width="30%"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
2001
</FONT></TD>
<TD width="30%"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
1,233
</FONT></TD>
<TD width="30%"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
34
</FONT></TD>
</TR>
<TR ALIGN="CENTER" VALIGN="BOTTOM">
<TD width="30%"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
2002
</FONT></TD>
<TD width="30%"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
1,221
</FONT></TD>
<TD width="30%"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
34
</FONT></TD>
</TR>
<TR ALIGN="CENTER" VALIGN="BOTTOM">
<TD width="30%"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
2003
</FONT></TD>
<TD width="30%"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
1,292
</FONT></TD>
<TD width="30%"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
36
</FONT></TD>
</TR>
<TR ALIGN="CENTER" VALIGN="BOTTOM">
<TD>
<HR SIZE="1">
</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
</TABLE>
<FONT SIZE="1" FACE="Times New Roman, Times, serif">(*) Population estimated based on Argentina&#146;s
national census of 2001.</FONT>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">We estimate that total beer consumption in Argentina increased
at a four-year compounded annual growth rate of 0.5% between 1999 and 2003. During
2003, the Argentine beer market increased 5.8%, explained by a recovery in consumption,
an increase in the consumer confidence and a delay in the recovery of beer prices
relative to other products categories, after the Argentine peso devaluation. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif"><I>Wholesale and retail prices of beer are not regulated in Argentina. </I>Wholesale
prices are subject to negotiation between the producer and the purchaser and
retailers establish prices to charge the final consumer. We believe that the
key factors determining retailer prices include national and/or local price promotions
offered by the producer, the nature of product consumption (on-premise or take-out),
the type of product packaging (returnable or non-returnable), the applicable
tax structure, the desired profit margins and the geographical location of the
retailer. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif"><I>Beer Production
and Marketing in Argentina. </I>Our production
of beer in Argentina generated net sales of Ch$55,271 million, Ch$25,130 million
and Ch$31,576 million representing 14.8 %, 7.2% and 8.2% of our total net sales
in 2001, 2002 and 2003, respectively. The decline in 2002 was the result of the
devaluation of the Argentine peso when converted to Chilean pesos. The increase
in 2003 was the result of higher prices and volumes, as a consequence of a better
economic environment in Argentina. </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">We produce and market super-premium, premium, medium-priced and popular-priced
beer brands in Argentina. The following table shows our principal brands produced
and imported under license in Argentina:</FONT></P>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">23</font></p>
<TABLE WIDTH="100%" cellpadding="0" cellspacing="2">
<TR ALIGN="CENTER">
<TD width="25%" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Super-Premium</FONT></TD>
<TD width="25%" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Premium</FONT></TD>
<TD width="25%" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Medium-priced</FONT></TD>
<TD width="25%" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Popular-priced</FONT></TD>
</TR>
<TR ALIGN="CENTER">
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">beer brands</FONT></TD>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">beer brands</FONT></TD>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">beer brands</FONT></TD>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">beer brands</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD valign="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Heineken (1)</FONT></TD>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Budweiser (1)</FONT></TD>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Schneider</FONT></TD>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">R&iacute;o Segundo</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Corona (2)</FONT></TD>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Salta</FONT></TD>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Schneider Fuerte
6.0&deg;</FONT></TD>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Rosario</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Guinness (2)</FONT></TD>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Santa Fe</FONT></TD>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">C&oacute;rdoba</FONT></TD>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD valign="BOTTOM">&nbsp;</TD>
<TD valign="BOTTOM">&nbsp;</TD>
<TD valign="BOTTOM"></TD>
</TR>
</TABLE>
<FONT SIZE="2" FACE="Times New Roman, Times, serif">(1) Produced under license
<BR>(2) Imported</FONT>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Schneider
is our principal proprietary brand in Argentina, accounting for 42% of our Argentine
sales volume in 2003. We began local production of Budweiser brand beer in December
1996. Budweiser beer represented 22% of our Argentine sales volume in 2003. Since
February 2002, our Budweiser one-liter returnable bottle, the main format in
the market, has been priced at the same level as the leading brand in the market.
In June 2003, we began selling locally produced Heineken beer. Our Schneider
brand is sold in three varieties, regular lager, dark and Schneider Fuerte 6.0&deg;, a brand extension with 6.0% of alcohol; the
Salta and Santa Fe brands are sold in those two varieties and an additional special
lager variety. The C&oacute;rdoba brand is sold only as a regular lager. During
1997, we began to import Guinness beer from Ireland, making Argentina one of
the two countries in South America where Guinness draught is sold. During 2001,
we began to import Corona beer from Mexico. During 2003, we exported 5.1 million
liters of beer from Argentina, representing 2.7% of CCU Argentina's beer sales
volume. </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">Our beer products are bottled or packaged in returnable and non-returnable glass
bottles, aluminum cans, or stainless steel kegs at our production facilities.
During 2001, 2002 and 2003, we sold our beer products in Argentina in the following
packaging formats:</FONT></P>


<TABLE WIDTH="100%" cellpadding="0" cellspacing="2">
<TR ALIGN="CENTER">
<TD colspan="4" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Percentage of Total Beer Products Sold</FONT></TD>
</TR>
<TR ALIGN="CENTER">
<TD colspan="4" valign="top">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD WIDTH="55%" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Container</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2001</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2002</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2003</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Returnable (1)</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">86%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">92%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">94%</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-Returnable (2)</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">12%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">7%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">5%</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Returnable Kegs (3)</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2%</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Total</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100%</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<hr size=2 color=black>
</TD>
</TR>
</TABLE>
<FONT SIZE="1" FACE="Times New Roman, Times, serif">
(1) Returnable beer containers include glass bottles of various sizes.
<BR>(2) Non-returnable beer containers include glass bottles and aluminum cans, both of assorted sizes.
<BR>(3) Returnable kegs refer to stainless steel containers, which have capacities of either 30 or 50 liters.</FONT>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">We obtain all of our glass bottles from third-party suppliers
located in Argentina, and stainless steel kegs from third-party suppliers in
Germany. </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">In Argentina, though most beer is sold to wholesalers, we also sell our products
to retailers and supermarket chains. In 2001, 2002 and 2003, the percentage mix
of the above distribution channels for our beer products in Argentina was as
follows:</FONT></P>



<TABLE WIDTH="100%" cellpadding="0" cellspacing="2">
<TR ALIGN="CENTER" VALIGN="BOTTOM">
<TD colspan="5"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Percentage of Total Beer Products Sold</FONT></TD>
</TR>
<TR>
<TD COLSPAN="4" valign="top">
<HR SIZE="1">
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD width="25%"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Distribution Channels</FONT></TD>
<TD width="25%" ALIGN="RIGHT"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2001</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2002</FONT></TD>
<TD width="25%" ALIGN="RIGHT"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT">
<HR SIZE="1">
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD><FONT SIZE="2" FACE="Times New Roman, Times, serif">Wholesalers</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE="2" FACE="Times New Roman, Times, serif">75%</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE="2" FACE="Times New Roman, Times, serif">75%</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE="2" FACE="Times New Roman, Times, serif">75%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD><FONT SIZE="2" FACE="Times New Roman, Times, serif">Retailers</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE="2" FACE="Times New Roman, Times, serif">14%</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE="2" FACE="Times New Roman, Times, serif">15%</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE="2" FACE="Times New Roman, Times, serif">15%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD><FONT SIZE="2" FACE="Times New Roman, Times, serif">Supermarkets</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE="2" FACE="Times New Roman, Times, serif">12%</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE="2" FACE="Times New Roman, Times, serif">10%</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE="2" FACE="Times New Roman, Times, serif">10%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp;</TD>
<TD ALIGN="RIGHT">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT">
<HR SIZE="1">
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD><FONT SIZE="2" FACE="Times New Roman, Times, serif">Total</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100%</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100%</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD>&nbsp;</TD>
<TD ALIGN="RIGHT">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT">
<hr size=2 color=black>
</TD>
</TR>
</TABLE>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">24</font></p>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">In 2003, we sold to approximately 16,300 customers in Argentina,
none of which individually accounted for more than 3% of our total beer sales
by volume. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">The following table sets forth our beer sales volume in Argentina
by category during each of the last five years:</FONT></P>

<TABLE WIDTH="100%" cellpadding="0" cellspacing="2">
<TR>
<TD WIDTH="40%" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Category</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1999</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2000</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2001</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2002(*)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2003</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR ALIGN="CENTER">
<TD COLSPAN="6" valign="BOTTOM">(in millions of liters)</TD>
</TR>
<TR>
<TD COLSPAN="6" valign="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Super-premium</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">38.2</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">36.1</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">32.7</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">0.4</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">9.4</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Premium</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">42.2</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">36.7</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">34.2</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">69.2</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">77.7</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Medium-priced</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">73.0</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">71.0</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">70.2</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">78.1</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">91.7</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Popular-priced</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">4.4</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">10.6</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">9.9</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">9.3</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">6.5</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Total</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">157.9</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">154.4</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">147.1</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">156.9</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">185.4</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
</TABLE>
<FONT SIZE="1" FACE="Times New Roman, Times, serif">(*) Budweiser's one liter returnable bottle has been priced at the same level
as the mainstream brand, effective February 2002, moving from the super-premium
to the premium category.</FONT><BR>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">The average price, based on December 2003 Chilean pesos, to our
customers for our beer products in Argentina has decreased at a four-year compounded
annual rate of 16.3%, from Ch$323 per liter in 1999 to Ch$158 per liter in 2003,
due to the effect of the Argentine peso's devaluation. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">The license
agreement between CCU Argentina and Anheuser-Busch, which provides CCU Argentina
with the exclusive right to produce, package, market, sell and distribute Budweiser
beer in Argentina, has an initial term of 20 years commencing in December 1995.
Among other things, the license agreement includes provisions for both technical
and marketing assistance from Anheuser-Busch. Under the license agreement, CCU
Argentina is obligated to purchase certain raw materials from Anheuser-Busch
or from suppliers approved by Anheuser-Busch. CCU Argentina cannot produce, package,
sell or distribute within Argentina any North American beer, other than Budweiser
beer, without the prior written consent of Anheuser-Busch. We began distribution
of our locally produced Budweiser in December 1996. See &#147;&#150; Sales,
Transportation and Distribution&#148;. In addition, the license agreement is subject
to certain specified market share targets and marketing expenditures. During
the third quarter 2000, we and Anheuser-Busch signed an export agreement to supply
Budweiser from Argentina to Paraguay, Chile and Brazil. In August 2003, the license
agreement was modified, with regard to certain targets, to adjust it to the current
economic situation of the Argentine market. See &#147;Item 3: Risk Factors&#148;. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">On April 28, 2003, CCU Argentina and Heineken Brouwerijen B.V.,
a subsidiary of Heineken International B.V., signed license and technical assistance
agreements which provide us with the exclusive rights to produce, sell and distribute
Heineken beer in Argentina commencing June 18, 2003. These agreements have an
initial term of 10 years beginning in June 2003, renewable for subsequent periods
of five years. Heineken beer is the leading brand in the premium segment in Argentina. </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif"><I>Raw Materials. </I>The principal raw materials used in the production of our
beer products in Argentina are malt, corn syrup, rice and hops. During 2003,
we continued obtaining malt and rice from regional suppliers, benefiting from
lower costs as compared to imported materials. We obtain rice from suppliers
in Uruguay and malt from suppliers in Argentina.</FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Other raw materials are obtained from local and international
suppliers in spot transactions and/or annual contracts. All purchased raw materials
are tested in order to ensure that they meet certain standards of quality. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Water is
essential in the production of beer. Our operation in Salta obtains all of its
water from wells located at its plant, and the Santa Fe operation obtains all
of its water from the Paran&aacute; river. The water
is treated at facilities located at our plants to remove impurities and adjust
the characteristics of the water before it is used in the production process. </FONT></P>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">25</font></p>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">We maintain testing facilities at each of our plants and factories
in which raw materials are analyzed according to our standards. Additionally,
samples of beer are analyzed at various stages of production to ensure product
quality. Samples of Heineken and Budweiser are periodically sent to Holland and
to Anheuser-Busch facilities in the United States, respectively, to verify the
consistency and quality of the products. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">We locally purchase all of our glass bottles from various suppliers.
Other sources, principally in Brazil, can be used when price and delivery terms
are favorable. In October 2000, we finished the installation of a canning line
in our Santa Fe plant. With this line, imports of pre-packaged canned beers were
terminated and all varieties of CCU Argentina's beers are locally produced. Kegs
used for draft beer are purchased from various suppliers in Germany. Plastic
storage and carrying crates, as well as the labels for beer products and crowns,
are obtained from local suppliers. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Prices of principal raw materials used in beer production in
Argentina, have not been volatile in dollar terms. However, from time to time,
prices of agricultural products vary depending on demand and supply factors. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">We believe that all contracts or other agreements between us
and third party suppliers, with respect to the supply of raw materials for beer
products, contain standard and customary commercial terms and conditions. We
do not believe we are dependent on any one supplier for a substantial portion
of our raw materials in Argentina. We have not experienced any significant difficulties
in obtaining adequate supplies of necessary raw materials at satisfactory prices
and do not expect to in the future. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif"><I>Sales, Transportation and Distribution. </I>After production,
bottling and packaging, our beer is either stored at the production facilities
or transported to a network of five warehouses leased by us. Beer products are
generally shipped to those warehouses, which are located within the region in
which the beer products are sold. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Most of our
beer in Argentina is sold and distributed through third party sales and distribution
chains in the regions surrounding the cities of Santa Fe, Salta, C&oacute;rdoba and Buenos Aires. As of December 31, 2003,
we had a direct sales force which sold our beer products to approximately 15,800
customers within the Salta, Santa Fe, C&oacute;rdoba, Rosario, the Federal Capital
and its outlying metropolitan area, in addition to 15 supermarket chains throughout
the country. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Our Argentine beer customers either make payments for our products
in cash at the time of delivery or through one of our various credit arrangements.
Payment on credit sales is currently due 7 days from the date of delivery to
wholesalers, and an average of 50 days of delivery to supermarkets. Credit sales
accounted for 89%, 80% and 74% of our beer sales in Argentina in 2001, 2002 and
2003, respectively. Losses on credit sales of beer in Argentina have not been
significant. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif"><I>Seasonality. </I>As a result of the seasonality of the beer
industry, our sales and production volumes are normally at their lowest in the
second and third calendar quarters and at their highest in the first and fourth
quarters (i.e., those months corresponding to the summer and holiday seasons
in Argentina). </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">The following table shows the annual sales volume of beer in Argentina, including
exports, during each quarter in 2001, 2002 and 2003:</FONT></P>

<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">26</font></p>
<TABLE WIDTH="100%" cellpadding="0" cellspacing="2">
<TR>
<TD colspan="4" ALIGN="CENTER"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drinks &amp; Mineral Water </FONT></TD>
</TR>
<TR>
<TD colspan="4"><HR SIZE="1"></TD>
</TR>
<TR>
<TD WIDTH="25%" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Year </FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Quarter </FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Sales
Volume </FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">% of Annual Sales Volume </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><HR SIZE="1"></TD>
<TD VALIGN="BOTTOM"><HR SIZE="1"></TD>
<TD VALIGN="BOTTOM"><HR SIZE="1"></TD>
<TD VALIGN="BOTTOM"><HR SIZE="1"></TD>
</TR>
<TR>
<TD align="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">(million
liters)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR>
<TD align="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2001 </FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1 <SUP><SUP>st</SUP></SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">50.0</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">33.1</FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2 <SUP>nd</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">25.4</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">16.8</FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">3 <SUP>rd</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">28.4</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">18.8</FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">4 <SUP>th</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">47.4</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">31.3</FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Total </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">151.2</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100.0 </FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<hr size=2 color=black>
</TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
</TR>
<TR>
<TD align="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2002 </FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1 <SUP>st</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">41.8</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">26.1</FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2 <SUP>nd</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">26.2</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">16.3</FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">3 <SUP>rd</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">32.4</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">20.2</FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">4 <SUP>th</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">60.0</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">37.4</FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Total </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">160.4</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100.0 </FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<hr size=2 color=black>
</TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
</TR>
<TR>
<TD align="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2003 </FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1 <SUP>st</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">53.3</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">28.0</FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2 <SUP>nd</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">32.6</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">17.1</FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">3 <SUP>rd</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">38.7</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">20.3</FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">4 <SUP>th</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">65.8</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">34.5 </FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Total </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">190.4 </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100.0</FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<hr size=2 color=black>
</TD>
</TR>
</TABLE>


<P align="left"><FONT SIZE="2"><I><FONT FACE="Times New Roman, Times, serif">Geographical Markets. </FONT></I><FONT FACE="Times New Roman, Times, serif">Our
beer production facilities in Argentina are located in Santa Fe and Salta. Santa
Fe and its surrounding areas account for approximately 8.3% of the population
of Argentina and for approximately 23.3% of total beer sales of CCU Argentina
by volume in 2003. The region surrounding and including the cities of Salta and
Jujuy account for approximately 4.7% of the population of Argentina and for approximately
10.0% of total beer sales of CCU Argentina by volume in 2003. The region surrounding
and including the city of C&oacute;rdoba accounts for approximately 8.5% of the
Argentine population and represents approximately 14.4% of CCU Argentina's sales
by volume. Lastly, the province of Buenos Aires accounts for approximately 45.8%
of the population of Argentina and for approximately 25.1% of total beer sales
of CCU Argentina by volume in 2003. </FONT></FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif"><I>Competition. </I>Since 2003, after the agreement between Quilmes
and AmBev, the Argentine beer market consisted of four brewing groups: AmBev-Quilmes,
us, Warsteiner and Galicia. The principal brands of these companies are Quilmes,
Schneider, Isenbeck and San Carlos, respectively. According to the information
made public by our competitors and our estimates for Isenbeck, the different
brewing groups had the following market shares in 2003: AmBev-Quilmes, 78%; us,
14%; Warsteiner, 7%; and Galicia, less than 1%. </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">The following table shows our market share in the Argentine market over the past
five years:</FONT></P>




<TABLE WIDTH="100%" cellpadding="0" cellspacing="2">
<TR ALIGN="CENTER">
<TD COLSPAN="2" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Our Argentine Market Share for Beer</FONT></TD>
</TR>
<TR>
<TD COLSPAN="2" valign="top">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD width="50%" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Year</FONT></TD>
<TD width="50%" ALIGN="CENTER" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Estimated Market Share</FONT></TD>
</TR>
<TR>
<TD valign="top">
<HR SIZE="1">
</TD>
<TD ALIGN="CENTER" valign="top">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1999</FONT></TD>
<TD ALIGN="CENTER" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">12%</FONT></TD>
</TR>
<TR>
<TD valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2000</FONT></TD>
<TD ALIGN="CENTER" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">13%</FONT></TD>
</TR>
<TR>
<TD valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2001</FONT></TD>
<TD ALIGN="CENTER" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">12%</FONT></TD>
</TR>
<TR>
<TD valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2002</FONT></TD>
<TD ALIGN="CENTER" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">13%</FONT></TD>
</TR>
<TR>
<TD valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2003</FONT></TD>
<TD ALIGN="CENTER" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">14%</FONT></TD>
</TR>
</TABLE>

<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Quilmes, the beer market leader in Argentina and our principal
competitor, also has beer operations in Chile, Paraguay, Uruguay and Bolivia.
In February 1997, Quilmes purchased Bieckert in Argentina, and, as a result of
that acquisition, increased its production capacity by approximately 170 million
liters, increasing its market share by an estimated 4.9%. As of December 31,
2003, Quilmes had five breweries in Argentina with an estimated total annual
production capacity of 1.9 billion liters. Quilmes' large size enables it to
benefit from economies of scale in the production and distribution of beer throughout
Argentina. </FONT></P>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">27</font></p>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">We estimated
that Quilmes' average market share in 2003 decreased to 78% (including Bieckert
and Brahma) from 82% market share in late 1994. At that time, Companhia Cervejaria
Brahma, one of the two largest beer producers in Brazil, commenced production
at its new brewery in Luj&aacute;n, near Buenos
Aires. In addition, Warsteiner, a large German brewer, commenced production at
its new brewery in Z&aacute;rate, also near Buenos Aires. The annual production
capacity for these breweries is estimated to be approximately 264 million liters
and 138 million liters, respectively. Prior to commencing production in Argentina,
Companhia Cervejaria Brahma and Warsteiner competed in the Argentine market with
imported beer. The other competitor, Galicia, has one plant with a total annual
capacity of approximately 17 million liters. In July 1999, the merger of Companhia
Cervejaria Brahma and Companhia Antarctica Paulista was announced, creating AmBev.
This merger was finally approved in March 2000, creating one of the largest beverage
producer in the world.</FONT> </P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">More recently,
in May 2002, AmBev and Quilmes announced that pursuant to an agreement between
both parties, AmBev would transfer all of its beer assets in Argentina, Bolivia,
Paraguay and Uruguay to Quilmes in exchange for 26.4 million new B shares of
Quilmes. Additionally, according to the announcement AmBev would purchase from
the controlling shareholders of Quilmes 230.92 million class A shares for US$346.4
million. Also the agreement stipulates that AmBev can purchase at the end of
a seven-year period the remaining Quilmes shares owned by the current controlling
group, the Bemberg family, with AmBev shares. The Bemberg family has the option
to sell to AmBev their remaining class A shares during a period beginning with
the end of the first year and ending with the seventh year after the agreement
was announced. This transaction was approved by the Argentine antitrust authorities
on January 13, 2003, subject to the condition that AmBev and Quilmes divest themselves
of certain brands and the AmBev plant in Luj&aacute;n, near Buenos Aires, to
a company currently not present in the Argentine beer market. On February 14,
2003, through our subsidiary CICSA, we filed a complaint before the Argentine
federal courts in order to be eligible to participate in the acquisition of these
assets. As of the date of this annual report, this case was in the Argentinean
Supreme Court of Justice and its ruling was still pending. On March 3, 2004,
AmBev and Interbrew announced an agreement to merge the two companies, creating
the world's largest brewer under the name InterbrewAmBev. As of the date of this
annual report, this merge had not yet been consummated. Consolidation in the
beer industry has resulted in larger and more competitive participants, which
could change the current market conditions under which we operate. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Due to the high cost of shipping beer to Argentina and the competitive
advantage inherent to domestic producers as a result of Argentina's returnable
glass bottle system, we estimate that imported beer sales accounted for less
than 1% of the total sales volume in 2003. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Our beer brands in Argentina also face competition from other
alcoholic beverages such as wine and spirits, as well as from non-alcoholic beverages
such as soft drinks. </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">Excise taxes for the beverage industry in Argentina have been subject to variations
in the past. The last modification was in 1999 and has been applicable since
January 2000. The following table shows current Argentine excise beverage taxes:</FONT></P>


<TABLE WIDTH="100%" cellpadding="0" cellspacing="2">
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Product Type</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1999 Excise Taxes</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Current Excise Taxes</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-Alcoholic Beverages</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">
<HR align="left" width=50% SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
</TR>
<TR>
<TD WIDTH="60%" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Cola soft drinks</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">4%</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">8%</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Flavored soft drinks, mineral water and juices</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">0%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">4%</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Alcoholic Beverages</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">
<HR align="left" width="50%" SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Beer</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">4%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">8%</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Whisky</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">12%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">20%</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">10-29% alcohol content</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">6%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">12%</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">30% or more alcohol content</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">8%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">15%</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Wine</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">0%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">0%</FONT></TD>
</TR>
</TABLE>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">28</font></p>

<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Future changes in excise taxes in Argentina could adversely affect
our sales volume, market share and operating margins. </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif"><B>Our
Soft Drinks and Mineral Water Business</B></FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif"><I>Overview </I>.
We have produced and sold soft drinks in Chile since 1916. Prior to November
1994, we independently produced, bottled and distributed carbonated and non-carbonated
soft drinks in Chile. Our line of soft drink products included our own proprietary
brands, in addition to brands produced under license from Cadbury Schweppes plc.
(Crush, Crush Light, Canada Dry Agua T&oacute;nica,
Canada Dry Agua T&oacute;nica Light, Canada Dry Ginger Ale and Canada Dry Lim&oacute;n
Soda). Under a similar licensing arrangement with Watt's, a local fruit related
product company, we have bottled and distributed Watt's nectar products in Chile
since 1987. In addition, under our two proprietary brand names, Cachantun and
Porvenir, we bottled and nationally distributed mineral water from our own two
natural sources located within the central region of Chile. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">In November
1994, we merged our soft drink and mineral water businesses with the one owned
by BAESA in Chile (PepsiCo's bottler at that time) creating ECUSA for the production,
bottling, distribution and marketing of soft drink and mineral water products
in Chile. Therefore, we began producing PepsiCo brands under license (currently
Pepsi, Pepsi Light, Pepsi Twist, Pepsi Twist Light, Seven Up, Seven Up Light
and Mirinda). On November 29, 1999, we purchased 45% of ECUSA's shares owned
by BAESA for approximately Ch$42,678 million. Since that date, we have owned
100% of ECUSA's shares. However, we have had control of ECUSA since January 1998
after the shareholders agreement was amended. In January 2001, ECUSA and Schweppes
Holdings Ltd. signed an agreement to continue bottling Crush and Canada Dry brands.
See &#147;&#150; Our Soft Drinks, Mineral Water and
Nectar Production and Marketing in Chile&#148;. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif"><I>The Chilean Soft Drinks and Mineral Water Market. </I>Commercial
soft drink production was first established in Chile by us in 1902, and mineral
water production began in 1960. In 2003, we estimate that annual carbonated soft
drinks consumption in Chile was 1,606 million liters or approximately 105 liters
per capita. We estimate that consumption of fruit nectars and 100% natural fruit
juices was 122 million liters or approximately 8 liters per capita, in 2003.
In 2003, we also estimate that consumption of mineral water, including both carbonated
and non-carbonated, was 135 million liters or approximately 9 liters per capita. </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">The table below sets forth our estimates of total and per capita carbonated soft
drinks, fruit nectars and mineral water sales in Chile during each of the last
five years:</FONT></P>




<TABLE WIDTH="100%" cellpadding="0" cellspacing="2">
<TR ALIGN="CENTER">
<TD COLSPAN="9" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Carbonated Soft Drink and Mineral Water Sales</FONT></TD>
</TR>
<TR>
<TD COLSPAN="9" valign="top">
<HR SIZE="1">
</TD>
</TR>
<TR ALIGN="CENTER">
<TD COLSPAN="5" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Volume (1)</FONT></TD>
<TD COLSPAN="4" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Liters Per Capita (2)</FONT></TD>
</TR>
<TR>
<TD COLSPAN="5" valign="top">
<HR SIZE="1">
</TD>
<TD COLSPAN="4" ALIGN="CENTER" valign="top">
<HR SIZE="1">
</TD>
</TR>
<TR ALIGN="CENTER">
<TD COLSPAN="5" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">(millions of liters)</FONT></TD>
<TD COLSPAN="4" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
</TR>
<TR>
<TD COLSPAN="9" valign="top">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Year</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drinks</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Nectars (3)</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Mineral Water</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Total</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drinks</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Nectars</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Mineral Water</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Total</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="CENTER" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="CENTER" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="CENTER" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="CENTER" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="CENTER" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="CENTER" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="CENTER" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="CENTER" valign="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD WIDTH="10%" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1999</FONT></TD>
<TD WIDTH="10%" ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1,351</FONT></TD>
<TD WIDTH="10%" ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">109</FONT></TD>
<TD WIDTH="10%" ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">111</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1,571</FONT></TD>
<TD WIDTH="10%" ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">92</FONT></TD>
<TD WIDTH="10%" ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">7</FONT></TD>
<TD WIDTH="10%" ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">8</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">107</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2000</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1,432</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">115</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">124</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1,671</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">97</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">8</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">8</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">113</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2001</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1,484</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">113</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">127</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1,725</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">99</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">8</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">9</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">115</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2002</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1,535</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">112</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">130</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1,777</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">102</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">7</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">9</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">118</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2003</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1,606</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">122</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">135</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1,863</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">105</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">8</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">9</FONT></TD>
<TD ALIGN="CENTER" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">122</FONT></TD>
</TR>
<TR>
<TD COLSPAN="2" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="CENTER" valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="CENTER" valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="CENTER" valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="CENTER" valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="CENTER" valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="CENTER" valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="CENTER" valign="BOTTOM">&nbsp;</TD>
</TR>
</TABLE>
<FONT SIZE="1" FACE="Times New Roman, Times, serif">(1) Based on our sales data, publicly available information from competitors, equity research analyst reports, information from Nielsen and ANBER.
<BR>(2) Population estimated in accordance with the national census of April 2002.
<BR>(3) Considers fruit nectars and 100% natural fruit juices.</FONT>

<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">The soft
drink market in Chile consists of both carbonated and non-carbonated beverages.
The principal types of carbonated beverages are colas and non-colas. The principal
non-carbonated beverages are fruit </FONT></P>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">29</font></p>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">nectars and
    fruit juices, which are estimated to have accounted for approximately 13%
    of our total soft drink sales by revenues in&nbsp;2003. </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">The following table sets forth our estimates as to the percentage of total carbonated
soft drinks production in Chile, represented by each of the two principal categories
of carbonated soft drinks during the last three years:</FONT></P>


<TABLE WIDTH="100%" cellpadding="0" cellspacing="2">
<TR>
<TD WIDTH="25%" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Type</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2001</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2002</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2003</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><HR SIZE="1"></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><HR SIZE="1"></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><HR SIZE="1"></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><HR SIZE="1"></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Colas</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">58%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">58%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">58%</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-colas</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">42%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">42%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">42%</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Total</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100%</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<hr size=2 color=black>
</TD>
</TR>
</TABLE>

<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Since the
creation of the ECUSA joint venture in November 1994, the two main soft drinks
producer groups in Chile have been (i) the licensees of The Coca-Cola Company
(consisting of three companies with 14 bottling plants) and (ii)&nbsp;us. Since
August 1998, private labels have had an increasing participation in the industry,
representing 5% of the total soft drink sales in Chile in 2003. Distribution
of these brands is concentrated in the supermarket channel where they constituted
a 16% market share in 2003. Additionally, discount brand producers have entered
the market and represented 7% of the soft drinks market in 2003. Due to the strong
presence of local producers, the high cost of transportation and the existing
returnable bottle system that accounts for a large portion of soft drink sales
volume, we believe that there is no significant market for imported soft drinks
in Chile, which were estimated to represent less than 1% of all soft drinks sales
by volume in 2003. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">The mineral water market in Chile is comprised of both carbonated
and non-carbonated water. As with the soft drink market, approximately 91% of
all mineral water in Chile is processed and marketed by two entities, us and
Vital S.A., a subsidiary of Embotelladora Andina S.A., one of The Coca-Cola Company
licensees in Chile. Our mineral water products have been produced by ECUSA since
November 1994. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Wholesale and retail prices of both soft drinks and mineral water
products are not regulated in Chile. We believe that the key factors determining
retailers' prices include any national and/or local price promotions offered
by the manufacturer, the nature of product consumption (on-premise or take-out),
the type of product packaging (returnable or non-returnable), the applicable
tax structure, the desired profit margins and the geographical location of the
retailer. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif"><I>Our Soft Drinks, Mineral Water and Nectar Production and Marketing
in Chile. </I>Our soft drinks, nectar and mineral water production and marketing
in Chile generated net sales of Ch$112,862 million, Ch$111,875 million and Ch$115,282
million, or 30.2%, 32.0% and 30.0% of our total net sales, in 2001, 2002 and
2003, respectively. </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">The following table shows the soft drink and mineral water brands produced and/or
sold by us through ECUSA:</FONT></P>


<TABLE WIDTH="100%" cellpadding="0" cellspacing="2">
<TR>
<TD width="25%" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Brand </FONT></TD>
<TD width="25%" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Product </FONT></TD>
<TD width="25%" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Category </FONT></TD>
<TD width="25%" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Affiliation </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<HR SIZE="1"></TD>
<TD VALIGN="BOTTOM">
<HR SIZE="1"></TD>
<TD VALIGN="BOTTOM">
<HR SIZE="1"></TD>
<TD VALIGN="BOTTOM">
<HR SIZE="1"></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Bilz </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-Cola Proprietary </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">CCU Proprietary </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Pap </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-Cola Proprietary </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">CCU Proprietary </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Bilz Light </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-Cola Proprietary </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">CCU Proprietary </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Pap Light </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-Cola Proprietary </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">CCU Proprietary </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Kem Pi&ntilde;a </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-Cola Proprietary </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">CCU Proprietary </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Kem Xtreme </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Functional </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">CCU Proprietary </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Show </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-Cola Proprietary </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">CCU Proprietary </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Canada Dry Ginger Ale </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-Cola Licensed </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Schweppes Holdings Ltd. </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Canada Dry Agua T&oacute;nica </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-Cola Licensed </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Schweppes Holdings Ltd. </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Canada Dry Agua T&oacute;nica
Light </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-Cola Licensed </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Schweppes Holdings Ltd. </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Canada Dry Lim&oacute;n Soda </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-Cola Licensed </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Schweppes Holdings Ltd. </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Crush </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-Cola Licensed </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Schweppes Holdings Ltd. </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Crush Light </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-Cola Licensed </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Schweppes Holdings Ltd. </FONT></TD>
</TR>
</table>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">30</font></p>

<TABLE WIDTH="100%" cellpadding="0" cellspacing="2">
<TR>
<TD width="25%" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Pepsi </FONT></TD>
<TD width="25%" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD width="25%" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Cola Licensed </FONT></TD>
<TD width="25%" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">PepsiCo </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Pepsi Light </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Cola Licensed </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">PepsiCo </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Pepsi Twist </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Cola Licensed </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">PepsiCo </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Pepsi Twist Light </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Cola Licensed </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">PepsiCo </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Seven-Up </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-Cola Licensed </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">PepsiCo </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Seven-Up Light </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-Cola Licensed </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">PepsiCo </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Mirinda </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drink </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-Cola Licensed </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">PepsiCo </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Gatorade </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Isotonic </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Functional </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">PepsiCo </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Watt's </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Nectars </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Licensed </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Watt's </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Watt's Light </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Nectars </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Licensed </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Watt's </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Cachantun </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Mineral Water </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Proprietary </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">CCU Proprietary </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Cachantun O 2 </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Mineral Water </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Functional </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">CCU Proprietary </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Porvenir </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Mineral Water </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Proprietary </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">CCU Proprietary </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Glacier </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Purified Water </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Proprietary </FONT></TD>
<TD VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">CCU Proprietary </FONT></TD>
</TR>
</TABLE>


<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">In 1994, ECUSA and Cadbury
Schweppes plc, or Cadbury Schweppes, the latter through its subsidiaries CS Beverages
Ltd. and Canada Dry Corporation Ltd., entered into license agreements for all
Cadbury Schweppes products (Crush, Crush Light, Canada Dry Lim&oacute;n Soda, Canada Dry Ginger Ale and Canada Dry Agua T&oacute;nica). </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">On December 11, 1998, The Coca-Cola Company, or TCCC, announced an agreement
with Cadbury Schweppes to acquire certain of the latter's international beverage
brands, including those licensed to ECUSA, and in August 1999 the agreement was
reported to have been consummated. </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">In September 2000, after more than a year's litigation, both in Chile (suits
at civil courts and antitrust authorities) and England (arbitration under ICC
rules), ECUSA and TCCC reached an agreement superseding ECUSA's previous license
contracts with CS Beverages Ltd. and Canada Dry Corporation Ltd. </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">The new agreement, referred
to as the &#147; Bottler Contract &#148; , was executed
between ECUSA and Schweppes Holdings Ltd., concerning the Crush and Canada Dry
brands, and was approved by the Chilean antitrust commission, thus putting an
end to the proceeding regarding the Cadbury Schweppes brands issue and dismissing
all complaints filed in consideration of the agreement. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">The &#147;Bottler Contract&#148; is
valid as from January 2, 2001, with an initial ten-year term, renewable for consecutive
five-year periods provided that certain conditions are fulfilled. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">In January 1998, ECUSA signed new exclusive bottling appointments
with PepsiCo, Inc. and its subsidiary Seven-Up International, respectively, authorizing
ECUSA to produce, sell and distribute Pepsi products (currently Pepsi, Pepsi
Light, Pepsi Twist, Pepsi Twist Light, Seven Up, Seven Up Light and Mirinda)
in Chile. On November 15, 1999, the term of the contracts were extended to December
31, 2009. After that date it is automatically renewed for successive five-year
periods, unless otherwise stated by any party to the contract. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">In June 2002, an exclusive bottling appointment was executed
between ECUSA and Stokely Van-Camp, Inc., a subsidiary of PepsiCo, Inc., authorizing
ECUSA to bottle, sell and distribute Gatorade products in Chile, for an initial
term ending on December 31, 2009. After that date, it is automatically renewed
for successive five-year periods, unless otherwise stated by any party to the
contract. As of August 2002, we began the import, sale and distribution of Gatorade,
the world's number one isotonic drink. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">In addition, ECUSA has been granted the exclusive license to
produce and distribute our proprietary brands Bilz, Pap and Kem. This license
agreement remains in effect through November 2004, is renewable by mutual consent
for six additional five-year periods and is subject to termination upon the expiration
of ECUSA's licensing agreement with PepsiCo. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">The license agreement for nectar products with Watt's, which
grants us exclusive production rights, was first signed in June 1987 and originally
had a 33-year term. A new license agreement between us and Watt's was signed
in February 1999. This new contract provides us with a ten-year license renewable
</FONT></P>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">31</font></p>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">automatically
    for three consecutive periods of five years if the conditions set forth in
    the contract are fulfilled at the date of renewal. Additionally, the new
    contract allows us to produce new flavors and bottle Watt's nectars in non-returnable
  packaging (wide mouth glass and plastic bottles), which currently represents
  77% of our nectar sales in bottles. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">In October 1994, ECUSA, at that time a 55%-owned subsidiary of
us, entered into two license agreements with Aguas Minerales Cachantun S.A. and
Agua Mineral Porvenir S.A.I., respectively, for the use of the natural sources
of mineral water and the Cachantun and Porvenir brand names. These agreements
were amended in November 1994 and have a ten-year term, renewable for a five-year
period with prior mutual consent. However, the term of both agreements is limited
to the life of ECUSA's licensing agreement with PepsiCo. Currently, ECUSA is
a wholly-owned subsidiary of us; therefore, these agreements will be renewed
in 2004. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">On June 14, 2001, ECUSA and Life O 2 Beverages LLP entered into
an exclusive technology and trademark license agreement for the production, sale
and distribution of water products with high concentrations of oxygen. The agreement
has an initial term of five years as from June 2001, renewable for one-year periods,
unless otherwise stated by any party in writing. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">In June 2003, we entered into the purified water business with
our proprietary brand Glacier, increasing our water selection and reaching a
larger amount of population with a more affordable product. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Under each license agreement, we have the exclusive right to
produce, sell and distribute the respective licensed products in Chile. Generally,
under our license agreements, we are required to maintain certain standards of
quality with respect to the production of licensed products, to achieve certain
levels of marketing and, in certain cases, to fulfill minimum sales requirements.
We believe that we are in compliance with the material requirements of all our
license agreements. </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">During 2001, 2002 and 2003, we sold our soft drink and mineral water products
in the following packaging formats:</FONT></P>



<TABLE WIDTH="100%" cellpadding="0" cellspacing="2">
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD COLSPAN="3" ALIGN="center" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drinks and Nectars</FONT></TD>
<TD COLSPAN="3" ALIGN="center" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Mineral Water</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD COLSPAN="3" ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Container</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2001</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2002</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2003</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2001</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2002</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2003</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD WIDTH="40%" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Returnable (1)</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">59%</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">56%</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">49%</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">13%</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">11%</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">10%</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-Returnable (2)</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">38%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">42%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">49%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">87%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">89%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">90%</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&#147;Post-Mix&#148; (3)</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">-</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">-</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">-</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Total</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100%</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100%</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<hr size=2 color=black>
</TD>
</TR>
<TR>
<TD valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">&nbsp;</TD>
</TR>
</TABLE>
<FONT SIZE="1" FACE="Times New Roman, Times, serif">
(1)  Returnable soft drink containers include both glass and plastic bottles of assorted sizes.  Returnable mineral water containers include glass bottles of assorted sizes and returnable 19-liter jugs.
<BR>(2)  Non-returnable soft drink containers include glass and plastic bottles, and aluminum cans of assorted sizes.  Non-returnable mineral water containers include plastic bottles of assorted sizes.
<BR>(3)  Post-mix cylinders are sold specifically to on-premise locations for fountain machines.</FONT>


<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">We manufacture
most of our returnable and non-returnable plastic bottles and obtain all of our
glass bottles and cans from third party suppliers. See &#147;&#150; Raw Materials&#148; and &#147;&#150; Our Other Businesses&#148;. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">We directly distribute our soft drinks and mineral water products
throughout Chile to: </FONT></P>

<UL>
<LI><FONT SIZE="2" FACE="Times New Roman, Times, serif">off-premise
retail: small and medium sized retail outlets, which in turn sell beer to consumers
for take-out consumption;</FONT></LI>
<LI><FONT SIZE="2" FACE="Times New Roman, Times, serif">on-premise
retail: retail establishments such as restaurants, hotels and bars for on-premise
consumption;</FONT></LI>
<LI><FONT SIZE="2" FACE="Times New Roman, Times, serif">wholesalers;
and</FONT></LI>
<LI><FONT SIZE="2" FACE="Times New Roman, Times, serif">supermarket
chains.</FONT></LI>
</UL>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">32</font></p>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">In 2001, 2002 and 2003, the percentage mix of the above distribution channels
for our beer products in Chile was as follows:</FONT></P>





<TABLE WIDTH="100%" cellpadding="0" cellspacing="2">
<TR>
<TD valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD COLSPAN="3" ALIGN="center" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Percentage of Total Soft Drinks and Mineral Water Products Sold</FONT></TD>
</TR>
<TR>
<TD valign="top">&nbsp;</TD>
<TD COLSPAN="3" ALIGN="RIGHT" valign="top">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD WIDTH="25%" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
Distribution Channels
</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
2001</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
2002</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
2003</FONT></TD>
</TR>
<TR>
<TD valign="top"><HR SIZE="1"></TD>
<TD ALIGN="RIGHT" valign="top"><HR SIZE="1"></TD>
<TD ALIGN="RIGHT" valign="top"><HR SIZE="1"></TD>
<TD ALIGN="RIGHT" valign="top"><HR SIZE="1"></TD>
</TR>
<TR>
<TD valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
Off-premise retail</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
54%</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
52%</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
50%</FONT></TD>
</TR>
<TR>
<TD valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
On-premise retail</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
9%</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
9%</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
9%</FONT></TD>
</TR>
<TR>
<TD valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
Wholesalers</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
10%</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
10%</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
10%</FONT></TD>
</TR>
<TR>
<TD valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
Supermarkets</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
27%</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
29%</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
31%</FONT></TD>
</TR>
<TR>
<TD valign="top">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="top">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="top">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="top">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
Total</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
100%</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
100%</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
100%</FONT></TD>
</TR>
<TR>
<TD valign="top">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="top">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" valign="top">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" valign="top">
<hr size=2 color=black>
</TD>
</TR>
</TABLE>

<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">During 2003, we had no single customer that accounted for more
than 2% of our sales by volume, with the exception of three large supermarket
chains that represented a combined total of 15%. During 2004, the Chilean supermarket
industry continued to consolidate, increasing the importance and purchasing power
of a few supermarket chains. We do not maintain any long-term contractual arrangements
for the sale of soft drinks and/or mineral water with any of our customers. </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">The following table shows the sales volume of our soft drinks and mineral water
by category during each of the last three years:</FONT></P>




<TABLE WIDTH="100%" cellpadding="0" cellspacing="2">
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Category</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
2001
</FONT></TD>
<TD ALIGN="right" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
2002&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
(millions of liters)</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
2003</FONT></TD>
</TR>
<TR>
<TD valign="top">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="top">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="top">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="top">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD width="25%" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Licensed </FONT></TD>
<TD width="25%" ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
57.9</FONT></TD>
<TD width="25%" ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
53.0</FONT></TD>
<TD width="25%" ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
53.3</FONT></TD>
</TR>
<TR>
<TD width="25%" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Non-colas
</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
</TR>
<TR>
<TD width="25%" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proprietary </FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
171.0</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
163.5</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
158.7</FONT></TD>
</TR>
<TR>
<TD width="25%" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Licensed </FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
89.0</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
94.7</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
106.4</FONT></TD>
</TR>
<TR>
<TD width="25%" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Nectars
</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
22.5
</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
28.2
</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
34.0
</FONT></TD>
</TR>
<TR>
<TD valign="top">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="top">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="top">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="top">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD width="25%" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drinks Total
</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
340.4
</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
339.4
</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
352.3
</FONT></TD>
</TR>
<TR>
<TD valign="top">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="top">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="top">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="top">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD width="25%" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Mineral Waters
</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
</TR>
<TR>
<TD width="25%" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cachantun </FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
70.2</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
71.2</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
71.4</FONT></TD>
</TR>
<TR>
<TD width="25%" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Porvenir </FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
2.1</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
3.0</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
4.2</FONT></TD>
</TR>
<TR>
<TD width="25%" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Purified Water
</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
0.0
</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
0.0
</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
0.5
</FONT></TD>
</TR>
<TR>
<TD valign="top">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="top">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="top">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="top">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD width="25%" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Total Waters
</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
72.3
</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
74.2
</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
76.1
</FONT></TD>
</TR>
<TR>
<TD valign="top">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="top">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="top">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="top"><HR SIZE="1"></TD>
</TR>
<TR>
<TD width="25%" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Total
</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
412.7
</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
413.6
</FONT></TD>
<TD ALIGN="RIGHT" valign="top"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
428.4
</FONT></TD>
</TR>
<TR>
<TD valign="top">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="top">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" valign="top">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" valign="top">
<hr size=2 color=black>
</TD>
</TR>
</TABLE>


<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">The following table shows the sales volume of our soft drinks by affiliation during each of the last three years:</FONT></P>


<TABLE WIDTH="100%" cellpadding="0" cellspacing="2">
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
Affiliation</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
2001
</FONT></TD>
<TD ALIGN="right" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
2002&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
(millions of liters)</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
2003</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD WIDTH="25%" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
Proprietary</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
171.0
</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
163.5</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
158.7</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
Schweppes</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
77.6
</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
84.1</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
96.2</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
PepsiCo</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
69.3
</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
63.6</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
63.4</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
Watt's</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
22.5
</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
28.2</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
34.0</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
Total</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
340.4
</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
339.4</FONT></TD>
<TD ALIGN="RIGHT" valign="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">
352.3</FONT></TD>
</TR>
<TR>
<TD valign="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" valign="BOTTOM">
<hr size=2 color=black>
</TD>
</TR>
</TABLE>

<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">The average price, based on December 2003 Chilean pesos, per
liter to our customers for soft drink products increased from an average of Ch$238
in 1999 to Ch$263 in 2003. The four-year compounded annual growth rate increased
0.8%. For mineral water products, the average price, based on December </FONT></P>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">33</font></p>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2003 Chilean
  pesos, per liter decreased from an average of Ch$228 in 1999 to Ch$219 in 2003
  and experienced a four-year compounded annual growth rate of 1.0%. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif"><I>Raw Materials </I>.
The principal raw materials used in the production of soft drinks are water,
sugar, flavoring concentrate and in the case of carbonated products, carbon dioxide
gas. We generally purchase all of our sugar requirements from Empresas Iansa
S.A., the sole producer of sugar in Chile. However, we are not dependent on this
supplier, because we may purchase sugar in the international market at prices
similar to those in Chile, due to special customs duties. We purchase flavoring
concentrates for our licensed soft drinks brands from the respective licensing
companies. See &#147; <B>&#150; </B>Our Soft
Drinks and Mineral Water Production and Marketing in Chile&#148;. Flavoring concentrates
for our proprietary brands are purchased from third party suppliers in Chile
and Germany, which manufacture the concentrates under contract with us. We obtain
carbon dioxide gas from local suppliers in Chile. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">We also require
    fruit pulp, juices, citric acid, other artificial and natural flavors, and
    chemical substances. </FONT><FONT SIZE="2" FACE="Times New Roman, Times, serif">Although
    water does not represent a major raw material cost, it is nonetheless essential
    in the production of soft drinks. We obtain all of our water from wells located
    at our plants and/or from public utilities. The water is treated at facilities
    located at our plants to remove impurities and adjust the characteristics
    of the water before it is added in the production process. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">We own two mineral water sources in Chile from which the Cachantun
and Porvenir brand mineral water products are obtained. These water sources are
located in two areas near Santiago: Coinco and Casablanca, respectively. All
of our mineral water products are bottled at their respective sources and distributed
throughout the country. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">We maintain testing facilities at each of our plants in order
to analyze raw materials. Additionally, samples of soft drinks and mineral water
are inspected at various stages of production to ensure product quality. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">We generally
purchase all of the glass bottles used in packaging soft drinks and mineral water
from the major supplier in Chile, Cristaler&iacute;as
Chile. Other sources, principally in Argentina, Peru and Colombia, can be used
when price and delivery terms are favorable; however, no significant purchases
were made in either of these countries during 2003. While aluminum cans used
in packaging our soft drinks are generally purchased from a local supplier, we
produce most of our own plastic returnable and non-returnable bottles. See &#147;&#150; Our
Other Businesses&#148;. We obtain the labels for our soft drinks and water products
principally from local suppliers. Crowns and plastic caps are principally purchased
from two suppliers in Chile. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Prices of principal raw materials used in soft drink production
in Chile are tied to the U.S. dollar and have not been volatile, except for the
polyethylene terephthalate, or PET, resins that depend on oil prices as well
as market factors. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">We believe
that all of the contracts or other agreements between us and third party suppliers
with respect to the supply of raw materials for soft drinks and water products
contain standard and customary commercial terms and conditions. Without considering
the soft drinks concentrates purchased from Schweppes Holdings Ltd. and PepsiCo
under the license agreements described under &#147;&#150; Our
Soft Drinks and Mineral Water Production and Marketing in Chile&#148;, we believe
we are not dependent on any one supplier for a significant portion of our raw
materials. Historically, we have experienced no significant difficulties in obtaining
adequate supplies of necessary raw materials at satisfactory prices and expect
that we will be able to continue to in the future. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif"><I>Sales, Transportation and Distribution in Chile </I>.
In some regions of Chile, including the areas of Santiago, Vi&ntilde;a del Mar, Rancagua,
Melipilla, Arica, Concepci&oacute;n and other major cities in the south, ECUSA
manages its own sales force that is directly responsible for the exclusive servicing
of soft drinks and water clients. In October 1999, ECUSA began delivering its
products in Concepci&oacute;n through our logistic division (currently, Transportes
CCU Ltda.) while keeping its sales force separated. Due to its success, this
system was implemented in Valpara&iacute;so and Vi&ntilde;a del Mar since July
2000 and in Santiago since October 2001, through Transportes CCU Ltda., the entity
in charge of delivering all of our products throughout Chile. The ECUSA sales
force directly sells to approximately 67,000 customers, accounting for 86.4%
of our total soft drink and </FONT></P>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">34</font></p>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">mineral water
    sales by volume in Chile in 2003. The area served by ECUSA accounts for approximately
    77% of the Chilean population. In the outlying northern and southern regions
    of Chile, ECUSA has contracted the sales services of our beer division, which
    sells soft drinks and mineral water products both exclusively and in connection
    with the sales of our beer and wine products. Such sales accounted for the
    remaining 13.6% of our total soft drinks and mineral water sales by volume
    in Chile in 2003. Since April 2004, the beer division sells soft drink products
    only in the rural areas, representing approximately 7% of the total soft
    drink and mineral water sales by volume in Chile. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Our Chilean soft drinks and mineral water customers make payments
for our products either in cash at the time of delivery or in accordance with
one of our various credit arrangements. Payment on credit sales is generally
due 30 days from the date of delivery. Credit sales accounted for 30.3% and 35.8%
of ECUSA's soft drink and mineral water sales to third parties in Chile in 2002
and 2003, respectively. Losses on credit sales of soft drinks and mineral water
in Chile have not been significant. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif"><I>Seasonality in Chile. </I>Due to the seasonality of sales
for both soft drinks and mineral water products, our sales and production volumes
are normally at their lowest in the second and third calendar quarters and at
their highest in the first and fourth calendar quarters (i.e., those months corresponding
to holidays and summer vacation season in Chile). </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">The following table shows our annual sales volume of soft drinks and mineral
water by quarter for the last three years:</FONT></P>




<TABLE WIDTH="100%" cellpadding="0" cellspacing="2">
<TR>
<TD colspan="4" ALIGN="CENTER"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Soft Drinks &amp; Mineral Water </FONT></TD>
</TR>
<TR>
<TD colspan="4"><HR SIZE="1"></TD>
</TR>
<TR>
<TD WIDTH="25%" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Year </FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Quarter </FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Sales Volume (million liters)</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">% of Annual Sales Volume </FONT></TD>
</TR>
<TR>
<TD VALIGN="BOTTOM"><HR SIZE="1"></TD>
<TD VALIGN="BOTTOM"><HR SIZE="1"></TD>
<TD VALIGN="BOTTOM"><HR SIZE="1"></TD>
<TD VALIGN="BOTTOM"><HR SIZE="1"></TD>
</TR>
<TR>
<TD align="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2001 </FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1 <SUP><SUP>st</SUP></SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">113.8 </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">27.6 </FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2 <SUP>nd</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">85.0 </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">20.6 </FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">3 <SUP>rd</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">89.3 </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">21.6 </FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">4 <SUP>th</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">124.7 </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">30.2 </FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Total </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">412.7 </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100.0 </FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<hr size=2 color=black>
</TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
</TR>
<TR>
<TD align="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2002 </FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1 <SUP>st</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">115.2 </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">27.9 </FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2 <SUP>nd</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">81.7 </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">19.7 </FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">3 <SUP>rd</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">90.9 </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">22.0 </FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">4 <SUP>th</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">125.8 </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">30.4 </FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Total </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">413.6 </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100.0 </FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<hr size=2 color=black>
</TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
</TR>
<TR>
<TD align="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2003 </FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">1 <SUP>st</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">114.2 </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">26.6 </FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">2 <SUP>nd</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">84.0 </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">19.6 </FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">3 <SUP>rd</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">95.1 </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">22.2 </FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">4 <SUP>th</SUP> quarter </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">135.1 </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">31.5 </FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<HR SIZE="1">
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Total </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">428.4 </FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE="2" FACE="Times New Roman, Times, serif">100.0</FONT></TD>
</TR>
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">&nbsp;</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<hr size=2 color=black>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<hr size=2 color=black>
</TD>
</TR>
</TABLE>
<P align="left"><FONT FACE="Times New Roman, Times, serif" SIZE="2"><I>Competition in Chile.</I>Our principal competitors in the
soft drink business are companies, which produce, bottle and distribute soft
drinks in Chile under licenses from The Coca-Cola Company and its affiliates.
The Coca-Cola Company's products are produced, bottled and distributed in Chile
through three separate licensees which market soft drinks under the Coca-Cola,
Coca-Cola Light, Fanta, Fanta Light, Sprite, Sprite Light, Quatro Balance, Nordic
Mist, Andina nectars and juices, and Kapo juice brand names. According to store
audits conducted by Nielsen, Coca-Cola and related brands accounted for approximately
65% of total carbonated soft drink net sales in 2003. However, calculations made
by us are higher than the Nielsen estimates. During 1998, a few supermarket chains
began selling soft drinks products under private labels. Additionally, discount
brand producers entered the market and represented, along with private labels,
approximately 12% of the soft drink market in 2003 according to Nielsen. However,
calculations made by us</FONT></P>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">35</font></p>
<P align="left"><FONT FACE="Times New Roman, Times, serif" SIZE="2"> are lower
    than the Nielsen estimates. Even though these brands are not a significant
    portion of the industry, they are expected to increase their presence in
    the future. </FONT> </P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Since the formation of ECUSA, our market share has decreased
as a consequence of increasing marketing activity on the part of our competitors
and the entrance of private labels and discount brand producers to the market.
During 2003, our market share was approximately 20%, similar to the percentage
in 2002. </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">Our market share for our soft drink products over the last five years is presented
in the following table based on store audits conducted by Nielsen and our own
estimates . These Nielsen results are, for each year, higher than our own estimates.</FONT></P>




<TABLE WIDTH="100%" cellpadding="0" cellspacing="2">
<TR ALIGN="CENTER">
<TD colspan="3" valign="top"><font size="2" face="Times New Roman, Times, serif">
Our Chilean Soft Drink Market Share</font></TD>
</TR>
<TR>
<TD COLSPAN="4" ALIGN="CENTER" valign="top">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD width="33%" ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">
Year</font></TD>
<TD width="33%" ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">
Nielsen</font></TD>
<TD colspan="2" ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">
Company Estimates (*)</font></TD>
</TR>
<TR>
<TD ALIGN="CENTER" valign="top"><HR SIZE="1"></TD>
<TD ALIGN="CENTER" valign="top">
<HR SIZE="1">
</TD>
<TD colspan="2" ALIGN="CENTER" valign="top">
<HR SIZE="1">
</TD>
</TR>
<TR>
<TD width="33%" ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">
1999</font></TD>
<TD width="33%" ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">
26%</font></TD>
<TD colspan="2" ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">
23%</font></TD>
</TR>
<TR>
<TD width="33%" ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">
2000</font></TD>
<TD width="33%" ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">
25%</font></TD>
<TD colspan="2" ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">
22%</font></TD>
</TR>
<TR>
<TD width="33%" ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">
2001</font></TD>
<TD width="33%" ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">
24%</font></TD>
<TD colspan="2" ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">
21%</font></TD>
</TR>
<TR>
<TD width="33%" ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">
2002</font></TD>
<TD width="33%" ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">
23%</font></TD>
<TD colspan="2" ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">
20%</font></TD>
</TR>
<TR>
<TD width="33%" ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">
2003</font></TD>
<TD width="33%" ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">
23%</font></TD>
<TD colspan="2" ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">
20%</font></TD>
</TR>
<TR>
<TD ALIGN="CENTER" valign="top">
<HR SIZE="1">
</TD>
<TD ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD colspan="2" ALIGN="CENTER" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
</TABLE>
<FONT SIZE="1" FACE="Times New Roman, Times, serif">(*) Based on our sales data, publicly available information from competitors, equity research analyst reports, information from Nielsen and ANBER.</FONT>
<BR>
<BR>

<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Our domestic
competitors in the soft drinks business have benefited from both internationally
recognized brand labels (especially with regard to the Coca-Cola product line)
and a large number of local bottling companies distributing their products throughout
Chile. As a result of the formation of ECUSA, we also similarly benefited from
the internationally recognized Pepsi brand as well as our previous competitive
strengths, which include a portfolio of nationally well known brands and a nationwide
distribution system. Additionally, during 2002, we launched Bilz Light, Pap Light,
Agua T&oacute;nica
Light, Show Cherry and Gatorade, the world's number one isotonic drink. Gatorade
is classified as a functional product, since in addition to refreshing, it hydrates
the body and replenishes mineral salts lost during sports or other physical activities.
During January 2003, we launched Pepsi Twist and Pepsi Twist Light. In April
2003, we introduced to the market Kem Xtreme, a soft drink with a high level
of caffeine, that also is considered a functional product because it gives more
energy. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Given the high percentage of soft drink sales volume in returnable
containers coupled with the high cost of transportation to Chile, the market
for imported soft drinks in Chile is not significant and accounted for less than
1% of total sales by volume in 2003. While there are no legal barriers to entry,
we believe that the existing returnable bottle system and high transportation
costs may continue to deter potential competitors from exporting soft drinks
to Chile. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Fruit nectars
under the trade name &#147;Watt's&#148;, a segment of our
soft drink business, face competition from other liquid and powdered juices,
which are provided by a variety of local companies. After just four years from
the re-launch of Watt's nectar, we have attained our third year as market leader
in the bottled category of nectars and 100% fruit juices, with a market share
of 52% during 2003, according to Nielsen. </FONT></P>
<P align="left"><FONT SIZE="2" FACE="Times New Roman, Times, serif">Our main competitor in the mineral water business is Vital S.A.
(a subsidiary of Embotelladora Andina S.A., one of The Coca-Cola Company licensees
in Chile). We estimate that our sales of Cachantun and Porvenir brand mineral
waters accounted for approximately 56%, while those of Vital S.A. products accounted
for approximately 35% of total mineral water sales by volume in 2003. Small domestic
bottlers, private labels, as well as imported mineral water products, comprise
the remaining 9% sales volume. </FONT></P>
<P><FONT SIZE="2" FACE="Times New Roman, Times, serif">The following chart shows estimates of our mineral water market share for the
last five years based on store audits conducted by Nielsen and our own estimates.
These Nielsen results are, for each year, higher than our own estimates.</FONT></P>

<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">36</font></p>




<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>

<td>&nbsp;</td>
     <TD colspan=2 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Our Chilean Mineral Water Market Share </FONT> </TD></TR>
<tr>
     <td>&nbsp;</td>
     <td colspan="2"><hr size=1></TD>
     </tr>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER" WIDTH="34%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Year</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nielsen</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Company Estimates (*)</FONT></TD></TR>
<tr>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1999</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2000</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>57%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>57%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56%</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="div rodape>" FSL="Workstation" -->
<DIV ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>___________________ </FONT></DIV>

<!-- MARKER FORMAT-SHEET="hang formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(*)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Based
on our sales data, publicly available information from competitors, equity research
analyst reports, information from Nielsen and ANBER.</FONT></P></TD>
</TR>
</TABLE>




<!-- MARKER FORMAT-SHEET="Times justify bold" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Our Wine Business</B> </FONT></P>
<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></P>
<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Overview</I>. We entered the
Chilean wine market in October 1994 with the purchase of 48.4% of VSP&#146;s equity for
approximately Ch$13,777 million, thereby acquiring an interest in the third largest
winery in Chile. During the first half of 1995, VSP&#146;s capital was increased by
approximately Ch$11,512 million, of which we contributed approximately Ch$6,272 million.
During August-October 1997, VSP&#146;s capital was increased again by approximately Ch$9,363
million, of which we contributed approximately Ch$5,218 million, plus approximately
Ch$150 million in additional shares bought during October 1997 in the local stock market.
Furthermore, in October 1998 and during 1999, we purchased additional shares in VSP
through the local stock exchanges for an amount of approximately Ch$4,358 million.
During March-June 1999, VSP&#146;s capital was increased by approximately Ch$13,773 million,
of which we contributed approximately Ch$8,515 million. Between November 2000 and March
2001, VSP&#146;s capital was increased by approximately Ch$17,568 million, of which we
contributed approximately Ch$10,569 million. As a result of these activities, as of
December 31, 2003, our total ownership interest in VSP was 60.3%. </FONT> </P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We believe that expansion
into the Chilean wine business provides us with the opportunity to further exploit our
nationwide distribution system through the expansion of our beverage portfolio.  We also
believe that further development of our domestic wine business may help reduce the
seasonality of our sales, as wine sales in Chile tend to be stronger during the winter
months when beer and soft drinks consumption decline. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The proceeds from VSP&#146;s
capital increase during 1995 were used to reduce debt, expand capacity and add new
hectares of vineyards in the Maipo Valley for producing premium red wines.  Part of VSP&#146;s
capital increases during 1997 was used to add new hectares of vineyards in Requinoa, Ch&#233;pica
and Molina during 1997, and in Pencahue during 1998.  These purchases of land more than
doubled the number of hectares of our vineyards.  The winery also increased its total
vinification and wine storage capacity in both tanks and barrels from to 52.1 million
liters as of December 31, 1998, to 70.1 million liters as of December 31, 2003, as well
as its peak bottling and packaging capacity from 35,100 liters per hour in 1998 to 58,150
liters per hour as of December 31, 2003.  The capital increase in 1999, was used to pay
debts related to the winery&#146;s expansion process.  The proceeds from VSP&#146;s capital
increase during November 2000 and March 2001 were used to finance the winery&#146;s
acquisition of FLC, in Mendoza, Argentina, to plant the hectares of this new winery and
improve its production facilities, as well as to refinance debt. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In October 2001, VSP
signed a joint venture agreement with the French winery Ch&#226;teau Dassault for the
production of super premium wines, mainly for the export market.  As a result of this
agreement we combined Ch&#226;teau Dassault&#146;s vast experience in first-quality wine production
with VSP&#146;s knowledge of both the Chilean and Argentine markets, along with its extensive
international distribution network. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In December 2001, Vi&#241;a
Santa Helena, or VSH, created its own commercial and productive winemaking operation,
distinct from its parent, VSP, under the Vi&#241;a Santa Helena label in the Colchagua Valley. </FONT></P>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">37</font></p>
<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In Argentina, we sell a
small amount of wine, which generated net sales of Ch$1,637 million, Ch$260 million and
Ch$1,356 million in 2001, 2002 and 2003, respectively.  These sales represented less than
0.5% of our total net sales each year.  The increase in wine sales in 2003 was due to the
consolidation of FLC on VSP&#146;s financial statements since January 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VSP is a publicly traded
company that, at December 31, 2003, had a market capitalization of Ch$117,918 million.
 VSP shares trade on the Santiago Stock Exchange, the Valpara&#237;so Stock Exchange and the
Chile Electronic Stock Exchange. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>The Chilean Wine Market</I>.
We estimate that wine consumption in Chile amounted to approximately 19 liters per
capita in 2003. Given that the Chilean wine industry is fragmented, no single wine
producer accounts for the majority of production and/or sales. The leading wineries
include Vi&#241;a Concha y Toro S.A., or Concha y Toro, Vi&#241;a Santa Rita S.A., or Santa Rita,
VSP and Bodegas y Vi&#241;edos Santa Carolina S.A., or Santa Carolina. In addition, there are
numerous medium-sized wineries, including Vi&#241;a Undurraga S.A., or Undurraga, Cousi&#241;o
Macul S.A., or Cousi&#241;o Macul, Vi&#241;a C&#225;nepa y C&#237;a., or C&#225;nepa and Vi&#241;a Tarapac&#225; S.A., or
Tarapac&#225;. All wineries, which sell wine products that comply with industry and tax
regulations, make up Chile&#146;s formal wine market. VSP is a member of the formal wine
market, as are most other principal wineries in Chile. The SAG is the entity in charge
of wine industry regulation and principally oversees inventory records and product
quality. Small wine producers that do not comply with industry and tax regulations (a
19% value added excise tax and an additional 15% alcohol excise tax) comprise Chile&#146;s &#147;informal
market&#148;. We estimate that the informal market wineries produced and sold approximately
10 million liters of wine during 2003 as compared to 287 million liters by the producers
in the formal wine market. </FONT> </P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following chart shows
our estimates for the formal wine market and per capita consumption levels for wine in
Chile for the years 1999 through 2003: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=34% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Year</FONT></TD>
     <TD WIDTH=33% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Volume (1)</FONT></TD>
     <TD WIDTH=33% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Per Capita (2)</FONT></TD></TR>
<tr>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(millions of liters)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(liters)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1999</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>235</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2000</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>240</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>257</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>263</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>287</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="div rodape>" FSL="Workstation" -->
<DIV ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>___________________ </FONT></DIV>


<!-- MARKER FORMAT-SHEET="Div left" FSL="Workstation" -->
<DIV ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Sources: SAG, Central
Bank and the Wineries of Chile Association</I> </FONT></DIV>

<!-- MARKER FORMAT-SHEET="hang formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>                                           (1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes
wine sales from pisco producers in the III and IV Regions of Chile.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="hang formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>                                           (2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Population
estimated in accordance with the national census of April 2002.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Wines in Chile can be
segmented by product type.  Chilean wineries produce and sell premium, varietals and
popular-priced wines within the domestic market.  Premium wines and many of the varietal
wines are produced from high quality grapes, aged and packaged in glass bottles.
 Popular-priced wines are usually produced using non-varietal grapes and are not aged.
 These products are generally sold in either cartons or jug packaging. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>VSP&#146;s Production and
Marketing</i>.  VSP was founded in 1865.  Its principal vineyards are located in Molina,
approximately 200 kilometers south of Santiago.  The VSP estate in Molina is one of the
largest single-site vineyards in Chile with an area of 1,160 hectares.  As of December
31, 2003, VSP&#146;s vineyards covered an aggregate of 2,500 hectares in Chile, distributed
among 8 different plantations, including additional property acquired in Requinoa, Ch&#233;pica,
Molina and Pencahue.  The winery also has 600 hectares under long-term lease.  In
Argentina, FLC&#146;s vineyards are located in San Carlos, Mendoza, with an area of 400
hectares. </FONT></P>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">38</font></p>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VSP is one of Chile&#146;s
largest producers and distributors of wine in terms of sales volume and net sales.  In
2001, 2002 and 2003 our wine segment sales amounted to Ch$70,288 million, Ch$75,909
million and Ch$82,568 million representing 18.8%, 21.7% and 21.5% of our total net sales,
respectively.  The above net sales figures for wine include exports of bulk wine which
amounted to Ch$1,912 million, Ch$2,212 million and Ch$5,798 million in 2001, 2002 and
2003, respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following chart
indicates the breakdown of VSP&#146;s volume in the domestic and export markets: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=25% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Year</FONT></TD>
     <TD WIDTH=25% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Domestic Volume</FONT></TD>
     <TD WIDTH=25% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Export Volume</FONT></TD>
     <TD WIDTH=25% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Volume</FONT></TD></TR>
<tr>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(million liters)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(million liters)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(million liters)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1999</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.7</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.7</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56.4</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2000</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.1</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33.8</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65.9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.8</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40.9</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>83.7</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51.2</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45.0</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>96.1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003 (*)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52.9</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>67.7</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120.5</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="div rodape>" FSL="Workstation" -->
<DIV ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>___________________ </FONT></DIV>


<!-- MARKER FORMAT-SHEET="hang formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>                  (*)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes
sales of FLC.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></P>
<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We estimate that VSP&#146;s
share by volume of Chile&#146;s formal wine market was approximately 17% in 2001, 19% in 2002
and 18% in 2003.  According to the Wineries of Chile Association, VSP&#146;s share of Chile&#146;s
total wine export sales by volume was 13% in 2001, 2002 and 2003.  Specifically, in 1998,
VSP became the second largest exporter of Chilean wines measured by both volume and
revenues. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VSP, VSH and FLC produce
and market premium, varietal and popular-priced wines as set forth below: </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brand</FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Premium</FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Varietal</FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Popular-priced</FONT></TD></TR>
<tr>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vi&#241;a San Pedro</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Cabo de Hornos</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1865</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Late Harvest</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Castillo de Molina</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;35 South</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Las Encinas</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Urmeneta</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Gato</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Etiqueta Dorada</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vi&#241;a Santa Helena</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Selecci&#243;n del Directorio</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Siglo de Oro</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Gran Vino</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Tradici&#243;n de Familia</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Finca La Celia</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;La Celia</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;La Consulta</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Angaro</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Magallanes</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Don Eugenio</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Amancay</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Altivo</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Furia</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>X</FONT></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table
presents our breakdown of total sales volume in thousands of liters by category of VSP&#146;s
Chilean wines during 2003: </FONT></P>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">39</font></p>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Category</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Domestic</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Export&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total&nbsp;</FONT></TD></TR>
<tr>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(thousands of liters)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Premium</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>371&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,842&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,213&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Varietal</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>326&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,372&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,698&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Popular-Priced</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,596&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31,970&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>81,566&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bulk</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,676&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,676&nbsp;</FONT></TD></TR>
<tr>
     <td>&nbsp;</td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,293&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,860&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>101,153&nbsp;</FONT></TD></TR>
<tr>
     <td>&nbsp;</td>
     <td><hr size=2 color=black></td>
     <td><hr size=2 color=black></td>
     <td><hr size=2 color=black></td></tr>
</TABLE>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table
presents our breakdown of total sales volume in thousands of liters by category of VSP&#146;s
Argentine wines during 2003: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Category</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Domestic</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Export&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total&nbsp;</FONT></TD></TR>
<tr>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER">&nbsp;</td>
     <TD ALIGN="CENTER" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(thousands of liters)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Premium</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>162&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>178&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Varietal</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>225&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>290&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Popular-Priced</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,729&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,614&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,343&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bulk</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>749&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,823&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,572&nbsp;</FONT></TD></TR>
<tr>
     <td>&nbsp;</td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,559&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,824&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,383&nbsp;</FONT></TD></TR>
<tr>
     <td>&nbsp;</td>
     <td><hr size=2 color=black></td>
     <td><hr size=2 color=black></td>
     <td><hr size=2 color=black></td></tr>
</TABLE>


<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31, 2003,
VSP&#146;s storage capacity totaled 70.1 million liters and its peak bottling and packaging
capacity totaled 58,150 liters per hour. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Domestic Market</i>.
 Our Chilean domestic wine is packaged in bottles, jugs, cartons, and bag-in-box
containers at VSP&#146;s production facilities in Lontu&#233; and Molina.  The following chart
shows our packaging mix for domestic wine sales in 2001, 2002 and 2003: </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD  ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD  ALIGN="CENTER" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Percentage of Total Domestic</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Wine Sold in Chile</FONT></TD></TR>
<tr>
      <td>&nbsp;</td>
     <td colspan=3><hr size=1></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT width=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Container</FONT></TD>
     <TD ALIGN=RIGHT width=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT width=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT width=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD></TR>
<tr>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Carton</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>83%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>83%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jug</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Glass Bottles</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bag-in-Box</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1%</FONT></TD></TR>
<tr>
     <td>&nbsp;</td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD></TR>
<tr>
     <td>&nbsp;</td>
     <td><hr size=2 color=black></td>
     <td><hr size=2 color=black></td>
     <td><hr size=2 color=black></td></tr>
</TABLE>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In 2002 and 2003, VSP
obtained all of its glass bottles, carton package containers and jugs from third party
suppliers.  See &#147;&#150; Raw Materials&#148;. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Beer is the principal
substitute product for wine in Chile.  In addition, our wine products may also compete
with other alcoholic beverages, such as spirits (mainly pisco), and with non-alcoholic
beverages, such as soft drinks and juices. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The average price, based
on December 2003 Chilean pesos, for our domestic wine customers was Ch$664 and Ch$466 per
liter in 1999 and 2003, respectively, experiencing a negative four-year compounded annual
growth rate of 8.5%.  This price decrease is mainly explained by larger grape harvests,
which increased the wine supply. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Export Market</i>.
 According to industry sources, exports of Chilean wine (excluding champagne) increased
from approximately 43 million liters in 1990 to 394 million liters in 2003, at a
compounded annual growth rate of 18.6%.  During 2002 and 2003, Chilean wine exports
reached 347 million liters and 394 million liters,</FONT></P>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">40</font></p>
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2> respectively.
    We believe that Chilean wine exports have grown steadily due to their comparatively
    low prices and positive international image, as well as due to external factors,
    such as low wine production in the Northern Hemisphere in certain years.
    During 2003, total Chilean wine exports increased 13.5% by volume. </FONT></P>
<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VSP exported 40.9 million
liters, 45.0 million liters and 67.7 million liters of wine in 2001, 2002 and 2003,
respectively.  During 2003, VSP exported wine to 70 countries worldwide.  These exports
accounted for net sales of Ch$46,367 million, Ch$51,235 million and Ch$57,333 million in
2001, 2002 and 2003, respectively.  In 2003, VSP&#146;s primary export markets included the
United Kingdom, Sweden, the United States, Denmark and Japan. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Most exported wine is
sold in glass bottles, except for a certain quantity of unbranded wine that is
occasionally sold in bulk and the amount that is sold in carton containers.  The
following chart shows our packaging mix for export Chilean wine volume in 2001, 2002 and
2003: </FONT></P>

                                                                                                                                    Percentage of Total Export
                                                                                                                                      Wine Volume from Chile
<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<tr>
     <td>&nbsp;</td>
     <TD WIDTH=55% ALIGN=center colspan=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Percentage of Total Export</font></td>
</tr>
<tr>
<td>&nbsp;</td>
     <TD WIDTH=55% ALIGN=center colspan=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Wine Volume from Chile</font></td></tr>
<tr>
     <td>&nbsp;</td>
     <td colspan=3><hr size=1></td></tr>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Container</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD></TR>
<tr>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Glass Bottles (1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>67%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bulk</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Carton (2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15%</FONT></TD></TR>
<tr>
     <td>&nbsp;</td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD></TR>
<tr>
     <td>&nbsp;</td>
     <td><hr size=2 color=black></td>
     <td><hr size=2 color=black></td>
     <td><hr size=2 color=black></td></tr>

</TABLE>

<!-- MARKER FORMAT-SHEET="div rodape>" FSL="Workstation" -->
<DIV ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>___________________ </FONT></DIV>

<!-- MARKER FORMAT-SHEET="hang formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>                                    (1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes
jugs</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="hang formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>                                    (2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes
Bag-in-Box</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We experienced a negative
four-year compounded annual growth rate of 4.9% from Ch$1,234 in 1999 to Ch$1,011 per
liter in 2003 in the average price, based on December 2003 Chilean pesos, to our Chilean
export wine customers. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Raw Materials</i>.
 The principal raw materials that VSP uses in its production process are purchased and
harvested grapes, purchased wine, bottles, carton containers, corks and cardboard boxes.
 VSP obtained approximately 42% of the grapes used for export wines from its own
vineyards during 2003.  The majority of the wine sold in the domestic market is purchased
from third parties, tested to assure compliance with our quality standards, and blended
at the winery before packaging.  In 2003, approximately 67% of wine for domestic sale was
purchased from seven local producers:  Corretajes Torres y C&#237;a. Ltda., Empresas Lourdes
S.A., Sociedad Comercial y Vitivin&#237;cola Los Maitenes y C&#237;a Ltda., Cooperativa Agr&#237;cola y
Vitivin&#237;cola Loncomilla Ltda., Sociedad Agr&#237;cola Hacienda Mal Paso y C&#237;a. Ltda.,
Cooperativa Agr&#237;cola Pisquera Elqui Ltda. and Agr&#237;cola El Milagro Ltda.  VSP has various
alternative sources of supply, which can be used when they are attractive.  VSP&#146;s bottles
are principally purchased from Cristaler&#237;as Chile; however, when prices have been
favorable, VSP has purchased bottles from other suppliers.  Carton containers are
purchased either from Tetra Pak de Chile Comercial Ltda. or from SIG Combibloc Inc. and
are assembled in VSP&#146;s own automated packing lines. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Prices of principal raw
materials used in wine production in Chile have not been volatile.  However, from time to
time, prices of grapes and wine vary depending on demand and supply factors. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Domestic Sales,
Transportation and Distribution</i>.  After production, bottling, and packaging, wine is
either stored at the production facilities or transported to one of the 16 warehouses.
 The warehouses are part of our warehouse network and are located throughout Chile.  VSP
wines used to be distributed and sold in Chile through our sales and distribution
network, under the same system and payment terms as our beer products.  In May 2000, VSP
organized a new sales force to directly offer its products in the city of Concepci&#243;n.
 However, it continued delivering the products through our beer distribution network.
 After the success of this new system, it was implemented in the cities of Vi&#241;a del Mar
and Valpara&#237;so in November 2000, and in Santiago in May 2001.  This system was further
implemented in the cities of Temuco, Chill&#225;n, </FONT></P>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">41</font></p>
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Los Angeles and
    Valdivia. See &#147;&#150; Our Beer
  Business &#150; Our Beer Business in Chile &#150; Sales, Transportation and Distribution&#148;. </FONT></P>
<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We directly distribute
our wine products throughout Chile to: </FONT></P>

<!-- MARKER FORMAT-SHEET="Times UL" FSL="Workstation" -->
<UL>
    <LI><div ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">off-premise
retail: small and medium sized retail outlets, which in turn sell beer to consumers for
take-out consumption;</FONT></div></LI>

<!-- MARKER FORMAT-SHEET="Times UL" FSL="Workstation" -->

    <LI><div ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">on-premise
retail: retail establishments such as restaurants, hotels and bars for on-premise
consumption;</FONT></div></LI>

<!-- MARKER FORMAT-SHEET="Times UL" FSL="Workstation" -->

    <LI><div ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">wholesalers;
and</FONT></div></LI>

<!-- MARKER FORMAT-SHEET="Times UL" FSL="Workstation" -->

    <LI><div ALIGN="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">supermarket
chains.</FONT></div></LI></UL>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In 2001, 2002 and 2003,
the percentage mix of the above distribution channels for our wine products in Chile was
as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <td>&nbsp;</td>
     <TD colspan=3 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Percentage of Total Wine Products Sold</FONT></TD></TR>
<tr>
     <td>&nbsp;</td>
     <td colspan=3><hr size=1></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT width=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Distribution Channels</FONT></TD>
     <TD ALIGN=RIGHT width=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT width=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT width=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD></TR>
<tr>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Off-premise retail</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On-premise retail</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Wholesalers</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Supermarkets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41%</FONT></TD></TR>
<tr>
     <td>&nbsp;</td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100%</FONT></TD></TR>
<tr>
     <td>&nbsp;</td>
     <td><hr size=2 color=black></td>
     <td><hr size=2 color=black></td>
     <td><hr size=2 color=black></td></tr>
</TABLE>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We had approximately
17,700 customers for our wine products at December 31, 2003, none of which accounted for
more than 3% of our total wine sales by volume, with the exception of two supermarket
chains that represented 17%.  During 2004, the Chilean supermarket industry continued to
consolidate, increasing the importance and purchasing power of a few supermarket chains.
 We do not maintain any long-term contractual arrangements for the sale of wine with any
of our customers. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Export Sales,
Transportation and Distribution</i>.  Internationally, VSP has arrangements with 214
agents who facilitate the export of its wine to 70 countries.  We have signed
distribution agreements with Schenk, one of the largest distributors in Europe, Asian
Breweries, one of the largest beverage companies in Asia, and Shaw Ross International, a
subsidiary of Southern Wine and Spirits, the main liquor wholesale distributor for the
United States, as well as other distributors.  In 2002, we signed a distribution
agreement with the Swedish company Vin &amp; Sprit AB, the owner of Absolut Vodka, to
distribute VSP&#146;s wines in Sweden, Finland, Norway and Estonia, improving our position in
those markets and taking advantage of synergies between both companies. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Geographical Markets</i>.
 In Chile, Santiago and surrounding areas (referred to as the Metropolitan Region), which
account for approximately 41% of the Chilean population, represented approximately 45% of
total domestic sales of VSP products by volume in 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table
provides the distribution of VSP&#146;s exports from Chile during 2003 by geographical markets: </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Percentage</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Market</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Volume&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>of Total Exports</FONT></TD></TR>
<tr>
     <td><hr size=1></td>
     <TD ALIGN="CENTER"><hr size=1></td>
     <TD ALIGN="CENTER"><hr size=1></td></tr>
<TR VALIGN=Bottom>
     <td>&nbsp;</td>
     <TD ALIGN="CENTER" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(thousands of liters)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Europe</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,806&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;64.5%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>South America</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;6,537&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;12.9%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>North America</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;5,741&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;11.3%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Asia</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;5,485&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;10.8%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Others</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;291&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;0.6%</FONT></TD></TR>

<tr>
     <td>&nbsp;</td>
     <TD ALIGN="CENTER"><hr size=1></td>
     <TD ALIGN="CENTER"><hr size=1></td></tr><TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,860&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.0%</FONT></TD></TR>
<tr>
     <td>&nbsp;</td>
     <TD ALIGN="CENTER"><hr size=2 color=black></td>
     <TD ALIGN="CENTER"><hr size=2 color=black></td></tr>
</TABLE>


<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">42</font></p>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Competition</i>.  The
wine industry is highly competitive in both the domestic and the export markets.  VSP&#146;s
domestic market share was approximately 18% in 2003.  In Chile, VSP competes directly
against all other Chilean wineries.  We believe that VSP&#146;s primary domestic competitors,
Concha y Toro and Santa Rita, derive their relative competitive strengths from their wide
portfolio of products, well recognized brand names and established distribution networks.
 In 2003, Concha y Toro and Santa Rita had market shares of approximately 22% and 23%,
respectively.  VSP also competes with Santa Carolina and numerous medium-sized wineries,
including Undurraga, Cousi&#241;o Macul and Tarapac&#225;, and many small wine producers that make
up Chile&#146;s &#147;informal market&#148;. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Internationally</i>,
VSP competes against Chilean producers as well as with wine producers from other parts of
the world.  According to information compiled by the Wineries of Chile Association, VSP
is the second largest exporter of Chilean wines with a market share of approximately 13%
in 2003.  Our other principal Chilean competitors, namely Concha y Toro, Santa Rita and
Santa Carolina had market shares of 17%, 4% and 2%, respectively. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times justify bold" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Our Other Businesses</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify bold" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Plastic Bottles</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Through our subsidiary F&#225;brica
de Envases Pl&#225;sticos S.A., or PLASCO, we own and operate a plastic bottle factory which
supplies most of the returnable and non-returnable plastic bottles used by us in the
packaging of, mainly, our soft drinks and mineral water products. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The manufacturing of both
returnable and non-returnable plastic bottles involves a two-step process.  The first
step consists of an injection molding process, which manufactures pre-forms from PET
resin.  The second step involves blowing plastic bottles from the molded pre-forms.  We
purchase resin and complete the two-step process in order to fulfill the majority of our
bottling requirements.  In some cases, we purchase pre-forms manufactured by third party
suppliers and complete only the bottle-blowing step at our own facilities. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Prices of principle raw
materials required by our PLASCO subsidiary have not been volatile except for the PET
resins that depend on oil prices as well as market factors.  However, from time to time,
prices of various materials vary depending on demand and supply factors. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In 2003, all returnable
and non-returnable plastic bottle requirements of ECUSA were supplied directly by PLASCO
with the exception of five-liter bottles, which are bought by ECUSA in small quantities
from third party suppliers.  During 2003, PLASCO sold 284.5 million bottles and pre-forms
of which, approximately 99.8% were plastic bottles and the remaining 0.2% were pre-forms.
 Of all bottles supplied by PLASCO, approximately 95.3% were manufactured by PLASCO into
pre-forms and then blown into bottles and approximately 3.4% were semi-manufactured by
PLASCO while a third party made the injection or the blowing processes.  The remaining
1.3% were bought by PLASCO and transferred to ECUSA.  PLASCO has, to date, not made any
bottle sales to third parties. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Plastic bottle and
pre-form sales decreased from 290.3 million in 2002 to 284.5 million in 2003.  Plastic
crate sales decreased by 37.3% from 0.3 million units in 2002 to 0.2 million units in
2003.  PLASCO&#146;s net sales of Ch$15,302 million and net income of Ch$1,449 million in 2003
represented a decrease of 0.5% and 7.9%, respectively, over 2002, due to a change in the
transfer price policy, which currently considers a return equal to its cost of capital. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify bold" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Pisco</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In February 2003, we
began selling a new product for our beverage portfolio, pisco, under the brand Ruta
Norte.  Pisco is a grape spirit very popular in Chile that is produced in the northern
part of the country and </FONT></P>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">43</font></p>
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the southern
    part of Peru. Our pisco is produced in the Elqui Valley in the IV Region
    of Chile and it is sold throughout the country by the beer division sales
    force. During 2003, we sold 3.2 million liters of pisco, obtaining an 8%
    market share according to the last Nielsen measurement done in 2003. During
    2003, we participated in the 35&#176; of alcohol category, the larger of the pisco markets.  In January
  2004, we introduced Ruta Sour, a pisco sour ready to drink, a typical Chilean drink that
  combines pisco, lemon and sugar. </FONT></P>
<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The principal raw
material used in the production of pisco is alcohol made from grapes.  Prices of alcohol
vary according to grape and wine prices, which depend on demand and supply factors. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times just bold und" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Government
Regulation </U></B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify bold" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Government
Regulation in Chile</B> </FONT></P>
<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We are subject to the
full range of governmental regulation and supervision generally applicable to companies
engaged in business in Chile.  These regulations include labor laws, social security
laws, public health, consumer protection and environmental laws, securities laws, and
anti-trust laws.  In addition, regulations exist to ensure healthy and safe conditions in
facilities for the production, bottling, and distribution of beverages.  As for
environmental laws, see &#147;&#150; Environmental Matters&#148;. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additional regulations
specifically concerning the production and distribution of &#147;alcoholic beverages&#148; are
contained in Chilean Law N&#176; 18.455 and its Ordinance, which set the standards for human
consumption of such beverages, by minutely describing the different types of alcohol; the
minimum requirements that must be met by each class of beverage; raw materials and
additives that may be used in their manufacture; their packaging and the information that
must be provided by their labels; the procedure for their importation, among others. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The large-scale
production of alcoholic beverages does not need any licenses or permits other than those
required for the general run of commercial and industrial enterprises engaged in the
manufacture of consumer commodities. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On January 19, 2004 Law N&#176; 19.925
was published, which amended and restated the Act on Sale and Consumption of Alcoholic
Beverages (former Law N&#176; 17.105). </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All establishments
dealing in alcoholic beverages, whether wholesale or retail, require a special municipal
license, the cost of which is fixed by the law and varies according to the nature of the
outlet or point of sale (i.e. liquor store, tavern, restaurant, hotel, warehouse, etc.).
 We are in possession of all licenses necessary for our wholesale operations. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Law N&#176; 19.925 set new
opening and closing hours; limited geographical areas for the sale of alcohol; reduced
the maximum number of licenses to be granted by zones and population; increased criminal
liability for selling alcohol to persons under eighteen years of age; and tightened the
restrictions, imposing prison sentences and higher fines, for violations formerly deemed
lighter.  One of its most important innovations is to forbid the sale of alcohol to
minors at all outlets, and not just for on-premise drinking (the only exception retained
is the case of children who are served meals when accompanied by their parents). </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The regulatory agency for
alcoholic beverages is the SAG (the Servicio Agr&#237;cola Ganadero, or Agricultural and
Livestock Service). </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The production, bottling
and marketing of non-alcoholic beverages is subject to applicable sanitary legislation
and regulations, particularly the Sanitary Code and the Food Ordinance (the <I>Reglamento
Sanitario de los Alimentos</I>). These laws provided for supervision by the <I>Servicios de
Salud </I>(&#147;Health Services&#148;), which inspect plants on a regular basis and take samples for
analysis. On February 2004 Law N&#176; 19.937 was published, setting up the new structure and
powers for the Sanitary Authority, which will become effective on January 1, 2005 and
will be fully operative no later than February 2006. </FONT> </P>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">44</font></p>
<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The production and
distribution of mineral water is also subject to special regulation.  Mineral water may
only be bottled directly from sources, which have been designated for such purpose by a
Supreme Decree signed by the President of Chile.  The competent Health Service provides a
certification of the data necessary to achieve such a designation.  All of our facilities
have received the required designation. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Independently of the
products manufactured or services provided in each plant or facility, the premises are
also regularly inspected by the health authorities, regarding sanitary and environmental
conditions, labor safety, and related matters. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There are currently no
material legal or administrative proceedings pending against us in Chile with respect to
any regulatory matter.  We believe that we are in compliance in all material respects
with all applicable statutory and administrative regulations with respect to our
businesses in Chile. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify bold" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Government
Regulation in Argentina</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We are subject to the
full range of governmental regulation and supervision generally applicable to companies
engaged in business in Argentina, including social security laws, public health, consumer
protection and environmental laws, securities laws, and anti-trust laws. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>National Law 18,284 (the
Argentine Food Code, or the &#147;Code&#148;) regulates the manufacturing and packaging of food and
beverages.  The Code provides specific standards with which manufacturing plants must
comply and regulates the production of food and beverages mentioned in the Code.  The
Code also specifies the different methods in which beer may be bottled as well as the
information to be provided on labels.  The health authorities of each province undertake
the enforcement of the Code, and also establish the minimum age requirements for the
purchase of alcoholic beverages.  In general, no sale of alcoholic beverages is permitted
to persons under 18 years of age.  In the Federal Capital and many provinces of
Argentina, local law restricts the sale of alcoholic beverages, particularly between the
hours of 11 p.m. and 8 a.m., and establishes harsh penalties for infringement.  The
Argentine Congress continues to consider proposed legislation to improve enforcement of
drinking laws by establishing a minimum drinking age of 18 by federal law and limiting
the hours permitted for the advertisement of alcohol products on radio and television as
well as any content in such advertisement associating alcohol consumption with healthy
activities. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There are currently no
material legal or administrative proceedings pending against us in Argentina with respect
to any regulatory matter.  We believe that we are in compliance in all material respects
with all applicable statutory and administrative regulations with respect to our business
in Argentina. </FONT></P>



<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">45</font></p>

<!-- MARKER FORMAT-SHEET="Times just bold und" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Organizational
Structure</U></B> </FONT></P>



<IMG SRC="partecpg46.gif">

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We are controlled by
IRSA, which owns 61.62% of the shares of our common stock.  IRSA, since 1986, was a joint
venture between Qui&#241;enco and the Sch&#246;rghuber Group through its wholly owed subsidiary FHI
of the Netherlands.  In 2003, FHI and Heineken International B.V. formed Heineken Chile
Ltda., through which 50% of IRSA shares are held.  On December 30, 2003, FHI merged into
Heineken Americas B.V. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In February 2001,
Bayerische BrauHolding A.G., a division of the Sch&#246;rghuber Group, announced that it had
sold approximately 49% of its interest in IRSA to Heineken International B.V., the Dutch
brewer.  Due to the above, Qui&#241;enco initiated legal actions alleging that the sale
represented a violation of the existing shareholders&#146; agreement with Bayerische
BrauHolding A.G. and FHI Finance Holding International B.V.  On January 14, 2003, Qui&#241;enco
announced that it had reached an agreement ending its disputes with the Sch&#246;rghuber
Group, its joint venture partner in IRSA, which included amending the IRSA shareholders&#146; agreement.
 As reported by Qui&#241;enco, on April 17, 2003, in accordance with the new terms and
conditions of the amended shareholders&#146; agreement, the Sch&#246;rghuber Group gave Qui&#241;enco
formal notice of the sale of 100% of its interest in FHI to Heineken Americas B.V., a
subsidiary of Heineken International B.V.  Currently, Qui&#241;enco and Heineken Chile
Limitada, a Chilean limited corporation controlled by Heineken Americas B.V., are the
only shareholders of IRSA, each with a 50% equity interest.  The terms of the agreement
also specified that IRSA would propose to our board of directors that we submit for
consideration to our shareholders a dividend distribution equivalent to 100% of our 2002
earnings plus an extraordinary dividend distribution against our retained earnings
amounting to Ch$168,700 million (historic value), to be paid within 180 days of the board
agreement in single or multiple distributions. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additionally, as part of
the agreement reached, Southern Breweries Establishment, a 50% subsidiary of ours at that
time, agreed to sell its interest in the Croatian brewery, Karlovacka Pivovara d.d., to a
wholly-owned subsidiary of Heineken International at a sale price equivalent to ten times
its annual earnings from operations. </FONT></P>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">46</font></p>
<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to an
extraordinary shareholders&#146; meeting held on February 26, 2003, we approved the payment,
out of retained earnings, of an extraordinary dividend amounting to Ch$168,700 million
(historic value), to be fully paid in multiple distributions.  See &#147;Item 8: Financial
Information &#150; Dividend Policy and Dividends&#148;.  Further, on March 31, 2003, SBE sold its
interest in Karlovacka to Heineken Adria d.o.o, a subsidiary of Heineken International,
generating a profit of Ch$20,114 million, subject to certain post-closing contingent
payments.  On April 10, 2003, Compa&#241;&#237;a Cervecer&#237;as Unidas S.A., Cayman Islands Branch,
bought the remaining 50% interest of SBE from Lanzville Investments Establishment, which
became a wholly-owned subsidiary of ours. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Qui&#241;enco S.A. is a
Chilean holding company engaged in a wide range of business activities in Chile and
countries of the Southern Cone and Mercosur regions, including Brazil, Argentina and
Peru.  Qui&#241;enco&#146;s principal holdings include, among others, Madeco S.A. (a leading
manufacturer of copper and aluminum-based products in Chile, Brazil, Argentina and Peru),
Compa&#241;&#237;a Nacional de Tel&#233;fonos - Telef&#243;nica del Sur S.A. (a leading provider of local
telephone service in southern Chile), Banco de Chile (one of the largest and most
respected banks in Chile, consolidating in this entity all of Qui&#241;enco&#146;s investments in
the financial sector), and Habitaria S.A. (a developer of residential real estate in
Chile). </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Heineken, the Dutch
brewer, is one of the largest brewers in the world with operations in more than 170
countries and 61,271 employees worldwide.  Heineken sold 109 million hectoliters of beer
during 2003, the main brands being Heineken and Amstel.  In 2003, Heineken had more than
115 breweries in over 65 countries.  Approximately 60% of its sales are made in Western
Europe. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table
provides our significant subsidiaries as of May 31, 2004: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subsidiaries</FONT></TD>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Country</FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Owner Interest</FONT></TD></TR>
<tr>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CCU Chile</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chile</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.99</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CCU Argentina</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>89.22</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ECUSA</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chile</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.94</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VSP</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chile</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.33</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PLASCO</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chile</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.99</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transportes CCU</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chile</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.99</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pisconor</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chile</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.99</FONT></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times just bold und" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Property, Plant
and Equipment</U></B> </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Set forth below is
information concerning our production facilities as of December 31, 2003, all of which
are owned and operated by us or our subsidiaries: </FONT></P>


<table width="100%" cellpadding="0" cellspacing="2">
  <TR VALIGN="bottom">
    <TD  ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD  ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Nominal Installed Monthly Production Capacity<br> (in million liters) </FONT> </td>
    <TD  ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Utilized Capacity During Peak Month (1) </FONT> </td>
    <TD  ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Average Utilized Capacity During 2003 (2) </FONT> </td>
  </tr>
<tr>
     <td>&nbsp;</td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>
  <tr>
    <TD   ALIGN="LEFT" width=55%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Beer Production Facilities</I> </FONT> </td>
    <TD   ALIGN="RIGHT" width=15%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT" width=15%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT" width=15%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Santiago </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">43.3 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">77.6% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">57.8% </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Antofagasta (3) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.1 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">72.4% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">58.0% </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Temuco </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12.0 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">75.4% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">56.6% </FONT> </td>
  </tr>
<tr>
     <td>&nbsp;</td>
      <td><hr size=1></td></tr>
 <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Chile Total </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">59.4 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">76.8% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">57.5% </FONT> </td>
  </tr>
<tr>
     <td>&nbsp;</td>
      <td><hr size=2 color=black></td></tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Santa Fe </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">23.0 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">88.6% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">66.0% </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Salta </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.5 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">85.9% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">63.3% </FONT> </td>
  </tr>
<tr>
     <td>&nbsp;</td>
      <td><hr size=1></td></tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Argentina Total </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">26.4 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">88.3% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">65.6% </FONT> </td>
  </tr>
<tr>
     <td>&nbsp;</td>
      <td><hr size=2 color=black></td></tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Soft Drink Production Facilities</I> </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Santiago </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">66.5 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">51.1% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">41.3% </FONT> </td>
  </tr>
</table>
  <p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">47</font></p>


<table width="100%" cellpadding="0" cellspacing="2">
  <tr>
    <TD width="55%"   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Talcahuano </FONT> </td>
    <TD width="15%"   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">17.5 </FONT> </td>
    <TD width="15%"   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">34.7% </FONT> </td>
    <TD width="15%"   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">24.2% </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Antofagasta </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9.8 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">13.5% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.4% </FONT> </td>
  </tr>
<tr>
     <td>&nbsp;</td>
     <td><hr size=1></td></tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Total </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">93.8 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">44.1% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">34.9% </FONT> </td>
  </tr>
<tr>
     <td>&nbsp;</td>
     <td><hr size=2 color=black></td></tr>
<tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>&nbsp;</I> </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>&nbsp;</I> </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
</tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Mineral Water Production Facilities</I> </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Coinco </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">21.0 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">45.0% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">30.3% </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Casablanca </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2.0 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">24.2% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">19.9% </FONT> </td>
  </tr>
<tr>
     <td>&nbsp;</td>
     <td><hr size=1></td></tr>
 <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Total </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">23.0 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">44.1% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">29.4% </FONT> </td>
</tr>
<tr>
     <td>&nbsp;</td>
     <td><hr size=2 color=black></td></tr>
</table>



<!-- MARKER FORMAT-SHEET="div rodape>" FSL="Workstation" -->
<DIV ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>___________________ </FONT></DIV>



<!-- MARKER FORMAT-SHEET="hang formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Based
on the year ended December 31, 2003.  Utilized Capacity During Peak Month is equal to
production output as a percentage of Nominal Installed Production Capacity during our
peak month for each respective plant.  The implicit        slack (spare) capacity does
not necessarily measure real slack capacity.  We believe that real production capacity is
less than the nominal installed production capacity as adjustments are required for real
machinery performance,        packaging mix, availability of raw materials and bottles,
seasonality within the months and other factors.  As a result, we believe that the peak
monthly capacity utilization rates shown above understate real capacity utilization
       and that slack capacity is overstated.  We estimate that during the peak month in
2003, the real slack capacity amounted to approximately 11.9 million liters in Chilean
beer, 1.8 million liters in Argentine beer, 19.6 million        liters in soft drinks and
6.8 million liters in Chilean mineral water.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="hang formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Average
Utilized Capacity during 2003 equals the plant&#146;s total production output as a percentage
of nominal installed annual production capacity in 2003.  Nominal installed annual
production capacity is calculated by multiplying the        Nominal Installed Monthly
Production Capacity by 11 months (on average, a one month period is required each year
for maintenance and repairs).  Given the seasonal nature of our beer production and
sales, these figures        underestimate capacity utilization during peak months.</FONT></P></TD>
</TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="hang formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Information
represents bottling capacity</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our installed
vinification and storage capacity is shown in the table below: </FONT></P>

<table width="100%" cellpadding="0" cellspacing="2">
  <tr>
    <TD   ALIGN="LEFT" width=60%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="CENTER" width=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Installed Vinification </FONT> </td>
    <TD   ALIGN="CENTER" width=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Storage Capacity in Tanks </FONT> </td>
  </tr>

 <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Capacity </FONT> </td>
    <TD   ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">and Barrels </FONT> </td>
  </tr>

  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(millions liters) </FONT> </td>
    <TD   ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(millions liters) </FONT> </td>
  </tr>
<tr>
     <td>&nbsp;</td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Wine Production Facilities</I> </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Lontu&eacute; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0.0 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14.0 </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Molina </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">23.0 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">38.9 </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Santa Helena </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.0 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.8 </FONT> </td>
  </tr>
<tr>
     <td>&nbsp;</td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>
 <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Chile Total </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">31.0 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">63.7 </FONT> </td>
  </tr>
<tr>
     <td>&nbsp;</td>
     <td><hr size=2 color=black></td>
     <td><hr size=2 color=black></td></tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Finca La Celia </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.8 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.4 </FONT> </td>
  </tr>
<tr>
     <td>&nbsp;</td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Argentina Total </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.8 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.4 </FONT> </td>
  </tr>
<tr>
     <td>&nbsp;</td>
     <td><hr size=2 color=black></td>
     <td><hr size=2 color=black></td></tr>
</table>



<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31, 2003,
VSP had a nominal filling capacity of 34,500 liters per hour at its Lontu&#233; plant, a
bottling capacity of 18,900 liters per hour at its Molina plant and , a bottling capacity
of 2,250 liters per hour at its Vi&#241;a Santa Helena plant.  At Finca La Celia in Argentina,
VSP had a nominal filling capacity of 2,500 liters per hour. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our only outstanding
encumbrance is a mortgage in favor of Banco del Estado de Chile, which includes the
prohibition to encumbrance, lease, transfer, sell or dispose of Vi&#241;a San Pedro&#146;s tenant &#147;Hacienda
La Patagua&#148; and &#147;Fundo La Aguada&#148; , both located in the Talca province, and their
respective water rights, as evidenced in a public deed dated September 25, 2000, executed
before the notary public of Santiago, Chile, Mr. Gonzalo de la Cuadra.  The guarantee
expires upon final payment in 2007 of the loan secured thereby. </FONT></P>

  <p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">48</font></p>



<!-- MARKER FORMAT-SHEET="Times just bold und" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Environmental
Matters </U></B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify bold" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Chile</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our operations are
subject to both national and local regulations in Chile relating to the protection of the
environment.  Regarding the human health, the fundamental law in Chile is the Health
Code, which establishes minimum health standards and regulates air and water quality, as
well as sanitary landfills.  The local Health Services are the governmental agencies
entitled to the enforcement of these rules and have the authority to impose fines. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The environmental
framework is given by Law N&#176;19,300, enacted in 1994, as amended, which includes not only
environmental protection rules but also ones concerning the preservation of natural
resources.  Among other matters, it creates the environmental impact assessment system
which requires any future project or major amendment of an existing activity that may
affect the environment to evaluate the possible impacts, in order to fulfill related
regulations and to implement mitigation, compensation and restoration measures.  Our
latest projects have been successfully submitted to this system, where the environmental
national public entity, the National Environmental Commission, have given the respective
authorizations. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Law N&#176; 19,300 also
creates a mechanism of point sources emission limits and environmental quality standards
that are developed and detailed by specific regulations.  In this sense, there is a
special regulation for wastewater discharges into sewage system, and another regulation
for wastewater discharges into superficial water bodies, in both cases pursuant to a
schedule of deadlines.  In all material respects, we are in compliance with the Act and
the regulations, having fulfilled at each relevant stage all requirements prescribed by
them. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Due to the high levels of
air pollution in the Santiago metropolitan area, the  Administration has implemented a
decontamination plan, which includes different levels of air quality, and certain
measures that can be imposed to industries.  In case of emergency situations, those
companies comprising the industries classified as producing the highest emissions of
particle and gas emissions must suspend their activities.  In all material respects, we
comply with current regulations applicable to both our beer and soft drink facilities in
the Santiago metropolitan area. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There are currently no
material legal or administrative proceedings pending against us in Chile with respect to
any environmental matter.  We believe that we are in compliance in all material respects
with all applicable environmental regulations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify bold" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Argentina</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New laws and regulations
are being enacted in Argentina as a result of heightened community concerns for
environmental issues.  As a consequence, there are several statutes imposing obligations
on companies regarding environmental matters at the federal, provincial, and municipal
levels.  On many occasions, private entities operating public utilities such as water
supply and sewage, are in charge of controlling and enforcing those regulations.  Many of
these regulations have been recently enacted and little precedent exists as to their
scope. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The most important
environmental statute in Argentina is the Hazardous Waste Act (Law 24,051) which,
although a federal law, has been strictly adhered to in no more than three provinces.
 When certain federal tests indicate the need, the provisions of the Hazardous Waste Act
are enforced.  The application of the provisions of the Hazardous Waste Act are applied
depending upon the magnitude of the public health risk and whether those conditions exist
in more than one province.  Hazardous waste is defined so as to cover any residue that
may cause harm, directly or indirectly, to human beings that may pollute the soil, water,
atmosphere or the environment in general.  Generally, claims involving hazardous waste
give rise to strict liability in the event of damage to third parties.  In addition, each
province in which we operate facilities has </FONT></P>
  <p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">49</font></p>
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>enacted environmental
    legislation with broad and generic goals, as well as water codes and related
    agencies to regulate the use of water and the disposal of effluents in the
    water. </FONT></P>
<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In November 1999, the
province of Santa Fe approved the Environmental and Sustainable Development Act (Law
11,717).  This Act regulates all the environmental issues in this province.  In November
2002, the Federal Congress approved the General Environmental Act (Law 25,675),
enforceable throughout the country.  This law prevails over all provincial and municipal
laws and regulations.  CCU Argentina complies with all the environmental Argentine laws,
rules and regulations. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the year 2000, CCU
Argentina invested US$1.2 million to install a wastewater treatment plant.  The plant is
designed to treat 140 cubic meters per hour of liquid residuals and generates 260 cubic
meters of biogas, which is used as boiler fuel.  The main features of this plant are its
minimum space requirements and its low electric power consumption, which make it
perfectly suitable for the urban context where it is located. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the year 2002, CCU
Argentina implemented a complete program for the treatment of its solid waste, which
involves the separation, collection, and reuse of such waste.  This program is part of
our constant effort to improve environment-related conditions. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The regulation of matters
related to the protection of the environment is not as well developed in Argentina as in
the United States and certain other countries.  Accordingly, we anticipate that
additional laws and regulations will be enacted over time with respect to environmental
matters.  While we believe that we will continue to be in compliance with all applicable
environmental regulation, there can be no assurance that future legislative or regulatory
developments will not impose restrictions on us, which could result in material adverse
effects. </FONT></P>


<a name=a08></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 5: Operating
and Financial Review and Prospects</B></FONT></P>


<!-- MARKER FORMAT-SHEET="Times just bold und" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Overview</U></B> </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We are a diversified
beverage company operating principally in Chile and Argentina.  We are the largest
brewery in Chile, the second largest brewery in Argentina, the third largest soft drinks
producer in Chile, the largest mineral water and bottled nectar producer in Chile, the
second largest wine producer in Chile and the third largest pisco producer in Chile.  Our
beer and soft drink products include a wide range of proprietary, licensed and imported
brands. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We face certain key
challenges and risks associated with our business.  These risks include competition
within the market place, managing operating costs and the integration and expansion of
new products.  We currently have approximately 89% of the Chilean beer market; however,
competitors are investing in this market and we must concentrate on competitive pricing
and marketing strategies to maintain our market share.  Operating costs are subject to
variations depending on plant efficiency, product mix and production cycles.  Our main
costs include cost of raw materials, distribution and marketing costs.  We continue to
sell and deliver new products to our customers, including existing products through new
licensing agreements and new products through internal development. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In 2003 we reached
historical records in sales volumes and net sales revenues, obtaining a net income of
Ch$54,088 million.  We had consolidated net sales of Ch$384,064 million, of which 39.0%
was accounted for by our beer sales in Chile, 8.2% by our beer sales in Argentina, 30.0%
by our soft drinks, nectar and mineral water sales in Chile, 21.5% by wine sales and the
remainder by sales of other products.  Our sales increased 10.2% over the prior year as
we increased sales of existing products, incorporated new lines of beer into our
portfolio and introduced new products into the market including pisco for the first time
in 2003.  Operating income and margins increased as we managed costs, while net income
increased significantly</FONT></P>
  <p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">50</font></p>
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2> due primarily
    to a one time gain associated with the sale of our indirect interest in the
    Croatian brewery Karlovacka Pivovara d.d. </FONT></P>
<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Outlook</I>. We had a very
successful 2003. We believe that our entrance in 2003 into the pisco business, our
exploration of the &#147;ready&#150;to&#150;eat&#148; industry with ECUSA&#146;s entrance to the confectionery
business, the incorporation of Heineken beer into our portfolios in Chile and Argentina,
and the improvement in the economic situation of Chile and Argentina, position us well
for future growth. </FONT> </P>


<!-- MARKER FORMAT-SHEET="Times just bold und" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Operating Results</U></B> </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following discussion
should be read in conjunction with our consolidated financial statements and the notes
thereto included in this annual report.  As discussed below, our consolidated financial
statements have been restated to recognize certain effects of inflation.  In the
following discussion, Chilean peso amounts have been rounded to the nearest million
pesos, unless otherwise indicated.  Certain amounts (including percentage amounts) which
appear herein have been rounded and may not sum exactly to the totals shown. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We prepare our financial
statements in accordance with Chilean GAAP, which differs in certain important respects
from U.S. GAAP.  Note 25 to the consolidated financial statements provides a description
of the principal differences between Chilean GAAP and U.S. GAAP as they relate to us and
a reconciliation to U.S. GAAP of net income and total shareholders&#146; equity for the years
ended December 31, 2001, 2002 and 2003.  Although Chilean inflation was moderate during
the periods covered by the consolidated financial statements, as discussed below, Chile
has experienced high levels of inflation in the past.  Chilean GAAP requires that our
consolidated financial statements recognize certain effects of inflation.  Accordingly,
except where otherwise indicated, financial data have been restated in constant pesos of
December 31, 2003 purchasing power. </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table
presents the net sales and operating income, and related percentage as a component of net
sales, for each of our product segments, expressed in millions of Chilean pesos as of
December 31, 2003:
</FONT></P>




<table cellpadding="0" cellspacing="2" width=100%>
  <tr>
    <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD COLSPAN="6" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Year Ended December 31, </FONT> </td>
  </tr>
  <tr>
    <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2001 </FONT> </td>
    <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2002 </FONT> </td>
    <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2003 </FONT> </td>
  </tr>
<tr>
    <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Net Sales </FONT> </td>
    <TD COLSPAN="6" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(millions of Ch$, except percentages) </FONT> </td>
  </tr>
  <tr>
    <TD ALIGN="LEFT" width=40%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Beer Chile Segment (1) </FONT> </td>
    <TD ALIGN="RIGHT" width=10%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$ 135,234 </FONT> </td>
    <TD ALIGN="RIGHT" width=10%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">36.2% </FONT> </td>
    <TD ALIGN="RIGHT" width=10%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$ 135,820 </FONT> </td>
    <TD ALIGN="RIGHT" width=10%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">38.9% </FONT> </td>
    <TD ALIGN="RIGHT" width=10%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$149,672 </FONT> </td>
    <TD ALIGN="RIGHT" width=10%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">39.0% </FONT> </td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Beer Argentina Segment (1) </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">55,271 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14.8% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">25,130 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7.2% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">31,576 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.2% </FONT> </td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Soft Drinks and Mineral </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Water Segment (2) </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">112,862 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">30.2% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">111,875 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">32.0% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">115,282 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">30.0% </FONT> </td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Wine Segment (3) </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">70,288 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">18.8% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">75,909 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">21.7% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">82,568 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">21.5% </FONT> </td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Other (4) </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">433 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0.1% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">617 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0.2% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4,967 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1.3% </FONT> </td>
  </tr>
<tr>
     <TD ALIGN="LEFT">&nbsp;</td>
     <TD ALIGN="RIGHT"><hr size=1></td>
     <TD ALIGN="RIGHT"><hr size=1></td>
     <TD ALIGN="RIGHT"><hr size=1></td>
     <TD ALIGN="RIGHT"><hr size=1></td>
     <TD ALIGN="RIGHT"><hr size=1></td>
     <TD ALIGN="RIGHT"><hr size=1></td>  </tr>
<tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Total </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$374,088 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">100.0% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$349,350 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">100.0% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$384,064 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">100.0% </FONT> </td>
  </tr>
<tr>
     <TD ALIGN="LEFT">&nbsp;</td>
     <TD ALIGN="RIGHT"><hr size=2 color=black></td>
     <TD ALIGN="RIGHT"><hr size=2 color=black></td>
     <TD ALIGN="RIGHT"><hr size=2 color=black></td>
     <TD ALIGN="RIGHT"><hr size=2 color=black></td>
     <TD ALIGN="RIGHT"><hr size=2 color=black></td>
     <TD ALIGN="RIGHT"><hr size=2 color=black></td>  </tr>
 <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Operating Income </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Beer Chile Segment (1) </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$30,054 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">66.2% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$27,272 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">71.5% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$36,753 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">80.1% </FONT> </td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Beer Argentina Segment (1) </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(7,059) </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(15.5%) </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(11,175) </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(29.3%) </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(3,665) </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(8.0%) </FONT> </td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Soft Drinks and Mineral </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Water Segment (2) </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8,878 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">19.6% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9,649 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">25.3% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8,656 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">18.9% </FONT> </td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Wine Segment (3) </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9,676 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">21.3% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">9,163 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">24.0% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3,801 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.3% </FONT> </td>
  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Other (4) </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3,862 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.5% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3,232 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8.5% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">319 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0.7% </FONT> </td>
  </tr>
<tr>
     <TD ALIGN="LEFT">&nbsp;</td>
     <TD ALIGN="RIGHT"><hr size=1></td>
     <TD ALIGN="RIGHT"><hr size=1></td>
     <TD ALIGN="RIGHT"><hr size=1></td>
     <TD ALIGN="RIGHT"><hr size=1></td>
     <TD ALIGN="RIGHT"><hr size=1></td>
     <TD ALIGN="RIGHT"><hr size=1></td>  </tr>
  <tr>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Total </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$45,411 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">100.0% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$38,142 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">100.0% </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$45,863 </FONT> </td>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">100.0% </FONT> </td>
  </tr>
<tr>
     <TD ALIGN="LEFT">&nbsp;</td>
     <TD ALIGN="RIGHT"><hr size=2 color=black></td>
     <TD ALIGN="RIGHT"><hr size=2 color=black></td>
     <TD ALIGN="RIGHT"><hr size=2 color=black></td>
     <TD ALIGN="RIGHT"><hr size=2 color=black></td>
     <TD ALIGN="RIGHT"><hr size=2 color=black></td>
     <TD ALIGN="RIGHT"><hr size=2 color=black></td>  </tr>
</table>



<!-- MARKER FORMAT-SHEET="div rodape>" FSL="Workstation" -->
<DIV ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>___________________ </FONT></DIV>


<!-- MARKER FORMAT-SHEET="hang formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes
sales of beer, beer by-products and other products such as malt, spent grain and yeast.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="hang formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes
sales of carbonated and non-carbonated soft drinks, nectar, mineral water and related
           merchandise.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="hang formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes
sales of wine, by-products and other products such as labels and corks.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="hang formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(4)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes
sales of crates and other packaging for all years presented, and pisco beginning in 2003.</FONT></P></TD>
</TR>
</TABLE>
  <p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">51</font></p>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table
presents operating results in millions of pesos and as a percentage of net sales: </FONT></P>


<table cellspacing="0" cellpadding="2" width=100%>
  <TR VALIGN="BOTTOM">
    <TD   ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD COLSPAN="6"   ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Year Ended December 31, </FONT> </td>
  </tr>
  <tr>
    <TD    ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2001 </FONT> </td>
    <TD   COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2002 </FONT> </td>
    <TD   COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2003 </FONT> </td>
  </tr>
 <tr>
    <TD   ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD COLSPAN="6"   ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(millions of Ch$, except percentages and sales volume data) </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Net Sales </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$374,088 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">100.0% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$349,350 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">100.0% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$384,064 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">100.0% </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Cost of Sales </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(176,934) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(47.3%) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(172,157) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(49.3%) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(189,204) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(49.3%) </FONT> </td>
  </tr>
<tr>
     <td>&nbsp;</td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Gross Profit </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$197,154 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">52.7% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$177,193 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">50.7% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$194,860 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">50.7% </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Selling and Administrative Expenses </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(151,743) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(40.6%) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(139,051) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(39.8%) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(148,998) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(38.8%) </FONT> </td>
  </tr>
<tr>
     <td>&nbsp;</td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Operating Income </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$45,411 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">12.1% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$38,142 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.9% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$45,863 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">11.9% </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Non-Operating Income </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">24,224 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.5% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6,351 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1.8% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">24,490 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.4% </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Non-Operating Expenses </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(17,870) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(4.8%) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(9,721) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(2.8%) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(12,110) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(3.2%) </FONT> </td>
  </tr>
  <tr valign=bottom>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Price-Level Restatement and Exchange <br>
&nbsp;&nbsp;&nbsp;&nbsp;Differences </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(2,496) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(0.7%) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(3,711) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(1.1%) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,262 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(0.3%) </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Income Taxes </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(7,434) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(2.0%) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(7,511) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(2.1%) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(4,977) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(1.3%) </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Minority Interest </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(1,912) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(0.5%) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(1,264) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(0.4%) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(439) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(0.1%) </FONT> </td>
  </tr>
<tr>
     <td>&nbsp;</td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>  </tr>
<tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Net Income </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$39,924 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10.7% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$22,286 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6.4% </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ch$54,088 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14.1% </FONT> </td>
  </tr>
<tr>
     <td>&nbsp;</td>
     <td><hr size=2 color=black></td>
     <td><hr size=2 color=black></td>
     <td><hr size=2 color=black></td>
     <td><hr size=2 color=black></td>
     <td><hr size=2 color=black></td>
     <td><hr size=2 color=black></td>  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Sales volume (1): </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Beer ( Chile ) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">348.3 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">350.2 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">371.0 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Beer ( Argentina ) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">151.2 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">160.4 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">190.4 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Soft drinks and mineral water (2) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">414.2 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">413.6 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">428.4 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Wine (3) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">84.6 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">96.6 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">120.7 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
  <tr>
    <TD   ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Pisco (4) </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">- </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">- </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3.2 </FONT> </td>
    <TD   ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </td>
  </tr>
</table>




<!-- MARKER FORMAT-SHEET="div rodape>" FSL="Workstation" -->
<DIV ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>___________________ </FONT></DIV>


<!-- MARKER FORMAT-SHEET="hang formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>In
millions of liters.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="hang formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes
sales of soft drinks and mineral water in Argentina, which equaled 1.5 million liters in
2001.     During 2002 and 2003, there were no sales of soft drinks and mineral water in
Argentina.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="hang formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes
sales of wine in Argentina for the domestic market, which equaled 0.9 million liters in
2001, 0.5 million liters in 2002 and 2.7 million liters in 2003.  Additionally, since
2003 the balance includes wine                   exports from Argentina, totaling 16.8
million liters.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="hang formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(4)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>We
entered the pisco business in February 2003.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times justify bold" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>FISCAL YEAR ENDED
DECEMBER 31, 2003 COMPARED TO FISCAL YEAR ENDED DECEMBER 31, 2002</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify bold" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Net Sales</b> </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our net sales were
Ch$384,064 million in 2003 compared to Ch$349,350 million in 2002, representing a 9.9%
increase which is mainly explained by higher sales volumes in all our categories.  The
net sales performance of each of our business segments during 2003 is described below: </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Beer Chile</I>: Our
net sales of beer in Chile increased 10.2% to Ch$149,672 million in 2003, from Ch$135,820
million in 2002. This increase resulted from a 6.0% increase in volume and 4.1% increase
in unit price. Higher volumes were a result of our ACC Plan (<I>Aumento de Consumo de
Cerveza</I>, or increase in beer consumption) which was implemented in 2001 and comprises a
range of strategic measures, including product and packaging innovations, the development
of new distribution channels and improvements in marketing and point-of-sale execution.
Additional increases resulted from the incorporation of Heineken beer into our
portfolio; a milder winter, which normally results in increased consumption and a better
economic environment in Chile, which positively impacts beer sales. Higher prices were
explained by price increases in April and October of approximately 8% in nominal terms,
fewer discounts and higher premium product mix. </FONT> </P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Beer Argentina</i>:
 Our net sales of beer in Argentina increased 25.6% to Ch$31,576 million in 2003, from
Ch$25,130 million in 2002.  This increase resulted from 18.7% higher beer sales volume
and a 6.3% increase in unit price.  Higher volumes were explained by the improvement in
the economic situation in Argentina and the incorporation of Heineken beer into our
portfolio.  Higher prices were explained by price increases in local currency in March
and September, the appreciation of the Argentine peso and higher premium product mix. </FONT></P>


  <p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">52</font></p>




<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Soft Drinks and Mineral Water</I>:
Our net sales of soft drinks and mineral water increased 3.0% to Ch$115,282 million in
2003, from Ch$111,875 million in 2002. This increase in sales resulted from a 3.6%
increase in sales volume, due to increases of 2.3%; 20.7% and 2.5% in soft drinks, nectars
and mineral water volumes, respectively; as well as a 1.1% higher nectar per unit price.
Higher volumes resulted primary from increased sales of Watt&#146;s nectars, which has
experienced greater acceptance by consumers. This increase was partially offset by a 2.2%
and 2.4% decrease in soft drinks and mineral water per unit prices, respectively. Lower
prices were due to competition from lower price brands in these segments. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Wine:</I> Our net sales of wine
increased 8.8% to Ch$82,568 million in 2003, from Ch$75,909 million in 2002. This increase
in sales resulted from the incorporation of Finca La Celia (&#147;FLC&#148;), which began
consolidating its results within VSP in January 2003. Prior to 2003, FLC was in the
&#147;development stage&#148;, and therefore its results from operations were not included
in VSP&#146;s consolidated results but were recorded directly to equity for Chilean GAAP
purposes. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Cost of Goods Sold </B><BR>Our cost of good sold consists
principally of the costs of packaging and other raw materials, labor costs for production
personnel, depreciation of assets related to production, depreciation of returnable
bottles, licensing fees, bottle breakage and costs of operating and maintaining plants and
equipment. Our cost of goods sold in 2003 amounted to Ch$189,204 million compared to
Ch$172,157 million in 2002. As a percentage of net sales, cost of goods sold was 49.3% in
both 2003 and 2002. Our cost of goods sold for each business segment during 2003 is
described below: </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Beer Chile</I>: Our cost of goods
sold for our Chilean beer segment increased by 2.7% to Ch$59,183 million in 2003, from
Ch$57,614 million in 2002. This increase was a direct result of increased sales. Cost of
goods sold as a percentage of sales decreased from 42.4% in 2002 to 39.5% in 2003 mainly
due to lower depreciation charges resulting from certain assets reaching full depreciation
at the end of 2002, and the dilution of fixed costs as a result of higher sales. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Beer Argentina</I>: Our cost of
goods sold for our Argentine beer segment decreased 1.3% to Ch$19,126 million in 2003,
from Ch$19,368 million in 2002. Cost of goods sold as a percentage of net sales decreased
from 77.1% in 2002 to 60.6% in 2003, mainly due to lower depreciation charges and the
dilution of fixed costs as a result of higher sales. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Soft Drinks and Mineral Water</I>:
Our cost of goods sold for our soft drinks and mineral water segment increased by 6.9% to
Ch$55,167 million in 2003, from Ch$51,623 million in 2002. Cost of goods sold as a
percentage of sales increased from 46.1% in 2002 to 47.9% in 2003. This increase was
primarily due to adjustments related to bottle deposits based on our estimates of total
bottles in circulation and inventory. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Wine</I>: Our cost of good sold
for our wine segment increased by 17.7% to Ch$55,578 million in 2003, from Ch$47,225
million in 2002. Cost of goods sold as a percentage of sales increased from 62.2% in 2002
to 67.3% in 2003, mainly due to the consolidation of FLC beginning January 2003 and an
increase in the direct cost associated with the export of wine from Chile. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Gross Profit</B> <BR>Our gross profit increased 10.0% to
Ch$194,860 million in 2003, from Ch$177,193 million in 2002. This increase was directly
related to our increase in sales. As a percentage of net sales, gross profit was 50.7% in
both 2003 and 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Selling, General and
Administrative Expenses</B> <BR>Our selling, general and
administrative expenses, or SG&amp;A, include primarily advertising and promotional
expenses, salaries of administrative personnel, maintenance, general expenses,
transportation costs and services provided by third parties. Our SG&amp;A increased 7.2%
in 2003, to Ch$148,998 million, from Ch$139,051 million in 2002. This increase is
principally attributed to the wine segment, due to the consolidation of FLC, and to the
commencement of our new pisco business. As a percentage of net sales, </FONT></P>
  <p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">53</font></p>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">our SG&amp;A
  decreased from 39.8% in 2002 to 38.8% in 2003. The SG&amp;A performance of each business
  segment during 2003 is described below: </FONT></P>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Beer Chile</I>: Our SG&amp;A of
our Chilean beer segment increased 5.5% to Ch$53,737 million in 2003, from Ch$50,934
million in 2002. As a percentage of net sales, our SG&amp;A decreased from 37.5% in 2002
to 35.9% in 2003. The increase in SG&amp;A resulted from an increase in salaries and
distribution costs, directly related to our increase in sales. This was partially offset
by lower marketing expenses for our main brand, Cristal, as the prior year included a
significant advertisement campaign. This was partially offset by the launch of Heineken
and the formation of a new trade marketing division. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Beer Argentina:</I> Our SG&amp;A
of our Argentine beer segment decreased 4.9% to Ch$16,115 million in 2003, from Ch$16,937
million in 2002. This decrease resulted mainly from lower depreciation and a decrease in
write-offs of accounts receivable, partially offset by higher transportation and marketing
expenses. As a percentage of net sales, our SG&amp;A decreased from 67.4% in 2002 to 51.0%
in 2003, largely due to the significant increase in net sales of 25.6% and relatively
fixed SG&amp;A expenses. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Soft Drinks and Mineral Water</I>:
Our SG&amp;A of our soft drinks and mineral water segment increased 1.7% to Ch$51,459
million in 2003, from Ch$50,602 million in 2002. This increase resulted from higher
depreciation and marketing expenses, partially offset by a decrease in salaries due to the
transfer of certain employees to our transportation division. As a percentage of net
sales, SG&amp;A in this segment decreased slightly from 45.2% in 2002 to 44.6% in 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Wine</I>: Our SG&amp;A of our wine
segment increased 18.8% to Ch$23,189 million in 2003, from Ch$19,520 million in 2002. This
increase is mainly due to the consolidation of FLC results beginning in January 2003 and
higher transportation expenses as a consequence of more exports from Chile. As a
percentage of net sales, SG&amp;A for this segment increased from 25.7% in 2002 to 28.1%
in 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Operating Income</B> <BR>Our operating income increased 20.2%
in 2003 to Ch$45,863 million as compared to Ch$38,142 million in 2002. As a percentage of
net sales, operating income, or operating margin, increased from 10.9% in 2002 to 11.9% in
2003. The operating income performance of each of our business segments during 2003 is
described below: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Beer Chile</I>: Our operating
income from our Chilean beer segment increased by 34.8% to Ch$36,753 million in 2003, from
Ch$27,272 million in 2002. Our operating margin for this segment increased from 20.1% in
2002 to 24.6% in 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Beer Argentina</I>: Our operating
income from our Argentine beer segment improved from a loss of Ch$11,175 million in 2002
to a loss of Ch$3,665 million in 2003. Our operating margin improved from negative 44.5%
in 2002 to negative 11.6% in 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Soft Drinks and Mineral Water</I>:
Our operating income from our soft drinks and mineral water segment decreased by 10.3% to
Ch$8,656 million in 2003, from Ch$9,649 million in 2002. Our operating margin for this
segment decreased from 8.6% in 2002 to 7.5% in 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Wine:</I> Our operating income
from our wine segment decreased by 58.5% to Ch$3,801 million in 2003, from Ch$9,163
million in 2002. Our operating margin for this segment decreased from 12.1% in 2002 to
4.6% in 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Non-Operating Income</B><BR>Our non-operating income increased
285.6% in 2003 to Ch$24,490 million compared to Ch$6,351 million in 2002. This increase is
primarily due to the gain associated with the sale of our indirect interest in the
Croatian brewery Karlovacka Pivovara. In March 2003, our then 50% owned equity investee
Southern Breweries Establishment sold its portion of Karlovacka, which represented
SBE&#146;s only material asset, resulting in a one-time gain of Ch$40,541 million. Our
portion of the gain was Ch$20,114 million. We subsequently purchased the remaining
ownership interest in SBE in order to maintain the entity for future </FONT></P>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">54</font></p>





<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">potential
  acquisitions or developments. Additionally, we recorded higher interest income
    in 2003 due to temporary higher cash balances resulting from the sale of
    Karlovacka and the proceeds from a syndicated loan entered into in May 2003.
    The non-operating results for 2002 reflected income of Ch$1,754 million resulting
    from the impact of a change in inventory accounting, which was a one-time
    gain and not recorded for 2003. </FONT></P>
<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Non-Operating Expenses</B> <BR>Our non-operating expenses increased
24.6% in 2003 to Ch$12,110 million as compared to Ch$9,721 million in 2002. This increase
is due to higher interest expenses related to the syndicated loan and increases in
write-offs of fixed assets and other assets. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Price-Level Restatement
and Exchange Gains</B> <BR>The price-level restatement of our
non-monetary assets, liabilities and equity due to Chilean inflation and foreign exchange
fluctuations resulted in a net gain of Ch$1,262 million in 2003, as compared to a net loss
of Ch$3,711 million in 2002. These positive results are largely due to (1) reduced foreign
exchange losses arising from the translation of assets and liabilities denominated in
Argentine pesos; (2) a reduced charge related to price-level restatement for equity in
2003 as a consequence of the decrease in equity due to the extraordinary dividend paid in
2003 and (3) the inflation factor for 2003 was 1% versus 3% for 2002. A gain in
price-level restatement results from holding monetary liabilities in excess of monetary
assets during inflationary periods, or from holding foreign currency denominated assets in
excess of foreign currency denominated liabilities during periods of devaluation of the
Chilean peso. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In accordance with Chilean generally
accepted accounting principles, we apply Technical Bulletin 64 (&#147;TB 64&#148;) issued
by the Chilean Institute of Accountants to translate and value investments in foreign
subsidiaries (see Note 1 to our consolidated financial statements). Under TB 64, our
foreign investments in Compa&ntilde;&iacute;a Industrial Cervecera S.A., or CICSA, and FLC
are not subject to price-level restatements based on inflation in those countries.
Instead, the U.S. dollar is considered to be the functional currency. As a result, the
effect of a devaluation of the peso against the U.S. dollar on our financial statements is
determined, in part, by the impact of such devaluation on the value of our investments in
CICSA and FLC, as well as on foreign currency denominated obligations that qualify as a
hedge against those investments. These effects are recorded in the account
&#147;Cumulative translation adjustment&#148; in shareholder&#146;s equity. As of December
31, 2003, our investment in CICSA and FLC amounted to Ch$72,253 million, foreign currency
denominated obligations that were designated as a hedge against these investments amounted
to Ch$13,887 million and the negative cumulative translation adjustment account amounted
to Ch$67 million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Income Taxes</B><BR>Our income taxes for 2003 amounted to
Ch$4,977 million, translating into an effective consolidated tax rate of 8.4%. Income
taxes in 2002 amounted to Ch$7,511 million translating into an effective consolidated tax
rate of 24.2%. Our effective consolidated tax rate in 2003 was lower than the Chilean
statutory rate of 16.5% mainly due to the gain resulting from our foreign subsidiary
SBE&#146;s sale of Karlovacka, which was not taxed as SEB is incorporated in a tax-free
country. In 2002, the effective consolidated tax rate was higher than the statutory rate
of 16.0% due to losses in the Argentine subsidiaries, for which no tax benefits were
recorded; however, the losses were included in the consolidated net income portion of the
effective tax calculation. Additionally, Chilean companies and each of their domestic
subsidiaries calculate and pay taxes on a separate basis rather than on a consolidated
basis. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In accordance
                with Chilean law, a Chilean company and each of its domestic subsidiaries calculates
                and pays taxes in Chile on a separate basis rather than on a consolidated basis.
                As of December 31, 2003, our consolidated subsidiaries had available tax loss
                carryforwards of Ch$18,213 million in Chile and Ch$24,579 million in Argentina.
                Our Chilean subsidiaries with the most significant tax loss carryforwards available
                include Transportes CCU Ltda. with Ch$6,456 million, Inversiones ECUSA S.A.
                with Ch$5,208 million, Vi&ntilde;a Urmeneta S.A. with
Ch$4,827 million and Pisconor S.A. with Ch$1,469 million. In Argentina, our subsidiaries
with the most significant tax loss carryforwards available are CCU Argentina
                S.A. with Ch$15,327 million and Finca La Celia with Ch$9,252 million. In Chile,
                there is no legal expiration date prescribed by law with respect to tax loss
                carryforwards; however, in Argentina tax loss carryforwards are subject to
                a five-year expiration date. The extent to which we can utilize such tax loss
                carryforwards in the</FONT></P>
                 <p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">55</font></p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>future will depend
                upon the amount of income earned by each subsidiary and the specific tax loss
                carryforwards available to that particular entity. Dividends paid to us by
                CCU Argentina will be included in our taxable income in Chile, but will be
                governed by the applicable regulations of the Chilean tax authorities. We will
                receive a full credit against income tax in Chile with respect to such dividends
                for income taxes paid by the Argentine subsidiaries. On December 30, 1998,
                a 1% tax on assets was implemented in Argentina. This tax can be used as a
                credit to income tax and is subject to a four-year expiration date. </FONT></P>
<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Minority Interest</B><BR>Minority interest in 2003 decreased
65.2% to negative Ch$439 million as compared to negative Ch$1,264 million in 2002. This
decrease resulted mainly from VSP&#146;s lower net income, partially offset by lower
losses from CCU Argentina. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Net Income</B> <BR>Our net income in 2003 was Ch$54,088
million, Ch$31,803 million higher than 2002&#145;s net income of Ch$22,286 million. The
increase in net income is primarily explained by the Ch$20,114 million gain from the sale
of the Croatian brewery Karlovacka Pivovara and higher operating income from our beer
operations in Chile and Argentina. This was partially offset by the lower results of our
wine division. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>FISCAL YEAR ENDED
DECEMBER 31, 2002 COMPARED TO FISCAL YEAR ENDED DECEMBER 31, 2001</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Net Sales</B><BR>Our net sales were Ch$349,350 million
in 2002 compared to Ch$374,088 million in 2001, representing a 6.6% decrease for 2002.
This was a result of a decrease in our Argentine beer segment, partially offset by an
increase in our wine segment, while soft drinks and Chilean beer remained relatively
stable. The net sales performance of each business segment during 2002 is described below: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Beer Chile</I>: Our net sales of
beer in Chile increased by 0.4% to Ch$135,820 million in 2002, from Ch$135,234 million in
2001. This increase in sales resulted from a 0.6% increase in beer sales volume, partially
offset by a 0.4% decrease in per unit prices. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Beer Argentina</I>: Our net sales
of beer in Argentina decreased by 54.5% to Ch$25,130 million in 2002, from Ch$55,271
million in 2001. This decrease in sales resulted from a 57.6% decrease in per unit prices,
as a consequence of the devaluation of the Argentine currency, partially offset by 6.1%
increase in beer sales volume. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Soft Drinks and Mineral Water</I>:
Our net sales of soft drinks and mineral water decreased by 0.9% to Ch$111,875 million in
2002, from Ch$112,862 million in 2001. This decrease in sales resulted from a 1.4%
decrease in overall prices, due to a 1.1% decrease in soft drink unit prices, a 1.3%
decrease in nectar prices and a 6.0% decrease in mineral water unit prices. This decrease
in net sales was partially offset by a 0.2% increase of overall sales volume, including a
25.1% increase in nectar and 2.6% increase in mineral water volumes, partially offset by a
2.1% decrease in soft drink volumes. The price decreases were due to the absence of
nominal price adjustments during 2002 and more aggressive competition in the mineral water
segment. Higher nectar volumes were explained by the positive reception of Watt&#146;s
nectars by consumers. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Wine:</I> Our net sales of wine
increased 8.0% to Ch$75,909 million in 2002, from Ch$70,288 million in 2001. This increase
in sales resulted from a 14.3% increase in overall sales volume, consisting of a 19.5%
increase in domestic volumes and an 8.9% increase in export volumes. This increase in
sales was partially offset by a 5.5% decrease in overall prices, consisting of an 8.7%
decrease in domestic per unit prices and a 1.4% decrease in export per unit prices. Higher
volumes in the domestic market were due to lower prices. Lower prices were a result of a
more competitive environment and lower costs of raw materials which we were able to pass
on to our consumers. The export volume increased mainly due to larger demand for bulk
wine. </FONT></P>

<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">56</font><!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

</p>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Cost of Goods Sold</B><BR>Cost of goods sold in 2002 amounted
to Ch$172,157 million as compared to cost of goods sold in 2001 that reached Ch$176,934
million. As a percentage of net sales, cost of goods sold was 49.3% in 2002 compared to
47.3% in 2001. The increase in cost of goods sold as a percentage of net sales in 2002 is
principally attributable to fixed costs relative to a significant decline in sales in our
Argentine beer segment and higher direct costs in our Chilean beer operations. Our cost of
goods sold for each business segment during 2002 is described below: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Beer Chile</I>: Our cost of goods
sold for our Chilean beer segment increased by 4.9% to Ch$57,614 million in 2002, from
Ch$54,899 million in 2001. Cost of goods sold as a percentage of sales increased from
40.6% in 2001 to 42.4% in 2002 due to the effect of exchange rate fluctuations in dollar
denominated raw materials and increases in the volume of non-returnable packaging which
have a higher cost to produce. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Beer Argentina</I>: Our cost of
goods sold for our Argentine beer segment decreased by 33.3% to Ch$19,368 million in 2002,
from Ch$29,037 million in 2001 mainly, as a consequence of the devaluation of the
Argentine currency. Cost of sales as a percentage of net sales increased from 52.5% in
2001 to 77.1% in 2002, mainly because direct production costs are indexed to the U.S.
dollar and depreciation is accounted for in historical dollars. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Soft Drinks and Mineral Water</I>:
Our cost of goods sold for our soft drinks and mineral water segment decreased by 5.2% to
Ch$51,623 million in 2002, from Ch$54,448 million in 2001. Cost of goods sold as a
percentage of sales decreased from 48.2% in 2001 to 46.1% in 2002 mainly due to lower
direct costs for mineral water as a consequence of lower cost of packaging, and lower
depreciation charges. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Wine</I>: Our cost of good sold
for our wine segment increased by 7.5% to Ch$47,225 million in 2002, from Ch$43,922
million in 2001, mainly due to higher sales. Cost of goods sold as a percentage of net
sales remained relatively stable at 62.2% in 2002 compared with 62.5% in 2001. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Gross Profit</B><BR>Our gross profit decreased 10.1% to
Ch$177,193 million in 2002, from Ch$197,154 million in 2001. As a percentage of net sales,
gross profit decreased from 52.7% in 2001 to 50.7% in 2002. The decrease in gross profit
was primarily due to the lower sales of Argentine beer measured in Chilean pesos as a
consequence of the devaluation of the Argentine currency. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Selling, General and
Administrative Expenses</B><BR>Our SG&amp;A decreased 8.4% in 2002,
to Ch$139,051 million, from Ch$151,743 million in 2001. This decrease is principally
attributed to lower SG&amp;A in our Argentinean beer business, which was partially offset
by higher SG&amp;A in our wine, Chilean beer and soft drink operations. As a percentage of
net sales, our SG&amp;A decreased from 40.6% in 2001 to 39.8% in 2002. The SG&amp;A
performance of each business segment during 2002 is described below: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Beer Chile</I>: Our SG&amp;A of
our Chilean beer segment increased by 1.3% to Ch$50,934 million in 2002, from Ch$50,281
million in 2001. This increase resulted from higher marketing expenses related to
activities aimed at strengthening the Cristal brand name, partially offset by lower
salaries. As a percentage of net sales, our SG&amp;A remained relatively stable. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Beer Argentina:</I> Our SG&amp;A
of our Argentine beer segment decreased by 49.1% to Ch$16,937 million in 2002, from
Ch$33,292 million in 2001. This decrease resulted mainly from the devaluation of the
Argentine peso. As a percentage of net sales, our SG&amp;A increased from 60.2% in 2001 to
67.4% in 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Soft Drinks and Mineral Water</I>:
Our SG&amp;A of our soft drinks and mineral water segment increased by 2.2% to Ch$50,602
million in 2002, from Ch$49,536 million in 2001. This increase resulted mainly from higher
marketing expenses and depreciation charges related to marketing assets, partially offset
by lower salaries. As a percentage of net sales, SG&amp;A in this segment increased from
43.9% in 2001 to 45.2% in 2002. </FONT></P>

<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">57</font><!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
</p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Wine</I>: Our SG&amp;A of our wine
segment increased by 17.0% to Ch$19,520 million in 2002, from Ch$16,691 million in 2001.
This increase is mainly due to higher marketing, salaries and travel expenses to support
the sales growth. As a percentage of net sales, SG&amp;A for this segment increased from
23.7% in 2001 to 25.7% in 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Operating Income</B><BR>Our operating income decreased 16.0%
in 2002 to Ch$38,142 million as compared to Ch$45,411 million in 2001. Operating margin
decreased from 12.1% in 2001 to 10.9% in 2002. The operating income performance of each of
our business segments during 2002 is described below: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Beer Chile</I>: Our operating
income from our Chilean beer segment decreased by 9.3% to Ch$27,272 million in 2002, from
Ch$30,054 million in 2001. Our operating margin for this segment decreased from 22.2% in
2001 to 20.1% in 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Beer Argentina</I>: Our operating
income from our Argentine beer segment decreased from a loss of Ch$7,059 million in 2001
to a loss of Ch$11,175 million in 2002. Our operating margin decreased from negative 12.8%
in 2001 to negative 44.5% in 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Soft Drinks and Mineral Water</I>:
Our operating income from our soft drinks and mineral water segment increased by 8.7% to
Ch$9,649 million in 2002, from Ch$8,878 million in 2001. Our operating margin for this
segment increased from 7.9% in 2001 to 8.6% in 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Wine: </I> Our operating income
from our wine segment decreased by 5.3% to Ch$9,163 million in 2002, from Ch$9,676 million
in 2001. Our operating margin for this segment decreased from 13.8% in 2001 to 12.1% in
2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Non-Operating Income</B><BR>Our non-operating income decreased by
73.8% in 2002 to Ch$6,351 million as compared to Ch$24,224 million in 2001. This decrease
is primarily explained by the absence of the non-recurring gain of Ch$17,371 million in
the sale of Backus &amp; Johnston shares realized in 2001, and lower financial income,
Ch$1,652 million in 2002 as compared to Ch$3,566 million in 2001, reflecting lower
interest rates. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Non-Operating Expenses </B><BR>Our non-operating expenses decreased
45.6% in 2002 to Ch$9,721 million as compared to Ch$17,870 million in 2001. This decrease
is mainly explained by lower restructuring costs in 2002, lower interest expense -Ch$3,871
million in 2002 as compared to Ch$6,457 million in 2001- the absence of expenses related
to an extraordinary dividend paid in 2001 and lower losses in the sale of property, plant
and equipment. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Price-Level Restatement
and Exchange Differences</B><BR>Our price-level restatement of our
non-monetary assets, liabilities and equity due to Chilean inflation and foreign exchange
fluctuations resulted in a net loss of Ch$3,711 million in 2002, as compared to a net loss
of Ch$2,496 million in 2001. These negative results are mainly a consequence of the price
level restatement of inventories done in 2002 due to a change in the accounting treatment
of inventories. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31, 2002, our
investment in SBE and CCU Argentina amounted to Ch$96,282 million, foreign currency
denominated obligations that were designated as a hedge against these investments amounted
to Ch$16,330 million and the positive cumulative translation adjustment account amounted
to Ch$17,987 million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Income Taxes</B><BR>
Our income taxes for 2002 amounted to
Ch$7,511 million translating into an effective consolidated tax rate for us of
                24.2%. Income taxes in 2001 amounted to Ch$7,434 million translating into an
                effective consolidated tax rate of 15.1%. In 2002, the effective consolidated
                tax rate was higher than the statutory rate of 16.0% due to losses in the Argentine
                subsidiaries, for which no tax benefits were recorded; however, the losses
                were included in the consolidated net income portion of the effective tax calculation.
                Additionally,</FONT></P>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">58</font></p>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Chilean companies
                and each of their domestic subsidiaries calculate and pay taxes on a separate
                basis rather than on a consolidated basis. In 2001, the effective consolidated
                tax rate was close to the Chilean statutory rate of 15.0% as a result of the
                use of all the tax loss carryforwards available to the wine subsidiary, a lower
                loss in Argentina than in 2002 and the effect on deferred income taxes from
                the change in the enacted Chilean statutory rate that increased to 16.0% in
                2002. </FONT></P>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In accordance with Chilean law, a
Chilean company and each of its domestic subsidiaries calculate and pay taxes in Chile on
a separate basis rather than on a consolidated basis. As of December 31, 2002, our
consolidated subsidiaries had available tax loss carryforwards of Ch$9,207 million in
Chile and Ch$17,418 million in Argentina. Our Chilean subsidiaries with the most
significant tax loss carryforwards available include Transportes CCU Ltda. with Ch$4,805
million and Inversiones ECUSA S.A. with Ch$3,796 million. In Argentina, the subsidiary
with the most significant tax loss carryforwards available is CICSA with Ch$17,094
million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<p ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Minority Interest</B><BR>Our minority interest in 2002
decreased 33.9% to Ch$1,264 million as compared to Ch$1,912 million in 2001. This decrease
resulted from the higher losses of CCU Argentina and the lower net income in VSP. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<p ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Net Income</B><BR>Our net income in 2002 was Ch$22,286
million, Ch$17,638 million lower than 2001&#145;s net income of Ch$39,924 million. The
decrease in net income is primarily explained by a Ch$10,939 million decrease in our
non-operating results mainly due to the absence of the non-recurring gain from the sale of
Backus &amp; Johnston shares which occurred in 2001 and the weaker performance of our beer
operations, both in Chile and Argentina. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<p ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Impact of Inflation</B><BR>In general, inflation has an adverse
effect of diminishing the purchasing power of a company&#146;s monetary assets that are
not price-level indexed, and has a positive effect of reducing the real value of a
company&#146;s monetary liabilities that are not price-level indexed. In addition, to the
extent that increases in a company&#146;s costs of production are not passed on in the
form of higher prices for a company&#146;s goods, inflation will adversely affect
earnings. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Most of our monetary assets,
principally accounts receivable, and liabilities, principally accounts payable, that are
not price-level indexed are short-term and thus are not significantly affected by
inflation. However, our liability for deposits on bottles and containers (Ch$11,871
million at December 31, 2002 and Ch$11,097 million at December 31, 2003) is a long-term,
non-indexed monetary liability that is affected over time by inflation. The net impact of
inflation on our capital expenditures has generally been neutral as all substantial assets
constructed or acquired are fixed non-monetary assets and all substantial liabilities
incurred in the process of financing capital expenditures are price-level indexed or
foreign-currency denominated. Nonetheless, high rates of inflation in the future could
have a variety of unpredictable effects on us and could adversely impact our operations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<p ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>U.S. GAAP Reconciliation</B> <BR>Our net income under U.S. GAAP for
2001, 2002 and 2003 was Ch$35,901 million, Ch$19,533 million and Ch$55,209 million,
respectively, as compared to that reported under Chilean GAAP of Ch$39,924 million,
Ch$22,286 million and Ch$54,088 million, respectively. These differences are principally
the result of US GAAP adjustments for the: </FONT></P>



<!-- MARKER FORMAT-SHEET="LI Times Just" FSL="Workstation" -->
<UL><LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reversal of
amortization of goodwill </FONT></div>

<!-- MARKER FORMAT-SHEET="LI Times Just" FSL="Workstation" -->
<LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>differences
associated with the amortization of intangible trademarks </FONT></div>

<!-- MARKER FORMAT-SHEET="LI Times Just" FSL="Workstation" -->
<LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>accounting
treatment of developmental stage enterprises </FONT></div>

<!-- MARKER FORMAT-SHEET="LI Times Just" FSL="Workstation" -->
<LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>impact of
including labor and overhead costs in inventories in 2001 </FONT></div>

<!-- MARKER FORMAT-SHEET="LI Times Just" FSL="Workstation" -->
<LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>revaluation of
fixed assets </FONT></div>

<!-- MARKER FORMAT-SHEET="LI Times Just" FSL="Workstation" -->
<LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>adjustments of
employee severance indemnities </FONT></div>

<!-- MARKER FORMAT-SHEET="LI Times Just" FSL="Workstation" -->
<LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>capitalization
of interest on assets under construction, and </FONT>
                <p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">59</font></p>
</div></UL>

<!-- MARKER FORMAT-SHEET="LI Times Just" FSL="Workstation" -->
<UL>
<LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>recording of
deferred income taxes. </FONT></div></UL>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our total shareholders&#146; equity
under U.S. GAAP as of December 31, 2001, 2002 and 2003 was Ch$426,690 million, Ch$456,313
million and Ch$275,188 million, respectively, as compared to that reported under Chilean
GAAP for the same period of Ch$428,161 million, Ch$437,820 million and Ch$278,772 million,
respectively. The differences between shareholders&#146; equity under U.S. GAAP and
Chilean GAAP are principally the result of US GAAP adjustments for the: </FONT></P>


<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<UL><LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>amortization of
goodwill and trademarks </FONT></div>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reversal of the
revaluation of fixed assets and related depreciation </FONT></div>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>minimum dividends
required under Chilean GAAP </FONT></div>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>capitalization of
interest on assets under construction </FONT></div>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reversal of gain
on investment in Vina Dassault San Pedro S.A. </FONT></div>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>adjustments of
employee severance indemnities, and </FONT></div>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>recording of
deferred income taxes (FAS No. 109). </FONT></div></UL>



<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<p ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Liquidity and Capital
Resources</B></U> </FONT> </p>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our main source of liquidity has been
cash generated by our operating activities, which amounted to Ch$70,522 million, Ch$65,409
million and Ch$63,334 million during 2001, 2002 and 2003, respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our cash flow from operations and
working capital are our primary sources to meet both our short-term and long-term
obligations. In the opinion of our management, they are sufficient to this end. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In 2003, our cash flows provided by
operating activities totaled Ch$63,334 million. The main component of cash flows generated
by operating activities in 2003 was net income of Ch$54,088 million compared to Ch$22,286
million in 2002. In 2003, we recorded a non-cash equity gain of Ch$19,739 million compared
to a non-cash equity gain of only Ch$870 million in 2002. Cash flows from the changes in
operating assets and liabilities resulted in the net use of Ch$12,863 million compared to
the net use of Ch$10,482 million in 2002. Cash used in 2003 resulted primarily from an
increase in our accounts receivable balance, inventories and other assets. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In 2003, our cash flows used in
financing activities totaled Ch$97,761 million compared to Ch$26,169 million in 2002. The
main components of cash flows used in financing activities consisted of dividends paid of
Ch$188,292 million and repayment of bank borrowings of Ch$43,626 million, partially offset
by proceeds from bank borrowings of Ch$132,740 million. In 2002, payments of cash
dividends were Ch$23,330 million and repayment of bank borrowings was Ch$28,823 million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In 2003, our cash flows provided by
investment activities totaled Ch$9,126 million compared to cash used in investing
activities of Ch$12,728 million in 2002. The main components of cash flows provided by
investment activities in 2003 consisted of net proceeds from the sale of investments in
unconsolidated affiliates of Ch$31,176 million partially offset by capital expenditures of
Ch$24,773 million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There are no material restrictions,
either legal or economic, that would limit our ability to transfer funds (<I>i.e.</I>,
dividends, loans, or advances) from our subsidiaries to us. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31, 2003, we had
Ch$52,467 million in cash, time deposits and marketable securities, which does not include
Ch$14,128 million corresponding to readjustable promissory notes issued by the Central
Bank and purchased under resale agreements. Indebtedness, including accrued interest,
amounted to Ch$140,005 million as of December 31, 2003. Short-term indebtedness included: </FONT></P>



<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<UL><LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ch$35,812 million
of short-term obligations to banks and financial institutions under certain lines of
credit described below, </FONT></div>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ch$1,664 million
representing the current portion of long-term public bonds, and </FONT></div>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ch$1,340 million
representing the current portion of long-term debt to banks. </FONT>
                <p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">60</font></p>
</div></UL>



<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31, 2003, long-term
indebtedness, excluding the current portion, comprised: </FONT></P>



<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<UL><LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ch$82,718 million
of long-term obligations to banks, and </FONT></div>

<LI><div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ch$18,471 million
of long-term obligations to the public represented by bonds. </FONT></div></UL>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On May 9, 2003, the Cayman Islands Branch
of Compa&ntilde;&iacute;as Cervecer&iacute;as Unidas S.A., entered into a US$135 million,
five-year unsecured, syndicated loan agreement. This credit agreement has a variable
interest rate of the London Interbank Offered Rate, or LIBOR, plus 0.75% in U.S. dollars,
with five equal semi-annual amortization installments of principal beginning on the third
anniversary of the closing. Interest payments are on a quarterly basis. The credit
agreement was syndicated by 11 banks. We will repay this debt with the cash generated by
our operating activities. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To avoid the exchange and interest
risks of this credit, we entered into cross currency interest rate swap agreements for an
aggregate of US$96.1 million, 86.4% of which is in variable Chilean pesos rate and 13.6%
of which is in fixed Chilean pesos rate. Therefore, we replaced the risk of LIBOR
fluctuations for this credit agreement, with the risk of variations in the nominal <I>Tasa
Activa Bancaria,</I> or TAB rate, expressed in Chilean pesos for an amount of Ch$49,285
million (US$83 million). Nevertheless, we expect that if the TAB rate rises, such rise
would be due to a recovery on consumer demand, which would result, in turn, in an
improvement in our operating results, causing a natural hedge for the nominal variable
rate Chilean peso debt. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31, 2003, we were
required, under our debt covenants then in effect, to maintain certain financial ratios.
The most significant covenants required us to maintain a consolidated interest coverage
ratio (the ratio of operating income plus depreciation and operating amortization to
interest expenses) equal to or higher than 3.00 to 1.00, to maintain a consolidated
leverage ratio (the ratio of financial debt to operating income plus depreciation and
operating amortization) equal or lower than 3.00 to 1.00, and a minimum consolidated
equity of 15 million Unidades de Fomento (as of December 31, 2003, approximately US$427
million). Furthermore, we were required to maintain a current ratio (the ratio of current
assets to current liabilities) of more than 1.0 to 1.0 on both a consolidated and
unconsolidated basis, as well as an indebtedness ratio (the ratio of liabilities to
shareholders&#146; equity) lower than 2.0 on both a consolidated and unconsolidated basis. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At December 31, 2003, we met all our
financial debt covenants and had a consolidated interest coverage ratio of 15.26 to 1, a
consolidated leverage ratio of 1.63 to 1, a current ratio of 2.82 to 1 on an
unconsolidated basis and 1.65 to 1 on a consolidated basis. Our consolidated equity as of
December 31, 2003 was Ch$278,772 million (UF16.5 million, or US$469.5 million). Our
indebtedness ratio was 1.21 and 1.07 on an unconsolidated and consolidated basis,
respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table summarizes debt
obligations held by us as of December 31, 2003. The table presents principal payment
obligations in millions of Chilean pesos by interest rate structure, financial instrument
and currency, with their respective maturity dates and related weighted-average interest
rates: </FONT></P>


<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">61</font><!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
</p>
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Interest-Bearing Debt
as of December 31, 2003</B></U><BR> (millions of
Ch$, except percentages) </FONT> </P>




<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD colspan=10 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Expected Maturity Date</B> </FONT></TD></TR>
<TR>
<TD>&nbsp;</tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Fixed rate</B> </FONT></TD>
     <TD ALIGN="RIGHT" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Average Int. <BR>Rate&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2004&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2005</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2006</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2007</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2008</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Thereafter</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TOTAL</B> </FONT></TD></TR>
<TR>
<TD><hr size=1></tD>
<TD COLSPAN="2" ALIGN="LEFT"><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD WIDTH=18% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ch$ (UF) (1)</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bonds&nbsp;</FONT></TD>
     <TD WIDTH=7% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.0%</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ch$1,664</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,368&nbsp;</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,368&nbsp;</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>381&nbsp;</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>381&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,974&nbsp;</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,135&nbsp;</FONT></TD></TR>
<TR>
<TD> </tD>
<TD COLSPAN="2" ALIGN="LEFT"> </tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD ALIGN="RIGHT"><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TOTAL</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ch$1,664</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,368&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,368&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>381&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>381&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,974&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,135&nbsp;</FONT></TD></TR>
<TR>
<TD> </tD>
<TD COLSPAN="2" ALIGN="LEFT"> </tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD ALIGN="RIGHT"><hr size=1></tD>
<TD><hr size=1></tD></tr>
</TABLE>


<BR>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Variable rate</B> </FONT></TD>
     <TD ALIGN="RIGHT" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Average Int. <BR>Rate&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2004&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2005</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2006</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2007</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2008</B> </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Thereafter</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TOTAL</B> </FONT></TD></TR>
<TR>
<TD><hr size=1></tD>
<TD COLSPAN="2" ALIGN="LEFT"><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD ALIGN="RIGHT"><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD WIDTH=18% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ch$ (UF) (1)</FONT></TD>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banks</FONT></TD>
     <TD WIDTH=7% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5%</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ch$904</FONT></TD>
     <TD WIDTH="10%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>852</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>852</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>852</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,459&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$ (2)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.1%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,820&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,065&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,065&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,033&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>115,983&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentine $</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.8%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>202&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>202&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Euro</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>226&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>226&nbsp;</FONT></TD></TR>
<TR>
<TD> </tD>
<TD COLSPAN="2" ALIGN="LEFT"> </tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD ALIGN="RIGHT"><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TOTAL</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ch$37,152 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>852  </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,917</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,917</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,033</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>119,870</FONT></TD></TR>
<TR>
<TD> </tD>
<TD COLSPAN="2" ALIGN="LEFT"> </tD>
<TD><hr size=2 color="black"></tD>
<TD><hr size=2 color="black"></tD>
<TD><hr size=2 color="black"></tD>
<TD><hr size=2 color="black"></tD>
<TD><hr size=2 color="black"></tD>
<TD><hr size=2 color="black"></tD>
<TD><hr size=2 color="black"></tD></tr>
</TABLE>




<hr size=1 width=15% align=left>


<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>A
UF (Unidad de Fomento) is a daily  indexed,  peso-denominated  monetary  unit.  The UF is
set daily in advance  based on the               previous month's inflation rate.</FONT></P></TD>
</TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes
the US$135 million  syndicated  loan, of which US$96.1  million are hedged through cross
currency  interest rate swap               agreements.</FONT></P></TD>
</TR>
</TABLE>




<!-- MARKER FORMAT-SHEET="Just Left" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To hedge our market
risks,  we hold debt  obligations in various  currencies and we enter into some
 derivatives  contracts.  See "Item 11: Quantitative Information About Market Risk." </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our treasury policy is to invest in
highly liquid financial instruments issued by first class financial institutions.
Investments are made primarily in Chilean pesos and U.S. dollars. As of December 31, 2003,
we had invested Ch$45,819 million in Chilean peso related instruments and Ch$9,910 million
in U.S. dollar related instruments. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table summarizes
financial instruments, including time deposits, marketable securities and securities
purchased pursuant to repurchase agreements, held by us as of December 31, 2003: </FONT></P>


<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Short-Term Financial
Instruments<BR> </B></U>(millions of Ch$) </FONT> </P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=50% align=center>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UF (*)</FONT></TD>
     <TD WIDTH=30% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>652&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ch$</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,167&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,910&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentine $</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></tD></tR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TOTAL</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,730&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=2 color="black"></tD></tR>
</TABLE>




<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<p ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Capital Expenditures</B> <BR>We continue to make substantial
capital expenditures to meet estimated growth in demand for our products. Our plans for
capital expenditures through 2007 period are displayed in the following table. The
information is presented in constant Chilean pesos of December 31, 2003 </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=28% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Business Unit</I> </FONT></TD>
     <TD WIDTH=32% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2006&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2007&nbsp;</FONT></TD></TR>
<TR>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN="4" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(millions of Ch$ as of December 2003)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Beer Chile</I> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Machinery and equipment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,290&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,045&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,238&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,306&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Packaging</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,032&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,980&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,027&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,186&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Marketing assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,490&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,097&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,412&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,367&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Software and hardware</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>127&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>453&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,542&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,274&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>248&nbsp;</FONT></TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>&nbsp;</I> </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Total</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>10,391&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>10,727&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>8,038&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>8,145&nbsp;</I> </FONT></TD></TR>
</table>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">62</font></p>
<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Beer Argentina</I> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Machinery and equipment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,505&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>919&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,082&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,404&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Packaging</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>658&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>804&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>907&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>723&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Marketing assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>871&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,002&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,094&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,136&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Software and hardware</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>156&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>216&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>201&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20&nbsp;</FONT></TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>&nbsp;</I> </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Total</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>5,391&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>2,976&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>4,175&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>4,338&nbsp;</I> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Soft Drinks &amp; Mineral Water</I> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Machinery and equipment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>971&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,616&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,939&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,739&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Packaging</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,836&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,158&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,145&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,145&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Marketing assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,709&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,152&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,152&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,152&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Software and hardware</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>77&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>180&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>77&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>280&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>115&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>174&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>107&nbsp;</FONT></TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>&nbsp;</I> </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Total</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>6,895&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>11,119&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>8.591&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>7,220&nbsp;</I> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Wine</I> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Machinery and equipment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,696&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,893&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,003&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,660&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Packaging</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,713&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,374&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,469&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,802&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Marketing assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Software and hardware</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>185&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>162&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>162&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>162&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>566&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,167&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>614&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>607&nbsp;</FONT></TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>&nbsp;</I> </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Total</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>5,188&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>12,682&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>5.333&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>5,315&nbsp;</I> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Others</I> </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>3,098&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>8,531&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>7,433&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>2,666&nbsp;</I> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Total</I> </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>30,964&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>46,035&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>33,570&nbsp;</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>27,683&nbsp;</I> </FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=2 color="black"></TD></TR>
</TABLE>




<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the years 2004 through 2007,
we plan to make capital expenditures mainly to adapt, update and increase production
capacity, install new bottling lines, enhance environmental protection, optimize our
distribution system and warehouse facilities, invest in additional returnable bottles and
crates to replace obsolete inventories, adapt to new packaging formats and support
industry volume growth. Capital expenditures are also focused on improving management
information systems and making additional investments in marketing assets. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Regarding our beer businesses,
capital expenditures in machinery and equipment may result in Chile from moving Heineken
production from our Temuco plant to our Santiago facility, and in Argentina due to the
projected increase in production capacity for our Salta plant and the expansion of the
bottling line in Santa Fe. During this period, our soft drinks, mineral water, nectars and
wine businesses contemplate capital expenditures in bottling lines and tanks. Other
important categories of capital expenditures in Chile include packaging and marketing
assets, mainly for our beer and soft drinks, mineral water and nectar businesses. If
consumption of our products continues to grow at high rates, we may need additional
capital expenditures to increase our production capacities. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We review our
                capital investment program periodically and changes to the program are made
                as appropriate. Accordingly, there can be no assurance that we will make any
                of these proposed capital expenditures at the anticipated level or at all.
                In addition, we are studying the possibility of making acquisitions in the
                same or related beverage businesses, either in Chile or in other countries
                of South America&#146;s southern cone. Our capital investment program is subject
to revision from time to time due to</FONT></P>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">63</font></p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>changes in market
                conditions for our products, general economic conditions in Chile, Argentina
                and elsewhere, interest, inflation and foreign exchange rates, competitive
                conditions and other factors. </FONT></P>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We expect to fund our capital
expenditures through a combination of internally generated funds and long term
indebtedness. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<p ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Contractual Obligations</B> <BR>The following table summarizes our
known contractual obligations as of December 31, 2003: </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN=5 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Payments due by period<BR>
</B>(unaudited, in million of Chilean pesos)&nbsp; </FONT></TD></TR>
<TR>
<TD></tD>
     <TD COLSPAN=5><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Contractual Obligations</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Total&nbsp;</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Less than <BR>1 year</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>1-3 years</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>3-5 years</I> </FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>More than <BR>5 years</I> </FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Long-Term Debt Obligations (1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>104,193&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,004&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,504&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,711&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,974&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Capital (finance) Lease Obligations (2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>142&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>71&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>71&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating Lease Obligations (3)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,637&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,641&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,249&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,110&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,638&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purchase Obligations (4)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,557&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,071&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,524&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,622&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,340&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other Long-Term Liabilities (5)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,097&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,965&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,131&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=6><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>162,625&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,786&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,348&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60,408&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26,084&nbsp;</FONT></TD></TR>
</TABLE>


<hr size=1 width=15% align=left>

<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes
long-term bank loans and bonds payable</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes
one leasing operation</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes
real property, vineyards and warehouse leases, as well as marketing contracts</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(4)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes
raw material purchase contracts</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(5)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Includes
deposits on bottles and containers</FONT></P></TD>
</TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<p ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Off Balance Sheet
Arrangements</B> <BR>We do not have any off-balance sheet
arrangements involving any transactions, agreements or other contractual arrangements
involving an unconsolidated entity under which we have: </FONT></P>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<UL><LI><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>made guarantees; </FONT></P></UL>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<UL><LI><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a retained or a
contingent interest in transferred assets; </FONT></P></UL>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<UL><LI><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>an obligation
under derivative instruments classified as equity; or </FONT></P></UL>


<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<UL><LI><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any obligation
arising out of a material variable interest in an unconsolidated entity that provides
financing, liquidity, market risk or credit risk support to us, or that engages in
leasing, hedging or research and development arrangements with us. </FONT></P></UL>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We record payments made under
operating leases as expenses, and none of our operating lease obligations are reflected on
our balance sheet. We have no other off-balance sheet arrangements. See Notes 1 and 21 to
our audited consolidated financial statements for a more detailed discussion of
contingencies, including guarantees. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<p ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Research and Development</B></U> </FONT> </p>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our research
                and development efforts do not involve material expenditures, as we rely primarily
                on technical assistance and technology transfer agreements with domestic and
                foreign companies and institutes. In 2003, we entered into two technical agreements
                with Heineken International for assistance with all technical issues related
                to the production and bottling of Heineken beer, one for Chile and the other
                one for Argentina. The initial term of these agreements is ten years beginning
                in June 2003, renewable for subsequent periods of five years. See &#147;Item
                6: Directors, Senior Management and Employees&#148; and &#147;Item 7: Major
Shareholders</FONT></P>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">64</font></p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and Related Party
                Transactions&#148;. The license agreement between
                        CCU Argentina and Anheuser-Busch, signed in 1995, as amended, also provides
                        us with both technical and marketing assistance for the production and marketing
                        of Budweiser beer brand in Argentina. See &#147;Item 4: Information on the
                        Company &#150; Our Business &#150;
        Business Overview &#150; Our Beer Business &#150; Our Beer Business in Argentina &#150;
        Beer Production and Marketing in Argentina&#148;. </FONT></P>
<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<p ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Critical Accounting
Policies and Practices</B></U> </FONT> </p>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A summary of our significant
accounting policies is included in Note 1 to our audited consolidated financial
statements, which are included in this annual report. The preparation of financial
statements requires our management to make estimates and assumptions that affect the
amounts reported in the consolidated financial statements and accompanying footnotes. Our
estimates and assumptions are based on historical experiences, changes in the business
environment and information collected from qualified external sources. However, actual
results may differ from estimates under different conditions, sometimes materially.
Critical accounting policies and estimates are defined as those that are both most
important to the portrayal of our financial condition and results and/or require
management&#146;s most subjective judgments. Our most critical accounting polices and
estimates are described below. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>a)
          Property, plant, equipment and bottles: </I></B><I></I>The key judgments we must
          make under the property and equipment policy include the estimation of the
          useful lives of our various asset types, expected residual values, the election
          to utilize primarily the straight-line method for recording depreciation,
          management&#146;s judgment regarding appropriate capitalization or expensing of
          costs related to fixed assets, and our determination that no impairment exists. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Property and equipment are stated at
cost and are depreciated by the straight-line method based on the estimated useful lives
of the assets. In estimating the useful lives (no expected residual values are considered)
we have primarily relied upon actual experience with the same or similar types of
equipment and recommendations from the manufacturers. Useful lives are based on the
estimated amount of years an asset will be productive. Subsequent revisions to these
estimates could be caused by new technologies, changes to maintenance procedures, changes
in utilization of the equipment, and changing market prices of new and used equipment of
the same or similar types. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Property and equipment assets are
evaluated for possible impairment, as applicable. Factors that would indicate potential
impairment may include, but are not limited to, significant decreases in the market value
of the long-lived asset(s), a significant change in the long-lived asset&#146;s physical
condition and operating or cash flow losses associated with the use of the long-lived
asset. This process requires our estimate of future cash flows generated by each asset or
group of assets. For any instance where this evaluation process indicates impairment, the
appropriate asset&#146;s carrying values are written down to net realizable value and the
amount of the write-down is charged against the results of continuing operations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Expenditures that substantially
improve and/or increase the useful life of facilities and equipment are capitalized. Minor
and other unscheduled maintenance costs are charged to income as incurred. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>b)
          Allowance for doubtful accounts</I>: </B>At the end of each period, we record
          provisions to cover the doubtful collection of accounts receivable, which is
          mainly determined by the age of overdue balances, which is based on criteria
          established by us. The percentages provisioned range from 20% for accounts
          overdue between 61 and 90 days, to 100% in the case of accounts that are more
          than 180 days overdue. In case of rejected documents (bad checks), the
          percentage is 100% if they are overdue by more than 30 days. In the case of
          supermarkets, the provisions are determined on a case by case basis by our
          credit committee, which applies certain estimates and judgments including return
          rates and financial worthiness of customers. Our management considers that the
          provision determined under the parameters described above are reasonable and
          sufficient to cover losses inherent in these accounts. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>c)
                                 Inventories</I>: </B>Our inventories of finished and in-process goods,
                                 raw materials and supplies are stated at replacement cost and include
                                 the cost of raw materials and labor and overhead costs added to the
                                 products.</FONT></P>
     <p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">65</font></p>
     <P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The resulting
                value of inventories does not exceed their estimated net realizable values.
                For the year ended December 31, 2001, our inventories included solely
                the cost of raw materials. We record obsolescence provisions for finished
                products, products in process, raw material and other materials based
                on technical reports, which take into consideration certain estimations
                and assumptions, including market conditions and consumer consumption
                estimates. </FONT></P>
     <!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>d)
          Goodwill, negative goodwill and other intangible assets:
          </I></B><I></I>Management exercises judgment in assessing goodwill, negative
          goodwill and other intangibles including trademarks for impairment. Goodwill
          arises from the excess of the purchase price of companies acquired over their
          net book value. We amortize costs in excess of book value of net assets (and the
          excess of book value over cost) of our businesses using the straight-line method
          over a period not to exceed 20 years. This period is based on management&#146;s
          assumption regarding the estimated period of recovery regarding these
          investments. This assumption takes into consideration various factors, including
          but not limited to, significant decreases in the market value of the investment,
          significant changes in legal or regulatory provisions and how these may impact
          the value of an investment and rates of returns used in calculating operating or
          cash flows associated with the use of our assets. We annually review the
          recorded value of our goodwill, or sooner if changes in circumstances indicate
          that the carrying amount may exceed fair value. Recoverability of the carrying
          value of the asset is determined by comparing net book value, including
          goodwill, to fair value based on the estimated future net cash flows of the
          relevant assets. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>e)
          Deposits on bottles and containers</I>: </B>Glass and plastic returnable bottles
          and crates are presented within fixed assets at their historic cost plus
          price-level restatement and net of obsolescence provisions. Glass bottles are
          depreciated over a period of up to eight years, plastic bottles over up to four
          years and plastic crates in ten years. In Chile, returnable bottles are
          proprietary and are only given to customers in exchange for a deposit equivalent
          to a significant portion of the replacement cost of such bottles. The amount
          collected is recorded in the deposits on bottles and containers liability
          account that is not price-level adjusted. The deposit is returned to the
          customer when the bottles and the commodity agreement are returned. The expected
          return of bottles and containers put into circulation in the market and the
          estimated value of valid deposits, especially those from glass bottles, are
          adjusted annually. The adjustment is based on an estimate that is carried out by
          counting the bottles held by customers and adding an estimate of the number of
          bottles in hands of the final consumers. This latter estimate is based on
          independent studies and historical information regarding the return of these
          bottles. In Argentina, all companies use the same returnable bottles. Therefore,
          unlike in Chile where returnable bottles are proprietary and require a deposit,
          bottles are loaned to customers at no cost. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>f)
          Deferred Taxes: </I></B>Effective January 1, 2000, the effects of
          deferred income taxes arising from temporary differences between the basis of
          assets and liabilities for tax and financial statement purposes are recorded in
          accordance with Technical Bulletin No. 60 of the Chilean Institute of
          Accountants. The effects of deferred income taxes at January 1, 2000, which were
          not previously recorded, are recognized in income beginning in 2000 as the
          temporary differences reverse. Under Technical Bulletin No. 60, deferred tax
          assets are reduced by a valuation allowance if it is more likely than not that
          some portion or all of the deferred tax asset will not be realized. In making
          this determination, we consider both positive and negative evidence and make
          certain assumptions, including projections of taxable income. Changes in these
          assumptions should not have a material impact on results. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>g)
          Severance Indemnities: </I></B><I></I>The Company and most of its subsidiaries
          have agreed with their personnel to the payment of long-term severance
          indemnities. The accrued liability covering this obligation is reported under
          Long-term liabilities. It has been calculated for years 2002 and 2003 based on
          the present value of the obligation, assuming a 7% discount rate and an average
          employee tenure based on the legal retirement age (65 for men and 60 for women). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>h)
                                 Investments: </I></B>The investments in Argentinean subsidiaries,
                                 CICSA and Finca La Celia, are recorded in accordance with Technical
                                 Bulletin No. 64 of the Chilean Institute of Accountants. Under this
                                 pronouncement, the financial statements of foreign subsidiaries, which
                                 operate in countries that are exposed to significant risks, restrictions
                                 or inflation/exchange fluctuations must be remeasured into U.S. dollars
                                 and translated into Chilean pesos at the year-end exchange rate. As
                                 a result, no effect is given to</FONT></P>
     <p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">66</font></p>
     <P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>price-level
                restatements based on inflation in those countries and the U.S. dollar
                is considered to be the functional currency of these operations. Accordingly,
                the financial statements of the Argentinean subsidiaries are prepared
                in accordance with Chilean GAAP except for the application of monetary
                correction and then remeasured into U.S. dollars as follows: </FONT></P>
     <!-- MARKER FORMAT-SHEET="Hang BR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Monetary
assets and liabilities at the closing exchange rate for the period;</FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Hang BR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
other assets and liabilities and shareholders' equity are expressed in historical U.S.
dollars;</FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Hang BR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income
and expenses accounts at average rate during the period;</FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Hang SEM BR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
resulting exchange adjustments are included in the results of operations.</FONT></P></TD>
</TR>
</TABLE>




<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The resulting U.S. dollar amounts are
then translated to Chilean pesos at the Observed Exchange Rate of the U.S. dollar in
relation to the Chilean pesos at the balance sheet date. The net equity in the foreign
subsidiaries in Chilean pesos is compared to the investment valued by the equity method at
the beginning of the year, as adjusted for price-level changes in Chile during the year.
Any difference between the Company&#146;s participation in the equity of the subsidiaries
and the investment therein as adjusted for Chilean inflation, arises from exchange
adjustments, which are included in the Cumulative Translation Adjustment account in the
equity section of the balance sheet under Chilean GAAP. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentine investments are subject to
risk and certain restrictions due to potential inflationary and exchange risk. Impairment
tests are performed on these and all investments when facts and circumstances indicate
that there may be impairment. This process requires management&#146;s assessment of
current conditions and management&#146;s estimate of future cash flows and future economic
conditions. Any impairment loss is measured on the basis of the difference between the
carrying value and fair value of these investments. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<p ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Trend Information</B></U> </FONT> </p>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As described under &#147;Item 4:
Information on the Company &#150; Business Overview&#148; and &#147;&#150; Operating
Results,&#148; the most significant trend affecting our results of operations currently
and during the past five fiscal years has been the prolonged recession in Argentina which
culminated in an economic crisis in late 2001, and the stagnated consumption due to the
weak economic recovery after its 1999 recession in Chile. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>After four years of recession in
Argentina, during 2003 the economy stabilized, evidenced by significant increases in
consumption and prices in the beer industry. However, current prices in U.S. dollar terms
are still significantly lower than those prevailing in December 2001, before the Argentine
peso devaluation. This positive tendency has continued throughout the first five months of
2004. Nevertheless, further recovery in Argentina will depend on deep structural reforms
in many areas, including the relationship between the federal government and the
provinces, regulations in many markets, the resumption of external debt service, as well
as the solution of the energy crisis. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Revenues from CCU Argentina in
Chilean pesos are also subject to the volatility of exchange rates of the Chilean peso,
U.S. dollar and Argentine peso in any given period, which may also affect the level of
income reported from our foreign operations under Chilean GAAP. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Chilean economy experienced
moderate growth of 3.3% in 2003. It is beginning to feel the rebound of the global economy
and growth estimates for 2004 are between 4.5% and 5.5%. On the domestic side of the
economy, consumer demand has increased over the last year, growing by 3.7% in 2003, and
interest rates are at historically low levels. In spite of the favorable economic climate,
there can be no assurance that our products&#146; consumption will grow in the
same proportion. Our margins in the domestic businesses should benefit from the
current lower average exchange rate as compared with 2003, if the exchange rate
follows the same tendency throughout the year. We expect that our wine business
should improve its</FONT></P>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">67</font></p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>profitability
                level, both in domestic and export markets, due to the measures we are implementing
                to rationalize costs and expenses, reduce SKUs, optimize prices and focus on
                the main export markets. </FONT></P>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition, our beer brands in Chile
may face increased competition from other brewers as well as from alcoholic beverages such
as wine and spirits, and non-alcoholic beverages such as soft drinks. Beer consumption in
Chile historically has been influenced by changes in domestic wine prices. Increases in
domestic wine prices have tended to lead to increases in beer consumption, while
reductions in wine prices have tended to reduce or slow the growth of beer consumption.
However, this correlation has not been observed clearly in the past five years due to the
low level of wine consumption and factors like higher wine quality and awareness of the
positive effects of moderate wine consumption on health. Similarly, the price of soft
drinks has decreased relative to the price of beer over the past few years, due to lower
packaging costs and the introduction of larger packaging formats, which may also affect
further growth in beer consumption. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In recent months, the Argentine
government began restricting gas exports to Chile due to supply problems in that country.
This situation will have a cost effect on our beer production plants in Chile and
Argentina, as well as our soft drinks plants in Chile. Additionally, we expect an increase
in electrical power costs, related to these same gas restrictions. We do not need
additional investments because our boilers can work with gas or with alternative fuels,
such as diesel oil. Considering the current energy prices, we estimate that the higher
costs at a consolidated level should not exceed Ch$1,100 million for 2004. </FONT></P>








<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">68</font></p>
<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<a name=a09></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 6: Directors,
Senior Management and Employees </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Directors and Senior
Management</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table sets forth
certain information with respect to our executive officers and members of our board of
directors, as of May 31, 2004: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Directors</FONT></TD>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Position</FONT></TD>
     <TD WIDTH=27% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Position Held Since</FONT></TD>
     <TD WIDTH=18% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At CCU Since</FONT></TD></TR>
<TR>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Guillermo Luksic (1)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chairman of the Board and</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 1990 (Chairman)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 1986</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 1986 (Director)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 1986</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Giorgio Maschietto</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vice Chairman of the Board</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>May 2001 (Vice Chairman)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 2001</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 2001 (Director)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jorge Carey</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 2001</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 2001</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Andronico Luksic (1)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 1986</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 1986</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Manuel Jose Noguera</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>May 1987</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>May 1987</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Carlos Olivos</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 2003</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 2003</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Philippe Pasquet</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>June 2003</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>June 2003</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Francisco Perez</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 1998</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>February 1991</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Alejandro Strauch</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 2003</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 2003</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Senior Management</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Position</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Position Held Since</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At Company Since</FONT></TD></TR>
<TR>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Patricio Jottar</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chief Executive Officer</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 1998</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 1998</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dirk Leisewitz</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General Comptroller</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mayo 1988</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>December 1987</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jorge Aninat</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Engineering Manager</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>March 1996</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 1977</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ricardo Bartel</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chief Financial Officer</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>May 2004</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>May 1990</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Marisol Bravo</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate Affairs and</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>June 1994</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 1991</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Public Relations Manager</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pablo De Vescovi</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Human Resources Manager</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 1998</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 1994</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Francisco Diharasarri</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ECUSA Manager</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 2003</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>June 1985</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Johan Doyer</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CCU Chile Manager</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 2003</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 2003</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Alvaro Fernandez</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pisconor Manager</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 2002</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 1998</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Hugo Ovando</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Development Manager</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 2002</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 1997</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ricardo Reyes</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vina San Pedro Manager</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>May 2004</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 1996</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Margarita Sanchez</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chief of Legal Division</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 1986</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 1972</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fernando Sanchis</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CCU Argentina Manager</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>May 1995</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>May 1995</FONT></TD></TR>
</TABLE>


<hr size=1 width=15% align=left>



<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Guillermo
Luksic and Andronico Luksic are brothers.</FONT></P></TD>
</TR>
</TABLE>





<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Guillermo Luksic</I> (48), has
served as our Chairman of the Board and Director since September 1990 and November 1986,
respectively. He is currently Chairman of the Board of Directors of Qui&ntilde;enco S.A.,
Telef&oacute;nica del Sur S.A. and Madeco S.A., as well as a member of the board of
directors of several other companies, including, Banco de Chile and IRSA. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Giorgio Maschietto</I> (64), has
served as our Vice Chairman of the Board and Director since April 2001. He is also
currently a member of the board of directors of Vi&ntilde;a San Pedro S.A., ECUSA,
IRSA, Cecinas San Jorge S.A. and Multitiendas Corona S.A. Until his retirement
in 1998, he held several positions at</FONT></P>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">69</font></p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Unilever in Italy,
                United Kingdom and Chile. He received a degree in Chemical Engineering from
                the Catholic University of Chile. </FONT></P>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Jorge Carey</I> (61), has served
as our Director since April 2001. He is currently senior partner at the law firm Carey y
C&iacute;a. Ltda., as well as member of the board of directors of several corporations,
including Cemento Mel&oacute;n S.A., ING Chile, Enaex, Masisa, Terranova, Aur Mining
Corporation and Chile Moneda Fund. He received his law degree from the Catholic University
of Chile and his Master&#146;s degree in Comparative Jurisprudence from the New York
University Law School. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Andr&oacute;nico Luksic</I> (50),
has served as our Director since November 1986. He is currently Vice Chairman of the Board
of Banco de Chile and Qui&ntilde;enco S.A., as well as a member of the board of directors
of several other companies, including Madeco S.A. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Manuel Jos&eacute; Noguera</I>
(54), has served as our Director since May 1987. He is currently Chief Legal Counsel of
Qui&ntilde;enco S.A. and senior partner at the law firm Morales, Noguera, Valdivieso y
Besa Ltda. He has been working with the Luksic group for over 29 years. He is member of
the board of several companies, including IRSA, Calaf S.A. and LQ Inversiones Financieras
S.A. He received his law degree from the Catholic University of Chile. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Carlos Olivos</I> (62), has served
as our Director since October 2003. He is currently senior partner at the law firm
Guerrero, Olivos, Novoa y Err&aacute;zuriz Ltda., as well as member of the board of
directors of IRSA, Banco Santander Santiago S.A. He received his law degree from the
University of Chile and his Master&#146;s degree in Comparative Jurisprudence from the New
York University Law School. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Phillipe Pasquet</I> (65), has
served as our Director since June 2003. He is currently Heineken&#146;s Director for Latin
America and has been working for Heineken since 1976. He is member of the board of
directors of CCU Argentina S.A., Vi&ntilde;a San Pedro S.A., ECUSA and IRSA, as well as
other Heineken companies in France. He received degrees from the <I>Ecole Superieure de
Commerce</I> at Dijon, France, the <I>Institut International de Commerce</I> at Paris, and
the <I>Centre Europeen d&#146;Education Permanente</I> at Fontainebleau, France. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Francisco P&eacute;rez</I> (46),
has served as our Director since July 1998. He is Chief Executive Officer of
Qui&ntilde;enco S.A. since 1998. Prior to joining Qui&ntilde;enco, he was our CEO between
1991 and 1998. He is member of the board of several companies, including CCU Argentina
S.A., ECUSA, Vi&ntilde;a San Pedro S.A., IRSA, Banco de Chile, LQ Inversiones Financieras
S.A. and Calaf S.A. He received a degree in Business Administration from the Catholic
University of Chile and a Master&#146;s degree in Business Administration from the
University of Chicago. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Alejandro Strauch</I> (38), has
served as our Director since July 2003. He is currently Anheuser-Busch International Inc.
Regional Vice President Central and South America and has been working with Anheuser-Busch
since 1992. He is also a member of the board of directors of CCU Argentina S.A. and Grupo
Modelo in Mexico. He received a degree in architecture from the Republic University in
Uruguay and a Master&#146;s degree in Business Administration from the University of
Chicago. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Patricio Jottar</I> (41), has
served as our Chief Executive Officer since 1998. He is also currently a Director of CCU
Argentina, ECUSA, Calaf S.A., Cervecer&iacute;a Austral S.A. and Compa&ntilde;&iacute;a
Cervecera Kunstmann S.A. and is Chairman of the Board of Vi&ntilde;a San Pedro. Prior to
joining us, he was Chief Executive Officer of Santander Chile Holding. He received a
degree in Business Administration from the Catholic University of Chile and a
Master&#146;s degree in Economics and Business Administration from the <I>Instituto de
Estudios Superiores de la Empresa </I>(&#147;IESE&#148;), in Barcelona, Spain. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Dirk Leisewitz</I> (58),
                is our General Comptroller and has been with us since 1987. He is currently
                Chairman of the Board of Vi&ntilde;a Santa Helena S.A., as well as Director
                of Cervecer&iacute;a Austral S.A.,
Compa&ntilde;&iacute;a Cervecera Kunstmann S.A. and Cl&iacute;nica Alemana S.A.,
a major hospital in Chile. Additionally, he is member of the board of the Chilean-German
Chamber of Commerce and Industry. Prior to joining us, he was Division Manager
of the Morgan Guaranty Group in Chile. He received a degree in Civil Engineering
from</FONT></P>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">70</font></p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the University
                of Chile, and a Masters in Administration and Management from the Catholic
                University of Louvain in Belgium. </FONT></P>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Jorge Aninat </I>(55), is our
Engineering and Project Manager and has been with us since 1977. Prior to his current
position he was Development Manager and Central Soft Drinks Division Manager. He received
a degree in Civil Engineering from the State Technical University of Chile. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Ricardo Bartel</I> (39), is our
Chief Financial Officer and he has been with us since 1990. Prior to his current position,
he was General Manager of Transportes CCU. Among other assignments in different areas, he
was Sales and Brand Manager at CCU Chile. He received a degree in Civil Engineering from
the Catholic University of Chile and an Executive Master&#146;s degree in business
administration from the same university. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Marisol Bravo</I> (44), is our
Corporate Affairs and Public Relations Manager and has been with us since 1991. Prior to
her current position she was Head of Special Projects. Before joining us, she was
Assistant Manager of Marketing at Citicorp Mutual Funds. She received a degree in Business
Administration from the University of Chile. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Pablo De Vescovi</I> (51), is our
Human Resources Manager and has been with us since 1994. Prior to serving in this capacity
he was Human Resources Manager of ECUSA. Before joining ECUSA he was the Human Resources
Manager of Embotelladora Chile S.A. (&#147;Embochile&#148;), a former PepsiCo bottler, and
Human Resources Vice President of The Chase Manhattan Bank in Chile. He received a degree
in Business Administration from the Catholic University of Chile. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Francisco Diharasarri</I> (43), is
the General Manager of ECUSA and has been with us since 1985. Prior to his current
position, he was General Manager of CCU Chile, General Manager of ECUSA and General
Manager of PLASCO. He is also currently Chairman of the Board of Calaf S.A. He received a
degree in Civil Engineering from the University of Chile. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Johan Doyer</I> (51), is the
General Manager of CCU Chile and has been with us since 2003. He has been working with
Heineken since 1978, in different countries around the world, in marketing and sales
positions, as well as General Management. Prior to joining us he was General Manager at a
Heineken brewery in the Democratic Republic of Congo, and also in Burundi, Reunion Islands
and Vietnam. He received a degree in Industrial Engineering from TH Eindhoven of the
Netherlands and a Master&#146;s degree in Business Administration from INSEAD in France. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Alvaro Fern&aacute;ndez</I> (37),
is the General Manager of Pisconor and has been with us since 1998. Prior to his current
position, he was our Development Manager. He is also Director of Cervecer&iacute;a Austral
S.A. and Compa&ntilde;&iacute;a Cervecera Kunstmann S.A. Prior to joining us he was
Commercial Manager of Santander Life Insurance Company and Vice President of Citicorp. He
received a degree in Business Administration from the Catholic University of Chile. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Hugo Ovando</I> (33), is our
Development Manager and has been with us since 1997. Prior to his current position, he was
Corporate Projects Manager. He received a degree in Business Administration from the
Catholic University of Chile and a Master&#146;s degree in Business Administration from
Babson College. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Ricardo Reyes </I>(49), is the
General Manager of VSP and he has been with us since 1996. Prior to his current position,
he was our Chief Financial Officer for almost 8 years. Prior to joining us, he worked 18
years at Esso Chile Petrolera, an Exxon affiliate, holding the positions of Operations
Manager, Financial and Planning Manager, and Information System Manager. He received a
degree in Civil Engineering from the Catholic University of Chile. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Margarita S&aacute;nchez</I> (60),
is our Chief of Legal Division and has been with us since 1972. Prior to her current
position, she was our Counsel and Chief Counsel. She received her law degree from the
University of Chile. </FONT></P>

<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">71</font><!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
</p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Fernando Sanchis</I> (43), is the
General Manager of CCU Argentina and has been with us since 1995. Prior to joining us, he
was Chief Financial Officer of Embochile, a former PepsiCo bottler and held the same
position at Uruguay&#146;s PepsiCo&#146;s bottler. He received an accounting degree from
the Buenos Aires University of Argentina. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our senior management is full time
employees, therefore, they do not perform business activities outside us. The principal
business activities of our directors are summarized in the following table: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=80% align=center>
<TR VALIGN=Bottom>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Directors</FONT></TD>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Business Activities</FONT></TD></TR>
<TR>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Guillermo Luksic</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chairman of Quinenco</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Giorgio Maschietto</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director of Companies</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jorge Carey</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attorney-at-Law</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Andronico Luksic</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vice Chairman of Banco de Chile</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Manuel Jose Noguera</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Legal Counsel of Quinenco</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Carlos Olivos</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attorney-at-Law</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Philippe Pasquet</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Heineken's Director for Latin America</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Francisco Perez</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Quinenco's CEO</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Alejandro Strauch</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Anheuser-Busch International, Inc. Regional Vice President</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Central and South America</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On January 13, 2003, the existing
shareholders&#146; agreement was amended in order to allow the Sch&ouml;rghuber Group to
sell its interest in IRSA to Heineken Americas B.V., a subsidiary of Heineken
International B.V. On April 17, 2003, the Sch&ouml;rghuber Group gave Qui&ntilde;enco
formal notice of the sale of its interest in IRSA to Heineken International B.V.
Currently, Heineken Chile Ltda., a Chilean limited corporation controlled by Heineken
Americas B.V., owns 50% of IRSA&#146;s shares. As of December 31, 2003, IRSA&#146;s
primary shareholders&#146; agreement gives Qui&ntilde;enco the right to propose to our
board of directors the candidates for Chief Executive Officer, and to Heineken Chile Ltda.
our General Comptroller and CCU Chile&#146;s General Manager. On the other hand, under the
agreement, neither Qui&ntilde;enco nor Heineken Chile Ltda. can separately, directly or
indirectly, buy or sell our shares. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compensation </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the year ended December&nbsp;31,
2003, the aggregate amount of compensation paid and the expenses reimbursed by us to all
our directors was Ch$1,275 million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each year, our board of directors
makes a proposal to the shareholders regarding their compensation, which is generally
approved during the annual general shareholders&#146; meeting. In accordance with the
decisions made at a shareholders&#146; meeting, the compensation of our board of directors
consists of a fixed monthly fee of UF 100 per board member, and twice as much for the
Chairman, along with profit-sharing equivalent to 5% of distributed dividends. By a board
decision, this last percentage was not applied to the extraordinary dividend of Ch$168,700
million paid during 2003. Additionally, the board members that participate in the Audit
Committee and in the Business Committee, receive a compensation of UF25 and UF17,
respectively, by each session they assist. In 2003, total compensation paid by us and our
subsidiaries to each of our directors for services rendered was as follows: </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attendance<BR>
     meetings&nbsp;fee (1) </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dividend<BR>participation</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subtotal&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Expense<BR>reimbursement</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total&nbsp;</FONT></TD></TR>
<TR>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="CENTER" colspan=6><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(thousands of Ch$)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Guillermo Luksic</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ch$43,700</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ch$114,395</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ch$158,095</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ch$-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ch$158,095</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Giorgio Maschietto</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,294&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>114,395&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>138,689&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>138,689&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Johannes Bauer (2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,409&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>114,395&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>124,804&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,082&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>137,886&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jorge Carey</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,532&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>114,395&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>137,927&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>137,927&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Peter Hellich (3)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,192&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>114,395&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>129,587&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,731&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>136,318&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>John Koykka (4)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,673&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>114,395&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>127,068&nbsp;</FONT></TD>
              <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>127,068&nbsp;</FONT></TD></TR>
</table>
<p align="center" style="page-break-after:always"><font size="2" face="Times New Roman, Times, serif">72</font></p>




<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attendance<BR>meetings&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dividend<BR>participation</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subtotal&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Expense<BR>reimbursement</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total&nbsp;</FONT></TD></TR>
<TR>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="CENTER" colspan=6><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(thousands of Ch$)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Andr&#243;nico Luksic</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,269&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>114,395&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>134,664&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>134,664&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Manuel Jos&#233; Noguera</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,269&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>114,395&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>134,664&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>134,664&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Carlos Olivos (3)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,077&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,077&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,077&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Philippe Pasquet (2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,010&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,010&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,010&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Francisco P&#233;rez</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29,112&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>114,395&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>143,507&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>429&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>143,936&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Alejandro Strauch (4)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,148&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,148&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,148&nbsp;</FONT></TD></TR>
</TABLE>


<hr size=1 width=15% align=left>


<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Include
remuneration for members of the Directors and Business Committees.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Mr.
Philippe Pasquet was designated as a permanent Board member in June 2003, after the
     resignation of Mr. Johannes Bauer.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Mr.
Carlos Olivos was designated as a permanent Board member in October 2003, after the
     resignation of Mr. Peter Hellich.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(4)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Mr.
Alejandro Strauch was designated as a permanent Board member in July 2003, after the
resignation of Mr. John Koykka.</FONT></P></TD>
</TR>
</TABLE>




<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the year ended December 31, 2003,
the aggregate amount of compensation paid to our senior managers, to the area managers of
our operating subsidiaries and to the managers of the service units that report to our
CEO, was Ch$4,260 million (Ch$3,663 million in 2002). We do not and are not required under
Chilean law to disclose to our shareholders or otherwise make public information as to the
compensation of our individual senior managers. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We do not maintain any stock option,
pension or retirement programs for our directors or senior managers. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<p ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Board Practices</B></U> </FONT> </p>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We are managed by our board of
directors which, in accordance with our bylaws (<I>Estatutos</I>), must consist of nine
directors who are elected at the annual shareholders&#146; meeting. The entire board of
directors is elected for three years and the last election of directors took place in
April 2004. The board of directors may appoint replacements to fill any vacancies that
occur during periods between annual shareholders&#146; meetings. If such a vacancy occurs,
the entire board of directors must be renewed at the next following annual
shareholders&#146; meeting. Our senior managers are appointed by the board of directors
and hold office at the discretion of the board of directors. There are regularly scheduled
meetings of the board of directors once a month; extraordinary meetings are specially
summoned by the Chairman at the request of any of the board of directors members. The
board of directors does not have an executive committee. The director&#146;s service
contracts do not contain any provisions for benefits upon termination of employment. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Audit Committee</I>. The Chilean
Corporations Act was amended, effective December&nbsp;20, 2000. The following is a summary
of the main provisions of the amendment. Under the amendment, the boards of directors of
corporations whose market capitalization reaches or exceeds 1.5&nbsp;million <I>Unidades
de Fomento</I> (as of May 31, 2004 approximately US$39.9 million) shall designate an audit
committee, (the &#147;audit committee&#148;), referred to in the Chilean Corporations Act
as the &#147;comit&eacute; de directores&#148; or &#147;directors committee&#148;). If the
market capitalization falls below this threshold, the obligation to designate an audit
committee disappears. However, corporations, which do not reach the threshold, may
voluntarily assume the obligations concerning the audit committee, in which case they
shall strictly follow the provisions of the amendment. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The audit committee, as defined and
mandated under the Chilean Corporations Act, does not satisfy the audit committee
requirements of Rule 10A-3 under the Exchange Act and certain additional requirements
under NYSE Rule 303A, with which we will be required to comply by July 31, 2005. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The audit committee has the following
powers and duties: </FONT></P>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">73</font></p>
<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<UL><LI><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to examine the
independent accountants' reports, the balance sheets, and other financial statements
submitted by the               corporation's managers or liquidators to the shareholders,
and issue an opinion about them prior to their submission for               shareholder
approval; </FONT></P></UL>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<UL><LI><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to propose to the
board of directors the independent accountants and the risk rating agencies, which the
board must then               propose to the shareholders.  Should the board of directors
disagree with the audit committee's proposal, the board               shall be entitled
to make its own proposal, submitting both to the shareholders for their consideration; </FONT></P></UL>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<UL><LI><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to examine the
documentation concerning (i) contracts or agreements in which directors have an interest
and (ii) transactions               between related or affiliated companies, and to
produce a written report on such documentation.  A copy of the report               shall
be delivered to the Chairman of the board, who shall read it at the board meeting in
which the relevant               transaction is presented for approval or rejection; </FONT></P></UL>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<UL><LI><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to examine the
managers' and chief executives' remuneration policies and compensation plans; and </FONT></P></UL>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<UL><LI><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>all other matters
contemplated in our bylaws or entrusted to the audit committee by a shareholders' meeting
or the board of               directors. </FONT></P></UL>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For purposes of the related party
transactions mentioned in the third bullet point above, the following persons are
considered by the Securities Market Law and the Chilean Corporations Act to be related to
a company: </FONT></P>


<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<UL><LI><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any entities
within the financial conglomerate to which the company belongs; </FONT></P></UL>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<UL><LI><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>corporate
entities that have, with respect to us, the character of parent company, affiliated
company, subsidiary or related               company.  Parent companies are those that
control directly or indirectly more than 50% of the subsidiary's voting stock
              (or participation, in the case of business organizations other than stock
companies), or that may otherwise elect or               appoint, or cause the election
or appointment, of the majority of the directors or officers.  Limited partnerships
              (sociedades en comandita) may likewise be affiliates of a corporation,
whenever the latter has the power to direct or               guide the administration of
the general partner (gestor) thereof.  Related companies are those that, without actually
              controlling the affiliate, own directly or indirectly 10% or more of the
affiliate's voting stock (or participation, in               the case of business
organizations other than stock companies), or that may otherwise elect or appoint, or
cause the               election or appointment of at least one board member or manager; </FONT></P></UL>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<UL><LI><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>persons who are
directors, managers, administrators or liquidators of us, and their spouses or their
close relatives (i.e.,               parents, father/mother in law, sisters, brothers,
sisters/brothers in law); and </FONT></P></UL>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<UL><LI><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any person who,
whether acting alone or in agreement with others, may appoint at least one member of our
management or               controls 10% or more of our voting capital. </FONT></P></UL>



<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition, the Superintendency of
Securities and Insurance may create a presumption that any individual or corporate entity
is related to a company if, because of relationships of equity, administration, kinship,
responsibility or subordination, the person: </FONT></P>


<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<UL><LI><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>whether acting
alone or in agreement with others, has sufficient voting power to influence our
management; </FONT></P></UL>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<UL><LI><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>creates conflicts
of interest in doing business with us; </FONT></P></UL>


<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">74</font><!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
</p>
<UL><LI><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>in the case of a
corporate entity, is influenced in its management by the company; or </FONT></P></UL>

<!-- MARKER FORMAT-SHEET="LI Times Left" FSL="Workstation" -->
<UL><LI><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>holds an
employment or position which affords the person access to non-public information about us
and our business, which               renders the person capable of influencing the value
of the company's securities. </FONT></P></UL>



<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>However, a person shall not be
considered to be related to a company by the mere fact of owning up to 5% of the company,
or if the person is only an employee of the company without managerial responsibilities. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The audit committee&#146;s
discussions, agreements, and organization are regulated, in every applicable matter, by
the Chilean Corporations Act provisions relating to board of directors&#146; meetings. The
audit committee shall inform the board of directors about the manner in which it will
request information and about its resolutions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition to the general
liabilities imputable to any director, the directors that compose the audit committee
shall, in the exercise of their duties, be jointly and severally liable for any damage
caused to the corporation or the shareholders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The audit committee shall be composed
of three members, the majority of which shall be independent. Independent directors are
those that would have been elected even if the votes cast in the director&#146;s favor by
the controlling shareholder and its related persons had not been counted. However, a
majority of directors related to the controlling shareholder is permissible if there is an
insufficient number of independent directors. Should there be more than three directors
entitled to participate in the audit committee, the board of directors shall elect the
members of the audit committee by unanimous vote. Should the board of directors fail to
reach an agreement, the matter shall be decided by drawing. Our audit committee is
composed of Messrs. Jorge Carey, Alejandro Strauch and Francisco P&eacute;rez, of whom the
first two are independent directors and the third one appointed with the controlling
shareholder&#146;s votes. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The members of the audit committee
shall be remunerated. The amount of such remuneration shall be established annually by the
shareholders, taking in consideration the duties that the audit committee members shall
perform. The remuneration of our audit committee members is 25 <I>Unidades de Fomento</I>
(as of May 31, 2004, approximately US$666) per audit committee meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The shareholders shall determine the
budget of the audit committee and those of its advisors, and the audit committee shall be
allowed to request the recruitment of professionals to fulfill its duties, within the
limits imposed by the budget. The activities of the audit committee and its expenses,
including its advisors&#146; expenses, shall be included in the annual report and conveyed
to the shareholders. The budget of our audit committee and its advisors is 1,000
<I>Unidades de Fomento </I>(as of May 31, 2004, approximately US$26,628). </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General summary of
significant differences with regard to corporate government standards </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following paragraphs provide a
brief, general summary of significant differences between corporate government practices
followed by us pursuant to our home-country rules and those applicable to U.S. domestic
issuers under New York Stock Exchange (&#147;NYSE&#148;) listing standards. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Composition of the board of
directors; independence.</I> The NYSE listing standards provide that listed companies must
have a majority of independent directors and that certain board committees must consist
solely of independent directors. Under NYSE rule 303A.02, a director qualifies as
independent only if the board affirmatively determines that such director has no material
relationship with the company, either directly or indirectly. In addition, the NYSE
listing standards enumerate a number of relationships that preclude independence. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under Chilean
                law there is no legal obligation to have independent directors. However, Chilean
                law establishes a number of principles of general applicability designed to
                avoid conflicts of interests and to establish standards for related party transactions.
Specifically, directors elected by a group or class of</FONT></P>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">75</font></p>
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>shareholders
                have the same duties to the company and to the other shareholders as the rest
                of the directors, and all transactions with the company in which a director
                has an interest, either personally (which includes the director&#146;s spouse
        and certain relatives) or as a representative of a third party, require prior approval by
        the board of directors and must be entered into on market terms and conditions.
        Furthermore, such transactions must be reviewed by the audit committee (as defined below)
        and disclosed at the next meeting of shareholders. Pursuant to NYSE rule 303A.00, we may
        follow Chilean practices and are not required to have a majority of independent directors. </FONT></P>
<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Committees.</I> The NYSE listing standards require that listed companies have a
          Nominating/Corporate Governance Committee, a Compensation Committee and an Audit
          Committee. Each of these committees must consist solely of independent directors
          and must have a written charter that addresses certain matters specified by the
          listing standards. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under Chilean law, the only board
committee that is required is the audit committee (<I>comit&eacute; de directores</I>),
composed of three members, such committee having a direct responsibility to (a) review the
company&#146;s financial statements and the independent auditors&#146; report and issue an
opinion on such financial statements and report prior to their submission for
shareholders&#146; approval, (b) make recommendations to the board of directors with
respect to the appointment of independent auditors and risk rating agencies, (c) review
transactions in which directors have an interest and transactions between affiliated
companies, and issue a report on such transactions, (d) review the Chief Executive
Officer&#146;s (&#147;CEO&#148;) and principal executive officers&#146; compensation
policies and plans and (e) perform other duties as defined by the company&#146;s charter,
by the general shareholders&#146; meeting or by the board. A director who is a member of
the audit committee is &#147;independent&#148; if, subtracting the votes of the
controlling shareholder and its affiliates from the total number of votes given in favor
of such director, he or she would have been nevertheless elected. Directors elected with
the votes of the controlling shareholder and its affiliates may constitute the majority of
the audit committee if there are not enough independent directors on the board. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>However, pursuant to NYSE Rule
303A.06, we must have an audit committee that satisfies the requirements of Rule 10A-3
under the Exchange Act and the additional requirements under NYSE Rule 303A by July 31,
2005. Therefore, we must establish an independent audit committee and a written audit
committee charter addressing the audit committee&#146;s purpose and responsibilities by
July 31, 2005. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Shareholder approval of
equity-compensation plans.</I> Under NYSE listing standards, shareholders must be given
the opportunity to vote on all equity-compensation plans and material revisions thereto,
with limited exemptions. An &#147;equity-compensation plan&#148; is a plan or other
arrangement that provides for the delivery of equity securities of the listed company to
any employee, director or other service provider as compensation for services. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under Chilean law, if previously
approved by shareholders at an extraordinary shareholders&#146; meeting, up to ten percent
of a capital increase in a publicly traded company may be set aside to fund
equity-compensation plans for the company&#146;s employees and/or for the employees of the
company&#146;s subsidiaries. Pursuant to NYSE rule 303A.00, as a foreign issuer, we may
follow Chilean practices and are not required to comply with the NYSE listing standards
with respect to shareholder approval of equity-compensation plans. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Corporate Governance Guidelines.
</I>The NYSE listing standards provide that listed companies must adopt and disclose
corporate governance guidelines with regard to (a) director qualifications standards; (b)
director responsibilities; (c) director access to management and independent advisors; (d)
director compensation; (e) director orientation and continuing education; (f) management
succession; and (g) annual performance evaluation of the board. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chilean law does
                not require that such corporate governance guidelines be adopted. Director
                responsibilities and access to management and independent advisors are directly
                provided for by applicable law. Director compensation is approved by the annual
                meeting of shareholders pursuant to</FONT></P>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">76</font></p>
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>applicable law.
                As a foreign issuer, we may follow Chilean practices and are not required to
                adopt and disclose corporate governance guidelines. </FONT></P>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Code of Business Conduct and
Ethics. </I>The NYSE listing standards require that listed companies adopt and disclose a
code of business conduct and ethics for directors, officers and employees, and promptly
disclose any waivers of the code for directors or executive officers. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We have adopted a code of business
conduct and ethics that applies generally to all of our executive officers and employees.
A copy of the code of ethics is available in our website at www.ccu-sa.com. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Executive Sessions</I>. To empower
non-management directors to serve as a more effective check on management, NYSE listing
standards provide that non-management directors of each company must meet at regularly
scheduled executive sessions without management. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under Chilean law, the office of
director is not legally compatible with that of a company officer in publicly traded
companies. The board of directors exercises its functions as a collective body and may
partially delegate its powers to executive officers, attorneys, a director or a board
commission of the company, and for specific purposes to other persons. As a foreign
issuer, we may follow Chilean practices and are not required to comply with the NYSE
listing standard for executive sessions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Certification Requirements</I>.
Under NYSE listing standards, Section 303A.12(a) provides that each listed company CEO
must certify to the NYSE each year that he or she is not aware of any violation by the
company of NYSE corporate governance listing standards and Section 303A.12(b) provides
that each listed company CEO must promptly notify the NYSE in writing after any executive
officer of the listed company becomes aware of any material non-compliance with any
applicable provisions of Section 303A. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As a foreign private issuer, we must
comply with Section 303A.12(b) of the NYSE listing standards, but we are not required to
comply with 303A.12(a). </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Employees</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chile </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December&nbsp;31, 2001, 2002
and 2003, we had a total of 3,411, 3,462 and 3,349 permanent employees in Chile,
respectively. As of December&nbsp;2003, 2,139 were represented by 37 labor unions. As of
December&nbsp;31, 2003, the average tenure of our full-time employees was approximately
nine and a half years. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Unionized employees represent
approximately 65% of our total permanent workforce. Our management believes it generally
has a good relationship with the labor unions representing our employees. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During 2003, 1,438 employees renewed
their collective contracts, all of them for a period of two years. The contract renewals
are expected to increase the unionized workforce costs between 1% and 2%. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All employees who are terminated for
reasons other than misconduct are entitled by law to receive a severance payment. In the
years 2001, 2002 and 2003, we made severance payments in the amounts of Ch$2,477 million,
Ch$1,069 million and Ch$1,262 million, respectively. Permanent employees are entitled to
the basic payment, as required by law, of one month&#146;s salary for each year, or
six-month portion thereof, worked. This condition is subject to a limitation of a total
payment of no more than 11 months&#146; pay for employees hired after August 14, 1981.
Severance payments to employees hired before August&nbsp;14, 1981 are not subject to any
limitation. Our employees who are subject to collective bargaining agreements have a
contractual benefit to receive a payment in case of resignation, consisting of a payment
of one monthly base salary for each full year worked, not subject to a limitation on the
total amount payable but subject to a limitation on the total number of employees who can
claim the severance benefit during any one year. In 2003, we laid off 322 employees. </FONT></P>

<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">77</font></p>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We do not maintain any pension fund
or retirement program for our employees. Workers in Chile are subject to a national
pension fund law which establishes a system of independent pension plans, administered by
<I>Administradoras de Fondos de Pensiones</I> (&#147;AFPs&#148;). We have no liability for
the performance of the pension plans or any pension payments to be made to the employees. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition to our permanent work
force, as of December&nbsp;31, 2003, we had 430 temporary employees, who were hired for
specific time periods to satisfy short-term needs. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">a) <U>Beer Business</U><BR>As of December&nbsp;31, 2001, 2002
and 2003, we had a total of 481, 474 and 458 permanent employees respectively. As of
December&nbsp;31, 2003, 193 employees were represented by three labor unions. Two of the
labor unions are members of one federation, Federaci&oacute;n Argentina de Trabajadores
Cerveceros y Afines (the Argentine Beer Workers Federation, or &#147;FATCA&#148;). As of
December&nbsp;31, 2003, the average tenure of our employees in Argentina was ten years. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Collective bargaining in Argentina is
done on an industry-wide basis, rather than, as in Chile, on a company-by-company basis.
According to the provisions of an agreement signed in 1975, salary levels of unionized
workers are reviewed periodically. At the end of December&nbsp;1998, an agreement was
signed regulating working conditions and worker salaries for the period between January 1,
1999 and June 30, 2001. As of December 31, 2003, a new agreement was executed regulating
working conditions and worker remuneration, in similar terms than the 1998 agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In Argentina, as in Chile, all
employees who are terminated for reasons other than misconduct are entitled by law to
receive a severance payment. We made severance payments in connection with our Argentine
beer operations in the amounts of Ch$678 million, Ch$419 million and Ch$47 million, in
2001, 2002 and 2003 respectively. According to the Argentine Labor Law, employees who
joined us before October 1998 are entitled to the basic payment as required by law of one
month&#146;s salary for each year or fraction thereof worked. This monthly amount cannot
exceed three times the average monthly salary established under the applicable collective
bargaining agreement and cannot be less than the equivalent of two monthly salaries of the
employee. For those employees hired after October 1998, the severance payment is the
equivalent of 8.33% of a monthly salary for each month of tenure. As of January 8, 2002 a
new temporary rule came into force. According to the current labor laws, the severance
payment due to a dismissed employee is to be doubled. This rule, which is included in Law
25561, has been successively extended. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition to our permanent work
force, as of December&nbsp;31, 2003, we had 138 temporary employees, who were hired for
specific time periods to satisfy short-term needs. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">b) <U>Wine Business</U><BR>As of December 31, 2003, the first
year that Finca La Celia, the Argentine subsidiary of Vi&ntilde;a San Pedro, consolidates
its results, had a total of 94 permanent employees. As of December 31, 2003, 45 were
represented by one labor union. As of December 31, 2003, the average tenure of our
employees in FLC was two years. In addition to our permanent work force in FLC, we had 81
temporary employees, who were hired for specific time periods to satisfy short-term needs. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Share Ownership</U> </FONT> </H1>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Except as disclosed in &#147;Item 7:
Major Shareholders and Related Party Transactions &#150; Major Shareholders&#148;, as of
December 31, 2003, our senior management and our board members in the aggregate owned less
than one percent of the our shares. </FONT></P>


<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">78</font><!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
</p>
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We do not maintain stock option or
other programs involving our employees in the capital of the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->

<a name=a10></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 7: Major
Shareholders and Related Party Transactions </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Major Shareholders</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our only outstanding voting
securities are our shares of our common stock. The following table sets forth information
concerning the ownership of our common stock as of May 31, 2004, for each shareholder
known to us to own more than 5% of the outstanding shares of our common stock and for all
of our directors and executive officers as a group: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="50%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shareholder</FONT></TD>
     <TD WIDTH="25%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Number of shares owned</FONT></TD>
     <TD WIDTH="25%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>% Ownership</FONT></TD></TR>
<TR>
<TD><hr size=1></TD>
<TD><hr size=1></TD>
<TD><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inversiones y Rentas S.A.</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>196,269,358&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61.62%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Anheuser-Busch International</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Holdings, Inc. Chile II Ltda.</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63,695,333&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.00%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our directors and executive</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;officers as a group (1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52,453&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.02%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>

<hr size=1 align=left width=15%>

<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Does
not include the 196,269,358 shares of our common stock owned by Inversiones y Rentas,
which      is 50% beneficially owned by the Luksic family, as discussed below.  Guillermo
Luksic and      Andronico Luksic, our directors, are members of the Luksic family.</FONT></P></TD>
</TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition, as of May 31, 2004,
JPMorgan Chase Bank, the Depositary for our ADR facility, was the record owner of
9,874,978 shares of our common stock (2.89% of the outstanding common stock) deposited in
our ADR facility. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of May 31, 2004, we had
approximately 5,570 shareholders of records. All shareholders have equivalent voting
rights. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>IRSA is a Chilean privately held
corporation formed for the sole purpose of owning a controlling interest in us. IRSA is
owned 50% by Qui&ntilde;enco S.A., which is a holding company of the Luksic Group, and 50%
by Heineken Chile Ltda., a subsidiary of Heineken International. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On January 4 and 5, 2001,
Anheuser-Busch International Holdings, Inc. acquired 23,887,716 shares of our common stock
from Compa&ntilde;&iacute;a de Petr&oacute;leos de Chile S.A., 24,805,929 shares from
local pension funds in an open market purchase in the Santiago Stock Exchange and
3,045,500 shares in an open market transaction in the New York Stock Exchange. As a result
of these transactions, Anheuser-Busch International Holdings, Inc. became the owner of a
16.2% stake in us. During the year 2001, Anheuser-Busch International Holdings, Inc.
continued buying our shares in the market, becoming the owner of a 20% of our capital
stock, as of December 2001. Anheuser-Busch International Holdings, Inc. transferred its
shares to a Chilean corporation named Anheuser-Busch International Holdings, Inc. Chile II
Ltda., which, as of May 31, 2004, owns 20% of our equity. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On March 9, 2004, Anheuser- Busch
Companies Inc., or A-BC, informed us that it was considering a possible disposition,
through an underwritten secondary offering in Chile and in the international markets, of
the shares of common stock held by its affiliate Anheuser-Busch International Holdings,
Inc. Chile II Ltda. Currently, and as requested by A-BC, we are negotiating the form and
conditions under which such possible offering might be effected with the support of our
management. As of the date of this annual report, there can be no assurance that A-BC will
consummate a secondary offering or other disposition of our shares. </FONT></P>

<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">79</font><!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

</p>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Related Party
Transactions</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Article 89 of the Chilean
Corporations Act, Law N&deg; 18.046, requires that transactions with related parties be on
terms similar to those of an arm&#146;s length transaction. Directors and executive
officers of companies that violate Article 89 are liable for losses resulting from such
violations. In addition, Articles 44 and 50 of the Chilean Corporations Act provide that
any related party transaction, including any transaction in which a director has a
personal interest or is acting on behalf of a third party, may be executed only when such
transaction is disclosed to the audit committee and previously approved by the board of
directors, and the terms of such transaction are similar to those of an arm&#146;s length
transaction. If the conflicting interest transaction involves a &#147;material
amount,&#148; the board of directors is required to produce a statement declaring in
advance that the conflicting interest transaction is similar in its terms to an arm&#146;s
length transaction. A conflicting interest transaction is deemed to involve a
&#147;material amount&#148; if the amount involved is both greater than UF2,000 (as of May
31, 2004, approximately US$53,256) and exceeds 1% of the assets of the corporation, or if
the amount exceeds UF20,000 (as of May 31, 2004, approximately US$532,562) regardless of
the size of the corporation<I>.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If the board of directors believes
that it is not possible to ascertain whether the conflicting interest transaction is
similar to an arm&#146;s length transaction, it may approve or reject the conflicting
interest transaction, or appoint independent advisors to make such a determination. In
each case, interested directors are excluded from the decision of the board related to the
conflicting interest transaction. If the board appoints independent advisors, the report
prepared by the advisors will be made available to the shareholders and the board of
directors for 20 business days from the date the last report was received from the
independent advisors. The shareholders will be notified in writing of the receipt of the
report. After this period the board may approve or reject the conflicting interest
transaction, but the board is not required to follow the independent advisors&#146;
conclusion. The board may treat the conflicting interest transaction and the report as
confidential information. In each circumstance, the interested director would be excluded
from the decision-making process at the board level. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Within a twenty-day period,
shareholders representing at least 5% of the voting shares of the Company may request that
the board call a shareholders&#146; meeting in order to approve or reject the conflicting
interest transaction by a two-thirds majority of the outstanding voting shares. All
decisions adopted by the board in respect of the conflicting interest transaction must be
reported at the next shareholders&#146; meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The controller of the corporation or
the related party which intends to enter into the conflicting interest transaction shall
make available to the board of directors, at the time the transaction is being considered
by the board, all information relating to the transaction filed with any non-Chilean
regulatory entities or stock exchanges. A violation of Article 44 may result in
administrative or criminal sanctions against the interested director. The Company, the
shareholders or interested third parties who suffer losses as a result of such violation
have the right to receive compensation from such director in certain situations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the ordinary course of our
business, we engage in a variety of transactions with certain of our affiliates and
related parties. Financial information concerning these transactions is set forth in Note
16 to our consolidated financial statements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We engage in a variety of
transactions with affiliates of the Luksic Group and the Sch&ouml;rghuber Group, the
beneficial owners of IRSA until April 17, 2003, as well as with other shareholders of
ours. On that date, the Sch&ouml;rghuber Group gave Qui&ntilde;enco formal notice of the
sale of its interest in FHI, and therefore in IRSA, to a subsidiary of Heineken
International. Currently, Qui&ntilde;enco and Heineken Chile Limitada, a Chilean limited
corporation controlled by Heineken Americas B.V. are the only shareholders of IRSA, each
with a 50% equity interest See &#147;Item 4: Information on the Company &#150;
Organizational Structure&#148;. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On April 28, 2003, we and Heineken
International signed license and technical assistance agreements which provide us with the
exclusive rights to produce, sell and distribute Heineken beer in Chile and Argentina
commencing June 18, 2003. These agreements have an initial term of 10 years beginning in
June 2003, renewable for subsequent periods of five years. See &#147;Item 4: Information
on the Company &#150; </FONT></P>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">80</font></p>
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Business Overview &#150; Our Beer Business in Chile &#150; Beer
        Production and Marketing in Chile&#148; and &#147;Item 4: Information on the Company
&#150; Business Overview &#150; Our Beer Business in Argentina &#150; Beer Production and
        Marketing in Argentina&#148;. </FONT></P>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We produce, bottle and distribute
Budweiser beer in Argentina under the licensing agreement executed with Anheuser-Busch in
December 1995, as amended. We and Anheuser-Busch also signed an investment agreement that
gives Anheuser-Busch an option, until 2005, to increase its current participation in CCU
Argentina from 10.8% up to 20.0%. We also sell imported Budweiser beer in Chile. See
&#147;Item 4: Information on the Company &#150; Business Overview &#150; Our Beer Business
in Argentina&#148; and &#147;Item 4: Information on the Company &#150; Business Overview
&#150; Our Beer Business in Chile&#148;. As of May 31, 2004, Anheuser-Busch owned 20.0% of
our shares of common stock. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additionally, we both import and
produce, bottle and distribute Paulaner beer under license from Paulaner Brauerei AG,
which is controlled by the Sch&ouml;rghuber Group. The current import and license
agreement, executed in 1995, which supersedes all prior agreements, provides us with the
exclusive right to produce in Chile super-premium beer under the Paulaner label and
distribute in Chile a variety of additional imported Paulaner products. Its term is five
years, beginning in May 1995, renewable for successive five-year periods beginning in the
year 2000. See &#147;Item 4: Information on the Company &#150; Business Overview &#150;
The Company&#146;s Beer Business in Chile &#150; Beer Production and Marketing in
Chile&#148;. As of the date of this annual report, the import and license agreement
&#150;no longer a related party transaction&#150; remains in force. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The technical service agreement with
Paulaner-Salvator-Thomasbr&auml;u AG (now Paulaner Brauerei AG), executed in 1989,
pursuant to which Paulaner Brauerei AG provided us with &#147;know-how&#148; for the
production of beer and assistance in the selection and development of raw materials and
the modernization of plant installations, was in force until September 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Finally, we entered into a Framework
Agreement with Banco de Chile, a Qui&ntilde;enco subsidiary, effective as from May 1,
2003, for the rendering of banking services to us and certain of our subsidiaries and
affiliates, including, among others, payment to suppliers and shareholders, cashier
service, transportation of valuables and payment of salaries. This agreement replaces
prior agreements for the same purpose executed with Banco de A. Edwards, which merged into
Banco de Chile as from January 1, 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Since our audit committee was
established in 2001, all related party contracts have been reviewed by it, and then
approved by the board of directors, which approval also was a standard practice prior to
the creation of the audit committee. Our principal related party contracts include rental
of properties, the rendering of services and product sales. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our principal transactions with
related parties for the twelve-month period ended December&nbsp;31, 2003, are detailed
below: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN="TOP">
     <TD WIDTH="40%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Company</FONT></TD>
     <TD WIDTH="15%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Relationship</FONT></TD>
     <TD WIDTH="28%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transaction</FONT></TD>
     <TD ALIGN="CENTER" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amounts&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(thousand of Ch$)</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco de Chile</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affiliate</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purchase of time deposits</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>477,019,999&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest on time deposits</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>401,320&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Services received</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>76,371&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest paid</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>199,678&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Collection services</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>171,895&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Forward contract</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40,152,960&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loans obtained</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>508,015&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Valuables transport</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,742,290&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sale of products</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,876&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Editorial Trineo S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affiliate</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purchase of products</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>375,118&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Services received (expense)</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,451&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Hoteles Carrera S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affiliate</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Services received (expense)</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,674&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sale of products</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,757&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inmobiliaria Norte Verde S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affiliate</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Services received (expense)</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,504&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Paulaner Brauerei A.G.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affiliate</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Licenses and technical</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>assistance received</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99,998&nbsp;</FONT></TD></TR>
</table>

<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">81</font></p>
<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN="TOP">
     <TD width="40%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Anheuser Busch Inc.</FONT></TD>
     <TD width="15%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affiliate</FONT></TD>
     <TD width="28%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Licenses and technical assistance</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>577,698&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purchase of products</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,857,826&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sale of products</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,133,210&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cotelsa S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affiliate</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purchase of products</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68,502&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purchase of pallets</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>111,982&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lanzville Investments Establishment</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affiliate</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Adjustment paid</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,913&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Alufoil S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affiliate</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purchase of products</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>755,423&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Empresa Nacional de Telecomunicaciones</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affiliate</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Services received (expense)</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>353,774&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Entel PCS Telecomunicaciones S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affiliate</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Services received (expense)</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>488,596&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banchile Corredores de Bolsa</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affiliate</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purchase of investments</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>174,528,725&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest on investments</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>197,046&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Anheuser Busch Lat. Corporation</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affiliate</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Technical assistance (expense)</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,641&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cerveceria Austral S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Equity Investee</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purchase of products</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,935&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Royalties</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>463,881&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Services rendered (income)</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,189&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sale of raw materials</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,390&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Distribution services</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,623&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affiliate payments</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,616&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Services rendered</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59,263&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Advertising</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,000&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Comercial Patagona Ltda.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affiliate</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purchase of products</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,547&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Services rendered (income)</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,824&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transport</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,890&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sale of products</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>679,716&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compania Cervecera Kunstmann S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Equity Investee</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purchase of products</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>187,470&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Technical assistance recovery</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,119&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affiliate payments</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63,014&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Expenses recovery</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29,694&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Soc. Agricola y Ganadera Rio Negro Ltda.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affiliate</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purchase of products</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>337,797&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sale of products</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,747&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Telefonica del Sur Carrier S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affiliate</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Services received (expense)</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,611&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Telefonica del Sur S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affiliate</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Services received (expense)</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,829&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vina Dassault San Pedro S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Equity Investee</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sale of products</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>151,323&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reimbursement of expenses</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,913&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Heineken Brouwerijen B.V.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indirect</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Services billed</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,965&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Licenses and technical assistance</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>238,865&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vina Tabali S.A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Associated</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payments on behalf of Tabali</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>395&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>company</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>See Note 16 to our consolidated
financial statements for information about the years 2001 and 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Interests of Experts and
Counsel</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not applicable </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->

<a name=a11></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 8: Financial
Information </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Consolidated Statements and
Other Financial Information</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>See &#147;Item 18: Financial
Statements and Exhibits&#148; for the Company&#146;s Financial Statements and notes,
audited by PricewaterhouseCoopers. </FONT></P>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">82</font></p>
<p ALIGN=left>&nbsp;</P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Wine Exports</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Just Left" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We, through our
subsidiary VSP, export wine to 70 countries.  VSP is the second largest wine exporter in
Chile.  See "Item 4: Information on the Company - Business Overview - Our Wine Business". </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table presents our
Chilean wine exports by volume, in Chilean pesos and as percentage of total sales for the
last three years: </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2001&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2002&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2003&nbsp;</B> </FONT></TD>
</TR>
<TR>
<TD></TD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exports (thousands of liters)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40,858&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44,979&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,860&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;% of total sales</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.5%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.6%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exports (Ch$ million)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46,367&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51,235&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51,404&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;% of total sales</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.4%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.7%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.4%</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Legal Proceedings</U> </FONT> </H1>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of May 31, 2004, the Company has
no material legal proceedings. </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Dividend Policy and
Dividends</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our dividend policy is reviewed and
established from time to time by our board of directors and reported to our annual
shareholders&#146; meeting, which is generally held in April of each year. Each year our
board of directors must submit its proposal for a final dividend for the preceding year
for shareholder approval at the annual shareholders&#146; meeting. As required by the
Chilean Corporations Act, unless otherwise decided by unanimous vote of the issued shares
of our common stock, we must distribute a cash dividend in an amount equal to at least 30%
of our net income for that year, unless and except to the extent we have losses
accumulated from previous years. Our board of directors has the authority to pay interim
dividends during any one fiscal year, to be charged to the earnings for that year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our board of directors announced at
our annual shareholders&#146; meeting held on April 22, 2004, its decision to maintain the
current dividend policy for future periods, which authorizes distribution of cash
dividends in an amount equal to 50% of our net income under Chilean GAAP for the previous
year. Our dividend policy is subject to change in the future due to changes in Chilean
law, capital requirements, economic results and/or other factors. During our last annual
shareholders&#146; meeting, a dividend of Ch$51.5867 per share of common stock was
approved, in addition to the interim dividend of Ch$33.00 per share of common stock
distributed in January 9, 2004. Together, these dividend payments amounted to Ch$26,941
million, representing 50% of 2003 net income available to be distributed as dividend,
after the deduction of the loss of subsidiaries in development period. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to a extraordinary
shareholders&#146; meeting held on February 26, 2003, we approved the payment, out of
retained earnings, of an extraordinary dividend amounting to Ch$168,700 million (historic
value), which were fully paid in multiple distributions in 2003. In this occasion, our
board members waived their right to a variable compensation of 5% of the distributed
dividend. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dividends are paid to shareholders of
record as of the fifth business day, including Saturdays, preceding the date set for
payment of the dividend. The holders of ADRs on the applicable record dates are entitled
to dividends declared for each corresponding period. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table sets forth the
amounts of interim and final dividends and the aggregate of such dividends per share of
common stock and per ADS in respect of each of the years indicated: </FONT></P>

<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">83</font></p>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="14%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Year ended December 31,</B> </FONT></TD>
     <TD WIDTH="13%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Interim</B> </FONT></TD>
     <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Ch$ Per share (1)<BR>Final (3)</B> </FONT></TD>
     <TD WIDTH="13%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total</B> </FONT></TD>
     <TD WIDTH="13%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Interim</B> </FONT></TD>
     <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>US$ Per ADS (2)<BR>Final (3)</B> </FONT></TD>
     <TD WIDTH="13%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Total</B> </FONT></TD></TR>
<TR>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1999</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.00</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.65</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64.65</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.25</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.38</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.63</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2000</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33.00</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.00 (4)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>132.00</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.29</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.82</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.11</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33.00</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33.00</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66.00</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.24</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.25</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.49</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.00</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.60</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64.60</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.15</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.31</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.46</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33.00</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51.59</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>84.59</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.29</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.41</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.70</FONT></TD></TR>
</TABLE>



<hr size=1 width=15% align=left>


<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Interim
and final dividend amounts are expressed in historical pesos.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>U.S.
dollars per ADR dividend information serves reference purposes only as we pay all
dividends in Chilean pesos.  The          Chilean peso amounts as shown here have been
converted into U.S. dollars at the respective observed exchange rate in effect
         at each payment date.  Note: The Federal Reserve Bank of New York does not
report a noon buying rate for Chilean pesos.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>The
final dividend with respect to each year is declared and paid within the first five
months of the subsequent year.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(4)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>The
payment, made on May 9, 2001 considers the final dividend of Ch$7.388 per share common
stock (US$0.06 per ADS) plus an          extraordinary dividend of Ch$91.612 per share of
common stock (US$0.76 per ADS), the latter paid out of retained earnings.</FONT></P></TD>
</TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table sets forth the
amounts of the extraordinary dividend per share of Common Stock and per ADS paid out of
retained earnings approved at a special shareholders&#146; meeting held on February 26,
2003, separated by payment dates: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=60% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Payment dates</B> </FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Ch$ Per share (1)</B> </FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>US$ Per ADS (2)</B> </FONT></TD></TR>
<TR>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>March 14,2003</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>177.00</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.18</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>August 29, 2003</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>235.00</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.68</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 10, 2003</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>117.67</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.91</FONT></TD></TR>
<TR>
<TD> </tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>529.67</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.77</FONT></TD></TR>
<TR>
<TD> </tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
</TABLE>


<hr size=1 width=15% align=left>


<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Dividend
amounts are expressed in historical pesos.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>U.S.
dollars per ADR dividend information serves for reference purposes only as        the
Company pays all dividends in Chilean pesos. The Chilean peso amounts as shown
       here have been converted into U.S. dollars at the Observed Exchange Rate in effect
       at the date of the first payment. Note: The Federal Reserve Bank of New York does
       not report a noon buying rate for Chilean pesos.</FONT></P></TD>
</TR>
</TABLE>




<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to former Chapter XXVI of
the Central Bank Foreign Exchange Regulations, replaced by Chapter XIV, a shareholder who
was not a resident of Chile had to register as a foreign investor in order to have access
to the Formal Exchange Market for remitting abroad any dividends, sales proceeds or other
amounts accruing from shares in a Chilean company (see &#147;Item 10: Additional
Information &#150; Exchange Controls &#150; General Legislation and Regulations&#148;).
Under our foreign investment contract, the depository, on behalf of ADR holders, will be
granted access to the formal exchange market to convert cash dividends from pesos to
dollars and to pay such dollars to ADR holders outside of Chile. Dividends received in
respect of shares of Common Stock by holders, including holders of ADRs who are not
Chilean residents, are subject to Chilean withholding tax. See &#147;Item 10: Additional
Information &#150; Taxation&#148;. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Significant Changes</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In January 2004, we entered the
confectionery business by means of a joint venture between our subsidiary, ECUSA and
Empresas Lucchetti S.A. (which has been renamed &#147;Industria Nacional de Alimentos
S.A.&#148;), a subsidiary of Qui&ntilde;enco, with a 50% interest each in Calaf S.A., a
corporation that acquired the trademarks, assets and know-how, among other things, of
Calaf S.A.I.C. and Francisca Calaf S.A., traditional Chilean candy makers, renowned for
more than a century. We sell Calaf&#146;s products together with our soft drinks, with the
potential to reach more than 90,000 clients. This new challenge offers an interesting
growth potential to ECUSA in the ready-to-eat market segment. </FONT></P>

<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">84 </font></p>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On March 9, 2004, Anheuser- Busch
Companies Inc., or A-BC, informed us that it was considering a possible disposition,
through an underwritten secondary offering in Chile and in the international markets, of
the shares of common stock held by its affiliate Anheuser-Busch International Holdings,
Inc. Chile II Ltda., representing 20% of our equity. Currently, and as requested by A-BC,
we are negotiating the form and conditions under which such possible offering might be
effected with the support of our management. As of the date of this annual report, there
can be no assurance that A-BC will consummate a secondary offering or other disposition of
our shares. A-BC expressly stated
that the disposition of our shares held by its affiliate will not affect the license
agreement currently in force for Budweiser beer in Argentina </FONT></P>

<a name=a12></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 9: The Offer and
Listing </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Offer and Listing Details</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the periods indicated, the table
below sets forth the reported high and low closing sales prices for the Common Stock on
the Santiago Stock Exchange as well as the high and low sales prices of the ADSs as
reported by NASDAQ or by the NYSE, the latter since March 26, 1999: </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Santiago Stock Exchange<BR>
(per share of common stock)(*)</B> </FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>NASDAQ/NYSE (since 3/26/99)<BR>
(per ADS)</B> </FONT></TD></TR>
<TR>
<TD></tD>
<TD COLSPAN="2" ALIGN="CENTER"><hr size=1></tD>
<TD COLSPAN="2" ALIGN="CENTER"><hr size=1></tD></tR>
<TR VALIGN=Bottom>
     <TD WIDTH="40%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>High&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Low&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>High&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Low&nbsp;</B> </FONT></TD></TR>
<TR>
<TD></tD>
<TD ALIGN="CENTER"><hr size=1></tD>
<TD ALIGN="CENTER"><hr size=1></tD>
<TD ALIGN="CENTER"><hr size=1></tD>
<TD ALIGN="CENTER"><hr size=1></tD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Ch$)&nbsp;</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(Ch$)&nbsp;</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(US$)&nbsp;</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(US$)&nbsp;</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Years</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1999</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,375&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,350&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.19&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.25&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2000</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,471&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,100&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34.25&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.44&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2001</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,085&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,250&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.15&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.81&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2002</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,399&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,800&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.70&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.10&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2003</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,780&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,125&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.69&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.96&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2004 (through May 31)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,075&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,350&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.79&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.90&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2002</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1st quarter</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,399&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.70&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.50&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2nd quarter</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,210&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,910&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.74&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.60&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3rd quarter</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,180&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,800&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.80&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.40&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4th quarter</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,175&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,800&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.63&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.10&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2003</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1st quarter</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,626&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,125&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.90&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.50&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2nd quarter</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,450&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,200&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.63&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.50&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3rd quarter</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,740&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,195&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.40&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.00&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4th quarter</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,780&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,379&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.69&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.96&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2004</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1st quarter</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,075&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,500&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.79&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.24&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Last six months</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;December 2003</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,680&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,540&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.69&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.94&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;January 2004</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,710&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,500&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.08&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.60&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;February</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,900&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,500&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.50&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.24&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;March</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,075&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,560&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.79&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.24&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;April</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,930&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,600&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.05&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.82&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;May</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,640&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,350&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.70&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.90&nbsp;</FONT></TD></TR>
</TABLE>



<hr size=1 width=15% align=left>



<!-- MARKER FORMAT-SHEET="Rodape Times" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(*)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Pesos
per share of Common Stock reflect nominal price at trade date.</FONT></P></TD>
</TR>
</TABLE>





<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Significant trading suspensions of
the Company&#146;s stock have not occurred in the last three years. </FONT></P>

<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">85 </font></p>

<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">86 </font></p>




<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Plan of distribution</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not applicable </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Markets</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our common stock is currently traded
on the Santiago Stock Exchange, the Chile Electronic Stock Exchange and the
Valpara&iacute;so Stock Exchange under the symbol &#147;CU&#148;. The Santiago Stock
Exchange accounted for approximately 64% of the trading volume of our common stock in
Chile in 2002 and 61% of such volume in 2003. The remaining 36% in 2002 and 39% in 2003
was traded mainly on the Chile Electronic Stock Exchange. Shares of our common stock were
traded in the United States on the NASDAQ stock exchange between September 24, 1992 and
March 25, 1999 and on the NYSE since March 26, 1999, in the form of ADSs, each
representing five shares of our common stock, with ADSs in turn evidenced by ADRs. The
ADSs are issued under the terms of a deposit agreement dated September 1, 1992, as amended
among us, JPMorgan Chase Bank, as depositary and the holders from time to time of the
ADSs. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Selling Shareholders</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not applicable </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Dilution</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not applicable </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Expenses of the Issue</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not applicable </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<a name=a13></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM 10: Additional
Information </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Share Capital</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not applicable </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Memorandum and Articles
of Association</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provided below is a summary of
certain material information found in our bylaws and provisions of Chilean law. This
summary is not exhaustive. For more information relating to the items discussed in this
summary, the reader is encouraged to read our bylaws which have been filed as an exhibit
to our Registration Statement on form F-1, as amended, filed with the Commission on
September 23, 1992 (File No. 033-48592). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Registration and corporate
purposes</I></B><I></I> We are a public corporation (<I>sociedad an&oacute;nima
abierta</I>) organized by means of a public deed dated January 8, 1902, executed before
the notary public of Valpara&iacute;so, Mr. Pedro Flores, and our existence was approved
by Supreme Decree N&deg; 889 of the Treasury Department, dated March 19, 1902, both of
which were recorded on the reverse of folio 49, N&deg; </FONT></P>

<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">87</font></p>
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 45 of Valpara&iacute;so&#146;s
Registry of Commerce for 1902, and published in Chile&#146;s Official Gazette on March 24,
1902. We are recorded on March 8, 1982, at Chile&#146;s Securities Registry of the SVS
under N&deg; 0007. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The last amendment to our articles of
association, which moved the domicile of the corporation from Valpara&iacute;so to
Santiago City, and the complete, revised and updated text of the corporation&#146;s bylaws
were set forth in a public deed dated 4 June 2001, executed before the notary public of
Valpara&iacute;so, Mar&iacute;a Ester Astorga, an extract of which was recorded on the
reverse of folio 474 N&deg; 363 of the Valpara&iacute;so Registry of Commerce for 2001,
published in the Official Gazette on June 13, 2001, and recorded at the Registry of
Commerce of Santiago on folio 18.149, N&deg; 14.600 for the year 2001. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under Article 4 of our bylaws, the
corporation&#146;s principal purpose is to produce, manufacture and market alcoholic and
non-alcoholic beverages, to manufacture containers and packaging, and to provide
transportation services, among other businesses. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Directors</I> </B>Under the
Chilean law regarding corporations (the &#147;Chilean Corporations Act&#148;), a
corporation may not enter into a contract or agreement in which a director has a direct or
indirect interest (i.e., a conflicting interest transaction) without prior approval by the
board of directors, and then only if the terms of the conflicting interest transaction are
similar to those of an arm&#146;s length transaction. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If the conflicting interest
transaction involves a &#147;material amount,&#148; the board of directors is required to
produce a statement declaring in advance that the conflicting interest transaction is
similar in its terms to an arm&#146;s length transaction. A conflicting interest
transaction is deemed to involve a &#147;material amount&#148; if the amount involved is
both greater than 2,000 Unidades de Fomento (as of May 31, 2004, approximately US$53,256
and exceeds 1% of the assets of the corporation, or if the amount exceeds 20,000 Unidades
de Fomento (as of May 31, 2004, approximately US$532,562 regardless of the size of the
corporation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If the board of directors believes
that it is not possible to ascertain whether the conflicting interest transaction is
similar to an arm&#146;s length transaction, it may approve or reject the conflicting
interest transaction, or appoint independent advisors to make such a determination. If the
board appoints independent advisors, the report prepared by the advisors will be made
available to the shareholders and the board of directors for 20 business days from the
date the last report was received from the independent advisors. The shareholders will be
notified in writing of the receipt of the reports. After this period, the board may
approve or reject the conflicting interest transaction, but the board is not required to
follow the independent advisors&#146; conclusion. The board may treat the conflicting
interest transaction and the report as confidential information. Shareholders representing
at least 5% of our voting shares may request the board to call a shareholders&#146;
meeting in order to approve or reject the conflicting interest transaction by a two-thirds
majority of the outstanding voting shares. Interested directors are excluded from all
decisions of the board related to the conflicting interest transaction. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All decisions adopted by the board in
respect of the conflicting interest transaction must be reported to the next following
shareholders&#146; meeting. The controller of the corporation or the related party which
intends to enter into the conflicting interest transaction shall make available to the
board of directors, at the time the transaction is being considered by the board, all
information relating to the transaction filed with any non-Chilean regulatory entities or
stock exchanges. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If a suit for damages arises from
such a transaction, the defendant (i.e., one or more directors, the controller, a related
party, or all of them) bears the burden of proof that the transaction was made under
marketplace conditions or that its terms proved benefit to the corporation, unless the
conflicting interest transaction was previously approved by the shareholders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The amount of any director&#146;s
remuneration is established each year at the annual shareholders&#146; meeting. </FONT></div>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<div ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Directors are forbidden, unless
previously and duly authorized thereto by the board of directors, to borrow or otherwise
make use of corporate money or assets for their own benefit or that of (a) their spouses
or certain relatives, including certain in-laws; (b) companies in which they, or their
spouses or the relatives above referred to, either are directors, or own, beneficially or
of record, at least a 10% interest;</FONT></div>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">88 </font></p>
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 or (c) third parties for whom the directors act as
representatives. However, the shareholders&#146; authorization is not required. These
rules can only be modified by law. </FONT></p>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>It is not necessary to hold our
shares to be elected a director, and there is no age limit established for the retirement
of directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Rights, preferences and
restrictions regarding shares</I></B><I></I> At least thirty percent of our net profits
for each fiscal year is required to be distributed in cash to our shareholders, unless our
shareholders unanimously decide otherwise. Any remaining profits may be used to establish
a reserve fund (that may be capitalized at any time, amending the corporate bylaws by the
vote of a majority of the voting stock issued), or to pay future dividends. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compulsory minimum dividends, i.e.,
at least thirty percent of our net profits for each fiscal year, become due thirty days
after the date on which the annual shareholders&#146; meeting has approved the
distribution of profits in the fiscal year. Any additional dividends approved by our
shareholders become due on the date set by our shareholders or our board of directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accrued dividends that corporations
fail to pay or make available to their shareholders within certain periods are to be
adjusted from the date on which those dividends became due and that of actual payment.
Overdue dividends will accrue yearly interest established for adjustable operations over
the same period. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dividends and other cash benefits
unclaimed by shareholders after five years from the date on which they became due will
become the property of the Chilean Fire Department. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We have only one class of shares and
there are therefore no preferences or limitations on the voting rights of shareholders.
Each of our shareholders is entitled to one vote per share. In annual shareholders&#146;
meetings, resolutions are made by a simple majority of those present, provided there is a
quorum. A special or extraordinary meeting generally requires an absolute majority, in
other words, 50% plus one of the shares entitled to vote; however, the Chilean
Corporations Act provides that in order to carry certain motions, a two thirds majority of
the outstanding voting stock is necessary. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our directors are elected every three
years and their terms are not staggered. Our shareholders may accumulate their votes in
favor of just one person or distribute their votes to more than one person. In addition,
by unanimous agreement of our shareholders present and entitled to vote, the vote may be
omitted and the election made by acclamation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the event of liquidation, the
Chilean Corporations Act provides that corporations may carry out distributions to
shareholders on account of a reimbursement of capital only after the payment of corporate
indebtedness. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There are no redemption or sinking
fund provisions applicable to us, nor are there any liabilities to our shareholders
relating to future capital calls by us. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under Chilean law, certain provisions
affect any existing or prospective holder of securities as a result of the shareholder
owning a substantial number of shares. The Securities Market Law establishes that (a) any
person who, directly or indirectly, (i) owns 10% or more of the subscribed capital of a
corporation (the &#147;majority shareholders&#148;) whose shares are registered in the
Securities Registry of the SVS (the &#147;SRSVS&#148;), or (ii) owns any such percentage
because of the purchase of shares; and (b) all directors, the chief executive officer,
liquidators and other principal officers of any corporation whose shares are registered
with the SRSVS, regardless of the number of shares they own, must report any direct or
indirect purchase or sale of shares made by such persons or entities within two business
days of such transactions to the SVS and to each of the stock exchanges in Chile where
such corporation has securities listed. In addition, majority shareholders must inform the
SVS and the stock exchanges with respect to whether the purchase is aimed at acquiring
control of the corporation or just as a financial investment. </FONT></P>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">89 </font></p>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Securities Market Law also
provides that when one or more persons intend to take over a corporation subject to
oversight by the SVS, they must give prior public notice. This notice must include the
price to be offered per share and the conditions of the proposed transaction, including
the expected manner of acquiring the shares. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Finally, Chapter XXV of the
Securities Market Law was enacted on December&nbsp;20, 2000, to ensure that controlling
shareholders share with minority shareholders the benefits of a change of control, by
requiring that certain share acquisitions be made pursuant to a tender offer. However, up
to December 31, 2003, this tender offer requirement was not wholly applicable to our
controlling shareholder, pursuant to the exemption contemplated in transitory article 10
of Law N&deg; 19.705, the benefits of which were granted to the controllers by the
shareholders&#146; meeting held on June 4, 2001. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Chilean Corporations Act provides
shareholders with preemptive rights. The Act requires that options to purchase stock
representing capital increases in corporations and debentures duly convertible into stock
of the issuing corporation, or any other securities extending future rights over such
stock, must be offered preferably, at least once, to existing shareholders, in proportion
to the number of shares owned by them. A corporation must distribute any bonus stock in
the same manner. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Chilean Corporations Act also
provides shareholders with the right to withdraw from a corporation in certain situations.
Unless there is an ongoing bankruptcy proceeding, if a shareholders&#146; meeting approves
any of the following matters, dissenting shareholders will be automatically entitled to
withdraw from the corporation upon payment by the corporation of the market value of their
shares: </FONT></P>

<UL>


<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><DIV ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>our transformation
into a different type of legal entity, </FONT></DIV>


<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><DIV ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>our merger with
and/or into another company, </FONT></DIV>

<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><DIV ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the disposition of
50% or more of the corporate assets, whether or not liabilities are also transferred, or
the proposal or     amendment of any business plan that contemplates the transfer of
assets exceeding said percentage, </FONT></DIV>

<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><DIV ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the granting of real
or personal guarantees to secure third party obligations exceeding 50% of the corporate
assets, </FONT></DIV>

<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><DIV ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the creation of
preferences for a series of shares or the increase or reduction in the already existing
ones. In this case,      only dissenting shareholders of the affected series shall have
the right to withdraw, </FONT></DIV>

<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><DIV ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>curing certain
formal defects in the corporate charter which otherwise would render it null and void or
 any modification of      its bylaws that should grant this right, and </FONT></DIV>

<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><DIV ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>other cases provided
for by statute or in our bylaws, if any. </FONT></DIV>


</UL>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition, shareholders may
withdraw if a person becomes the owner of two-thirds of the outstanding shares of the
corporation as a consequence of a share acquisition and such person does not make a tender
offer for the remaining shares within 30 days. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our bylaws do not provide for
additional circumstances under which shareholders may withdraw. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Action necessary to change the
rights of holders of stock</I></B><I></I> Rights of stockholders are established by law
and pursuant to the bylaws of a corporation. For certain modifications of
shareholders&#146; rights, the law requires a special majority, such as the creation,
increase, reduction or suppression of preferred stock, which may be adopted only with the
consent of at least two-thirds of the affected series. Consequently any other impairment
of rights not specifically regulated needs only an absolute majority ( more than 50%) of
the stock entitled to vote. However, the waiver of the shareholders&#146; right to receive
no less than 30% of the net profits accrued in any fiscal year (the &#147;minimum
dividend&#148;) requires the unanimous vote of all stockholders. The above
notwithstanding, no decision of the shareholders&#146; meeting can deprive a shareholder
of any part of the stock that he owns. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our bylaws do not contemplate
additional conditions in connection with matters described in this subsection. </FONT></P>

<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">90</font></p>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Shareholders&#146;
meetings</I></B><I></I> Our annual shareholders&#146; meetings are to be held during the
first quarter of each year. During the meetings, determinations are made relating to
particular matters, which matters may or may not be specifically indicated in the notice
for such meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The quorum for a shareholders&#146;
meeting is established by the presence, in person or by proxy, of shareholders
representing at least an absolute majority of our issued voting stock; if a quorum is not
present at the first meeting, the meeting can be reconvened and upon the meeting being
reconvened, shareholders present at the reconvened meeting are deemed to constitute a
quorum regardless of the percentage of the voting stock represented. In that case,
decisions will be made by the absolute majority of stock with voting rights present or
otherwise represented. The following matters are specifically reserved for annual
meetings: </FONT></P>

<UL>


<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>review of our state
of affairs and of the reports of internal and independent auditors, and the approval or
rejection of the      annual report, balance sheet, financial statements and records
submitted by our officers or liquidators; </FONT></p>

<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>distribution of
profits of the respective fiscal year, including the distribution of dividends; </FONT></p>

<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>election or
revocation of regular and alternate board members, liquidators and management
supervisors; and </FONT></p>

<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>determination of the
remuneration of the board members, designation of the newspaper were notices for meetings
shall be      published and, in general, any other matter to be dealt with by the annual
meeting being of corporate interest and not      specifically reserved to extraordinary
shareholders' meetings. </FONT></p>

</UL>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Extraordinary shareholders&#146;
meetings may be held at any time, when required by corporate necessity. During
extraordinary meetings, determinations are made relating to any matter which the law or
the Company&#146;s bylaws reserve for consideration by such extraordinary meetings, which
matters shall be expressly set forth in the relevant notice. Whenever in an extraordinary
shareholders&#146; meeting determinations must be made relating to matters specifically
reserved to annual meetings, the operation and decisions of such extraordinary meeting
will follow the requirements applicable to annual meetings. The following matters are
specifically reserved for extraordinary meetings: </FONT></P>

<UL>

<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>dissolution of the
corporation; </FONT></p>


<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>transformation,
merger or spin-off of the corporation and amendments to its bylaws; </FONT></p>


<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>issuance of bonds or
debentures convertible into stock; </FONT></p>


<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>transfer of  50% or
more of the corporate fixed assets, whether or not including the disposition of its
liabilities, or the      transfer of 50% or more of its liabilities; and </FONT></p>


<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>guarantees of third
parties' obligations, except when these third parties are subsidiary companies (in which
case approval of      the board of directors will suffice). </FONT></p>



</UL>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition to the above, annual and
extraordinary shareholders&#146; meetings must be called by the board of directors in the
following circumstances: </FONT></P>


<UL>

<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>when requested by
shareholders representing at least 10% of issued stock; and </FONT></p>

<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>when required by the
SVS. </FONT></p>


</UL>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Only holders of stock recorded in the
Register of Shareholders at least five days before the date of the pertinent meeting may
participate with the right to be heard and vote in shareholders&#146; meetings. Directors
and officers other than shareholders may participate in shareholders&#146; meetings with
the right to be heard. </FONT></P>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">91</font></p>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shareholders may be represented at
meetings by other individuals, regardless of whether or not those persons are shareholders
themselves. A proxy must be conferred in writing, and for the total number of shares held
by the shareholder and entitled to vote in accordance with the previous paragraph. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Limitations on the right to own
securities</I></B><I></I> The right to own any kind of property is guaranteed by the
Chilean Constitution, and the Chilean Corporations Act does not contain any general
limitation regarding the right to own securities. There are, however, certain limitations
on the right of foreigners to own securities of Chilean corporations, but only for certain
special types of companies. We are not affected by these limitations, and our bylaws do
not contain limitations or restrictions in this regard. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Article 14 of the Chilean
Corporations Act forbids public corporations from including in their bylaws any provisions
restricting the free transferability of stock. However, two or more shareholders may enter
into a private agreement on this matter, but, in order for these agreements to be
effective, they must be recorded by the corporation and thus made available to any
interested third parties. See &#147;Item 6: Directors, Senior Management and Employees
<I>&#150; </I>Directors and Senior Management&#148;. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Takeover
defenses</I></B><I></I> Our bylaws do not contain any provisions that would have the
effect of delaying, deferring or preventing a change in control of us and that would
operate only with respect to a merger, acquisition or corporate restructuring involving us
(or any of our subsidiaries). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Ownership
threshold</I></B><I></I> Our bylaws do not contain any ownership threshold above which
shareholder ownership must be disclosed. For a description of the ownership thresholds
mandated by Chilean law, see &#147;&#150; Rights, preferences and restrictions regarding
shares&#148;. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our bylaws do not impose any
conditions that are more stringent than those required by law for effecting changes in our
capital. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Material Contracts</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not applicable </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Exchange Controls</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>General Legislation and
Regulations</B>. The Central Bank of Chile is responsible for, among other things,
monetary policies and exchange controls in Chile. See &#147;Item 3. Key Information &#150;
Selected Financial Data &#150; Exchange Rate&#148;. Foreign investments can be registered
with the Foreign Investment Committee under Decree Law No. 600 &#150;registration which
grants the investor access to the Formal Exchange Market&#150; or with the Central Bank of
Chile under Chapter XIV of the Central Bank Foreign Exchange Regulations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Effective April 19, 2001, the Central
Bank of Chile abrogated the then existing Chapter XXVI of the Central Bank Foreign
Exchange Regulations (&#147;Chapter XXVI&#148;), which addressed issuance of ADSs by a
Chilean company, and issued an entirely new set of Foreign Exchange Regulations (the April
19<SUP>th</SUP> Regulations&#148;), virtually eliminating all the restrictions and
limitations that had been in force up to that date. The April 19<SUP>th</SUP> Regulations
were based upon the general principle that foreign exchange transactions can be made
freely in Chile by any person, notwithstanding the power conferred by law to the Central
Bank of Chile of imposing certain restrictions and limitations to such transactions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With the issuance
    of the above Regulations, the approval by the Central Bank of Chile required
    for access to the Formal Exchange Market was replaced with the requirement
    of disclosure of the relevant transactions to the Central Bank of Chile.
    However, some foreign exchange transactions, notably foreign loans, capital
    investment or deposits, continued to be subject to the requirement of being
    effected through the Formal</FONT></P>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">92</font></p>
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exchange Market.
    The April 19<SUP>th</SUP> Regulations
      reduced the time needed to effect foreign exchange transactions by foreign
      investors in Chile. </FONT></P>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The April 19<SUP>th</SUP>
Regulations, among others, eliminated the following restrictions: </FONT></P>

<UL>


<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>prior authorization
by the Central Bank of Chile for the entry of capital in connection with foreign loans,
investment,          capital contribution, bonds and ADRs; </FONT></p>

<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>prior authorization
by the Central Bank of Chile for the remittance of capital in connection with
repatriation of capital,          dividends and other benefits related to capital
contributions and investment, and prepayment of foreign loans; </FONT></p>

<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>minimum risk
classification restrictions and terms for the issuance of bonds; </FONT></p>

<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>restrictions on the
issuance of ADRs. Therefore, the rules established under Chapter XXVI of the previous
Foreign Exchange          Regulations are no longer applicable; and </FONT></p>

<!-- MARKER FORMAT-SHEET="Div Times Just" FSL="Workstation" -->
<LI><p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mandatory Reserve
deposits for foreign capitals. </FONT></p>


</UL>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>According to these Regulations,
foreign exchange transactions performed before April 19, 2001, remain subject to the
regulations in effect at the time of the transactions (i.e. Chapter XXVI), unless the
interested parties elected the applicability of the April 19<SUP>th </SUP>Regulations,
thereby expressly waiving the applicability of the regulations in force at the time of the
execution of the respective transaction. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On January 23, 2002, the Central Bank
of Chile issued an entirely new set of Foreign Exchange Regulations, effective as from
March 1, 2002, replacing April 19<SUP>th</SUP> Regulations (&#147;The New Rules&#148;).
The New Rules preserve the general principle established in the April 19<SUP>th
</SUP>Regulations of freedom in foreign exchange transactions, simplified procedures to
reduce the time needed to effect foreign exchange transactions by foreign investors in
Chile, and introduced several new provisions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the New Rules, Chilean
entities are now allowed, under Chapter XIV, which governs credits, deposits, investments
and capital contribution from abroad, to:(i) dispose of such foreign currency allocated
abroad, executing any of the transactions contemplated in Chapter XIV, without the need of
delivering it into Chile, subject to the obligation of reporting said transaction to the
Central Bank of Chile; and (ii) capitalize any liability expressed in foreign currency and
acquired abroad. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>According to the New Rules, foreign
exchange transactions made pursuant to Chapter XIV, executed before April 19, 2001, shall
continue to be subject to the regulations in effect at the time of the transactions,
unless the interested parties elect the applicability of the New Rules, expressly waiving
the applicability of the provisions which would otherwise govern them. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notwithstanding the above, foreign
exchange transactions contemplated in Chapter XIV, executed before March 1, 2002 according
to the regulations of the Central Bank of Chile in force at the time of their execution,
may be reported to the Central Bank pursuant to the provisions contained in the New Rules. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Therefore, notwithstanding the April
19<SUP>th</SUP> Regulations and the New Rules, Chapter XXVI remains in force with respect
to our ADR facility, as referred to below. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Our ADRs</B>.
    A Foreign Investment Contract was entered into among the Central Bank of
    Chile, us and the Depositary pursuant to Article 47 of the Central Bank Act
    and Chapter XXVI (see &#147;General Legislation and
Regulations&#148;, above). According to Chilean law, a contract is ruled by the
law in force at the time of its execution. Therefore, our Foreign Investment
Contract is ruled by the foreign exchange regulations in force before April 19,
2001, among which is Chapter XXVI. Absent the Foreign Investment Contract, under
Chilean exchange controls in force until April 19, 2001, investors would not
have been granted access to the Formal Exchange Market for the purpose of converting
Chilean pesos to U.S. dollars</FONT></P>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">93</font></p>
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and repatriating
    from Chile amounts received in respect of deposited Shares or Shares withdrawn
    from deposit on surrender of ADRs (including amounts received as cash dividends
    and proceeds from the sale in Chile of the underlying Shares and any rights
    with respect thereto). In December 1999, amendments were introduced to Chapter
    XXVI whereby, among other things, the Central Bank of Chile was authorized
    to reject applications under such regulations without expression of cause.
    In reviewing such applications, the Central Bank of Chile was required to
    take into account the situation of the balance of payments and the stability
    of the capital account. However, the Central Bank of Chile was authorized
    to impose certain conditions on the applicants prior to resolving the applications.
    In April 2000, Chapter XXVI was again amended in order to incorporate, in
    addition to shares issued by Chilean corporations, quotes of investment funds
  as eligible to be converted into ADSs. Chapter XXVI did not require delivery
  of a new application in case of the entry of U.S. dollars intended for the
    acquisition of shares not subscribed by the shareholders or by the transferees
    of the options to subscribe the shares. </FONT></P>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under Chapter XXVI and our Foreign
Investment Contract, the Central Bank of Chile agreed to grant to the Depositary, on
behalf of ADR holders, and to any non-Chilean resident investor who withdrew Shares of our
common stock upon surrender of ADRs (such Shares being referred to herein as
&#147;Withdrawn Shares&#148;) access to the Formal Exchange Market to convert Chilean
pesos to U.S. dollars (and to remit such dollars outside of Chile) in respect of Shares of
our common stock represented by ADSs or Withdrawn Shares, including amounts received as
(a) cash dividends, (b) proceeds from the sale in Chile of Withdrawn Shares (subject to
receipt by the Central Bank of Chile of a certificate from the holder of the Withdrawn
Shares (or from an institution authorized by the Central Bank of Chile) that such
holder&#146;s residence and domicile were outside Chile and a certificate from a Chilean
stock exchange (or from a brokerage or securities firm established in Chile) that such
Withdrawn Shares had been sold on a Chilean exchange), (c) proceeds from the sale in Chile
of pre-emptive rights to subscribe for and purchase additional Shares of our common stock,
(d) proceeds from the liquidation, merger or consolidation of the Company and (e) other
distributions, including, without limitation, those resulting from any recapitalization,
as a result of holding Shares represented by ADSs or Withdrawn Shares. Access to the
Formal Exchange Market in the case of (a), (b), (c) and (d) above would be available for
only five working days following the sale of the shares on the stock exchange. Transferees
of Withdrawn Shares would not be entitled to any of the foregoing rights under Chapter
XXVI unless the Withdrawn Shares were redeposited with the Custodian. Investors receiving
Withdrawn Shares in exchange for ADRs would have the right to redeposit such Shares in
exchange for ADRs, provided that certain conditions to redeposit were satisfied. For a
description of the Formal Exchange Market, see &#147;Item 3: Key Information &#150;
Selected Financial Data &#150; Exchange Rates&#148;. Alternatively, according to the
amendments introduced to Chapter XXVI in December 1999, in case of Withdrawn Shares and
their subsequent sale on a stock exchange, the Chilean peso proceeds obtained thereby
could be converted into U.S. dollars in a market different from the Formal Exchange Market
within five business days from the date of the sale. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chapter XXVI provided that access to
the Formal Exchange Market in connection with the sale of Withdrawn Shares or
distributions thereon would be conditioned upon receipt by the Central Bank of Chile of a
certification by the Depositary or the Custodian, as the case might have been, that such
Shares had been withdrawn in exchange for delivery of the pertinent ADRs and receipt of a
waiver of the benefits of our Foreign Investment Contract with respect thereto (except in
connection with the proposed sale of the Shares) until such Withdrawn Shares were
redeposited. Chapter XXVI also provided that access to the Formal Exchange Market in
connection with dividend payments was conditioned on certification by us to the Central
Bank of Chile that a dividend payment had been made. The provision contained in Chapter
XXVI that established that access to the Formal Exchange Market in connection with
dividend payments was conditioned on certification by us to the Central Bank of Chile that
any applicable tax had been withheld was eliminated on November 23, 2000. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chapter XXVI
    and our Foreign Investment Contract provided that a person who brought foreign
    currency into Chile, including U.S. dollars, to purchase Shares entitled
    to the benefit of our Foreign Investment Contract was required to convert
    such foreign currency into Chilean pesos on the same date and had five banking
    business days within which to invest in Shares in order to receive the benefit
    of our Foreign Investment Contract. If such person decided within such period
    not to acquire Shares, such person could access the Formal Exchange Market
to reacquire foreign currency, provided that the applicable request</FONT></P>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">94</font></p>
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>was presented
      to the Central Bank of Chile within seven banking days of the initial conversion
      into pesos. Shares acquired as described above could be deposited in exchange
      for ADRs and receive the benefit of our Foreign Investment Contract, subject
      to receipt by the Central Bank of Chile of a certificate from the Depositary
      that such deposit had been effected and that the related ADRs had been
    issued and receipt by the Custodian of a declaration from the person making
    such deposit waiving the benefit of our Foreign Investment Contract with
    respect to the deposited Shares. </FONT></P>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chapter XXVI required foreign
investors acquiring shares or securities in Chile to maintain a mandatory reserve (the
&#147;Mandatory Reserve&#148;) for one year in the form of a non-interest bearing U.S.
dollar deposit with the Central Bank, or to pay to the Central Bank a non-refundable fee
(the &#147;Fee&#148;). Such reserve requirement was imposed with respect to investments
made by foreign investors to acquire shares or securities in the secondary market, but did
not apply to capital contributions made for purposes of paying-in capital for a newly
created company or increasing the capital of an existing company. As of June 1, 1999, the
Mandatory Reserve was not applied to foreign investments made for purposes of acquiring
shares of a stock corporation, provided that the investor was entitled to the benefit of
Chapter XXVI, and that such acquisition was consummated in accordance with the provisions
of Chapter XXVI. On September 17, 1998, the Central Bank of Chile reduced the Mandatory
Reserve to 0%. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Access to the Formal Exchange Market
under any of the circumstances described above was not automatic. Pursuant to Chapter
XXVI, such access required approval of the Central Bank of Chile based on a request
therefor presented through a banking institution established in Chile within five business
days from the occurrence of any of the events described in letters (a), (b), (c) and (d)
above. Pursuant to our Foreign Investment Contract, if the Central Bank of Chile had not
acted on such request within seven banking days, the request would be deemed approved. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under current Chilean law, our
Foreign Investment Contract cannot be amended unilaterally by the Central Bank of Chile.
No assurance can be given, however, that new restrictions applicable to the holders of
ADRs, the disposition of underlying Shares or the repatriation of the proceeds from such
disposition will not be reinstated in the future by the Central Bank of Chile, nor can
there be any assessment of the possible duration or impact of such restrictions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Taxation</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chilean Tax
Considerations </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following discussion is based on
certain Chilean income tax laws presently in force, including Rulings N&deg;324 of January
29, 1990 and N&deg;3708 of October 1, 1999 of the Chilean Internal Revenue Service and
other applicable regulations and rulings. The discussion summarizes the principal Chilean
income tax consequences of an investment in the ADSs or shares of common stock by an
individual who is not domiciled in or a resident of Chile or a legal entity that is not
organized under the laws of Chile and does not have a permanent establishment located in
Chile which we refer to as a foreign holder. For purposes of Chilean law, an individual
holder is a resident of Chile if he or she has resided in Chile for more than six
consecutive months in one calendar year or for a total of more than six months, whether
consecutive or not, in two consecutive tax years. An individual holder is domiciled in
Chile if he or she resides in Chile with the purpose of staying in Chile (such purpose to
be evidenced by circumstances such as the acceptance of employment within Chile or the
relocation of his or her family to Chile). This discussion is not intended as tax advice
to any particular investor, which can be rendered only in light of that investor&#146;s
particular tax situation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<p ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under Chilean law, provisions
contained in statutes such as tax rates applicable to foreign holders, the computation of
taxable income for Chilean purposes and the manner in which Chilean taxes are imposed and
collected may be amended only by another statute. In addition, the Chilean tax authorities
issue rulings and regulations of either general or specific application interpreting the
provisions of Chilean tax law. </FONT></P>




<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">95</font></p>
<p><font face="Times New Roman, Times, serif" size="2">Chilean taxes may not be assessed retroactively against taxpayers
 who act in good faith relying on such rulings and regulations, but Chilean tax
 authorities may change said rulings and regulations prospectively. There is
 no general income tax treaty in force between Chile and the United States.</font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b><i>Cash
   dividends and Other Distributions</i></b> Cash dividends paid by
 us with respect to the ADSs or shares of common stock held by a foreign holder
 will be subject to a 35.0% Chilean withholding tax, which is withheld and paid
 over by us, which we refer to as the Chilean withholding tax. A credit against
 the Chilean withholding tax is available based on the level of corporate income
 tax, or first category tax, actually paid by us on the taxable income to which
 the dividend is imputed; however, this credit does not reduce the Chilean withholding
 tax on a one-for-one basis because it also increases the base on which the Chilean
 withholding tax is imposed. In addition, distribution of book income in excess
 of retained taxable income is subject to the Chilean withholding tax, but such
 distribution is not eligible for the credit. Under Chilean income tax law, for
 purposes of determining the level of the first category tax that has been paid
 by us, dividends generally are assumed to have been paid out of our oldest retained
 taxable profits. Presently, the first category tax rate is 17.0%. Whether the
 first category tax is imposed or not, the effective overall combined rate of
 Chilean taxes imposed with respect to our distributed profits would be 35.0%.
 Nevertheless, in the case that the retained taxable profits or exempted profits
 as of December 31 of the year preceding a dividend are not sufficient to attribute
 to such dividend, we will make a withholding of 35% of the amount that exceeds
 those retained taxable or exempted profits. In case such withholding is determined
 to be excessive before the end of the year, there will be rights to file for
the reimbursement of the excess withholding. </font></p>
<p><font size="2" face="Times New Roman, Times, serif">The foregoing tax consequences apply to cash dividends paid by
 us. Dividend distributions made in property (other than shares of common stock)
 will be subject to the same Chilean tax rules as cash dividends. Share dividends
 are not subject to Chilean taxation until such shares are sold. </font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b><i>Capital Gain </i></b>Gain realized on the sale, exchange
 or other disposition by a foreign holder of ADSs (or ADRs evidencing ADSs) will
 not be subject to Chilean taxation, provided that such disposition occurs outside
 Chile or that it is performed under the rules of Title XXIV of the Chilean Securities
 Market Law, as amended by Law No. 19,601, dated January 18, 1999. The deposit
 and withdrawal of shares of common stock in exchange for ADRs will not be subject
to any Chilean taxes. </font></p>
<p><font size="2" face="Times New Roman, Times, serif">Gain recognized on a sale or exchange of shares of common stock
 (as distinguished from sales or exchanges of ADSs representing such shares of
 common stock) by a foreign holder will be subject to both the first category
 tax and the Chilean withholding tax (the former being creditable against the
 latter) if (1) the foreign holder has held such shares of common stock for less
 than one year since exchanging ADSs for the shares of common stock, (2) the
 foreign holder acquired and disposed of the shares of common stock in the ordinary
 course of its business or as a regular trader of stock or (3) the sale is made
 to a company in which the foreign holder holds an interest (10.0% or more of
 the shares in the case of open stock corporations). In all other cases, gain
 on the disposition of shares of common stock will be subject only to the first
 category tax levied as a sole tax. However, if it is impossible to determine
 the taxable capital gain, a 5.0% withholding will be imposed on the total amount
 to be remitted abroad without any deductions as a provisional payment of the
 total tax due. </font></p>
<p><font size="2" face="Times New Roman, Times, serif">The tax
  basis of shares of common stock received in exchange for ADSs will be the acquisition
  value of such shares. The valuation procedure set forth in the deposit agreement,
  which has been approved by the Chilean Internal Revenue Service pursuant Ruling
  N&ordm; 324 of 1990, values
  shares of common stock that are being exchanged at the highest price
  at which they trade on the Santiago Stock Exchange on the date of the exchange,
  generally will determine the acquisition value for this purpose. Consequently,
  the conversion of ADSs into shares of common stock and sale of such shares
  of common stock for the value established under the deposit agreement will
 not generate a capital gain subject to taxation in Chile . </font></p>
<p><font size="2" face="Times New Roman, Times, serif">In the case where the sale of the shares is made on a day that
 is different than the date in which the exchange is recorded, capital gains
 subject to taxation in Chile may be generated. However, following Ruling No.
 3708 of the Chilean Internal Revenue Service, we will include in the deposit
 agreements a provision whereby the capital gain that may be generated if the
 exchange date is different than the date in </font></p>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">96</font></p>
<p><font size="2" face="Times New Roman, Times, serif">which the shares received
    in exchange for ADSs are sold, will not be subject to taxation. Such provision
    states that in the event that the exchanged shares are sold by the ADS holders
    in a Chilean stock exchange on the same day in which the exchange is recorded
    in the shareholders' registry of the issuer or within two business days prior
    to the date on which the sale is recorded in the shareholders' registry,
    the acquisition price of such exchanged shares shall be the price registered
    in the invoice issued by the stock broker that participated in the sale transaction. </font></p>
<p><font size="2" face="Times New Roman, Times, serif">The distribution and exercise of preemptive rights relating to
 the shares of common stock will not be subject to Chilean taxation. Amounts
 received for the assignment of preemptive rights relating to the shares will
 be subject to both the first category tax and the Chilean withholding tax (the
 former being creditable against the latter to the extent described above). </font></p>
<p><font size="2" face="Times New Roman, Times, serif">The Chilean
  Internal Revenue Service has not enacted any rule nor issued any ruling about
  the applicability of the norms explained below (referred to as Laws N&ordm; 19,738 and N&ordm; 19,768)
 to the foreign holders of ADRs. </font></p>
<p><font size="2" face="Times New Roman, Times, serif">To the extent
  that our shares are actively traded on a Chilean stock exchange, foreign institutional
  investors who acquire our shares may benefit from a tax exemption included
  in an amendment to the Chilean Income Tax Law, Law N&ordm; 19,738 published
  on June 19, 2001. The amendment established an exemption for the payment of
  income tax by foreign institutional investors, such as mutual funds, pension
  funds and others, that obtain capital gains in the sales through a Chilean
  stock exchange, a tender offer or any other system authorized by the Superintendency
  of Securities and Insurance, of shares of publicly traded corporations that
 are significantly traded in stock exchanges. </font></p>
<p><font size="2" face="Times New Roman, Times, serif">A foreign
  institutional investor is an entity that is either:</font></p>
<ul>
 <li>
  <p align="justify"><font size="2" face="Times New Roman, Times, serif">a fund that makes public offers of its shares in
      a country which public debt has been rated investment grade by an international
      risk classification agency qualified by the Superintendency of Securities
      and Insurance; </font></p>
 </li>
 <li>
  <p align="justify"><font size="2" face="Times New Roman, Times, serif">a fund that is registered with a regulatory entity
      of a country which public debt has been rated investment grade by an international
      risk classification agency qualified by the Superintendency of Securities
      and Insurance, provided that the investments in Chile, including securities
      issued abroad that represent Chilean securities, held by the fund represent
      less than 30.0% of its share value; </font></p>
 </li>
 <li>
  <p  align="justify"><font size="2" face="Times New Roman, Times, serif">a fund that holds investments in Chile that represent
      less than 30.0% of its share value, provided that it proves that no more
      that 10.0% of its share value is directly or indirectly owned by Chilean residents; </font></p>
 </li>
 <li>
  <p  align="justify"><font size="2" face="Times New Roman, Times, serif">a pension fund that is exclusively formed by individuals
      that receive their pension on account of capital accumulated in the fund; </font></p>
 </li>
 <li>
  <p  align="justify"><font size="2" face="Times New Roman, Times, serif">a
      fund regulated by Law N&ordm; 18,657, or the
       Foreign Capital Investment Funds Law, in which case
      all holders of its shares must reside abroad or be qualified as local institutional
      investors; or </font></p>
 </li>
 <li>
  <p  align="justify"><font size="2" face="Times New Roman, Times, serif">another kind of institutional foreign investor that complies with the characteristics
      defined by a regulation with the prior report of the Superintendency of Securities
      and Insurance and the Chilean Internal Revenue Service.
      </font></p>
 </li>
</ul>
<p><font size="2" face="Times New Roman, Times, serif"> In order to be entitled to the exemption, foreign institutional
investors, during the time in which they operate in Chile must: </font></p>
<ul>
 <li>
  <p align="left"><font size="2" face="Times New Roman, Times, serif">be organized abroad and not be domiciled in Chile
    ; </font></p>
  <p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">97</font></p>
 </li>
 <li>
  <p align="left"><font size="2" face="Times New Roman, Times, serif">not participate, directly or indirectly, in the
    control of the issuers of the securities in which it invests and not hold,
    directly or indirectly, 10.0% or more of such companies' capital or profits; </font></p>
 </li>
 <li>
  <p align="left"><font size="2" face="Times New Roman, Times, serif">execute an agreement in writing with a Chilean bank
    or securities broker in which the intermediary is responsible for the execution
    of purchase and sale orders and for the verification, at the time of the
    respective remittance, that such remittances relate to capital gains that are
    exempt from income tax in Chile or, if they are subject to income tax, that
    the applicable withholdings have been made; and </font></p>
 </li>
 <li>
  <p><font size="2" face="Times New Roman, Times, serif">register in a special registry with the Chilean Internal Revenue Service.
     </font></p>
 </li>
</ul>
<p><font size="2" face="Times New Roman, Times, serif"> Pursuant
  to the enacted amendment to the Chilean Income Tax Law published on November
  7, 2001 (Law No. 19,768) as amended by Law N&ordm; 19,801
 published on April 25, 2002, the sale and disposition of shares of Chilean
  public corporations which are actively traded on a Chilean stock exchange
  is not levied by any Chilean tax on capital gains if the sale or disposition
was made:</font></p>
<ul>
 <li>
  <p align="left"><font size="2" face="Times New Roman, Times, serif">on a local stock exchange or any other stock exchange
    authorized by the Superintendency of Securities and Insurance or in a tender
    offer process according to Title XXV of the Chilean Securities Market Law,
    so long as the shares (a) were purchased on a public stock exchange or in a
    tender offer process pursuant to Title XXV of the Chilean Securities Market
    Law, (b) are newly issued shares issued in a capital increase of the corporation,
    or (c) were the result of the exchange of convertible bonds (in which case the
    option price is considered to be the price of the shares). In this case,
    gains exempted from Chilean taxes shall be calculated using the criteria set
    forth in the Chilean Income Tax Law; or </font></p>
 </li>
 <li>
  <p><font size="2" face="Times New Roman, Times, serif">within 90 days after the shares would have ceased to be significantly traded
    on stock exchange. In such case, the gains exempted from Chilean taxes on capital
    gains will be up to the average price per share of the last 90 days. Any gains
    above the average price will be subject to the first category tax.
     </font></p>
 </li>
</ul>
<p align="left"><font face="Times New Roman, Times, serif"><b><i><font size="2">Other Chilean Taxes </font></i></b><font size="2">No Chilean inheritance, gift
 or succession taxes apply to the transfer or disposition of the ADSs by a foreign
 holder but such taxes generally will apply to the transfer at death or by a
 gift of shares of common stock by a foreign holder. No Chilean stamp, issue,
 registration or similar taxes or duties apply to foreign holders of ADSs or
 shares of common stock. </font></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b><i>Withholding Tax Certificates </i></b>Upon request, we will provide to
 foreign holders appropriate documentation evidencing the payment of the Chilean
 withholding tax. We will also inform when the withholding was excessive in order
 to allow the filing for the reimbursement of taxes. </font></p>
<p><font face="Times New Roman, Times, serif"><b><font size="2">United States Tax Considerations </font></b></font></p>
<p><font size="2" face="Times New Roman, Times, serif">The following is a summary of certain United States federal
  income tax consequences of the ownership of shares of Common Stock or ADSs
  by an investor that is a U.S. Holder (as defined below) that holds the shares
  of Common Stock or ADSs as capital assets. This summary does not purport to
  address all material tax consequences of the ownership of Common Stock or ADSs,
  and does not take into account the specific circumstances of any particular
  investors (such as tax-exempt entities, certain insurance companies, broker-dealers,
  traders in securities that elect to mark to market, investors liable for alternative
  minimum tax, investors that actually or constructively own 10% or more of the
  voting stock of the Company, investors that hold Common Stock or ADSs as part
  of a straddle or a hedging or conversion transaction or U.S. Holders (as defined
  below) whose functional currency is not the U.S. dollar), some of which may
  be subject to special rules. This summary is based on the tax laws of the United
  States (including the Internal Revenue Code of 1986, as amended, its legislative
history, existing and proposed regulations thereunder, published</font></p>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">98</font></p>
<p><font size="2" face="Times New Roman, Times, serif"> rulings and
    court decisions) as in effect on the date hereof, all of which are subject
  to change (or changes in interpretation), possibly with retroactive effect.</font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">For purposes
  of this discussion, a &#147;U.S. Holder&#148; is
  any beneficial owner of shares of Common Stock or ADSs that is (i) a
  citizen or resident of the United States, (ii) a corporation or partnership
  organized under the laws of the United States or any State, (iii) an estate
  whose income is subject to United States federal income tax regardless of its
  source or (iv) a trust if a United States court can exercise primary supervision
  over the trust's administration and one or more United States persons are authorized
  to control all substantial decisions of the trust. The discussion does
  not address any aspects of United States taxation other than federal income
  taxation. Investors are urged to consult their tax advisors regarding the United
  States federal, state and local and other tax consequences of owning and disposing
 of Common Stock and ADSs. </font></p>
<p><font size="2" face="Times New Roman, Times, serif">In general, assuming that the representations of the Depositary are true and
 that each obligation in the Deposit Agreement and any related agreement will
 be performed in accordance with its terms, for United States federal income tax
 purposes, holders of ADRs evidencing ADSs will be treated as the owners of the
 shares of Common Stock represented by those ADSs, and exchanges of shares of
 Common Stock for ADSs, and ADSs for shares of Common Stock will not be subject
 to United States federal income tax.</font>
</p>
<p><font face="Times New Roman, Times, serif"><b><i><font size="2">Cash Dividends and Other Distributions </font></i></b><font size="2"> Under
  the United States federal income tax laws, and subject to the passive
   foreign investment company (&#147;PFIC&#148;) rules discussed below, U.S. Holders will include in gross income the
 gross amount of any dividend paid before reduction for any net withholding (i.e.,
 after taking into account any Chilean First-Category Tax creditable against
 Chilean Withholding Tax) by the Company out of its current or accumulated earnings
 and profits (as determined for United States federal income tax purposes) as
 ordinary income when the dividend is actually or constructively received by
 the U.S. Holder, in the case of shares of Common Stock, or by the Depositary,
 in the case of ADSs. The dividend will not be eligible for the dividends-received
 deduction. Subject to a holder's satisfaction of certain holding period requirements,
 dividends included in income by a noncorporate U.S. holder during the period
 ending on December 31, 2008 are subject to tax at a maximum rate of 15% if the
 dividends are paid by a domestic corporation or &#147;qualified foreign corporation.&#148; A
 qualified foreign corporation generally includes a foreign corporation if
 (i) its shares (or ADSs) are readily tradable on an established securities
 market in the U.S. or (ii) it is eligible for benefits under a comprehensive
 U.S. income tax treaty, provided that the corporation is not a passive foreign
 investment company, foreign personal holding company or foreign investment company.
 We believe that we should be treated as a qualified foreign corporation with
 respect to dividend payments to our ADS holders and, therefore, dividends
 paid to an individual U.S. holder of ADSs should be taxed at a maximum rate
 of 15%. However, you should be aware that the requirements to be treated as
 a qualified foreign corporation are not entirely clear and further guidance
 from the Internal Revenue Service may be forthcoming that could affect this
 conclusion. U.S. holders of Ordinary Shares directly, rather than through ADSs,
 should consult their own tax advisor about whether the 15% maximum rate applies
 to dividends they receive. The amount of the dividend distribution includible
 in income of a U.S. Holder will be the U.S. dollar value of the Chilean peso
 payments made, determined at the spot Chilean peso/U.S. dollar rate on the date
 such dividend distribution is includible in the income of the U.S. Holder, regardless
 of whether the payment is in fact converted into U.S. dollars. Generally, any
 gain or loss resulting from currency exchange fluctuations during the period
 from the date the dividend payment is includible in income to the date such
 payment is converted into U.S. dollars will be treated as ordinary foreign exchange
 gain or loss. Such gain or loss will generally be from sources within the United
 States for foreign tax credit limitation purposes. Subject to certain generally
 applicable limitations, the net amount of any Chilean Withholding Tax (after
 reduction for the credit for Chilean First-Category Tax) paid over to Chile
 will be creditable against the U.S. Holder 's United States federal income tax
 liability. For foreign tax credit limitation purposes, the dividend will be
 income from sources outside the United States . In the case of U.S. individuals,
 if the reduced rate of tax on dividends applies to such holder, such limitations
 and restrictions will appropriately take into account the rate differential
 under rules similar to section 904(b)(2)(B) of the Internal Revenue Code. The
 rules governing foreign tax credits are complex and U.S. Holders should consult
 their tax advisors regarding their application to the particular circumstances
of such holder. </font></font></p>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">99</font></p>
<p><font size="2" face="Times New Roman, Times, serif">Pro rata distributions of shares of Common Stock or preemptive
 rights generally are not subject to United States federal income tax. The basis
 of the new shares of Common Stock or preemptive rights (if such rights are exercised
 or sold) generally will be determined by allocating the U.S. Holder's adjusted
 basis in the old shares between the old shares and the new shares or preemptive
 rights received, based on their relative fair market values on the date of distribution
 (except that the basis of the preemptive rights will be zero if the fair market
 value of the rights is less than 15% of the fair market value of the old shares
 at the time of distribution, unless the U.S. Holder irrevocably elects to allocate
 basis between the old shares and the preemptive rights). The holding period
 of a U.S. Holder for the new shares or preemptive rights will include the U.S.
 Holder's holding period for the old shares with respect to which the new shares
 or preemptive rights were issued. In other circumstances, distributions of Common
Stock or preemptive rights may be treated as taxable dividends. </font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b><i>Capital Gains </i></b>U.S.
  Holders will not recognize gain or loss on deposits or withdrawals of shares
  of Common Stock in exchange for ADSs or on the exercise of preemptive rights.
  U.S. Holders will recognize capital gain or loss on the sale or other disposition
  of ADSs or shares of Common Stock (or preemptive rights with respect to such
  shares) held by the U.S. Holder or by the Depositary equal to the difference
  between the amount realized and the U.S. Holder's tax basis in the ADSs or
  shares. Any gain recognized by a U.S. Holder generally will be treated as United
  States source income. Consequently, in the case of a disposition of shares
  of Common Stock or preemptive rights (which, unlike a disposition of ADSs,
  will be taxable in Chile), the U.S. Holder may not be able to claim the foreign
  tax credit for Chilean tax imposed on the gain unless it appropriately can
  apply the credit against tax due on other income from foreign sources. Loss
 generally would be treated as United States source loss. With respect to
  sales occurring on or after May 6, 2003, but before January 1, 2009, the long-term
 capital gain tax rate for an individual U.S. Holder is 15%. For sales occurring
 before May 6, 2003, or after December 31, 2008, under current law the long-term
 capital gain rate for an individual U.S. Holder is 20%.</font></p>
<p><font size="2"><b><i><font face="Times New Roman, Times, serif">PFIC Rules </font></i></b><font face="Times New Roman, Times, serif">CCU
  believes that it should not be treated as a passive foreign investment
   company (a &#147;PFIC&#148;) for United States federal income tax purposes,
 although this conclusion is subject to some uncertainty because definitive
  asset values for non publicly-traded or illiquid assets may be unavailable.
  This conclusion is also a factual determination made annually and thus
may be subject to change. </font></font></p>
<p><font size="2" face="Times New Roman, Times, serif">In general, the Company
  will be a PFIC with respect to a U.S. Holder if for any taxable year in which
  the U.S. Holder held the Company's ADSs or shares of Common Stock, either (i)
  at least 75% of the gross income of the Company for the taxable year is passive
  income or (ii) at least 50% of the value (determined on the basis of a quarterly
  average) of the Company 's assets is attributable to assets that produce or
  are held for the production of passive income. For this purpose, passive income
  generally includes dividends, interest, royalties, rents (other than certain
  rents and royalties derived in the active conduct of a trade or business),
  annuities and gains from assets that produce passive income. If a foreign corporation
  owns at least 25% by value of the stock of another corporation, the foreign
  corporation is treated for purposes of the PFIC tests as owning its proportionate
  share of the assets of the other corporation, and as receiving directly
  its proportionate share of the other corporation's income. If the Company is
  treated as a PFIC, a U.S. Holder would be subject to special rules with respect
  to (a) any gain realized on the sale or other disposition of shares of Common
  Stock or ADSs and (b) any &#147;excess distribution&#148; by
 the Company to the U.S. Holder (generally, any distributions to the U.S.
 Holder in respect of the shares of Common Stock or ADSs during a single taxable
 year that are greater than 125% of the average annual distributions received
 by the U.S. Holder in respect of the shares of Common Stock or ADSs during
  the three preceding taxable years or, if shorter, the U.S. Holder 's
  holding period for the shares or ADSs). Under these rules, (i) the gain or
  excess distribution would be allocated ratably over the U.S. Holder 's holding
  period for the shares of Common Stock or ADSs, (ii) the amount allocated to
  the taxable year in which the gain or excess distribution was realized would
  be taxable as ordinary income, (iii) the amount allocated to each prior year,
  with certain exceptions, would be subject to tax at the highest tax rate in
  effect for that year and (iv) the interest charge generally applicable to underpayments
of tax would be imposed in respect of the tax attributable to each such year. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">Special rules apply with respect to the calculation of the amount
 of the foreign tax credit with respect to excess distributions by a PFIC. </font></p>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">100</font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">If the Company is treated as a PFIC, a U.S. Holder may be able
 to make a mark-to-market election if the Company's stock is treated as regularly
 traded on a registered national securities exchange or other exchange to the
 extent permitted by the IRS. If the election is made, the PFIC rules described
 above will not apply. Instead, in general, the electing U.S. Holder will be
 required to include as ordinary income each year the excess, if any, of the
 fair market value of the shares of Common Stock or ADSs at the end of the taxable
 year over the U.S. Holder's adjusted tax basis in the shares or ADSs. The electing
 U.S. Holder will also be allowed to take an ordinary loss in respect of the
 excess, if any, of the adjusted tax basis in the shares of Common Stock or ADSs
 over their fair market value at the end of the taxable year (but only to the
 extent of the net amount of income previously included as a result of the mark-to-market
 election). An electing U.S. Holder's tax basis in the shares of Common Stock
 or ADSs will be adjusted to reflect any such income or loss amounts. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">Alternatively,
  a U.S. Holder of shares or ADSs in a PFIC can sometimes avoid the rules described
  above by electing to treat the company as a &#147;qualified electing fund&#148; under section&nbsp;1295
  of the Internal Revenue Code. This option will not be available to U.S.
  Holders because the Company does not intend to comply with the requirements
  necessary to permit a U.S. Holder to make this election. U.S. Holders should
  consult their own tax advisors concerning the U.S. federal income tax consequences
  of holding shares or ADSs if the Company is considered a passive foreign
 investment company in any taxable year. </font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b><i>Information Reporting and Backup Withholding </i></b> Dividends in respect
 of the Shares or ADSs and proceeds from the sale, exchange, or redemption of
 the Shares or ADSs may be subject to information reporting to the United States
 Internal Revenue Service and a backup withholding tax (currently, at a 28% rate)
 may apply unless the U.S. Holder furnishes a correct taxpayer identification
 number or certificate of foreign status or is otherwise exempt from backup withholding.
 Generally, a U.S. Holder will provide such certification on Form W-9 and a non-U.S.
Holder will provide such certification on Form W-8BEN.</font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b><u>Dividends and Paying Agents</u></b></font></p>
<p><font size="2" face="Times New Roman, Times, serif">Not applicable </font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b><u>Statement by Experts</u></b></font></p>
<p><font size="2" face="Times New Roman, Times, serif">Not applicable </font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b><u>Documents on Display</u></b></font></p>
<p><font size="2" face="Times New Roman, Times, serif">The documents concerning us, which are referred to in this annual report,
 may be inspected at our main offices at Bandera 84, Sixth Floor, Santiago ,
Chile . </font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b><u>Subsidiary Information</u></b></font></p>
<p><font size="2" face="Times New Roman, Times, serif">Not applicable</font></p>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">101</font></p>
<a name=a14></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b>ITEM 11: Quantitative and Qualitative Disclosures About Market Risk </b></font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">The following
  discussion about our risk management activities includes &#147;forward-looking statements&#148; that
  involve risk and uncertainties. Actual results could differ materially from
those projected in the forward-looking statements. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">We face primary market risk exposures in three categories: commodity
 price fluctuations, exchange rate fluctuations and interest rate fluctuations.
 We periodically review our exposure to the three main sources of risk described
 above and determine at our senior management level how to minimize the impact
 on our operations of commodity price, foreign exchange and interest rate changes.
 As part of this review process, we periodically evaluate opportunities to enter
into hedging mechanisms to mitigate such risks. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">The market risk sensitive instruments referred to below are entered into only
for purposes of hedging our risks and are not used for trading purposes.</font></p>
<p><font face="Times New Roman, Times, serif"><b><font size="2">Quantitative Information About Market Risk</font></b></font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif"><b>Commodity
                        Price Sensitivity<br>
</b></font><font size="2" face="Times New Roman, Times, serif">The
                        major commodity price sensitivity faced by us is the variation of malt prices. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">The following table summarizes information about our malt inventories and futures
contracts that are sensitive to changes in commodity prices, specifically malt
prices. For inventories, the table presents the carrying amount and fair value
of the inventories and contracts as of December 31, 2003. For these contracts
the table presents the notional amounts in tons, the weighted average contract
prices, and the total dollar contract amount by expected maturity dates.</font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif"><b><u>Commodity
Price Sensitivity as of December 31, 2003</u></b></font></p>
<table width="100%" cellpadding="0" cellspacing="2">
 <tr valign="bottom">
  <td><font size="1">&nbsp;</font></td>
  <td colspan="4" align="center"><font size="1" face="Times New Roman, Times, serif"><b>Carrying Amount </b></font></td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif"><b>Fair Value </b></font></td>
 </tr>
 <tr valign="bottom">
  <td><font size="1" face="Times New Roman, Times, serif"><b>On Balance Sheet Position </b></font></td>
  <td align="center"><p align="right"><font size="2"><font size="1"></font></font> </p></td>
  <td align="center"><p align="right"><font size="2"><font size="1"></font></font> </p></td>
  <td align="center"><p align="right"><font size="2"><font size="1"></font></font> </p></td>
  <td align="center"><p align="right"><font size="2"><font size="1"></font></font> </p></td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right"><p align="right"><font size="2"><font size="1"></font></font> </p></td>
 </tr>
 <tr valign="bottom">
  <td><hr align="left" width=50% size="1"></td>
  <td align="center"><font size="1">&nbsp;</font></td>
  <td align="center"><font size="1">&nbsp;</font></td>
  <td align="center"><font size="1">&nbsp;</font></td>
  <td align="center"><font size="1">&nbsp;</font></td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="1">&nbsp;</font></td>
 </tr>
 <tr valign="bottom">
   <td><font size="1" face="Times New Roman, Times, serif">Malt inventory (millions
       of Ch$) </font></td>
   <td align="right"><font size="1" face="Times New Roman, Times, serif">Ch$3,717 </font></td>
   <td align="center"><p align="right"><font size="2"><font size="1"></font></font> </p></td>
   <td align="center"><p align="right"><font size="2"><font size="1"></font></font> </p></td>
   <td align="center"><p align="right"><font size="2"><font size="1"></font></font> </p></td>
   <td align="right">&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td align="right"><font size="1" face="Times New Roman, Times, serif">3,888 </font></td>
 </tr>
 <tr valign="bottom">
   <td><font size="1" face="Times New Roman, Times, serif"> Bulk wine inventory (raw material) </font></td>
   <td align="right"><font size="1" face="Times New Roman, Times, serif">14,199</font></td>
   <td align="center">&nbsp;</td>
   <td align="center">&nbsp;</td>
   <td align="center">&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td align="right">&nbsp;</td>
   <td align="right">&nbsp;</td>
 </tr>
 <tr valign="bottom">
  <td><font size="1">&nbsp;</font> </td>
  <td colspan="4" align="center"><font size="1" face="Times New Roman, Times, serif"><b>Expected Maturity </b></font></td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif"><b>Fair Value </b></font></td>
 </tr>
 <tr valign="bottom">
  <td><font size="1">&nbsp;</font> </td>
  <td align="center"><font size="1" face="Times New Roman, Times, serif"><b>2004 </b></font></td>
  <td align="center"><font size="1" face="Times New Roman, Times, serif"><b>2005 </b></font></td>
  <td align="center"><font size="1" face="Times New Roman, Times, serif"><b>2006 </b></font></td>
  <td align="center"><font size="1" face="Times New Roman, Times, serif"><b>2007 </b></font></td>
  <td align="center"><font size="1" face="Times New Roman, Times, serif"><b>2008 </b></font></td>
  <td align="center"><font size="1" face="Times New Roman, Times, serif"><b>Thereafter </b></font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></td>
 </tr>
 <tr valign="bottom">
  <td><font size="1" face="Times New Roman, Times, serif"><b>Purchase Contracts </b></font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></td>
 </tr>
 <tr valign="bottom">
  <td><hr align="left" width=50% size="1"></td>
  <td align="right"><font size="1">&nbsp;</font></td>
  <td align="right"><font size="1">&nbsp;</font></td>
  <td align="right"><font size="1">&nbsp;</font></td>
  <td align="right"><font size="1">&nbsp;</font></td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="1">&nbsp;</font></td>
 </tr>
 <tr valign="bottom">
  <td><font size="1" face="Times New Roman, Times, serif"><b>Malt: </b></font></td>
  <td align="right"><font size="1">&nbsp;</font> </td>
  <td align="right"><font size="1">&nbsp;</font> </td>
  <td align="right"><font size="1">&nbsp;</font> </td>
  <td align="right"><font size="1">&nbsp;</font> </td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right"><p align="right"><font size="2"><font size="1"></font></font> </p></td>
 </tr>
 <tr valign="bottom">
  <td><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Fixed Purchase Volume (tons) </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">40,000 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">20,000 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">20,000 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">6,000 </font></td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="1">&nbsp;</font> </td>
 </tr>
 <tr valign="bottom">
  <td><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Weighted Average Price (US$ per ton) (1) </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">300 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">330 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">330 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">330 </font></td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp; </td>
 </tr>
 <tr valign="bottom">
  <td width="30%"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Contract Amount (thousands of US$)</font></td>
  <td width="10%" align="right"><font size="1" face="Times New Roman, Times, serif">ThUS$12,000 </font></td>
  <td width="10%" align="right"><font size="1" face="Times New Roman, Times, serif">6,600 </font></td>
  <td width="10%" align="right"><font size="1" face="Times New Roman, Times, serif">6,600 </font></td>
  <td width="10%" align="right"><font size="1" face="Times New Roman, Times, serif">1,980 </font></td>
  <td width="10%" align="right">&nbsp;</td>
  <td width="10%" align="right">&nbsp;</td>
  <td width="10%" align="right"><font size="1" face="Times New Roman, Times, serif">28,380 </font></td>
 </tr>
  <tr valign="bottom">
  <td><font size="1" face="Times New Roman, Times, serif"><b>Grapes: </b></font></td>
  <td align="right"><font size="1">&nbsp;</font> </td>
  <td align="right"><font size="1">&nbsp;</font> </td>
  <td align="right"><font size="1">&nbsp;</font> </td>
  <td align="right"><font size="1">&nbsp;</font> </td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right"><p align="right"><font size="2"><font size="1"></font></font> </p></td>
 </tr>
 <tr valign="bottom">
  <td><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Fixed Purchase Volume (tons) </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">14,598 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">9,330 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">7,786 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">5,353 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">2,918 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">7,525 </font></td>
  <td align="right"><font size="1">&nbsp;</font> </td>
 </tr>
 <tr valign="bottom">
  <td><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Weighted
    Average Price (Ch$ per kg.) (2) </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">206 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">221 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">178 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">177 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">172 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">178 </font></td>
  <td align="right">&nbsp; </td>
 </tr>
 <tr valign="bottom">
  <td width="50%"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Contract Amount (millions of Ch$)</font></td>
  <td width="10%" align="right"><font size="1" face="Times New Roman, Times, serif">3,007 </font></td>
  <td width="10%" align="right"><font size="1" face="Times New Roman, Times, serif">2,064 </font></td>
  <td width="10%" align="right"><font size="1" face="Times New Roman, Times, serif">1,388 </font></td>
  <td width="10%" align="right"><font size="1" face="Times New Roman, Times, serif">945 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">501 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">1,340 </font></td>
  <td width="10%" align="right">&nbsp;</td>
 </tr>
 <tr valign="bottom">
  <td><font size="1" face="Times New Roman, Times, serif"><b>Wine: </b></font></td>
  <td align="right"><font size="1">&nbsp;</font> </td>
  <td align="right"><font size="1">&nbsp;</font> </td>
  <td align="right"><font size="1">&nbsp;</font> </td>
  <td align="right"><font size="1">&nbsp;</font> </td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right"><p align="right"><font size="2"><font size="1"></font></font> </p></td>
 </tr></table>
 <p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">102</font></p>
<table width="100%" cellspacing="2">
 <tr valign="bottom">
  <td><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Fixed Purchase Volume (million liters) </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">10.8 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">5.3 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">1.8 </font></td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right"><font size="1">&nbsp;</font> </td>
 </tr>
 <tr valign="bottom">
  <td><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Weighted Average Price (Ch$ per liter) (2) </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">179 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">174 </font></td>
  <td align="right"><font size="1" face="Times New Roman, Times, serif">174 </font></td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp; </td>
 </tr>
 <tr valign="bottom">
  <td width="50%"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Contract Amount (millions of Ch$)</font></td>
  <td width="10%" align="right"><font size="1" face="Times New Roman, Times, serif">1,938 </font></td>
  <td width="10%" align="right"><font size="1" face="Times New Roman, Times, serif">925 </font></td>
  <td width="10%" align="right"><font size="1" face="Times New Roman, Times, serif">308 </font></td>
  <td width="10%" align="right">&nbsp;</td>
  <td width="10%" align="right">&nbsp;</td>
  <td width="10%" align="right">&nbsp;</td>
  <td width="10%" align="right">&nbsp;</td>
 </tr>
</table>
<hr size=1 width=15% align=left>
<table width="100%"  cellspacing="2" cellpadding="0">
 <tr valign=top>
  <td width="5%"><font size="1" face="Times New Roman, Times, serif"> (1) </font></td>
  <td width="95%"><font size="1" face="Times New Roman, Times, serif"> Price to be reviewed and adjusted to reflect market prices according to variations in international barley
prices.  Accordingly, the commodity risk is mitigated, as each year&#146;s deliveries will approximate market.</font></td>
 </tr>
</table>
<table width="100%"  cellspacing="2" cellpadding="0">
 <tr valign=top>
  <td width="5%"><font size="1" face="Times New Roman, Times, serif"> (2) </font></td>
  <td width="95%"><font size="1" face="Times New Roman, Times, serif"> Price to be reviewed and adjusted to reflect market prices according to variations in domestic raw material prices.  Accordingly, the
commodity risk is mitigated, as each year&#146;s deliveries will approximate market. </font></td>
 </tr>
</table>
<p><font size="2" face="Times New Roman, Times, serif">As of December 31, 2002 we had purchase contracts for ThUS$6,279, which increased
mainly due to the purchase of higher malt volumes. </font></p>
<p><font size="2" face="Times New Roman, Times, serif"><b>Exchange Rate Sensitivity <br>
</b></font><font size="2" face="Times New Roman, Times, serif">The
                major exchange rate risk faced by us is the variation of the Chilean peso against
                the U.S. dollar. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">On May 9,
  2003, the Cayman Islands Branch of Compa&ntilde;&iacute;a
 Cervecer&iacute;as Unidas S.A. entered into a US$135 million, five-year unsecured,
 syndicated loan agreement. This credit agreement has a variable interest
 rate of LIBOR + 0.75% in U.S. dollars, with five equal semi-annual amortization
 installments of principal beginning on the third anniversary of the closing.
 Interest payments are on a quarterly basis. The credit agreement was syndicated
 by 11 banks. To avoid the exchange and interest risks of this credit, we
 entered into cross currency interest rate swap agreements for an aggregate
 of US$96.1 million, 86.4% of which is in variable Chilean pesos rate and
 13.6% is in fixed Chilean pesos rate. As a consequence, we replaced the risk
 of LIBOR fluctuations for this credit agreement, by the risk of variations in
 the nominal TAB rate, expressed in Chilean pesos in an amount of Ch$49,285 million
 (US$83 million). Nevertheless, we expect that if the TAB rate rises, such
 rise would be due to improvement in consumer demand, which we expect would result,
 in turn, in an increase in our operating results, causing a natural hedge
for the nominal variable rate Chilean peso debt. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">The following table summarizes our debt obligations, cash and cash equivalents,
accounts receivable and derivative contracts in foreign currencies as of December
31, 2003, in million Chilean pesos, according to their maturity date, weighted-average
interest rates and fair values:</font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif"><b><u>Exchange Rate Sensitivity as of December 31, 2003</u><br>
</b>(millions
 of Ch$, except percentages and exchange rate)
</font></p>
<table width="100%" cellpadding="0" cellspacing="2">
 <tr>
  <td colspan="7" align="center" valign="top"><p><font size="1" face="Times New Roman, Times, serif"> <b>Expected Maturity
  Date </b></font></p>   </td>
  <td valign="top"><p align="right"><font size="1"><b>&nbsp; </b></font></p></td>
  <td valign="top"><p align="right"><font size="1"><b>&nbsp; </b></font></p></td>
 </tr>
 <tr>
  <td width="20%" valign="top"><p><font size="1"><b>&nbsp; </b></font></p></td>
  <td width="10%" align="center" valign="top"><p><font size="1" face="Times New Roman, Times, serif"><b>2004 </b></font></p></td>
  <td width="10%" align="center" valign="top"><font size="1" face="Times New Roman, Times, serif"><b>2005</b></font></td>
  <td width="10%" align="center" valign="top"><p><font size="1" face="Times New Roman, Times, serif"><b>2006 </b></font></p></td>
  <td width="10%" align="center" valign="top"><p><font size="1" face="Times New Roman, Times, serif"><b>2007 </b></font></p></td>
  <td width="10%" align="center" valign="top"><p><font size="1" face="Times New Roman, Times, serif"><b>2008 </b></font></p></td>
  <td width="10%" align="center" valign="top"><p><font size="1" face="Times New Roman, Times, serif"><b>Thereafter </b></font></p></td>
  <td width="10%" align="center" valign="top"><p><font size="1" face="Times New Roman, Times, serif"><b>TOTAL </b></font></p></td>
  <td width="10%" align="center" valign="top"><p><font size="1" face="Times New Roman, Times, serif"><b>Fair Value </b></font></p></td>
 </tr>
 <tr>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td align="center" valign="top"><hr align="right" size="1"></td>
  <td align="center" valign="top"><hr align="right" size="1"></td>
  <td align="center" valign="top"><hr align="right" size="1"></td>
  <td align="center" valign="top"><hr align="right" size="1"></td>
  <td align="center" valign="top"><hr align="right" size="1"></td>
  <td align="center" valign="top"><hr align="right" size="1"></td>
  <td align="center" valign="top"><hr align="right" size="1"></td>
  <td align="center" valign="top"><hr align="right" size="1"></td>
 </tr>
 <tr>
  <td valign="top"><font size="1" face="Times New Roman, Times, serif"><b>Debt Obligations </b></font></td>
  <td valign="top"><p align="right"><font size="1"></font> </p></td>
  <td valign="top"><p align="right"><font size="1"></font> </p></td>
  <td valign="top"><p align="right"><font size="1"></font> </p></td>
  <td valign="top"><p align="right"><font size="1"></font> </p></td>
  <td valign="top"><p align="right"><font size="1"></font> </p></td>
  <td valign="top"><p align="right"><font size="1"></font> </p></td>
  <td valign="top"><p align="right"><font size="1"></font> </p></td>
  <td valign="top"><p align="right"><font size="1"></font> </p></td>
 </tr>
 <tr>
  <td valign="top"><hr align="right" size="1"></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="1" face="Times New Roman, Times, serif"><b>Variable rate </b></font></p></td>
  <td valign="top"><p align="right"><font size="1"></font> </p></td>
  <td valign="top"><p align="right"><font size="1"></font> </p></td>
  <td valign="top"><p align="right"><font size="1"></font> </p></td>
  <td valign="top"><p align="right"><font size="1"></font> </p></td>
  <td valign="top"><p align="right"><font size="1"></font> </p></td>
  <td valign="top"><p align="right"><font size="1"></font> </p></td>
  <td valign="top"><p align="right"><font size="1"></font> </p></td>
  <td valign="top"><p align="right"><font size="1"></font> </p></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="1" face="Times New Roman, Times, serif">US$ (*) </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">35,820 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">32,065 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">32,065 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">16,033 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">115,983 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">117,466 </font></p></td>
 </tr>
 <tr>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">Average int. rate </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">2.1% </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="1" face="Times New Roman, Times, serif">Euro </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">226 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">226 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">226 </font></p></td>
 </tr>
 <tr>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">Average int. rate </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">3.4% </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">3.4% </font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="1" face="Times New Roman, Times, serif">Argentine $ </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">202 </font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">202 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">201 </font></p></td>
 </tr>
 <tr>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">Average int. rate </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">4.8% </font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">4.8% </font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="1" face="Times New Roman, Times, serif"><b>&nbsp; </b></font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="1" face="Times New Roman, Times, serif"><b>Cash and Cash Equivalents </b></font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">14,566 </font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">14,566 </font></p></td>
 </tr>
 <tr>
  <td valign="top"><hr align="right" size="1"></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="1" face="Times New Roman, Times, serif"><b>Accounts Receivables </b></font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">11,001 </font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">11,001 </font></p></td>
 </tr>
 <tr>
  <td valign="top"><hr align="right" size="1"></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="1" face="Times New Roman, Times, serif"><b>Derivative Contracts </b></font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
 </tr>
 <tr>
  <td valign="top"><hr align="right" size="1"></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="1" face="Times New Roman, Times, serif">Receive Ch$/pay US$ </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">ThUS$1,400 </font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">ThUS$1,400 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">ThUS$7 </font></p></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="1" face="Times New Roman, Times, serif">Receive US$/pay Ch$ </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">ThUS$24,500 </font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">ThUS$96,110 </font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">ThUS$120,610 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">ThUS$15,856 </font></p></td>
 </tr>
</table>
<hr size=1 width=15% align=left>
<table width="100%"  cellspacing="2" cellpadding="0">
 <tr>
  <td width="5%"><font size="1" face="Times New Roman, Times, serif"> (*) </font></td>
  <td width="95%"><font size="1" face="Times New Roman, Times, serif"> Includes
    the US$135 million syndicated loan, of which US$96.1 million is hedged through
    cross currency interest rate swap agreements.
</font></td>
 </tr>
</table>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">103</font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">In accordance
    with Chilean generally accepted accounting principles, we apply TB 64 issued
    by the Chilean Institute of Accountants to translate and value investments
    in foreign subsidiaries (see Note 1 to our consolidated financial statements).
    Under TB 64, our foreign investments in CICSA and FLC are not subject to
    price-level restatements based on inflation in those countries. Instead,
    the U.S. dollar is considered to be the functional currency. As a result,
    the effect of a devaluation of the peso against the U.S. dollar on our financial
    statements is determined, in part, by the impact of such devaluation on the
    value of our investments in CICSA and FLC, as well as on foreign currency
    denominated obligations that qualify as a hedge against those investments.
    These effects are recorded in the account &#147;Cumulative translation adjustment&#148; in shareholder's
   equity. As of December&nbsp;31, 2003, our investment in CICSA and FLC amounted
   to Ch$72,253 million, foreign currency denominated obligations that were
   designated as a hedge against these investments amounted to Ch$13,887 million
   and the negative cumulative translation adjustment account amounted to Ch$67
million. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">As of December
  31, 2002 we had a smaller amount of debt exposed to the U.S. dollar because
  during 2003, our subsidiary the Cayman Islands Branch of Compa&ntilde;&iacute;a Cervecer&iacute;as
  Unidas S.A. entered into a US$135 million syndicated loan, of which US$96.1
million is currently hedged. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif"><b>Interest
                        Rate Sensitivity <br>
</b></font><font size="2" face="Times New Roman, Times, serif">The
                        major interest rate risk which we face is a rise in the TAB rate. As of December
                        31, 2003, our interest-bearing debt amounted to Ch$140,005 million (see Notes
                        9, 10 and 11 to the consolidated financial statements), 80.1% of which was
                        variable-rate debt and 19.9% was fixed-rate debt. The majority of our floating-rate
                        debt, Ch$52,737 million, was Chilean peso denominated and tied to the TAB
                        rate due to the cross currency interest rate swap agreements entered into
                        in respect of a large part of our US$135 million syndicated loan. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">The following table summarizes debt obligations with interest
 rates by maturity date, the related weighted-average interest rates and fair
 values:</font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif"><b><u>Interest-Bearing Debt as of December 31, 2003<br>
</u></b>(millions
 of Ch$, except percentages)
</font></p>
<table width="100%" cellpadding="0" cellspacing="2">
 <tr>
  <td width="20%" valign="top"><font size="1">&nbsp;</font></td>
  <td width="10%" align="center" valign="top"><b><font size="1" face="Times New Roman, Times, serif">2004</font></b></td>
  <td width="10%" align="center" valign="top"><b><font size="1" face="Times New Roman, Times, serif">2005</font></b></td>
  <td width="10%" align="center" valign="top"><b><font size="1" face="Times New Roman, Times, serif">2006</font></b></td>
  <td width="10%" align="center" valign="top"><b><font size="1" face="Times New Roman, Times, serif">2007</font></b></td>
  <td width="10%" align="center" valign="top"><b><font size="1" face="Times New Roman, Times, serif">2008</font></b></td>
  <td width="10%" align="center" valign="top"> <b><font size="1" face="Times New Roman, Times, serif">Thereafter  </font></b></td>
  <td width="10%" align="center" valign="top"> <b><font size="1" face="Times New Roman, Times, serif">TOTAL  </font></b></td>
  <td width="10%" align="center" valign="top"> <b><font size="1" face="Times New Roman, Times, serif">Fair Value  </font></b></td>
 </tr>
 <tr>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td align="center" valign="top"><hr align="right" size="1"></td>
  <td align="center" valign="top"><hr align="right" size="1"></td>
  <td align="center" valign="top"><hr align="right" size="1"></td>
  <td align="center" valign="top"><hr align="right" size="1"></td>
  <td align="center" valign="top"><hr align="right" size="1"></td>
  <td align="center" valign="top"><hr align="right" size="1"></td>
  <td align="center" valign="top"><hr align="right" size="1"></td>
  <td align="center" valign="top"><hr align="right" size="1"></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="1" face="Times New Roman, Times, serif"><b>Fixed rate </b></font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
 </tr>
 <tr>
  <td valign="top"><hr align="right" size="1"></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
  <td valign="top"><font size="1">&nbsp;</font></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="1" face="Times New Roman, Times, serif">Ch$ (UF) (1) (2) </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">Ch$ 1,664 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">1,368 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">1,368 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">381 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">381 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">14,974 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">20,135 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">21,264 </font></p></td>
 </tr>
 <tr>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">Interest rate </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">6.0% </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">6.0% </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">6.0% </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">6.0% </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">6.0% </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">6.0% </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">6.0% </font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="1" face="Times New Roman, Times, serif"><b>Variable rate </b></font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="1" face="Times New Roman, Times, serif">Ch$ (UF) (1) </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">904 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">852 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">852 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">852 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">3,459 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">3,372 </font></p></td>
 </tr>
 <tr>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">Average int. rate </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">2.5% </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">2.5% </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">2.5% </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">2.5% </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">2.5% </font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="1" face="Times New Roman, Times, serif">US$ (3) </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">35,820 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">32,065 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">48,098 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">115,983 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">117,466 </font></p></td>
 </tr>
 <tr>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">Average int. rate </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">2.1% </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="1" face="Times New Roman, Times, serif">Euro </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">226 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">226 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">226 </font></p></td>
 </tr>
 <tr>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">Average int. rate </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">3.4% </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">3.4% </font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="1" face="Times New Roman, Times, serif">Argentine $ </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">202 </font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">202 </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">201 </font></p></td>
 </tr>
 <tr>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">Average int. rate </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">4.8% </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">- </font></p></td>
  <td valign="top"><p align="right"><font size="1" face="Times New Roman, Times, serif">4.8% </font></p></td>
  <td valign="top"><p align="right"><font size="2"><font face="Times New Roman, Times, serif"><font size="1"></font></font></font> </p></td>
 </tr>
</table>
<hr size=1 width=15% align=left>
<table width="100%"  cellspacing="2" cellpadding="0">
 <tr>
  <td width="5%" valign="top"><font size="1" face="Times New Roman, Times, serif"> (1) </font></td>
  <td width="95%"><font size="1" face="Times New Roman, Times, serif"> A UF ( <i>Unidad
     de Fomento </i>) is a daily indexed, peso-denominated monetary
 unit. The UF is set daily in advance based on the previous month's inflation
 rate.<br>
  </font></td>
 </tr>
 <tr>
  <td valign="top"><font size="1" face="Times New Roman, Times, serif">(2) </font></td>
  <td><font size="1" face="Times New Roman, Times, serif"> Bonds. <br>
  </font></td>
 </tr>
 <tr>
  <td valign="top"><font size="1" face="Times New Roman, Times, serif">(3) </font></td>
  <td><font size="1" face="Times New Roman, Times, serif"> Includes the US$135
    million syndicated loan, of which US$96.1 million is hedged through
    cross currency interest rate swap agreements.<br>
  </font></td>
 </tr>
</table>
<p><font size="2" face="Times New Roman, Times, serif">As of December 31, 2002, our major interest risk was related to LIBOR, whereas
 currently, our major interest risk is related to TAB. This is mainly due to
 the cross currency interest rate swap agreements entered into in connection
with the US$135 million syndicated loan. </font></p>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">104</font></p>
<p><b><font size="2" face="Times New Roman, Times, serif"><u>Qualitative Information About Market Risk</u></font></b></p>
<b><font size="2" face="Times New Roman, Times, serif">Commodity Price Sensitivity <br>
</font></b><font size="2" face="Times New Roman, Times, serif">The
major commodity price sensitivity faced by us is the variation of malt, sugar
and grape prices. In Chile , we obtain our supply of malt from local producers
  and in the international market. During 2003, we imported 22,000 tons
of malt. In Argentina during 2003, we purchased all of our malt from local suppliers.
  See &#147;Item 4: Information on the Company &#150; Business Overview &#150; Our
 Beer Business &#150; Our Beer Business in Chile &#150; Raw Materials&#148; and &#147;Item 4: Information
 on the Company &#150; Business Overview &#150; Our Beer Business &#150; Our Beer Business in
 Argentina &#150; Raw Materials&#148;. We do not hedge these transactions. Rather, we negotiate
 yearly contracts with malt suppliers. </font>
<p align="left"><font size="2" face="Times New Roman, Times, serif">The principal
  commodity used in the production of soft drinks is sugar. We generally purchase
  almost all of our sugar requirements from Empresas Iansa S.A., the sole producer
  of sugar in Chile , but we occasionally purchase sugar in the international
  market when prices are favorable. See &#147;Item 4: Information
 on the Company &#150; Business Overview &#150; Our Soft Drinks and Mineral Water Business &#150; Our
 Soft Drinks and Mineral Water Business in Chile &#150; Raw Materials&#148;. We do not
 hedge these transactions. Rather, we negotiate yearly price conditions with
Empresas Iansa S.A. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">The principal
  raw materials used in the production of wine are harvested grapes and purchased
  wine. VSP obtains approximately 42% of the grapes used for export wines from
  its own vineyards, thereby reducing grape price volatility. The majority of
  the wine sold in the domestic market is purchased from third parties. During
  2003, we purchased the majority of our grape and wine needs based on yearly
  contracts at fixed prices from third parties. Spot transactions for wine are
  executed from time to time depending on additional wine needs. During the years
  2001, 2002 and 2003, our wine subsidiary, VSP, bought grapes and wine in Chile
  in the amount of Ch$13,456 million, Ch$15,093 million and Ch$19,404 million,
  respectively. See &#147;Item 4: Information on the Company &#150; Business
Overview &#150; Our Wine Business &#150; Raw Materials&#148;. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif"><b>Exchange
  Rate Sensitivity </b><br>
</font><font size="2" face="Times New Roman, Times, serif">The
  major exchange rate risk faced by us is the variation of the Chilean peso against
  the U.S. dollar. As of December&nbsp;31,
  2003, our foreign currency denominated liabilities amounted to Ch$131,517
  million, most of which was U.S. dollar denominated. Foreign currency
  denominated interest-bearing debt (Ch$116,411 million) represented 83.1% of
  our total interest-bearing debt, of which 99.6% were U.S. dollar denominated.
  The remaining 16.9% was indexed to Chilean inflation. The Ch$116,411 million
  foreign currency denominated debt includes the US$135 million syndicated loan,
  of which US$96.1 million are hedged through cross currency interest rate swap
  agreements. Additionally, we had Ch$831 million (ThUS$1,400) in notional amounts of derivative
  contracts to sell U.S. dollars and Ch$14,548 million (ThUS$24,500) in notional amounts of
  derivative contracts to buy U.S. dollars, as of December 31, 2003. To reduce
  the impact of any devaluation of the peso against the U.S. dollar, as of December
  31, 2003, we held Ch$9,910 million in dollar-indexed instruments. In addition,
  we held other assets denominated in U.S. dollars equal to Ch$10,426, most of
  which were accounts receivable. Including the assets denominated in U.S. dollars,
  the net liability exposure to variations in foreign exchange rates was Ch$17,784
  million. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">According
  to Chilean generally accepted accounting principles, we applied TB 64 to translate
  and value investments in foreign subsidiaries (see Note 1 of our consolidated
  financial statements) as of December&nbsp;31,
 2003. Under TB 64, our foreign investments in CICSA and FLC are not subject
 to price-level restatements based on inflation in those countries. Instead,
 the U.S. dollar is considered the functional currency for CICSA and FLC. As
 a result, the effect of a devaluation of the peso against the U.S. dollar on
 our financial statements is determined, in part, by the impact of such devaluation
 on the value of our investments in CICSA and FLC, as well as on foreign currency
 denominated obligations that qualify as a hedge against those investments. These
 effects are recorded in the account &#147;Cumulative translation adjustment&#148; in shareholders'
 equity. As of December 31, 2003, our investment in CICSA and FLC amounted
 to Ch$72,253 million, and foreign currency denominated obligations that were
 designed to hedge against these investments amounted to Ch$13,887 million.
 Therefore, such amounts should not be included in determining the net exposure
in Chile to foreign exchange that would have an impact on net </font></p>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">105</font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">income. As
   a result, the net accounting exposure with effect on the results of operations
  was a net liability of Ch$3,897 million. </font></p>
<p align="left"><font size="2" face="Times New Roman, Times, serif">CICSA, as of December 31, 2003, had a net liability exposure
 of Ch$9,044 million due to financial debt denominated in U.S. dollars. At the
 same date, FLC had a net asset exposure of Ch$399 million due to short term
 assets. Additionally, according to TB 64 the Argentine peso net monetary liability
 position, as of December 31, 2003, amounted to Argentine Th$13,189 for CICSA
and a net asset position of Argentine Th$6,339 for FLC. </font></p>
<p align="left"><font face="Times New Roman, Times, serif"><b><font size="2">Interest Rate Sensitivity</font></b><font size="2"><br>
 The major interest rate risk which we
 face is a rise in the TAB rate. As of December 31, 2003, we had Ch$115,983 million
 of LIBOR-based interest-bearing debt outstanding, of which Ch$57,070 million
 was hedged through cross currency interest rate swap agreements, 86.4% is in
 variable Chilean pesos rate and 13.6% is in fixed pesos rate. Additionally,
 our subsidiary VSP has a long-term credit agreement with a variable interest
 based on TAB, that as of December 31, 2003, amounted to Ch$3,429 million.
</font></font></p>
<a name=a15></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><font face="Times New Roman, Times, serif"><b><font size="3">ITEM 12: Description of Securities Other than Equity Securities</font></b></font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">Not applicable
  <br>
</font></p>
<a name=a16></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><font size="3"><b><font face="Times New Roman, Times, serif">PART
II</font></b></font></p>
<a name=a17></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><b><font size="3" face="Times New Roman, Times, serif">ITEM
13: Defaults, Dividend Arrearages and Delinquencies </font></b></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">Not applicable<br>
</font></p>
<a name=a18></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><b><font size="3" face="Times New Roman, Times, serif">ITEM
 14: Material Modifications to the Rights of Security Holders and Use of Proceeds </font></b></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">Not applicable </font></p>
<a name=a19></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif"><br>
</font><b><font size="3" face="Times New Roman, Times, serif">ITEM
    15: Controls and Procedures </font></b></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Our chief
  executive officer, or CEO, and chief financial officer, or CFO, have
  evaluated the effectiveness of our &#147;disclosure controls and procedures&#148; (as
 defined in Exchange Act rules 13a-14(c) and 15d-14(c)) as of December 31,
  2003. These controls and procedures were designed to ensure that material
  information relating to us and our subsidiaries are communicated to our
  CEO and the CFO. Based on such evaluation, our CEO and CFO concluded that our
  disclosure controls and procedures are effective in timely alerting them to
  material information required to be included in our periodic SEC reports. There
  have been no significant changes in our internal controls and procedures or
  in other factors that could significantly affect these controls and procedures
subsequent to the date of this evaluation. </font></p>

<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">106</font></p>
<a name=a20></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>

<p align="center"><font face="Times New Roman, Times, serif"><b><font size="3">ITEM 16A: Audit Committee
Financial Expert </font></b></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">We are not required to have, and we do not have, an audit committee financial
 expert ( within the meaning of the regulations adopted under the Sarbanes-Oxley
 Act of 2002) serving on our audit committee. However, pursuant to NYSE Rule
 303A.06, we must have an audit committee that satisfies the requirements of
 Rule 10A-3 under the Exchange Act and the additional requirements under NYSE
Rule 303A, by July 31, 2005. </font></p>
<a name=a25></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><b><font size="3" face="Times New Roman, Times, serif"><br>
ITEM 16B: Code of Ethics <br>
</font></b></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">We have adopted a code of ethics that applies to all of our executive officers
 and employees. Our code of ethics is available on our website at www.ccu-sa.com.
 Our code of ethics has not been amended and no waivers, either explicit or implicit,
 of provisions of the code of ethics have been granted to the Chief Executive
Officer, Chief Financial Officer or Chief Accounting Officer. </font></p>
<a name=a26></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><b><font size="3" face="Times New Roman, Times, serif"><br>
ITEM 16C: Principal Accountant Fees and Services <br>
</font></b></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The following table sets forth the fees billed to us by our independent auditors,
PricewaterhouseCoopers, during the fiscal years ended December 31, 2002 and 2003:</font></p>
<table width="50%" align="center" cellpadding="0" cellspacing="2">
 <tr>
  <td valign="top"><p><font size="2"><font face="Times New Roman, Times, serif"></font></font> </p></td>
  <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>2002 </b></font></p></td>
  <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif"><b>2003 </b></font></p></td>
 </tr>
 <tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><hr align="right" size="1"></td>
  <td valign="top"><hr align="right" size="1"></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="2"><font face="Times New Roman, Times, serif"></font></font> </p></td>
  <td colspan="2" align="right" valign="top"><p><font size="2" face="Times New Roman, Times, serif">(million of Ch$ as of December
  2003) </font></p></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Audit Fees </font></p></td>
  <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">228 </font></p></td>
  <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">171 </font></p></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Audit-Related Fees </font></p></td>
  <TD VALIGN="BOTTOM"><p align="right"><font size="2" face="Times New Roman, Times, serif">2 </font></p></td>
  <TD VALIGN="BOTTOM"><p align="right"><font size="2" face="Times New Roman, Times, serif">7 </font></p></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Tax Fees </font></p></td>
  <TD VALIGN="BOTTOM"><p align="right"><font size="2" face="Times New Roman, Times, serif">- </font></p></td>
  <TD VALIGN="BOTTOM"><p align="right"><font size="2" face="Times New Roman, Times, serif">- </font></p></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">All Other Fees </font></p></td>
  <TD VALIGN="BOTTOM"><p align="right"><font size="2" face="Times New Roman, Times, serif">- </font></p></td>
  <TD VALIGN="BOTTOM"><p align="right"><font size="2" face="Times New Roman, Times, serif">- </font></p></td>
 </tr>
 <tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><hr align="right" size="1"></td>
  <td valign="top"><hr align="right" size="1"></td>
 </tr>
 <tr>
  <td valign="top"><p><font size="2" face="Times New Roman, Times, serif">Total Fees </font></p></td>
  <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">230 </font></p></td>
  <td valign="top"><p align="right"><font size="2" face="Times New Roman, Times, serif">178 </font></p></td>
 </tr>
</table>
<p align="justify">&nbsp;</p>
<p><font size="2" face="Times New Roman, Times, serif">Audit fees in the above table are the aggregate fees billed by PricewaterhouseCoopers
 in connection with the review and audit of our semi-annual and annual consolidated
 financial statements, as well as the review of other fillings. </font></p>

<p><font size="2" face="Times New Roman, Times, serif"><b>Audit Committee Pre-Approval Policies and Procedures </b></font></p>
<p><font size="2" face="Times New Roman, Times, serif">Since May 2003, foreign
  private issuers have been subject to &#147;pre-approval&#148; requirements
 under which all audit and non-audit services provided by the independent
 auditor must be pre-approved by an audit committee. In our case, our audit
  committee approves all audit, audit-related services, tax services and
  other services provided by PricewaterhouseCoopers. Any services to be provided
  by independent auditors that are not specifically included within the scope
 of the audit must be pre-approved by the audit committee prior to any engagement. </font></p>
<a name=a27></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><b><font size="3" face="Times New Roman, Times, serif"><br>
ITEM 16D: Exemptions from the Listing Standards for Audit Committees </font></b></p>

<p align="center"><font size="2" face="Times New Roman, Times, serif">Not applicable. </font></p>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">107</font></p>
<a name=a28></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><b><font size="3" face="Times New Roman, Times, serif">ITEM 16E: Purchases of Equity Securities by the Issuer and Affiliated Purchasers</font></b></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">Not applicable. </font></p>


<a name=a21></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><font size="3" face="Times New Roman, Times, serif"><b><br>
 PART
III</b></font></p>
<a name=a22></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><b><font size="3" face="Times New Roman, Times, serif"><br>
 ITEM 17: Financial Statements <br>
</font></b></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">The Company has responded to Item 18 in lieu of responding to this item. </font></p>
<a name=a23></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><b><font size="3" face="Times New Roman, Times, serif"><br>
ITEM 18: Financial Statements<br>
</font></b></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">See Annex
for the Financial Statements </font></p>
<a name=a24></a><p align="right"><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><b><font size="2" face="Times New Roman, Times, serif"><br>
ITEM 19: Exhibits</font></b></p>
<p><b><font size="3" face="Times New Roman, Times, serif"><br>
</font></b></p>
<p><b><u><font size="2" face="Times New Roman, Times, serif">Index to Exhibits </font></u></b></p>
<table width="100%"  cellspacing="2" cellpadding="0">
 <tr>
  <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">1.1</font></td>
  <td width="95%"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Company
      by-laws (incorporated by reference from Compa&ntilde;&iacute;a
     Cervecer&iacute;as Unidas S.A. Annual Report on Form 20-F for the year ended
    December 31, 2001, filed on June 28, 2002).<br>
    <br>
  </font></div></td>
 </tr>
 <tr>
  <td valign="top"><font size="2" face="Times New Roman, Times, serif"><a href="exhibit21.htm">2.1</a></font></td>
  <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"><a href="exhibit21.htm">CCU Cayman Islands Branch US$135 million syndicated dated May 9, 2003.</a><br>
          <br>
  </font></div></td>
 </tr>
 <tr>
  <td valign="top"><font size="2" face="Times New Roman, Times, serif"><a href="exhibit81.htm">8.1</a></font></td>
  <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"><a href="exhibit81.htm">Compa&ntilde;&iacute;a Cervecer&iacute;as
      Unidas S.A. significant subsidiaries as of December 31,
     2003.</a><br>
     <br>
  </font></div></td>
 </tr>
 <tr>
  <td valign="top"><font size="2" face="Times New Roman, Times, serif"><a href="exhibit121.htm">12.1</a></font></td>
  <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"><a href="exhibit121.htm">Certification
      of Chief Executive Officer of Compa&ntilde;&iacute;a Cervecer&iacute;as
    Unidas S.A. pursuant to Section 302 of the Sarbanes-Oxley Act
      of 2002.</a><br>
   <br>
  </font></div></td>
 </tr>
 <tr>
  <td valign="top"><font size="2" face="Times New Roman, Times, serif"><a href="exhibit122.htm">12.2</a></font></td>
  <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"><a href="exhibit122.htm">Certification
     of Chief Financial Officer of Compa&ntilde;&iacute;a Cervecer&iacute;as
   Unidas S.A. pursuant to Section 302 of the Sarbanes-Oxley Act of
     2002.</a><br>
     <br>
  </font></div></td>
 </tr>
 <tr>
  <td valign="top"><font size="2" face="Times New Roman, Times, serif"><a href="exhibit131.htm">13.1</a></font></td>
  <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"><a href="exhibit131.htm">Certification
     of Chief Executive Officer of Compa&ntilde;&iacute;a Cervecer&iacute;as
   Unidas S.A. pursuant to Section 906 of the Sarbanes-Oxley Act of
     2002.</a><br>
     <br>
  </font></div></td>
 </tr>
 <tr>
  <td valign="top"><font size="2" face="Times New Roman, Times, serif"><a href="exhibit132.htm">13.2</a></font></td>
  <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"><a href="exhibit132.htm">Certification
     of Chief Financial Officer of Compa&ntilde;&iacute;a Cervecer&iacute;as
   Unidas S.A. pursuant to Section 906 of the Sarbanes-Oxley Act of
  2002.</a><br>
  <br>
  </font></div></td>
 </tr>
</table>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">108</font></p>
<p><b><u><font size="2" face="Times New Roman, Times, serif"><br>
Index to Financial Statements and Schedules</font></u></b></p>
 <div align="right"><font size="2" face="Times New Roman, Times, serif">Page&nbsp;&nbsp;</font></div>
<table width="100%"  cellspacing="2" cellpadding="0">
 <tr>
  <td width="95%"><font size="2" face="Times New Roman, Times, serif"> Report of independent auditors </font></td>
  <td width="5%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif"> F-1 </font></td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif"> Consolidated Balance Sheet at December 31, 2003 and 2002 </font></td>
  <td align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif"> F-4 </font></td>
 </tr>
 <tr>
  <td><p><font size="2" face="Times New Roman, Times, serif">Consolidated Statement of Income for each of the three years in the
  period ended December 31, 2003 </font></p>  </td>
  <td align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif"> F-5 </font></td>
 </tr>
 <tr>
  <td><p><font size="2" face="Times New Roman, Times, serif">Consolidated Statement of Cash Flows for each of the three years in
  the period ended December 31, 2003 </font></p>  </td>
  <td align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif"> F-6 </font></td>
 </tr>
 <tr>
  <td><font size="2" face="Times New Roman, Times, serif"> Notes to the consolidated financial statements </font></td>
  <td align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif"> F-8 </font></td>
 </tr>
</table>
<p style="page-break-after:always" align="center"><font size="2" face="Times New Roman, Times, serif">109</font></p>
<p align="center"><br>
<font size="2" face="Times New Roman, Times, serif"><b>Signatures </b></font></p>
<p><font size="2" face="Times New Roman, Times, serif">The registrant hereby certifies that it meets all of the requirements for filing
on Form 20-F and that it has duly caused and authorized the undersigned to sign
this annual report on its behalf.</font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">Compa&ntilde;&iacute;a Cervecer&iacute;as
  Unidas S.A.<br>
 (United Breweries Company,
 Inc.)</font></p>
<p align="center">&nbsp;</p>
<p align="center">&nbsp;</p>
<p align="center">&nbsp;</p>
<table width="100%"  cellspacing="2" cellpadding="0" border=0>
 <tr>
  <td width="50%" valign="bottom" rowspan=3><font size="2" face="Times New Roman, Times, serif"> Date : June 24, 2004 </font></td>
  <td width="50%"><p><font size="2" face="Times New Roman, Times, serif">/s/ Patricio Jottar</font></p></td></tr>
  <tr><td> <hr size="1" width="50%" align="left"></td></tr>
  <tr><td><p><font size="2" face="Times New Roman, Times, serif">Chief Executive Officer </font></p>  </td></tr>
</table>




<p>&nbsp;</p>
<p>&nbsp;</p>
<p><font face="Times New Roman, Times, serif" size="2">COMPA&Ntilde;IA CERVECERIAS
  UNIDAS S.A.<br>
&nbsp;&nbsp;&nbsp;&nbsp;AND SUBSIDIARIES</font></p>
<p><font face="Times New Roman, Times, serif" size="2">December 31, 2003</font></p>
<p><font face="Times New Roman, Times, serif" size="2">Consolidated Financial
  Statements</font></p>
<p>&nbsp;</p>
<p><font size="2" face="Times New Roman, Times, serif">CONTENTS</font></p>
<p><font face="Times New Roman, Times, serif" size="2"><a href="#f01">Report of independent
  auditors</a><br>
</font><font face="Times New Roman, Times, serif" size="2">Audited
  financial statements:<br>
</font><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#f02">Consolidated
  Balance Sheet at December 31, 2003 and 2002</a><br>
</font><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#f03">Consolidated
  Statement of Income for the years ended December 31, 2003, 2002 and 2001</a><br>
</font><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#f04">Consolidated
  Statement of Cash Flows for the years ended December 31, 2003, 2002 and
2001</a><br>
</font><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#f05">Notes
to the consolidated financial statements</a></font></p>
<p>&nbsp;</p>
<table width="100%"  cellspacing="2" cellpadding="0">
 <tr><td align="right" valign="top" width="15%"><font face="Times New Roman, Times, serif" size="2">Ch$ -</font></td>
  <td align="left" valign="top" width="85%"><font face="Times New Roman, Times, serif" size="2">&nbsp;Chilean pesos</font></td>
 </tr>
 <tr><td align="right" valign="top"><font face="Times New Roman, Times, serif" size="2">ThCh$ -</font></td>
  <td align="left" valign="top"><font face="Times New Roman, Times, serif" size="2">&nbsp;Thousands of Chilean pesos</font></td>
 </tr>
 <tr><td align="right" valign="top"><font face="Times New Roman, Times, serif" size="2">US$ -</font></td>
  <td align="left" valign="top"><font face="Times New Roman, Times, serif" size="2">&nbsp;United States dollars</font></td>
 </tr>
 <tr><td align="right" valign="top"><font face="Times New Roman, Times, serif" size="2">A$ -</font></td>
  <td align="left" valign="top"><font face="Times New Roman, Times, serif" size="2">&nbsp;Argentine pesos</font></td>
 </tr>
 <tr><td align="right" valign="top"><font face="Times New Roman, Times, serif" size="2">&#128; -</font></td>
  <td align="left" valign="top"><font face="Times New Roman, Times, serif" size="2">&nbsp;Euros</font></td>
 </tr>
 <tr><td align="right" valign="top"><font face="Times New Roman, Times, serif" size="2">UF -</font></td>
  <td align="left" valign="top"><font face="Times New Roman, Times, serif" size="2">A UF is a daily indexed, peso-denominated monetary unit. The UF rate is
   set daily in advance based on the previous month's inflation rate.</font></td>
 </tr>
</table>

<p style="page-break-before:always">
<a name=f01></a><p align=right><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<br><br><center><img src="price.gif"></center><br><br>
<p><font size="2" face="Times New Roman, Times, serif">REPORT OF INDEPENDENT AUDITORS </font></p>
<p><font size="2" face="Times New Roman, Times, serif">Santiago , January 29, 2004 </font></p>
<p><font size="2" face="Times New Roman, Times, serif">To the Board of Directors and Shareholders <br>
 Compa&#241;&iacute;a Cervecer&iacute;as
 Unidas S.A. </font></p>
<table width="100%"  cellspacing="2" cellpadding="0">
 <tr>
  <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">1</font></td>
  <td width="95%" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">We
     have audited the accompanying consolidated balance sheets of Compa&#241;&iacute;a
     Cervecer&iacute;as Unidas&nbsp; S.A. and its subsidiaries as of December
     31, 2003 and 2002, and the related consolidated statements
     of income and of cash flows for each of the three years in the period ended
     December 31, 2003, expressed in constant Chilean pesos. These financial
     statements are the responsibility of the Company's management. Our responsibility
     is to express an opinion on these financial statements based on our audits.<br>
     <br>
  </font></div></td>
 </tr>
 <tr>
  <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">2</font></td>
  <td width="95%" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">We conducted
     our audits of these statements in accordance with generally accepted auditing
     standards in both Chile and the standards of the Public Company Accounting
     Oversight Board ( United States ). Those standards require that we plan and
     perform the audit to obtain reasonable assurance about whether the financial
     statements are free of material misstatement. An audit includes examining,
     on a test basis, evidence supporting the amounts and disclosures in the financial
     statements. An audit also includes assessing the accounting principles used
     and significant estimates made by management, as well as evaluating the overall
     financial statement presentation. We believe that our audits provide a reasonable
   basis for our opinion. <br>
   <br>
  </font></div></td>
 </tr>
 <tr>
  <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">3</font></td>
  <td width="95%" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">As described
     in Note 1, the accompanying consolidated financial statements have been restated
     to reflect the effects of changes in the purchasing power of the Chilean
     peso on the Company's financial position and results of operations. Furthermore,
     the financial statements as of December 31, 2001 and 2002 and for the years
     then ended have been restated in terms of constant Chilean pesos of December
   31, 2003 purchasing power. <br>
   <br>
  </font></div></td>
 </tr>
 <tr>
  <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">4</font></td>
  <td width="95%" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">In
     our opinion, the consolidated financial statements referred to above present
     fairly, in all material respects, the financial position
     of Compa&#241;&iacute;a
     Cervecer&iacute;as Unidas S.A. and its subsidiaries at December&nbsp;31,
     2003 and 2002, and the results of their operations and their
     cash flows for each of the three years in the period ended December 31,
     2003, in conformity with accounting principles generally accepted in Chile. <br>
     <br>
  </font></div></td>
 </tr>
 <tr>
  <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">5</font></td>
  <td width="95%" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">As discussed
     in Note 2 to the consolidated financial statements, the Company changed its
   method of valuing inventory as of January 1, 2002. <br>
   <br>
  </font></div></td>
 </tr></table>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-2</font></p>
<p style="page-break-before:always">
<br>
<table width="100%">
 <tr>
  <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  <td width="95%" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Santiago,
     January 29, 2004<br>
    Compa&#241;&iacute;a Cervecer&iacute;as Unidas S.A.<br>
 2 <br>
 <br>
  </font></div></td>
 </tr>
 <tr>
  <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">6 </font></td>
  <td width="95%" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">Accounting principles generally accepted in Chile vary in
    certain important respects from accounting principles generally accepted
    in the United States of America . Information relating to the nature and effect
    of such differences is presented in Note 24 to the consolidated financial
  statements.<br>
  <br>
  </font></div></td>
 </tr>
</table>


<p align="justify"><font size="2" face="Times New Roman, Times, serif">
/s/ PricewaterhouseCoopers</font></p>

<p align="justify"><font size="2" face="Times New Roman, Times, serif">Santiago , Chile<br>
</font><font size="2" face="Times New Roman, Times, serif">January
  29, 2004
</font></p>





<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-3</font></p>
<p style="page-break-before:always">
<br>
<a name=f02></a><p align=right><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif"><u>COMPA&Ntilde;IA CERVECERIAS
  UNIDAS S.A. AND SUBSIDIARIES<br>
 CONSOLIDATED BALANCE
 SHEETS</u></font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">Adjusted
  for general price-level changes and expressed<br>
 in thousands
of constant Chilean pesos of December 31, 2003 </font></p>
<TABLE WIDTH=100% BORDER=0 CELLPADDING=0 CELLSPACING=2>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><center>
    <FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31,</FONT>
  </center></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ASSETS</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><center>
       <FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT>
     </center></TD>
     <TD WIDTH=15% ALIGN=RIGHT><center>
       <FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT>
     </center></TD>
    </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><center>
       <FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT>
     </center></TD>
     <TD ALIGN=RIGHT><center>
       <FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT>
     </center></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CURRENT ASSETS</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Cash</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,865,692&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,528,402&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Time deposits and marketable securities (Note 3)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,601,380&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,229,663&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - trade and other, net (Note 4)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70,790,575&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>69,643,817&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable from related companies (Note 15)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>676,390&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,592,140&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Inventories (Note 5)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,043,589&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46,851,775&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,263,586&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,710,900&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prepaid taxes (Note 13)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,165,654&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,470,054&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other current assets (Note 6)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,134,250&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44,320,092&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>199,541,116&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>220,346,843&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><hr size="1"></TD>
     <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPERTY, PLANT AND EQUIPMENT, net (Note 7)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>313,804,536&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>334,053,444&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER ASSETS (Note 8)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63,252,595&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>104,246,463&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>576,598,247&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>658,646,750&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD><hr size="1"></TD>
  <TD><hr size="1"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CURRENT LIABILITIES</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings (Note 9)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,812,212&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,412,934&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Current portion of bank borrowings and bonds payable (Notes 10 and 11)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,003,915&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,908,992&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,280,528&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,417,288&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38,228,633&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,605,334&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notes payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>159,387&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>763,172&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other payables</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,573,303&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,337,253&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable to related companies (Note 15)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,132,501&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>926,733&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses (Note 12)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,664,425&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,822,766&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,958,054&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,170,200&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Income tax</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,507,271&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>282,732&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125,218&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120,602,961&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>123,489,890&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LONG-TERM LIABILITIES</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Bank borrowings (Note 10)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>82,717,705&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,632,699&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Bonds payable (Note 11)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,470,999&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,828,805&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities (Note 12)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,975,064&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,893,497&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,687,189&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,209,549&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Deposits on bottles and containers</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,096,892&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,871,436&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>138,947,849&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,435,986&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>259,550,810&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>178,925,876&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN=LEFT><hr size="1"></TD>
  <TD ALIGN=LEFT><hr size="1"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MINORITY INTEREST</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38,275,838&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,901,344&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>COMMITMENTS AND CONTINGENCIES (Note 17)</FONT></TD>
  <TD ALIGN=LEFT><hr size="1"></TD>
  <TD ALIGN=LEFT><hr size="1"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SHAREHOLDERS' EQUITY (Note 14)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Common
     Stock (318,502,872 shares with no par value authorized&nbsp;and outstanding)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>169,975,841&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>169,975,841&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Share premium</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,293,340&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,293,340&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other reserves</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,228,205&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,982,809&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>92,274,213&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>234,567,540&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>278,771,599&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>437,819,530&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN=LEFT><hr size="1"></TD>
  <TD ALIGN=LEFT><hr size="1"></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>576,598,247&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>658,646,750&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
</TABLE>
<p align="center"><font size="2" face="Times New Roman, Times, serif">The accompanying notes 1 to 24 form an integral part of these
consolidated financial statements. </font></p>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-4</font></p>
<p style="page-break-before:always">
<br>
<a name=f03></a><p align=right><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif"><u>COMPA&#209;IA
   CERVECERIAS UNIDAS S.A. AND SUBSIDIARIES<br>
 CONSOLIDATED STATEMENTS OF INCOME </u></font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">Adjusted
  for general price-level changes and expressed<br>
 in thousands of constant Chilean pesos of December 31, 2003 </font></p>
<TABLE WIDTH=100% BORDER=0 CELLPADDING=0 CELLSPACING=2>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
     <TD colspan="3" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For
     the years ended<br>
     December 31,     </FONT></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="3" ALIGN=LEFT><hr size="1"></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD width="55%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OPERATING RESULTS</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net sales</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>384,064,231&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>349,349,505&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>374,088,147&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(189,203,934)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(172,156,846)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(176,934,187)</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross margin</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>194,860,297&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>177,192,659&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>197,153,960&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Selling and administrative expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(148,997,512)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(139,051,067)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(151,742,625)</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,862,785&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38,141,592&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,411,335&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD><hr size="1"></TD>
     <TD><hr size="1"></TD>
     <TD><hr size="1"></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NON-OPERATING RESULTS</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Non-operating income (Note 19)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,489,961&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,350,615&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,224,055&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Non-operating expenses (Note 20)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(12,109,737)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(9,720,662)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(17,870,461)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Price-level restatement and exchange differences (Note 21)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,261,636&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,710,738)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,495,517)</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes and minority interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59,504,645&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31,060,807&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,269,412&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Income taxes (Note 13)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,977,027)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,510,799)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,433,842)</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD><hr size="1"></TD>
     <TD><hr size="1"></TD>
     <TD><hr size="1"></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Minority interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(439,494)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,264,473)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,911,669)</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD><hr size="1"></TD>
     <TD><hr size="1"></TD>
     <TD><hr size="1"></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NET INCOME</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54,088,124&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,285,535&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39,923,901&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
</TABLE>
<p align="center"><font size="2" face="Times New Roman, Times, serif">The accompanying
  notes 1 to 24 form an integral part of these consolidated financial statements. </font></p>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-5</font></p>
<p style="page-break-before:always">
<br>
<a name=f04></a><p align=right><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif"><u>COMPA&#209;IA
   CERVECERIAS UNIDAS S.A. AND SUBSIDIARIES<br>CONSOLIDATED STATEMENTS OF CASH FLOWS</u></font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">Adjusted
  for general price-level changes and expressed<br>
 in thousands of constant Chilean pesos of December 31, 2003 </font></p>
<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT>&nbsp;</TD>
     <TD colspan="3" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For
     the years ended<br>
     December 31,     </FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD colspan="3" ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CASH FLOWS FROM OPERATING ACTIVITIES</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NET INCOME</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54,088,124&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,285,535&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39,923,901&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHARGES (CREDITS) TO INCOME NOT REPRESENTING</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CASH FLOWS:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Depreciation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40,161,075&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43,447,971&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,817,648&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Amortization of goodwill</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,217,480&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,588,817&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,487,773&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Amortization of negative goodwill</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(41,094)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(50,212)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(47,126)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Amortization of other intangibles</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>391,482&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>415,842&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>413,522&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;Provision
       for impairment of property, plant and equipment and write-offs of
       glass bottles, write-offs of spare parts and other provisions</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,922,842&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,329,411&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,454,752&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Equity in net income of unconsolidated affiliates (net)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(19,739,625)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(870,212)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(717,670)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Price-level restatement</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,261,636)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,710,738&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,495,517&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of land and properties held for sale</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,364,639)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(682,863)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(416,282)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of investments and other assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(9)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(17,369,843)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,256,496&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,965,418&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,405,596&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Minority interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>439,494&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,264,473&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,911,669&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,872,614)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,513,712)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(434,290)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHANGES IN ASSETS AND LIABILITIES AFFECTING</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CASH FLOWS:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts and notes receivable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,817,919)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,145,358)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,239,461)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Inventories</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,827,135)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,168,275)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,884,520)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,457,339)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,611,318)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,714,685)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable affecting operating results</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>998,673&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,549,116&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,145,353&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Interest payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,261,816&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>714,292&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>285,111&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,214,994&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(598,603)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(9,672)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable affecting non-operating results</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,071,640)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37,602&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,667,317)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Value added tax</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,835,656&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,259,872)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(317,491)</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63,334,491&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65,408,781&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70,522,485&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
</TABLE>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-6</font></p>
<p style="page-break-before:always">
<br>
<p align="center"><font size="2" face="Times New Roman, Times, serif"><u>CONSOLIDATED
      STATEMENTS OF CASH FLOWS</u></font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">Adjusted
  for general price-level changes and expressed<br>
 in thousands of constant Chilean pesos of December 31, 2003 </font></p>
<TABLE WIDTH=100% BORDER=0 CELLPADDING=0 CELLSPACING=2>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
     <TD colspan="3" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For
     the years ended<br>
     December 31,     </FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD colspan="3" ALIGN=center><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="55%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CASH FLOWS FROM FINANCING ACTIVITIES</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from bank borrowings</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>132,740,288&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,349,444&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,438,256&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Repayments of bank borrowings</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(43,625,647)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(28,822,710)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(38,797,177)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Repayments of bonds payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,364,576)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,362,171)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5,273,780)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(188,292,116)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(23,329,863)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(44,616,727)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,482,442&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Payment
     of expenses relating to issuanceof common shares</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(35,725)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,781,152&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,996,209&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,151,359&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(97,760,899)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(26,169,091)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(63,651,352)</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD><hr size="1"></TD>
     <TD><hr size="1"></TD>
     <TD><hr size="1"></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CASH FLOWS FROM INVESTMENT ACTIVITIES</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(24,772,968)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(20,476,274)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(34,441,615)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of property, plant and equipment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,502,084&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>853,536&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>803,040&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investments in unconsolidated affiliates</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65,338,039&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37,328,433&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of other investments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37,516&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>57,000,270&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>92,753,891&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated affiliates</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(34,161,992)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(14,464,456)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,255,072)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Investments in financial instruments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(25,221)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(35,368,251)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(90,867,133)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable from related companies</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(287,771)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,124,514&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>208,111&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,799&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(47,788)</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investment activities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,125,569&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(12,728,147)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,398,270&nbsp;</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD><hr size="1"></TD>
     <TD><hr size="1"></TD>
     <TD><hr size="1"></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PRICE-LEVEL
     RESTATEMENT OF CASH AND CASH EQUIVALENTS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,442,456)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,643,905&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,946,486&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NET (DECREASE)
     INCREASE IN CASH AND CASH EQUIVALENTS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(26,743,295)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,155,448&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,215,889&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CASH AND
     CASH EQUIVALENTS AT BEGINNING OF YEAR</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>93,099,117&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64,943,669&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,727,780&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CASH AND CASH EQUIVALENTS AT END OF YEAR</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66,355,822&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>93,099,117&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64,943,669&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
</TABLE>
<p align="center"><font size="2" face="Times New Roman, Times, serif">The accompanying
  notes 1 to 24 form an integral part of these consolidated financial statements. </font></p>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-7</font></p>
<p style="page-break-before:always">
<br>
<p align="center"><font size="2" face="Times New Roman, Times, serif"><u>COMPA&Ntilde;IA CERVECERIAS UNIDAS S.A. AND SUBSIDIARIES<br>
 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br>
 AT DECEMBER 31, 2003</u></font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">Adjusted for general price-level changes and expressed in thousands<br>
 of constant Chilean pesos of December 31, 2003, except as indicated</font></p>
<a name=f05></a><p align=right><font size="2" face="Times New Roman, Times, serif"><a href="#content">Table of Contents</a></font></p>
<p><font size="2" face="Times New Roman, Times, serif"><u>NOTE&nbsp;1&nbsp;-&nbsp;NATURE
OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Compa&#241;&iacute;a Cervecer&iacute;as Unidas S.A. (&#147;CCU&#148; or &#147;the Company&#148;)
 is the largest producer, bottler and distributor of beer in Chile . CCU's
  line of beers includes a full range of super-premium, premium, medium-priced
  and popular-priced brands, which are primarily marketed under seven different
  brand names and one brand extension. The Company has three beer production
  facilities located throughout Chile , and has a nationwide production
  and distribution network. The Company also imports and distributes Budweiser,
Paulaner and Guinness beers in Chile . </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company is one of
  the largest producers in the Argentine beer market. It has two beer production
  facilities in Argentina , in Salta and Santa Fe . Under a joint venture
  agreement with Anheuser-Busch Incorporated (&#147;Anheuser-Busch&#148;),
 the Company produces and distributes locally-produced Budweiser beer in Argentina</font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">On April 28, 2003, the Company signed license and technical assistance agreements
  with Heineken Brouwerijen B.V. whereby the Company has the exclusive
 rights to produce, sell and distribute Heineken Lager beer in Chile and Argentina
  . </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company also produces
  Chilean wine through a controlling interest in Vi&#241;a
 San Pedro S.A. (&#147;VSP&#148;), Chile 's second largest wine exporter and third largest
 winery in the domestic market. VSP produces and markets premium, varietal and
 popular-priced wines under the brand families Vi&#241;a San Pedro and Santa
Helena. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company is the exclusive producer, bottler, and distributor in Chile of
 CCU's proprietary brands and those brands produced under license from PepsiCo,
 Schweppes Holding Limited and Watt's Alimentos S.A. The Company's soft drink
 and nectar products are produced in three facilities located throughout Chile
 , and its mineral water is produced in two bottling plants in the central region
of Chile . </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">A summary of significant accounting policies is set forth below: </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>a) Presentation </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">These accompanying financial
  statements have been prepared in accordance with accounting principles
  generally accepted in Chile and the regulations of the Chilean Superintendency
  of Securities and Insurance (hereinafter referred to as &#147;SVS&#148;). In the event
  of discrepancy, the SVS regulations would prevail. There were no material discrepancies
  in the principles or regulations that have effected the accompanying financial
statements. </font></p>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-8</font></p>
<p style="page-break-before:always">
<br>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company has issued its audited statutory consolidated financial statements
 in Spanish and in conformity with accounting principles generally accepted in
 Chile , which include certain notes and additional information required by the
 SVS for statutory purposes. Management believes that these additional notes
 and information are not essential for the complete understanding of the consolidated
 financial statements and accordingly, these notes and additional information
have been excluded from the accompanying consolidated financial statements. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Certain minor reclassifications have been made in the 2001 and 2002 amounts
to conform with the 2003 presentation. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>b) Consolidation </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The consolidated financial
  statements include the accounts of Compa&#241;&iacute;a
 Cervecer&iacute;as Unidas S.A. (the &#147;Parent Company&#148;) and subsidiaries (companies
 in which the Parent Company holds a direct or indirect ownership of more than
 50%). The parent Company and its subsidiaries are herein referred to collectively
 as the &#147;Company&#148; or &#147;CCU&#148;. All significant inter-company accounts and transactions
 have been eliminated upon consolidation. The participation of minority shareholders
 is presented in the consolidated financial statements under the caption Minority
interest. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The consolidated financial statements for the years 2003, 2002 and 2001 include
the following significant subsidiaries: </font></p>
<TABLE WIDTH=100% BORDER=0 CELLPADDING=0 CELLSPACING=2>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT>&nbsp;</TD>
     <TD colspan="3" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At
     December 31,</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD colspan="3" ALIGN=center><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=center><font size="2" face="Times New Roman, Times, serif">%</font></TD>
 <TD ALIGN=center><font size="2" face="Times New Roman, Times, serif">%</font></TD>
 <TD ALIGN=center><font size="2" face="Times New Roman, Times, serif">%</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Percentage of direct and indirect ownership:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aguas Minerales Cachantun S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.93</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.93</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.90</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Comercial CCU Santiago S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.76</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.76</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.76</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>F&#225;brica de Envases Pl&#225;sticos S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.99</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.99</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.99</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transportes CCU Limitada</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.99</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.99</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.99</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cervecera CCU Chile Limitada</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.99</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.99</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.99</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CCU Cayman Limited</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.94</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.94</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.93</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compa&#241;&#237;a Cervecer&#237;as Unidas Argentina S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>89.22</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>89.18</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>89.18</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Andina de Desarrollo S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52.40</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52.38</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52.38</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compa&#241;&#237;a Industrial Cervecera S.A. (&#147;CICSA&#148;)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>88.51</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>88.48</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>88.48</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vi&#241;a San Pedro S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.33</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.33</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.33</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vi&#241;a Santa Helena S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.27</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.27</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.27</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Saint Joseph Investment Limited</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.94</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.94</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.93</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>South Investment Limited</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.94</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.94</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.93</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Embotelladoras Chilenas Unidas S.A. (&#147;ECUSA&#148;)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.94</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.94</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.94</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pisconor S.A. (formerly, Inversiones Trovador S.A.) (7)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.99</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.99</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vending y Servicios CCU Limitada (8)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.94</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.94</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inversiones Ecusa S.A. (4)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.94</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.94</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vi&#241;a Urmeneta S.A. (5)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.33</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.33</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Finca La Celia S.A. (1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.33</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Finca Eugenio Bustos S.A. (6)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.33</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Southern Breweries Establishment (3)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.97</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Comercial e Industrial Calafquen S.A. (2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.97</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
</TABLE>
<br>
<table width="100%"  cellspacing="2" cellpadding="0">
 <tr>
  <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif"> (1) </font></td>
  <td width="95%"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> On January 1, 2003 Finca La Celia S.A. concluded its developmental
    stage as defined by the SVS and was consolidated as of January 1, 2003 (Note
  8). <br>
  <br>
  </font></div></td>
 </tr>
 <tr>
  <td valign="top"><font size="2" face="Times New Roman, Times, serif"> (2) </font></td>
  <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"> Comercial
     e Industrial Calafqu&eacute;n S.A., was incorporated
  on December 10, 2003. <br>
  <br>
  </font></div></td>
 </tr></TABLE>

 <br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-9</font></p>
<p style="page-break-before:always">
<br>

<table width="100%"  cellspacing="2" cellpadding="0">
 <tr>
  <td valign="top" width="5%"><font size="2" face="Times New Roman, Times, serif"> (3) </font></td>
  <td width="95%"><div align="justify"><font size="2" face="Times New Roman, Times, serif"> On
     April 10, 2003, the Company purchased an additional 50% interest in Southern
     Breweries Establishment (&#147;Southern&#148;) resulting in
     a total ownership interest of 99.97%. Prior to April 2003,
     the Company owned 49.97% of Southern and accounted for this investment under
     the equity method. Upon the acquisition of the additional interest, the
  Company began consolidating the operations of Southern. <br>
  <br>
  </font></div></td>
 </tr>
 <tr>
  <td valign="top"><font size="2" face="Times New Roman, Times, serif"> (4) </font></td>
  <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"> Inversiones Ecusa S.A. was formed on September 27, 2002 in order to operate
  foreign subsidiaries. <br>
  <br>
  </font></div></td>
 </tr>
 <tr>
  <td valign="top"><font size="2" face="Times New Roman, Times, serif"> (5) </font></td>
  <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"> Vi&#241;a
     Urmeneta S.A. was incorporated on September 12, 2002 in order to further
  expand the Company's wine business. <br>
  <br>
  </font></div></td>
 </tr>
 <tr>
  <td valign="top"><font size="2" face="Times New Roman, Times, serif"> (6) </font></td>
  <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"> Finca Eugenio Bustos S.A. was incorporated on June 4, 2002 in order to
    market fine wines in the world market. On January 1, 2003 this subsidiary
    concluded its development stage as defined by the SVS and was consolidated
  as of January 1, 2003 (Note 8). <br>
  <br>
  </font></div></td>
 </tr>
 <tr>
  <td valign="top"><font size="2" face="Times New Roman, Times, serif"> (7) </font></td>
  <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"> Inversiones Trovador S.A. was purchased by the Company on May 10, 2002,
    and on December 6, 2002 changed its name to Pisconor S.A. The purpose of this
  entity is to develop and expand the Company's pisco business. <br>
  <br>
  </font></div></td>
 </tr>
 <tr>
  <td valign="top"><font size="2" face="Times New Roman, Times, serif"> (8) </font></td>
  <td><div align="justify"><font size="2" face="Times New Roman, Times, serif"> Vending y Servicios CCU Limitada was established on March 15, 2002 with
  the purpose of selling non-alcoholic beverages using vending machines. </font></div></td>
 </tr>
</table>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">In accordance
  with Circular 981 of the SVS, disbursements made during the organization and
  start-up stage of subsidiaries which are not assignable to tangible or intangible
  assets are included in Shareholder's equity as pre-operating stage deficits.
  Investments in controlled subsidiaries in the development stage are not consolidated;
  rather, they are accounted for under the equity method and included in Other
  Assets in the Consolidated Balance Sheets. At December 31, 2003, the Company&acute;s investments in Vi&#241;a Dassault San Pedro
 S.A. (formerly, Vi&#241;a Totihue S.A.) and Vi&#241;a Tabal&iacute; S.A.
 were considered to be in the development stage. At December 31, 2002, the Company&acute;s
 investment in Finca La Celia S.A., Finca Eugenio Bustos S.A. and Vi&#241;a
 Dassault San Pedro S.A. (formerly Vi&#241;a Totihue S.A.) were considered
to be in the development stage. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>c) Use of estimates in the preparation of financial statements </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The preparation of financial statements in conformity with generally accepted
 accounting principles requires management to make estimates and assumptions
 that affect the reported amounts of assets and liabilities, revenues and expenses
 and disclosures of contingent liabilities. Management makes its best estimate
 of the ultimate outcome for these items based on historical trends and other
 information available when the financial statements are prepared. Changes in
 estimates are recognized in accordance with the accounting rules for the estimate,
 which is typically in the period when new information becomes available to management.
 Areas where the nature of the estimate makes it reasonably possible that actual
 results could differ from amounts estimated include: the carrying value of property,
 plant and equipment, the adequacy of the allowance for doubtful accounts, the
 carrying value of goodwill and investments in unconsolidated affiliated and
the determination of the liability for deposits for bottles and containers. </font></p>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-10</font></p>
<p style="page-break-before:always">
<br>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>d) Price-level restatements </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The financial statements, which are expressed in Chilean pesos, have been
 restated to reflect the effects of variations in the purchasing power of the
 local currency during each year. For this purpose and in conformity with current
 Chilean regulations, non-monetary assets and liabilities and equity accounts
 have been restated by charges or credits to income. Furthermore, the income
 and expense accounts have been restated in terms of year-end constant pesos.
 In accordance with Chilean tax regulations and accounting practices, the restatements
 were calculated based on the official Consumer Price Index of the National Institute
 of Statistics, applied one month in arrears, which was 3.1%, 3.0% and 1.0% for
 the years ended November 30, 2001, 2002 and 2003, respectively. This index is
 considered by the business community, the accounting profession and the Chilean
 government to be the index which most closely complies with the technical requirement
 to reflect the variation in the general level of prices in the country and,
 consequently, is widely used for financial reporting purposes in Chile . For
 comparative purposes, the consolidated financial statements as of December 31,
 2001 and 2002 and the amounts disclosed in the related footnotes have been restated
 in terms of Chilean pesos of December 31, 2003 purchasing power. The above-mentioned
 price-level restatements do not purport to present appraisal or replacement
 values and are only intended to restate all non-monetary financial statement
 components in terms of local currency of a single purchasing power and to include
 in the net result for each year the gain or loss in purchasing power arising
from the holding of assets and liabilities exposed to the effects of inflation. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"> <i>e) Foreign currency </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Balances
  in foreign currency included in the Consolidated Balance Sheets and summarized
  in Note 21 have been translated into Chilean pesos at the market (&#147;observed&#148;)
exchange rates determined by the Central Bank of Chile in effect at each year
end as follows: </font></p>
<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>U.S. Dollar</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>593.50</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>718.61</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>654.79</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Euro</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>744.95</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>752.55</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>578.18</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Unidad de fomento (UF)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,920.00</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,744.12</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,262.66</FONT></TD></TR>
</TABLE>
<p align="justify"><font face="Times New Roman, Times, serif"><i><font size="2">f) Time deposits and marketable securities </font></i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Time deposits are reported at cost plus accrued interest and price level restatements
at each year-end. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Marketable securities
  include money market funds, promissory notes and common equity shares which
  are reported at the lower of their historical cost plus price-level restatements
  (&#147;restated cost&#148;) or market value. Money
market funds are stated at market value based on year-end quoted values. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>g) Allowance for doubtful accounts receivable </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company records an allowance for doubtful accounts receivable based on
 an analysis of the aging of the outstanding balance as well as other relevant
 information. This allowance is netted against Accounts receivable - trade and
other. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>h) Inventories </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">In process goods, raw materials and supplies are valued at acquisition cost
 plus price-level restatements. The Company estimates that inventories have an
average turnover period of one year or less. </font></p>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-11</font></p>
<p style="page-break-before:always">
<br>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Effective January 1, 2002, the Company changed the method used to value its
 finished goods from direct cost, which includes only raw materials, to a method
 that includes raw materials, labor and overhead costs (Note 2). For the year
 ended December 31, 2001, the inventory portion of Costs of sales in the Consolidated
Statements of Income was stated at replacement cost excluding labor and overhead. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>i) Prepaid expenses </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Prepaid expenses are shown at cost plus price-level restatements and include
 prepayments for advertising, insurance premiums, computer maintenance services
 and others, and are amortized over the period of the benefit. Long-term portions
 of prepaid expenses are included in Other assets in the Consolidated Balance
Sheets. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>j) Other current assets </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Other current assets primarily includes securities acquired pursuant to repurchase
agreements which are stated at cost plus accrued interest and price-level restatements. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>k) Property, plant and equipment </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Property, plant and equipment are stated at cost plus price-level restatements.
Depreciation for each year has been calculated under the straight-line method,
based on the estimated useful lives assigned to the assets. Estimated useful
lives of assets are as follows:</font></p>
<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=80% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=20% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Years</FONT></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=center><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Buildings</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25 - 100</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vineyards</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20 - 30</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Machinery and equipment</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5 - 20</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bottles and containers</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3 - 10</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other fixed assets</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10</FONT></TD>
</TR>
</TABLE>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Bottles and containers are reported at cost plus price-level restatements,
 net of write-offs due to breakage and allowances. Depreciation of glass bottles,
 pallets, and plastic boxes is calculated under the straight-line method based
 on the estimated useful lives assigned to the respective assets. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Purchased software is being amortized over periods between four and seven
years. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Property, plant and equipment includes the revaluation increment arising from
 the technical appraisal carried out during 1979 in conformity with instructions
issued by the SVS. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Repairs and maintenance costs are charged against income while improvements are
capitalized as additions to the related assets. Retirements, sales and disposals
of assets are recorded by reversing the cost and accumulated depreciation accounts,
with any related gain or loss reflected in Non-operating income or Non-operating
expense in the Consolidated Statements of Income.</font></p>
<p align="justify"><font face="Times New Roman, Times, serif"><i><font size="2">l) Other assets </font></i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Other assets include land
  and buildings held for sale which have been adjusted to their estimated realizable
  values; trademarks which have been valued at cost plus price-level restatements
  and are amortized over a period of twenty years; and bond discounts arising
from bonds issued by the Company during&nbsp;1994. </font></p>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-12</font></p>
<p style="page-break-before:always">
<br>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Other assets also include the following:</font></p>
<table width="100%"  cellspacing="0" cellpadding="0">
 <tr>
  <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
  <td><p align="justify"><font size="2" face="Times New Roman, Times, serif"><i><u>Investments
       in unconsolidated affiliates</u></i></font></p>
   <p align="justify"><font size="2" face="Times New Roman, Times, serif">Includes
     investments in unconsolidated affiliates are accounted for using the equity
     method when Company has the ability to exercise significant influence over
     the operating and financial policies of the investee. Under Chilean GAAP,
     this is generally presumed to occur when the investor owns between 10% and
     50% of the outstanding voting shares. Accordingly, the Company's proportional
     share in the net income (or loss) of each investee is recognized on an accrual
     basis, after eliminating any unrealized profits or losses from transactions
     with the investees in Non-operating income or expense in the Consolidated
     Statements of Income. </font></p>
   <p align="justify"><font size="2" face="Times New Roman, Times, serif"><i><u>Goodwill
       and negative goodwill</u></i></font></p>
   <p align="justify"><font size="2" face="Times New Roman, Times, serif">Under
     Chilean GAAP, goodwill arises from the excess of the purchase price of companies
     acquired over their net book value; negative goodwill arises when net book
     value exceeds the purchase price of companies acquired. Goodwill and negative
     goodwill also arise from the purchase of investments accounted for by the
     equity method. Goodwill and negative goodwill are normally amortized on
     a straight-line basis over the expected period of return of the investments,
     up to a maximum period of 20 years. Chilean GAAP also provides that the
     amortization of goodwill and negative goodwill may be accelerated if the
     proportional net income or loss of the investee exceeds the respective straight-line
     amortization amount. The Company evaluates the recoverability of goodwill
     on a periodic basis. </font></p>
   <p align="justify"><font size="2" face="Times New Roman, Times, serif"><i><u>Investments
       in other companies</u></i></font></p>
   <p align="justify"><font size="2" face="Times New Roman, Times, serif">Investments
     in other companies includes investments in quoted common shares with an
     average trading value below UF 400 during the last quarter of each year
     and investments in unlisted shares and partnership interests in other companies
     where the Company does not have the ability to exercise significant influence
     over the operating and financial policies of the investee. </font></p>
   <p align="justify"><font size="2" face="Times New Roman, Times, serif">Investments
     in unlisted shares and partnership interests in other companies are reported
     at each year end at cost plus price-level restatements and income from these
     investments is recognized on a cash basis. Where provisions for impairment
  were considered necessary, such provisions were recorded.</font></p></td>
 </tr>
</table>
<p align="justify"><font face="Times New Roman, Times, serif"><i><font size="2">m) Translation of foreign currency financial statements </font></i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The investments in the
  Argentine subsidiaries and in Karlovacka Pivovara dd (prior to its sale on
  March&nbsp;30, 2003), are recorded in accordance
  with Technical Bulletin No. 64 of the Chilean Institute of Accountants.
  Under this pronouncement, the financial statements of foreign subsidiaries,
  which operate in countries that are exposed to significant risks, restrictions
  or inflation/currency fluctuations must first be remeasured into US dollars
  or Euros and then translated into Chilean pesos at the year-end exchange rate.
  As a result, no effect is given to price-level restatements based on
  inflation in those countries, the US dollar in the case of the Argentine subsidiaries
  and Euro in the case of Karlovacka Pivovara d.d., are considered to be
  the functional currency of these operations. Accordingly, the financial statements
  of these subsidiaries are prepared in accordance with Chilean GAAP, excluding
  the application of monetary correction, and then remeasured into US dollars
and Euros as follows:</font> </p>
<ul>
 <li>
  <p><font size="2" face="Times New Roman, Times, serif">monetary assets and liabilities are translated
   at the closing exchange rate for the period; </font></p>
 </li>
 <li>
  <p><font size="2" face="Times New Roman, Times, serif">all other assets and liabilities and shareholders' equity are
    translated at historical rates of exchange; </font></p>
 </li>
 <li>
  <p><font size="2" face="Times New Roman, Times, serif">income and expense accounts are translated at average rates during
    the period; and </font></p>
 </li>
 <li>
  <p><font size="2" face="Times New Roman, Times, serif">the resulting exchange adjustments are included in the results of operations
   for the period. </font></p>
 </li>
</ul>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-13</font></p>
<p style="page-break-before:always">
<br>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The resulting foreign
  currency amounts are then translated to Chilean pesos at the closing exchange
  rate at the balance sheet date. The difference between the investments' equity
  value arising from the financial statements remeasured as explained above and
  the net equity value at the beginning of the year restated by Chilean inflation,
  plus the proportional share of the investments' income (or loss) for the year,
  is recorded as a &#147;Cumulative Translation Adjustment&#148; in
Shareholders' equity in the Consolidated Balance Sheets. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>n)
   Bonds payable </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Bonds are recorded at face value plus accrued interest. The discount on, and
 expenses incurred, in the issuance of the bonds are included in Other current
 assets and Other assets in the Consolidated Balance Sheets and are amortized
using the interest method of amortization over the term of the bonds. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>o) Severance indemnities </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company and most of its subsidiaries have agreed with their personnel
 to the payment of long-term severance indemnities. Severance indemnities are
 included in Accrued expenses and other liabilities in the Consolidated Balance
 Sheets and have been calculated based on the legal retirement age and the present
 value of the obligation, after applying a discount rate of 7%, except for those
 cases in which the union contracts limit the benefit to a maximum amount per
year, such cases being shown under current liabilities. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>p) Income taxes and deferred income taxes </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Effective January 1, 2000,
  the effects of deferred income taxes arising from temporary differences between
  the basis of assets and liabilities for tax and financial statement purposes
  are recorded in accordance with Technical Bulletins Nos. 60, 68 and 69 of the
  Chilean Institute of Accountants and Circular No. 1,466 of the SVS. The effects
  of deferred income taxes at January 1, 2000 that were not previously recorded,
  were recognized, in accordance with the transitional period provided by Technical
  Bulletin No. 60, against a contra asset or liability account (&#147;complementary accounts&#148;)
  and were recorded to offset the effects of the deferred tax assets and liabilities
  not recorded prior to January 1, 2000. Complementary accounts are amortized
  to income over the estimated average reversal periods corresponding to underlying
  temporary differences to which the deferred tax asset or liability related.
  Deferred income taxes at January 1, 2000 are recognized in income beginning
in 2001 as the temporary differences are reversed. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Deferred income tax assets are reduced by a valuation allowance if, based
 on the weight of available evidence, it is more likely than not that some portion
 or all of the deferred income tax assets will not be realized. The valuation
 allowance should be sufficient to reduce the deferred income tax asset to an
amount that is more likely than not to be realized. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The Argentine subsidiaries, with the exception of Finca La Celia S.A., have
 not recorded a current tax provision due to the existence of tax loss carryforwards
 (Note 13). However, CICSA recorded a minimum imputed income tax (Note 8) which
 has been included under Other assets in the Consolidated Balance Sheets as a
 tax recoverable as the taxes paid can be used to offset income taxes in future
periods. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>q) Employee vacations </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Vacations
  are accrued as a liability when earned by employees and are included in Accrued
  expenses in the Consolidated Balance Sheets.</font></p>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-14</font></p>
<p style="page-break-before:always">
<br>
<!-- MARKER FORMAT-SHEET="Times Just Italic" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2"><I>r)   Deposits on bottles and
containers</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">Deposits  received on bottles
and containers in  circulation  are  classified as long-term  liabilities.  At December
31, 2002 and 2003, the amount of these  deposits was  determined  based on the estimated
 redemption of the bottles and  containers by customers and valued using the historic
amount of the deposit.  These deposits are not subject to price &#150; level restatements.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just Italic" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2"><I>s)   Derivative instruments</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">The Company  enters into
hedging  contracts  including  cross-currency  interest  rate swap  agreements  and
foreign  currency  forward exchange  contracts.  The contracts  are  accounted  for in
accordance  with  Technical  Bulletin No. 57,  &#147;Accounting  for  Derivative Contracts&#148;  (TB
57) of the Chilean  Institute of  Accountants.  Under TB 57 all  derivative  instruments
 are recognized on the balance sheet at their fair value.  Derivative instruments are
accounted for as follows:</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just Italic" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedge of forecasted
transactions:</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify Ident" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
derivative instrument is stated at its fair value on the balance sheet and any change in
the fair value is recognized on the balance sheet as an unrealized gain or loss in Other
liabilities or in Other assets.  When the contract is settled, the unrealized gain or
loss on the instrument is recognized in earnings in Non-operating income or expense in
the Consolidated Statements of Income.</FONT></P>


<!-- MARKER FORMAT-SHEET="Times Just Italic Ident" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedge
of firm commitments:</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify Ident" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
hedged item and derivative  instrument are measured at fair value on the balance sheet.
 Unrealized      gains and losses are  recorded  in  earnings  in  Non-operating  income
or expense in the  Consolidated      Statements  of Income if the net effect is a loss
and  deferred  and  recognized  when the  contract is      settled  if it is a gain.  The
 unrecognized  gains  associated  with  the  derivative  instrument  are      included in
Other liabilities in the Consolidated Balance Sheets.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just Italic" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2"><I>t)   Cash equivalents</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">For  purposes  of the
 Consolidated  Statement  of Cash  Flows,  the  Company  considers  all  highly  liquid
investments  purchased  with a  maturity  of three  months  or less to be cash
 equivalents,  including  time deposits, money market funds and securities purchased
pursuant to resale agreements.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">Cash flows from operating
activities include all those cash flows related to the primary operating activities of
the Company and also include interest paid, interest income and, in general, all those
cash flows that are not defined as investing or financing activities.  The concept of
operating used in this statement is broader than the concept of operating income used in
the Consolidated Statements of Income.</FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">The balance of cash and cash
equivalents is as follows:</FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At December 31,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,865,692&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,528,402&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Time deposits (Note 3)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,430,319&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,337,334&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Money market funds (Note 3) and promissory notes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,928,511&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,640,724&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Securities purchased pursuant to resale agreements (Note 6)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,131,300&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,592,657&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66,355,822&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>93,099,117&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>


<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-15</font></p>
<p style="page-break-before:always">
<br>





<!-- MARKER FORMAT-SHEET="Times Just Italic" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2"><I>u)   Revenue recognition</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">The Company and  subsidiaries
 recognize  revenues upon the physical  delivery of the product,  at which time title
 passes to the  customer.  Vi&#241;a San Pedro S.A.  recognizes  revenues  relating to export
 sales of wine when the wine is shipped which in  accordance  with  established  sales
terms is when the title passes to the customer.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just Italic" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2"><I>v)   Advertising and sales
promotion costs</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">Advertising and sales promotion
 costs are generally  expensed as incurred.  The cost of television and other media
 advertising are deferred and recognized as an expense when the  corresponding
 advertisement  is first shown.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2"><U>NOTE 2 - ACCOUNTING CHANGES</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">During 2003,  there were no
 accounting  changes as compared to the prior year that could have a significant effect
on the interpretation of these financial statements.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">As  indicated  in Note 1 h),
 effective  January 1, 2002 the  Company  changed  the method used to value its finished
 goods from direct  cost,  which  includes  only raw  materials,  to a method  which
 includes  raw materials,  labor and overhead costs.  For the year ended December 31,
2001, the inventory  portion of Costs of sales in the  Consolidated  Statements  of
Income was stated at  replacement  costs  excluding  labor and overhead  cost.  The
 change  resulted  in a  credit  to  income  amounting  to  ThCh$ 2,105,682,  of  which
ThCh$ 1,754,292  was included in Non-operating  results and ThCh$ 351,390 as a reduction
to Cost of sales in the Consolidated Statements of Income.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">During the period ended
December 31, 2002, the Company changed one of the variables used to calculate long-term
severance indemnities.  Through December 31, 2001, the Company estimated the average
remaining years for its workforce to be 8 years.  The new policy estimates that the
workforce will remain employed by the Company until the legal retirement age.  The
revised estimated resulted in a reduced charge to income amounting to ThCh$ 868,194.</FONT></P>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="times new roman" SIZE="2"><U>
NOTE 3 - TIME DEPOSITS AND
MARKETABLE SECURITIES</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">Time deposits and marketable
securities are summarized as follows:</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At December 31,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Time deposits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,428,174&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,385,067&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Money market funds</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,326,747&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,645,969&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Common equity shares</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>239,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>198,627&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Promissory notes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>607,459&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,601,380&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,229,663&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-16</font></p>
<p style="page-break-before:always">
<br>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="times new roman" SIZE="2"><U>
NOTE 4 - ACCOUNTS RECEIVABLE -
TRADE AND OTHER</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">Accounts receivable are
summarized as follows:</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At December 31,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Trade accounts receivable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68,446,638&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66,726,672&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other accounts receivable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,563,923&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,678,294&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Advances to suppliers</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,088,589&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,790,339&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Allowance for doubtful accounts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,308,575)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5,551,488)</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70,790,575&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>69,643,817&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">The changes in the allowance
for doubtful accounts during the years ended December 31, 2003, 2002 and 2001 were as
follows:</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="25%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance at&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additions&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>beginning&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>charged to cost&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Write-offs&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Price-level&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance at&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Year</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>of period&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and expenses&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>of bad debts&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>restatement&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>end of period&nbsp;</FONT></TD></TR>
<TR>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,551,488&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,598,096&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,735,920)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(105,089)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,308,575&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,728,394&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,085,353&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,777,606)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(484,653)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,551,488&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,757,660&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,378,476&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,174,486)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(233,256)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,728,394&nbsp;</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2"><U>NOTE 5 &#150; INVENTORIES</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">Inventories are summarized as
follows:</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At December 31,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Finished goods</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,682,158&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,344,644&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Production in process and semi-manufactured goods</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,324,993&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,000,341&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Raw materials</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,996,453&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26,071,297&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Raw materials in transit</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>867,208&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,722,350&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Supplies </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,942,011</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,202,785&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Grape crop development costs</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,929,906&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,387,883&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Obsolescence provisions</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(699,140)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(877,525)</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,043,589&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46,851,775&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-17</font></p>
<p style="page-break-before:always">
<br>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2"><U>NOTE 6 - OTHER CURRENT ASSETS</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">Other current assets are
summarized as follows:</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At December 31,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Securities purchased pursuant to repurchase agreements</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,128,238&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,634,232&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bond discount (Note 11)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59,976&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59,947&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentine bonds</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>867,843&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for Argentine bonds</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(192,458)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fair value of forward exchange contracts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>82,603&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Materials to consume</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>377,496&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>790,493&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred issuance costs</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>162,856&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred income taxes (Note 13)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>243,455&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>946,541&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>162,229&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>130,891&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,134,250&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44,320,092&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2"><U>NOTE 7 - PROPERTY, PLANT AND
EQUIPMENT</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">Property, plant and equipment
(net) are summarized as follows:</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At December 31,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Land and buildings</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>82,257,296&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>81,321,049&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vineyards</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,850,386&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,698,372&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Machinery and equipment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>253,469,168&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>262,998,462&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bottles and containers</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99,503,529&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>96,040,989&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fixtures and fittings</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37,014,814&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37,081,549&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Construction in progress</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,732,044&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,951,683&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Promotional assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>57,697,134&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58,247,920&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fixed assets in transit</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,179,892&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>412,450&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Software (net)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,863,432&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,206,259&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other fixed assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,076,968&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,142,892&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Increase arising from technical appraisal</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,996,664&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,467,300&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accumulated depreciation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(269,836,791)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(250,515,481)</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total property, plant and equipment (net)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>313,804,536&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>334,053,444&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-18</font></p>
<p style="page-break-before:always">
<br>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2"><U>NOTE 8 - OTHER ASSETS</U> </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At December 31,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Land and buildings held for sale (a)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,611,645&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,658,118&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investments in unconsolidated affiliates (b)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,512,207&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40,765,473&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Goodwill (c)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29,048,233&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,214,076&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Negative goodwill (d)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(576,291)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(754,607)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Prepaid expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,097,750&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>874,190&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Discount on issuance of bonds</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>461,858&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>521,491&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investments in other companies</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,325&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>768,583&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Trademarks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,496,419&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,145,450&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accumulated amortization of trademarks</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,187,334)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,966,902)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Syndicated loan issuance cost</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>582,560&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Recoverable taxes (value added tax)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>766,678&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Recoverable taxes (minimum imputed income tax in Argentina)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,228,548&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>796,967&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accounts receivable-trade and other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>98,447&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21,120&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accounts receivable from related companies (Note 15)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,016&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61,550&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>166,488&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63,252,595&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>104,246,463&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">(a)      Land and buildings
held for sale are summarized as follows:</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At December 31,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Location</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Osorno</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,976,137&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,429,426&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Santiago </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,505,836&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,046,560&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>La Serena</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,271,907&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,347,702&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Quilicura</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,070,504&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,850,545&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Per&#250;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,651,841&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,651,841&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Talca</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,279,928&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,279,928&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Limache  </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,210,358&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,231,893&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>872,121&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,019,038&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vi&#241;a del Mar</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>303,621&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>310,991&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Concepci&#243;n</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>282,679&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>282,679&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Valpara&#237;so</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>123,542&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>141,427&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Antofagasta</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62,616&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65,533&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Temuco</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>555&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>555&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,611,645&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,658,118&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-19</font></p>
<p style="page-break-before:always">
<br>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">(b)      Investments in
unconsolidated affiliates at December 31 of each year are summarized as follows:</FONT></P>





<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN=2 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Percentage owned</FONT></TD>
     <TD COLSPAN=2 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investment carrying value</FONT></TD>
     <TD COLSPAN=3 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Equity in net earnings of affiliated companies recognized <BR> in income (loss)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Company</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD></TR>
<TR>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Southern (1)</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49.97</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,621,075</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,867,052</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,197,238</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>997,920</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cervecer&#237;a Austral S.A. (2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50.00&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50.00&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,646,966&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,829,076&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(179,718)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(191,457)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(280,250)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Finca La Celia S.A. (3)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60.33</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,806,968</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vi&#241;a Dassualt San Pedro S.A. (4)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50.00&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50.00&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,616,863&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,933,758&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vi&#241;a Tabali S.A. (5)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50.00&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,621,984&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compa&#241;ia Cervecera Kunstmann S.A.(6)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50.00&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50.00&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>626,394&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>574,596&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52,291&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(135,569)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,512,207</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40,765,473</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,739,625</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>870,212</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>717,670</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>




<!-- MARKER FORMAT-SHEET="Hang Size 2" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=05%><FONT FACE="Times New Roman" SIZE=2>(1) </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman" SIZE=2>At
December 31, 2002, the Company had a 49.97% ownership interest in Southern Breweries
Establishment (Southern).  Its primary objective was to maintain an investment in
        Karlovacka Pivovara d.d. (&#147;Karlovacka&#148;) a brewery operating in Croatia. Southern
had an ownership interest of 68.804% in Karlovacka at December 31, 2002 and 2001.</FONT></P></TD>
</TR>
</TABLE>

<BR>

<!-- MARKER FORMAT-SHEET="Hang Size 2" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=05%><FONT FACE="Times New Roman" SIZE=2>&nbsp;        </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman" SIZE=2>The Company
acquired this investment in Southern in September 1994,  resulting in goodwill with an
amortized  balance  amounting to ThCh$ 94,869 at December 31, 2003 and         ThCh$
103,771 at December 31, 2002.</FONT></P></TD>
</TR>
</TABLE>

<BR>

<!-- MARKER FORMAT-SHEET="Hang Size 2" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=05%><FONT FACE="Times New Roman" SIZE=2>&nbsp;      </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman" SIZE=2>  On  March
30, 2003, Southern sold its interest in Karlovacka recognizing a profit of ThCh$ 40,442,271
 (historic).  Accordingly, the Company recognized its 49.97% portion         of this gain
equivalent to ThCh$ 20,221,136  (historic) which is recorded as part of Equity in net
income of unconsolidated  affiliates in non-operating income (Note 20)         in the
Consolidated Statement of Operations.</FONT></P></TD>
</TR>
</TABLE>

<BR>

<!-- MARKER FORMAT-SHEET="Hang Size 2" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=05%><FONT FACE="Times New Roman" SIZE=2>&nbsp;        </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman" SIZE=2> On April
10, 2003, the Company purchased an additional 50% ownership interest of Southern.  There
was no goodwill  associated with this acquisition.  Upon acquisition of         the this
interest, the Company began consolidating the operations of Southern.</FONT></P></TD>
</TR>
</TABLE>

<BR>

<!-- MARKER FORMAT-SHEET="Hang Size 2" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=05%><FONT FACE="Times New Roman" SIZE=2>(2)</FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman" SIZE=2> During
November 2000, the Company acquired 50% of Cervecer&#237;a  Austral S.A.  (&#147;Austral&#148;) at a
cost of ThCh$ 4,549,729  (historic)  generating  goodwill of ThCh$ 2,367,964
        (historic).  The principal activity of Austral is the production, bottling and
distribution of beer in Chile.</FONT></P></TD>
</TR>
</TABLE>

<BR>


<!-- MARKER FORMAT-SHEET="Hang Size 2" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=05%><FONT FACE="Times New Roman" SIZE=2>&nbsp;        </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman" SIZE=2> At December
31, 2003 Cervecer&#237;a Austral S.A. holds a 99% interest in the subsidiary Comercial
Patagona Limitada.</FONT></P></TD>
</TR>
</TABLE>

<BR>

<!-- MARKER FORMAT-SHEET="Hang Size 2" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=05%><FONT FACE="Times New Roman" SIZE=2>(3) </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman" SIZE=2>The
principal activity of Finca La Celia S.A., an Argentine company, is the production,
 marketing,  and distribution of wine-related and other agricultural products and
        the rental of agricultural  plots,  warehouses,  vineyards and other commercial
 establishments  related to the wine industry.  As discussed in Note 1 b), Finca La Celia
        S.A. was consolidated under Chilean GAAP beginning January 1, 2003.  It was not
consolidated at December 2002 and 2001 because it was in the development stage.</FONT></P></TD>
</TR>
</TABLE>


<BR>


<!-- MARKER FORMAT-SHEET="Hang Size 2" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=05%><FONT FACE="Times New Roman" SIZE=2>&nbsp;                </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman" SIZE=2>At December
31, 2003, the Company has an ownership interest of 60.325% in Finca La Celia S.A.  At
December 31, 2003, Finca La Celia S.A. has an ownership interest of 99.9% in Finca
Eugenio Bustos S.A.</FONT></P></TD>
</TR>
</TABLE>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-20</font></p>
<p style="page-break-before:always">
<br>


<!-- MARKER FORMAT-SHEET="Hang Size 2" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=05%><FONT FACE="Times New Roman" SIZE=2>(4) </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman" SIZE=2>During
October 2001, Vi&#241;a San Pedro S.A.  acquired a 50%  joint-venture  stake in the newly
formed Vi&#241;a Totihue S.A., which is currently in the development  stage.  Vi&#241;a         San
Pedro S.A. acquired 35,000 shares which were purchased  through a cash payment of US$
800,000  (equivalent to ThCh$ 547,000 - historic) and by contributing land with         a
value of US$ 2,700,000 (equivalent to ThCh$ 1,846,395 - historic).</FONT></P></TD>
</TR>
</TABLE>

<BR>


<!-- MARKER FORMAT-SHEET="Hang Size 2" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman" SIZE=2>         </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman" SIZE=2>On May
7, 2003 Vi&#241;a Totihue S.A. changed its name to Vi&#241;a Dassault San Pedro S.A.</FONT></P></TD>
</TR>
</TABLE>

<BR>

<!-- MARKER FORMAT-SHEET="Hang Size 2" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman" SIZE=2>(5) </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman" SIZE=2>During
August 2003,  Vi&#241;a Tabali S.A. was  incorporated  with Vi&#241;a San Pedro S.A. and Sociedad
 Agricola Rio Negro  Limitada (a related  company),  each  acquiring a 50%
        interest. Vi&#241;a Tabal&#237; S.A. is in the development stage. Vi&#241;a San Pedro S.A.
acquired 22,320 shares for ThCh$ 1,635,654 (historic).  There was no goodwill associated
with         this transaction.</FONT></P></TD>
</TR>
</TABLE>


<BR>

<!-- MARKER FORMAT-SHEET="Hang Size 2" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman" SIZE=2>(6) </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman" SIZE=2>During
May 2002, as a result of the acquisition of Pisconor S.A (formerly, Inversiones Trovador
S.A.), the Company acquired an additional 30.7% ownership interest in Compa&#241;&#237;a Cervecera
Kunstmann S.A. (CCK) resulting in a total ownership interest of 50.0%.  Prior to May
2002, the Company owned a 19.3% interest in CCK.</FONT></P></TD>
</TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">(c)            Goodwill (net of
accumulated amortization) is summarized as follows:</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At December 31,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Company</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compa&#241;&#237;a Industrial Cervecera S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,617,188&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,758,038&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Embotelladoras Chilenas Unidas S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,691,395&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,240,325&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vi&#241;a San Pedro S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,582,186&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,967,198&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cervecer&#237;a Austral S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,152,409&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,173,540&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>South Investment Limited</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>909,439&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>970,407&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Southern Breweries Establishment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>94,869&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>103,771&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aguas Minerales Cachant&#250;n S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>747&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>797&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29,048,233&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,214,076&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">(d)            Negative
goodwill (net of accumulated amortization) is summarized as follows:</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cervecer&#237;a Austral S.A</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>124,945&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>161,792&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compa&#241;&#237;a Industrial S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>451,346&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>592,815&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>576,291&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>754,607&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-21</font></p>
<p style="page-break-before:always">
<br>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2"><U>NOTE 9 - SHORT-TERM BORROWINGS</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">Short-term borrowings relate to
bank loans due within one-year and are denominated in the following currencies:</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At December 31,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>United States dollars</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,580,591&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,410,833&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UF</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30,069&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,101&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>201,552&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,812,212&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,412,934&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">The annual average rate of
interest in 2003 related to the borrowings was approximately 2.1% (2.4% in 2002).</FONT></P>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2"><U>NOTE 10 - BANK BORROWINGS</U> </FONT></P>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">The details of bank borrowings
at December 31, 2003 are summarized as follows:</FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bank</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Currency</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current portion</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Long-term</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total at December 31, 2003</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Annual interest rate</FONT></TD></TR>
<TR>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco Estado</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UF</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>874,146</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,554,705</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,428,851</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.46</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco Sudameris</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#128;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>226,182</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>226,182</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.91</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deutsche Bank (1)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>239,419&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80,163,000&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80,402,419&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Libor + 0.75&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,339,747&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>82,717,705&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>84,057,452&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD>&nbsp;</TD>
</TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">The details of bank borrowings
at December 31, 2002 are summarized as follows:</FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bank</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Currency</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current portion</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Long-term</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total at December 31, 2002</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Annual interest rate</FONT></TD></TR>
<TR>
<TD><HR SIZE=1></TD>
<TD ><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Citibank (2)</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US$&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,399,972&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,399,972&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco de Chile </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UF</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>507,940</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>507,940</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.91</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco Estado</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UF</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>866,623&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,404,574&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,271,197&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.35&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco Santander</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UF</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>321,793&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>321,793&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.94&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco Sudameris</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#128;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120,467&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>228,125&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>348,592&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.61&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD ALIGN="CENTER">&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,216,795</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,632,699</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21,849,494</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD ALIGN="CENTER">&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD>&nbsp;</TD>
</TR>
</TABLE>


<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-22</font></p>
<p style="page-break-before:always">
<br>


<!-- MARKER FORMAT-SHEET="Hang Size 2" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=05%><FONT FACE="Times New Roman" SIZE=2>(1) </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman" SIZE=2>On
May 9, 2003, the Company obtained a 5-year syndicated loan amounting to US$ 135,000,000
with twelve foreign and local banks. Deutsche Bank Securities Inc. and BBVA Securities
Inc. are the main agents for the loan and Cervecera CCU Chile Limitada is acting as
guarantor.</FONT></P></TD>
</TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The loan requires the Company
to comply with the following covenants:</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)             the  maintenance
of a consolidated  interest  coverage  ratio in both Cervecera CCU Chile Limitada and the
Company of at least 3.0 measured  quarterly  based on a                       moving
average for the last four quarters.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify Ident" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii)
           the maintenance of a consolidated debt ratio lower or equal to 3.0, in both
Cervecera CCU Chile Limitada and the Company.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify Ident" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii)
          the maintenance of a minimum consolidated equity of UF 15 million at the end of
each quarter.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify Ident" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv)
           Additionally,  the loan requires that the Company comply with certain
restrictions of a positive assurance nature, including the observance of the law, making
tax                       payments and  maintenance  of insurance.  It also requires the
Company to comply with certain  restrictions  of a negative  nature,  such as not to
provide                       chattel mortgages,  except those authorized by the
contract,  not to enter into mergers,  except for those permitted,  and not to sell fixed
assets, except                       under the terms and conditions set forth in the
contract.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify Ident" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
December 31, 2003 the Company was in compliance with all covenants.</FONT></P>

<!-- MARKER FORMAT-SHEET="Hang Size 2" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=05%><FONT FACE="Times New Roman" SIZE=2>(2) </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman" SIZE=2>On
October 25, 1996, the Company  entered into a syndicated loan amounting to  US$ 75,000,000
 with fourteen  foreign banks headed by Citibank,  New York. The loan had a         term
of seven years and was paid in full during 2003. Annual interests rate were Libor plus
0.40 for the first 5 years and Libor plus 0.45 for the last 2 years.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">Scheduled maturities of bank
borrowings at December 31, 2003, are as follows:</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="80%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Maturing during the years</FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD></TR>
<TR>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,339,747&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>851,568&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2006</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,916,768&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2007</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,916,768&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2008</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,032,601&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>84,057,452&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-23</font></p>
<p style="page-break-before:always">
<br>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2"><U>NOTE 11 - BONDS PAYABLE</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">Bonds payable are summarized as
follows:</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At December 31,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH=15% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current portion</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Principal</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,367,700&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,367,018&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>296,468&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>325,179&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,664,168&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,692,197&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Long-term - Principal</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,470,999&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,828,805&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,135,167&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21,521,002&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">The Series C and D Bonds
 consist of an issue of 120 bonds for a total of  UF 1,200,000  (ThCh$ 20,304,000  at
December  31, 2003  exchange  rate) and 70 bonds for a total of UF 700,000  (ThCh$ 11,844,000
 at December 31, 2003  exchange  rate) with 21 and 12 year terms,  respectively.  For
both series,  principal  and interest is payable in  semi-annual installments  with
interest  calculated at a rate of 6% per annum.  At December 31, 2003,  the Company had
made  nineteen  payments of principal,  as stipulated in the placement deed.  The final
payments on the bonds are due on September 30, 2015 and 2006, respectively.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">The bonds were placed at a
discount of ThCh$ 727,796  (historical  pesos) which is being amortized over the term of
the bonds.  At December 31, 2003,  ThCh$ 59,976 (ThCh$ 59,947 in 2002) is included using
the effective interest method in Other current assets and ThCh$ 461,858 (ThCh$ 521,491 in
2002) in Other Assets in the Consolidated Balance Sheets.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">The bonds have the following
covenants:</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify Ident" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)
    The Company is required to maintain a ratio of total liabilities to equity of two to
one.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify Ident" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii)
   Current assets must exceed current liabilities during the term of the obligations.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify Ident" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii)
  The Company must maintain a ratio of its unpledged assets over its unsecured current
liabilities of not less than 1.30.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify Ident" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv)
   The Company must maintain unpledged assets of not less than 30% of liabilities.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify Ident" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v)
    The Company is restricted by the bond indenture as to which new investments it may
make.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">At December 31, 2003 the
Company was in compliance with all the covenants.</FONT></P>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-24</font></p>
<p style="page-break-before:always">
<br>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">Scheduled maturities of bonds
payable at December 31, 2003 are as follows:</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=80% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Maturing during the years</FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD></TR>
<TR>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,664,168&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,367,700&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,367,699&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>380,700&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>380,700&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009 to 2011</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,603,960&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012 to 2015</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,370,240&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,135,167&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="times new roman" SIZE="2"><U>
NOTE 12 - ACCRUED EXPENSES AND
OTHER LIABILITIES</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">The detail of accrued expenses
is summarized as follows:</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Short-term</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD></TR>
<TR>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Advertising expenses on invoices not received</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,698,317&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,701,560&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for vacation expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,898,025&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,944,458&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accrued expenses on invoices not received</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,157,858&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,239,204&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Directors' profit sharing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,473,712&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>730,568&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Salaries payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99,052&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>107,206&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Employee benefits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,823&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,264&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fees</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>57,918&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,379&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for severance indemnities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>277,732&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>234,838&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fair value of forward exchange contracts (1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,008&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>103,159&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sales commissions</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>668,380&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>512,127&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Licenses and consulting</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40,882&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>210,030&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accrual for pavement costs required by municipal government</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>295,590&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for lawsuits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>93,375&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>477,275&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Write-offs of glass bottles</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>110,034&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>216,111&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Prizes for employee achievements</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>572,381&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>352,957&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other accrued expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,451,928&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,616,040&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,664,425&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,822,766&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-25</font></p>
<p style="page-break-before:always">
<br>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="70%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Long-term</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD></TR>
<TR>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for severance indemnities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,112,618&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,156,237&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fair value of cross-currency swap (2)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,141,132&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Allowance for unrealized profit on hedge operation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>745,080&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for lawsuits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60,067&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,518&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>916,167&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>717,742&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,975,064&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,893,497&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>

<BR>


<!-- MARKER FORMAT-SHEET="Hang Size 2" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=05%><FONT FACE="Times New Roman" SIZE=2>(1) </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman" SIZE=2>At
December 31, 2003, CCU has three outstanding  forward  contracts to hedge against
 variations in the      exchange  rate  between the US dollar and the Chilean  peso.
 This hedge  covers US  dollar-denominated      investments made by the Company, which is
the seller of US dollars in both contracts.</FONT></P></TD>
</TR>
</TABLE>

<BR>

<!-- MARKER FORMAT-SHEET="Hang Size 2" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=05%><FONT FACE="Times New Roman" SIZE=2>(2) </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman" SIZE=2>At
December 31, 2003, CCU has six outstanding cross-currency contracts intended to protect
the Company against foreign-currency and interest rate risk.  The derivative contracts
are hedges against future interest and capital payments amounting to US$ 96,100,000 in
respect to the 5-year syndicated loan amounting to US$ 135,000,000 described in Note 10.</FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2"><U>NOTE 13 - INCOME TAXES</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">The  Company&#180;s  current tax
 provision  for the year ended  December 31, 2003  amounting to  ThCh$ 6,886,622 (ThCh$
 4,585,387  in 2002).  Most of the income tax that would have been  payable on 2002 and
2003  results of operations has been  eliminated by the application of tax loss
 carryforwards  that arose in prior years. At  December 31, 2003,  the  Company  had tax
loss  carryforwards  in Chile  amounting  to  ThCh$ 18,212,888 (ThCh$ 9,207,011 in 2002)
 which  are  available  to apply  against  tax  liabilities  in future  years.  No
expiration date is prescribed by Chilean law for tax loss carryforwards.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">Additionally,  CCU  Argentina
 S.A. and its  subsidiaries  and Finca La Celia and  subsidiary  have tax loss
carryforwards  aggregating  ThCh$ 24,578,571  at December 31, 2003  (ThCh$ 17,417,938  in
2002) which may be applied to reduce taxable income in Argentina during a five-year
carryforward period.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">The corporate income tax charge
for the years ended December 31, 2003 and 2002, is analyzed as follows:</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="70%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current income tax provisions</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,842,357&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,520,699&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44,265&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64,688&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current tax provision</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,886,622&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,585,387&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Monthly provisional payments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,572,888)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,363,534)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other credits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(806,463)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,691,907)</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current tax payable (prepaid taxes)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,507,271&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,470,054)</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-26</font></p>
<p style="page-break-before:always">
<br>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">At December 31, 2003 and 2002,
the accumulated balances from deferred taxes originating from temporary differences were
as follows:</FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD COLSPAN="4" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2003 </FONT></TD>
     <TD COLSPAN="4" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2002 </FONT></TD></TR>
<TR>
<TD>&nbsp; </TD>
<TD COLSPAN=4><HR SIZE=1> </TD>
<TD COLSPAN=4><HR SIZE=1> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Deferred assets </FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Deferred liabilities </FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Deferred assets </FONT></TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Deferred liabilities </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Short-term </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Long-term </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Short-term </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Long-term </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Short-term </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Long-term </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Short-term </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Long-term </FONT></TD></TR>
<TR>
<TD>&nbsp; </TD>
<TD><HR SIZE=1> </TD>
<TD><HR SIZE=1> </TD>
<TD><HR SIZE=1> </TD>
<TD><HR SIZE=1> </TD>
<TD><HR SIZE=1> </TD>
<TD><HR SIZE=1> </TD>
<TD><HR SIZE=1> </TD>
<TD><HR SIZE=1> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$ </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$ </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$ </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$ </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$ </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$ </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$ </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$ </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Allowance for doubtful accounts </FONT> </TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">917,750&nbsp; </FONT> </TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,017&nbsp; </FONT> </TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">759,234&nbsp; </FONT> </TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Provision for staff vacation </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">410,139&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">436,211&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Amortization of intangible assets </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">11,235&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">323,052&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">607&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Fixed asset depreciation </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">20,167,379&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">18,877,007&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Severance indemnities </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">388,463&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">462,399&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Adjustment on bottle and container deposits </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2,080,254&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,748,600&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Software expenses capitalized </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">805,092&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,234,595&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Operating expenses &#150; crop farm </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,113,703&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,204,755&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Tax loss carryforwards </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">584,009&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">11,150,448&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">803,067&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6,824,503&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Difference in inventory valuation </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">281,445&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">360,492&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">107,954&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Unrealized profit on hedge operation </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5,442&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,722,552&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">17,022&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Allowance for land and buildings held for sale </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,056,417&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">837,836&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Unrealized gain </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">273,873&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">281,172&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Changes in allowances </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">162,519&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">613,457&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">233,472&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">261,445&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">534&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Other </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">446,603 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">873,036 </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">435,117&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">198,160&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">458,997&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">430,501&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">255,104&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">157,226&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Complementary accounts (net of amortization) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(93,992) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(1,429,093) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(200,762) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(1,819,148) </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Valuation allowance </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(1,015,632) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(7,761,925) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(553,607) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(5,982,958) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR>
<TD>&nbsp; </TD>
<TD><HR SIZE=1> </TD>
<TD><HR SIZE=1> </TD>
<TD><HR SIZE=1> </TD>
<TD><HR SIZE=1> </TD>
<TD><HR SIZE=1> </TD>
<TD><HR SIZE=1> </TD>
<TD><HR SIZE=1> </TD>
<TD><HR SIZE=1> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,792,275&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">7,846,118&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,548,820&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">22,533,307&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2,514,888&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2,451,737&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,568,347&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">20,661,286&nbsp; </FONT> </TD></TR>
<TR>
<TD>&nbsp; </TD>
<TD><hr size="2" color=black> </TD>
<TD><hr size="2" color=black> </TD>
<TD><hr size="2" color=black> </TD>
<TD><hr size="2" color=black> </TD>
<TD><hr size="2" color=black> </TD>
<TD><hr size="2" color=black> </TD>
<TD><hr size="2" color=black> </TD>
<TD><hr size="2" color=black> </TD>
</TR>
</TABLE>

<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">The  complementary  accounts
 correspond to the  accumulated  effect of deferred income taxes which were not recorded
until January 1, 2000 when Technical  Bulletin No. 60 was adopted.  The complementary
 accounts are amortized over the weighted-average terms of reversal of the corresponding
temporary differences.</FONT></P>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-27</font></p>
<p style="page-break-before:always">
<br>





<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">Effect on results</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current tax provision</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,886,622)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,585,387)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,369,929)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred income tax provision</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,526,851&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,265,792)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,183,746)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amortization of effects of deferred income taxes accumulated at beginning of the year</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(283,285)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(516,764)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42,633&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other - tax refunds</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(333,971)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(142,856)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>77,200&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,977,027)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,510,799)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,433,842)</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-28</font></p>
<p style="page-break-before:always">
<br>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2"><U>NOTE 14 - SHAREHOLDERS' EQUITY</U> </FONT></P>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">The changes in the
Shareholders' equity accounts during 2001, 2002 and 2003 were as follows:</FONT></P>






<TABLE CELLPADDING=2 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD COLSPAN="3" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Other reserves </FONT> </TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Retained earnings </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD></TR>
<TR>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD>&nbsp; </TD>
<TD COLSPAN=3><HR SIZE=1> </TD>
<TD COLSPAN=2><HR SIZE=1> </TD>
<TD>&nbsp; </TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Number of shares </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Common stock </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Share premium </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Surplus on technical appraisal of fixed assets </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Pre-operating stage deficit </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Cumulative translation adjustment </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Retained earnings </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Net income for the year </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Total </FONT> </TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$ </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$ </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$ </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$ </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$ </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$ </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$ </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$ </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=28% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Balances at December 31, 2000 (historical) </FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">318,502,872&nbsp; </FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">158,478,348&nbsp; </FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">12,394,153&nbsp; </FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">3,263,973&nbsp; </FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(109,961) </FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">7,868,161&nbsp; </FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">204,843,601&nbsp; </FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">15,216,779&nbsp; </FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">401,955,054&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Allocation of 2000 net income </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">109,961&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">15,106,818&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(15,216,779) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Final dividend of Ch$ 7.39 (historical) per share </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(2,353,099) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(2,353,099) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Price-level restatement </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4,912,829&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">384,219&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">101,183&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">243,913&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6,061,701&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">11,703,845&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Proportional share of loss of subsidiary in development period </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(995,427) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(995,427) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Interim dividend of Ch$ 33.00 (historical) per share </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(10,510,595) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(10,510,595) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Translation adjustment for the year </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2,576,401&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2,576,401&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Extraordinary dividend of Ch$91.61 (historical) per share </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(29,178,685) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(29,178,685) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Net income for the year </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">38,377,295&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">38,377,295&nbsp; </FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Balances at December 31, 2001 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">318,502,872&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">163,391,177&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">12,778,372&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">3,365,156&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(995,427) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">10,688,475&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">194,480,336&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">27,866,700&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">411,574,789&nbsp; </FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Balances at December 31, 2001 restated to constant December 31, 2003 pesos </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">165,025,089&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">12,906,156&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">3,398,807&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(1,005,381) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">10,795,360&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">196,425,139&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">28,145,367&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">415,690,537&nbsp; </FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Balances at December 31, 2001 (historical) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">318,502,872&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">163,391,177&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">12,778,372&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">3,365,156&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(995,427) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">10,688,475&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">194,480,336&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">27,866,700&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">411,574,789&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Allocation of 2001 net income </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">995,427&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">26,871,273&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(27,866,700) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Final dividend of Ch$ 33.00 per share </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(10,510,595) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(10,510,595) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Price-level restatement </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4,901,735&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">383,351&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">100,954&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">275,400&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6,346,252&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">12,007,692&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Proportional share of loss of subsidiary in development period </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(1,490,485) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(1,490,485) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Interim dividend of Ch$ 22.00 per share </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(7,007,063) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(7,007,063) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Translation adjustment for the year </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6,845,460&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6,845,460&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Net income for the year </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">22,064,886&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">22,064,886&nbsp; </FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Balances at December 31, 2002 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">318,502,872&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">168,292,912&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">13,161,723&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">3,466,110&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(1,490,485) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">17,809,335&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">217,187,266&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">15,057,823&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">433,484,684&nbsp; </FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Balances at December 31, 2002 restated to constant December 31, 2003 pesos </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">169,975,841&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">13,293,340&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">3,500,771&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(1,505,390) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">17,987,428&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">219,359,139&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">15,208,401&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">437,819,530&nbsp; </FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Balances at December 31, 2002 (historical) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">318,502,872&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">168,292,912&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">13,161,723&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">3,466,110&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(1,490,485) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">17,809,335&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">217,187,266&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">15,057,823&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">433,484,684&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Allocation of 2002 net income </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,490,485&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">13,567,338&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(15,057,823) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Final dividend of Ch$ 33.00 per share </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(13,567,337) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(13,567,337) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Special dividend of Ch$ 177.00 per share </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(168,700,000) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(168,700,000) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Price-level restatement </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,682,929&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">131,617&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">34,661&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">179,106&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">209,417&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2,237,730&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Proportional share of loss of subsidiary in development period </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(205,907) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(205,907) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Interim dividend of Ch$ 33.00 per share </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(10,510,595) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(10,510,595) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Translation adjustment for the year </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(18,055,122) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(18,055,122) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Voluntary reserve </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">22&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">22&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Net income for the year </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">54,088,124&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">54,088,124&nbsp; </FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Balances at December 31, 2003 </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">318,502,872&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">169,975,841&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">13,293,340&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">3,500,793&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(205,907) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(66,681) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">48,696,684&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">43,577,529&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">278,771,599&nbsp; </FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-29</font></p>
<p style="page-break-before:always">
<br>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">a)       As required by Chilean
Law, capital has been modified to reflect the proportional capitalization of the
price-level restatement of equity accounts.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">b)       The Company&#146;s policy
is to distribute 50% of net profits for the year as dividends.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">c)       At the Extraordinary
 Shareholders` meeting on February 26, 2003, the shareholders agreed to distribute a
special dividend of Ch$ 177 per share for a total of ThCh$ 56,375,008  (historic).  Such
dividend was paid          on March 14, 2003.  This special dividend represents
approximately one third of the total amount of ThCh$ 168,700,000 (historic) to be paid as
approved in the same meeting.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">d)       At the annual
 Shareholders`  meeting on April 24, 2003, the Shareholders&#146;  agreed to distribute a
special dividend of Ch$ 42.59722 per share for a total of ThCh$ 13,567,337  (historic).
 This dividend considered          to distributing a 100% of the 2002 profits.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">e)       At the Board of
Directors meeting on August 5, 2003, the directors agreed to distribute the outstanding
balance of the special dividend in two installments,  one of ThCh$ 74,848,175 (historic)
on August 29,  2003          and the other of ThCh$ 37,476,817 (historic) on October 10,
2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">f)       On December 16, 2003
the Board of Directors agreed to distribute an interim dividend of Ch$33 per share for a
total of ThCh$ 10,510,595 (historic).</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">g)       At December 31, 2003,
Vi&#241;a San Pedro S.A. has an ownership  interest of 99.9% in Finca La Celia S.A. in the
Republic of Argentina,  through its subsidiary Vi&#241;a Urmeneta S.A., which until 2002, was
considered as a          development stage company.  Consequently,  the Company has
recognized in Shareholders&#180; equity a &#147;Pre-operating-stage  deficit&#148; to adjust its
investment to equity value. Such deficit amounted to ThCh$ 1,495,321 at          December
31, 2002, which was adjusted to  ThCh$ 1,419,655  in order to eliminate the effect of an
unrealized profit with Compa&#241;&#237;a  Industrial  Cervecera S.A.  Effective January 2003,
Finca La Celia S.A. completed          its development stage and its results have been
consolidated with Vi&#241;a San Pedro S.A.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">At December 31, 2003, the
 subsidiary  Vi&#241;a San Pedro S.A. has a 50% interest in Vi&#241;a Dassault San Pedro S.A., a
company  considered to be in  development  stage.  Consequently,  the Company  recorded
the related          deficit, amounting to ThCh$ 198,647, directly in equity (ThCh$
85,735 in 2002).</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">At December 31, 2002, the
subsidiary  Vi&#241;a San Pedro S.A. has a 50% interest on Vi&#241;a Tabal&#237; S.A., a company
 considered to be in the  development  stage.  Accordingly,  the Company  recorded the
related  deficit,          amounting to ThCh$ 7,260, for the period from August 2003 to
December 2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">h)       At the
Shareholders`meeting on April 26, 2002 the Shareholders&#146; agreed to distribute a final
dividend of Ch$ 33 per share for a total of ThCh$ 10,510,595 (historic).</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">i)       At the Board of
Directors&#146; Meeting held on December 3, 2002, the directors agreed to distribute an
interim dividend of Ch$ 22.00 per share for a total of ThCh$ 7,007,063 (historic).</FONT></P>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-30</font></p>
<p style="page-break-before:always">
<br>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="times new roman" SIZE="2"><U>
NOTE 15 - ACCOUNTS WITH RELATED
COMPANIES</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">The Consolidated Balance Sheets
at December 31, 2003 and 2002 includes the following accounts with related companies:</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN=2 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD COLSPAN=2 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD COLSPAN=2><HR SIZE=1></TD>
<TD COLSPAN=2><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Entity</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Receivable&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payable&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Receivable&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payable&nbsp;</FONT></TD></TR>
<TR>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cotelsa S.A</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,078</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47,414</FONT></TD> </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Hoteles Carrera S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,314&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,751&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,994&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,090&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Qui&#241;enco S.A.</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,560</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>833</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Anheuser - Busch International Holdings, Inc.</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>225,443&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>146,473&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Anheuser Busch Latin America Development Corporation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>163,935&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>166,005&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Editorial Trineo S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>193&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cervecer&#237;a Austral S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64,993&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>121,051&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>177,888&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>180,563&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Empresa Nacional de Telecomunicaciones</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,048&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,813&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Entel PCS Telecomunicaciones S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,835&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44,703&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Telef&#243;nica del Sur Carrier S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>858&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,295&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Telef&#243;nica del Sur S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>130&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco de Chile</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,307</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,951</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,261  </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>135,498</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vi&#241;a Dassault San Pedro S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>341,955&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,484,859&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Finca La Celia S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>516,195&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39,323&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inmobiliaria Norte Verde S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21,578&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Karlovacka Pivovara d.d</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40,428&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Comercial Patagona Ltda</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37,388&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,215&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>305,811&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,810&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compa&#241;&#237;a Cervecera Kunstmann S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68,296&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>111,331&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,058&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,747&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Finca Eugenio Bustos S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,268&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Agr&#237;cola R&#237;o Negro</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,209&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>773&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mineral Antofagasta S.A</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>162&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Heineken Brouwerijen B.V</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85,520&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>252,192&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>C&#237;a de Tel&#233;fonos de Coyhaique</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>316&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vi&#241;a Tabal&#237; S.A. </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29,415&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cia Minera Quebrada Blanca</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,533&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ferrocarriles de Antofagasta a Bolivia</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>298&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Latincermex</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26,772</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Alufoil S.A.</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>134,359&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>123,676&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>676,390&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,132,501&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,592,140&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>926,733&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-31</font></p>
<p style="page-break-before:always">
<br>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">The balances receivable at
December 31, 2003 and 2002 are included in the Consolidated Balance Sheets as follows:</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="70%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current assets</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable from related companies</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>676,390&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,592,140&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other assets (Note 8)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable from related companies</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,016&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>676,390&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,628,156&nbsp;</FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="times new roman" SIZE="2"><U>
NOTE 16 - SIGNIFICANT
TRANSACTIONS WITH RELATED COMPANIES</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">The principal transactions with
related companies are detailed below:</FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Company </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Relationship </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Transaction </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2003 </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2002 </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2001 </FONT> </TD></TR>
<TR>
<TD><HR SIZE=1>  </TD>
<TD><HR SIZE=1>  </TD>
<TD><HR SIZE=1>  </TD>
<TD><HR SIZE=1>  </TD>
<TD><HR SIZE=1>  </TD>
<TD><HR SIZE=1> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Banco de Chile </FONT> </TD>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Purchase of time deposits </FONT> </TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">477,019,999&nbsp; </FONT> </TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">153,316,481&nbsp; </FONT> </TD>
     <TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">123,091,089&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Interest on time deposits </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">401,320&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">516,717&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">635,675&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Services received </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">76,371&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">114,829&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6,740&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Interest paid </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">199,678&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">63,684&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">90,925&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Collection services </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">171,895&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">129,810&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">109,634&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Forward contract </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">40,152,960&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">62,039,927&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">44,226,879&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Loans obtained </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">508,015&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,985,340&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Invoiced services</FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,742,290&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2,289,774&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">782,943&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Sale of products </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5,876&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2,391&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Editorial Trineo S.A </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Purchase of products </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">375,118&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">184,657&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">18,868&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Services received (expense) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">50,451&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">23,033&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">21,957&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Hoteles Carrera S.A </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Services received (expense) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">28,674&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">21,701&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">23,650&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Sale of products </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">16,757&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">11,797&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">9,224&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Inmobiliaria Norte Verde S.A </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Services received (expense) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">22,504&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">48,904&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">31,374&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Karlovacka Pivovara d.d </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Services rendered (income) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">34,523&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">148,402&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Paulaner Brauerei A.G </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Licenses and technical assistance received </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">99,998&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">75,231&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">74,152&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Southern Breweries </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Establishment </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Equity investee </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Advances on current account </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">329,316&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">3,333,785&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Payments on behalf of SBE </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">138,777&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">393,737&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Interest charged </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">55,068&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">525,891&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Anheuser Busch Inc. </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Marketing contribution </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,053,782&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Licenses and technical assistance </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">577,698&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">494,354&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,040,118&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Transfers on current account </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">435,478&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Purchase of products </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2,857,826&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,962,266&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2,262,679&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Sale of products </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,133,210&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,079,337&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,361,461&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Cotelsa S.A </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Purchase of products </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">68,502&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">60,225&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">50,862&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Purchase of pallets </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">111,982&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">88,525&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Services received (expense) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">3,476&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">3,511&nbsp; </FONT> </TD></TR></table>

         <br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-32</font></p>
<p style="page-break-before:always">
<br>
<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Company </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Relationship </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Transaction </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2003 </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2002 </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2001 </FONT> </TD></TR>
<TR>
<TD><HR SIZE=1>  </TD>
<TD><HR SIZE=1>  </TD>
<TD><HR SIZE=1>  </TD>
<TD><HR SIZE=1>  </TD>
<TD><HR SIZE=1>  </TD>
<TD><HR SIZE=1> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$&nbsp; </FONT> </TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Lanzville Investments </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Establishment </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Interest charged </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">50,723&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">10,303&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Adjustment paid </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,913&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Alufoil S.A </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Purchase of products </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">755,423&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">706,716&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">589,333&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Finca La Celia S.A </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Reimbursement of expenses </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">135,772&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">412,844&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Purchase of products </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">18,361&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Fixed asset transfer </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">52,779&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Interest on current account </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,321&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">23,574&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Services rendered (income) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">75,665&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Remittance due to issuance of </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">capital </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">13,756,231&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Remittance sent </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4,379,614&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Remittance received </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4,310,160&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Empresa Nacional de </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Telecomunicaciones </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Services received (expense) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">353,774&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">360,723&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">384,741&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Edmundo Eluchans y Cia </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Partner is Director </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">of affiliated </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Legal services (expense) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6,554&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Entel PCS </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Telecomunicaciones S.A </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Services received (expense) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">488,596&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">113,078&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">76,474&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Banedwards S.A. Corredores </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">de Bolsa </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Purchase of investments </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">121,342,989&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Interest on investments </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">21,624&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">60,865&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Foreign currency transaction </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(amount paid) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2,415,621&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Banchile Corredores de Bolsa </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Purchase of investments </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">174,528,725&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">121,662,984&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">64,741,287&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Interest on investments </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">197,046&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">42,986&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">115,314&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Market hedge </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">620,481&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Banedwards Administradora </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">de Fondos </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Purchase of investments </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">20,304,541&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Interest on investments </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">16,834&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Anheuser Busch Lat. Corporation </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Technical assistance </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(expense) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">16,641&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">32,220&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">103,403&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Cervecer&#237;a Austral S.A </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Equity investee </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Purchase of products </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4,935&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">6,645&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">8,581&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Royalties </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">463,881&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">337,977&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Services rendered (income) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">10,189&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">28,005&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Sale of raw materials </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">49,390&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">103,096&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Distribution services (expense) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">17,623&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate payments </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">18,616&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Services rendered </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">59,263&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Advertising </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">20,000&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Comercial Patagona Ltda </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Purchase of products </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">32,547&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">10,512&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Services rendered (income) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">13,824&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,523&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Transport (expense) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">23,890&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">14,000&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Sale of products </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">679,716&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">364,280&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Compa&#241;ia Cervecera </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Kunstmann S.A </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Equity investee </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Purchase of products </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">187,470&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">141,387&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Technical assistance recovery </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">27,119&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate payments </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">63,014&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Expense recovery </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">29,694&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Electromec&#225;nica Industrial S.A </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Services received (expense) </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">5,257&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Soc. Agr&#237;cola y Ganadera </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">R&#237;o Negro Ltda </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Purchase of products </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">337,797&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">9,102&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Sale of products </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">9,747&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">4,621&nbsp; </FONT> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT> </TD></TR></TABLE>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-33</font></p>
<p style="page-break-before:always">
<br>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Company </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Relationship </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Transaction </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2003 </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2002 </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2001 </FONT> </TD></TR>
<TR>
<TD><HR SIZE=1>  </TD>
<TD><HR SIZE=1>  </TD>
<TD><HR SIZE=1>  </TD>
<TD><HR SIZE=1>  </TD>
<TD><HR SIZE=1>  </TD>
<TD><HR SIZE=1> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">ThCh$&nbsp; </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Telef&#243;nica del Sur Carrier S.A </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Paid services (expense) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">8,611&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,958&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">38,856&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Telef&#243;nica del Sur S.A </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Paid services </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2,829&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">11,885&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2,830&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Vi&#241;a Dassault San Pedro S.A </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Affiliate </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Purchase of products </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">3,831&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Sales of products </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">151,323&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">75,655&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">15,700&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Fixed asset transfer </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,710,517&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">55,183&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Reimbursement of expenses </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">17,913&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">1,768&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Services rendered (income) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">71,527&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Antofagasta Mineral S.A </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Shareholder in </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">common </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Invoiced products </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">167&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Heineken Brouwerijen B.V </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Indirect </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Services billed </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">17,965&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Licenses and technical assistance </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">238,865&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Vi&#241;a Tabal&#237; S.A </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Associated company </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Payments on behalf of Tabal&#237; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">395&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">-&nbsp; </FONT></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify"><FONT FACE="times new roman" SIZE="2"><U>
NOTE 17 - COMMITMENTS AND
CONTINGENCIES</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">At December 31, 2003, Vi&#241;a San
Pedro S.A. had granted mortgages and pledges over a portion of its property and equipment
with a book value of ThCh$ 4,836,978 to guarantee obligations aggregating ThCh$ 3,428,851.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">At December 31, 2003, Vi&#241;a San
Pedro S.A had commitments related to accounts receivable transferred to third parties
amounting to US$ 18,724,076 (US$ 14,010,833 in 2002).</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">The Company is party to an
investment  agreement signed on December 14, 1995 between the Company,  CCU Argentina and
Anheuser-Busch that gives Anheuser-Busch the option of increasing its stake in CCU
Argentina S.A. to 20% at a price based on book value plus a premium determined by current
market conditions.  The option arose from the desire of the Company to have
Anheuser-Busch as its strategic partner.  The Company considers this to be an investment
transaction and not a transaction in which goods or services are the consideration
received for the issuance of equity securities. Accordingly, the Company has not recorded
the fair value of this option.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">At December 31, 2003, the
Company was a defendant in a number of commercial  lawsuits of the type normally
 associated with the Company&#146;s  business and involving claims for damages for
insignificant  amounts.  The Company accrued a provision of ThCh$ 93,375 at December 2003
for these amounts because management  believes that most of the resulting  judgments will
be favorable and any losses incurred will not result in any material liability to the
Company.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN="justify">
<FONT FACE="times new roman" SIZE="2">At December 31, 2003, the
Company holds investments in Argentina representing 18.86% of total assets (19.54% at
December 31, 2002). Argentina continues to experience an economic situation that includes
high external indebtedness, high interest rates, a significant decrease in the level of
bank deposits, a new exchange rate regime, restrictions on the availability and free
transfer of cash and transfers of foreign currency abroad, a high country risk and an
economic recession for more than four years.  This situation generated a significant
decrease in the demand for goods and services, as well as a significant increase in the
level of unemployment.  In addition, the Argentine government&#146;s ability to comply with
its obligations as well as its access to credit lines has been significantly affected by
these circumstances.  Accordingly, the Company has reviewed the valuation of the assets
in that country, concluding that no adjustment is required at December 31, 2003 and 2002
for this concept.</FONT></P>


<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-34</font></p>
<p style="page-break-before:always">
<br>

<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>NOTE 18 - REMUNERATION
OF DIRECTORS</U> </FONT> </P>

<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During 2003, the
Directors of the Company and its subsidiaries received ThCh$ 540,563 (ThCh$ 622,576
in 2002 and ThCh$ 642,227 in 2001) with respect to fees for attendance at Board
meetings and reimbursement of expenses, which have been included in the
Consolidated Statements of Income under Selling and administrative expenses. In
addition, an accrual of ThCh$ 1,473,712 was recorded corresponding to the
Directors&#146;participation in net income for the year 2003 (ThCh$ 743,389 in 2002 and
ThCh$ 1,075,942 in 2001) which has also been included in Selling and
Administrative expenses in the Consolidated Statements of Income. Additionally
they received ThCh$ 515,846 related with the special dividend paid in April 24, 2003.
(Note 14 d). The participation in earnings is approved each year at the annual
shareholders&#146; meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>NOTE 19 &#150; NON-OPERATING
INCOME</U> </FONT> </P>

<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following items
are included in Non-operating income: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
<TD WIDTH=54% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2003&nbsp; </FONT> </TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2002&nbsp; </FONT> </TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2001&nbsp; </FONT> </TD></TR>
<TR>
<TD></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest earned from investments in banks and other financial institutions</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,529,007&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,651,716&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,566,173&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Equity in net income of unconsolidated affiliates</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,919,343&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,197,238&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>997,920&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amortization of negative goodwill</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,094&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,212&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47,126&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gain on sale of properties held for sale and other assets</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,075,465&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>394,537&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>247,457&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rental income</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>115,348&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46,689&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61,921&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gain from land contributed to Vi&#241;a Dassault San Pedro S.A</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>439,219&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gain on sale of shares of Backus &amp; Johnston S.A</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,371,002&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gain on sales of glass, plastic boxes and by-products</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>315,447&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>438,612&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>577,958&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cumulative effect of accounting change related to capitalization of overhead costs (Note 2)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,754,292&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>494,257&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>817,319&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>915,279&nbsp;</FONT></TD></TR>
<TR>
<TD></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,489,961&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,350,615&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,224,055&nbsp;</FONT></TD></TR>
<TR>
<TD></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>NOTE 20- NON-OPERATING
EXPENSES</U> </FONT> </P>

<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following items
are included in the Non-operating expenses: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
<TD WIDTH="55%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001&nbsp;</FONT></TD></TR>
<TR>
<TD></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest expense</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,661,161&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,871,422&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,457,498&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amortization of goodwill</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,217,480&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,588,817&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,487,773&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Equity in loss of unconsolidated affiliates</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>179,718&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>327,026&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>280,250&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Restructuring costs</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>973,631&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,650,259&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director&#146;s participation on special dividend (Note 18)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>515,846&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,517,730&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Write-offs of fixed assets and other accounts</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,037,442&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>598,821&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>449,190&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Extraordinary severance indemnities</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>660,343&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for impairment of property, plant and equipment</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>506,468&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>193,816&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,403,937&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loss on sale of property, plant and equipment</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>71,032&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>108,055&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>408,295&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-recurring legal expenses</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>562,038&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,260,247&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,059,074&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>653,491&nbsp;</FONT></TD></TR>
<TR>
<TD></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,109,737&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,720,662&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,870,461&nbsp;</FONT></TD></TR>
<TR>
<TD></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD></TR>
</TABLE>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-35</font></p>
<p style="page-break-before:always">
<br>

<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>NOTE 21 - PRICE-LEVEL
RESTATEMENT AND EXCHANGE DIFFERENCES</U> </FONT> </P>


<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The price-level
restatement adjustment and foreign currency exchange gain (loss) is determined as follows: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
<TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001&nbsp;</FONT></TD></TR>
<TR>
<TD></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Restatement of non-monetary accounts</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>based on Consumer Price Index and UFs:</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment and bottles and containers</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,493,723&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,408,759&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,640,860&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated affiliates</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,411,693&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,546,839&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,438,239&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Investments in other companies and marketable securities</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(31,506)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>208,645&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>107,850&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other assets</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>858,102&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,737,189&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,226,527&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Shareholders&#146; equity</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,237,729)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(12,127,769)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(12,175,509)</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Inventories</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(240,590)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>657,742&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,286,684&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Increase in liabilities denominated in UFs due to indexation</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(897,436)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,759,819)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,891,441)</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net restatements of income and expense accounts<BR>&nbsp;&nbsp;&nbsp;&nbsp; in terms of year-end constant pesos</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(136,026)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,522,480)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,585,783)</FONT></TD></TR>
<TR>
<TD></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total price-level restatement</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,220,231&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>149,106&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,047,427&nbsp;</FONT></TD></TR>
<TR>
<TD></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD></TR>
</TABLE>
<BR>
<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
<TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Remeasurement and translation of accounts in foreign currencies:</FONT></TD>
<TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
<TD WIDTH=15% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Cash</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(580,891)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>231,744&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64,893&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Time deposits and marketable securities</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(111,853)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>173,629&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>675,830&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable-trade and other</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,101,299)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>902,953&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>518,912&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable from related companies</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(479,859)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>159,136&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,048,467&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Inventories</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(50,062)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30,580&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26,750&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other current assets</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(73,514)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,847&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>72,794&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other assets</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(113,382)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>95,498&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(590,952)</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,112,009&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,555,788)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(623,798)</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>532,855&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,051,910)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,782,143)</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Long-term borrowings and other long-term liabilities</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>837,279&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>131,835&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(847,321)</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange loss arising from translation</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;of assets and liabilities in Argentina (net)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70,122&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,986,368)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,106,376)</FONT></TD></TR>
<TR>
<TD></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total foreign currency exchange gain (loss)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,405&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,859,844)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,542,944)</FONT></TD></TR>
<TR>
<TD></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total price-level restatement and exchange differences</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,261,636&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,710,738)</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,495,517)</FONT></TD></TR>
<TR>
<TD></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD></TR>
</TABLE>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-36</font></p>
<p style="page-break-before:always">
<br>


<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Assets and
liabilities denominated in or exposed to the effects of foreign currency are
included in the consolidated financial statements and translated into Chilean
pesos as described in Note 1 e) and m) as follows: </FONT></P>






<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">At December 31, </FONT> </TD></TR>
<TR VALIGN=Bottom>
<TD WIDTH="70%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD></TR>
<TR>
<TD></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Assets</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Current assets</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,069,345&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,038,640&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>73,931,920&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>77,206,403&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other assets</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,788,755&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59,002,135&nbsp;</FONT></TD></TR>
<TR>
<TD></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>126,790,020&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>168,247,178&nbsp;</FONT></TD></TR>
<TR>
<TD></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD></TR>

<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Liabilities</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,382,199&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60,321,258&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Long-term liabilities</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>81,134,771&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,016,485&nbsp;</FONT></TD></TR>
<TR>
<TD></TD>
<TD><HR SIZE=1></TD>
<TD><HR SIZE=1></TD></TR>
<TR VALIGN=Bottom>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>131,516,970&nbsp;</FONT></TD>
<TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80,337,743&nbsp;</FONT></TD></TR>
<TR>
<TD></TD>
<TD><hr size="2" color=black></TD>
<TD><hr size="2" color=black></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The amounts detailed
above include the non-monetary assets and liabilities of investments in foreign
subsidiaries and investees (Compa&#241;&#237;a Cervecer&#237;as Unidas Argentina S.A. and
subsidiaries and Karlovacka Pivovara d.d.) expressed in US dollars and Euros in
conformity with the application of Technical Bulletin No. 64 as described in Note 1 m). </FONT></P>


<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>NOTE 22 - SEGMENT
REPORTING</U> </FONT> </P>


<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company operates
principally in five segments which comprise the production and sale of beer in Chile
and Argentina, soft drinks and mineral water, wine and other activities which include
the production and sale of plastic cases and containers. Total revenue by segment
includes sales to unaffiliated customers, as reported in the Company's Consolidated
Statements of Income, and intersegment sales of plastic cases, which are
accounted for at invoice price. </FONT></P>


<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating income is
total revenue less operating expenses, which include Cost of sales and Selling
and administrative expenses. In computing operating income, none of the following
items has been added or deducted: net interest expense, equity in net income
(loss) of unconsolidated affiliates, price-level restatement, other income and
expenses, minority interest and income taxes. </FONT></P>


<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Identifiable assets
by segment are those that are used in the operations in each segment, as reported to
the chief operating decision maker of the Company. </FONT></P>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-37</font></p>
<p style="page-break-before:always">
<br>

<p align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Segment information is presented below:</FONT></p>
<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD COLSPAN=8 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Year
    Ended December 31, 2003</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD COLSPAN=8 ALIGN=RIGHT><HR SIZE=1></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Statement
    of income data</FONT></TD>
  <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Beer-Chile&nbsp;</FONT></TD>
  <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Beer-Argentina&nbsp;</FONT></TD>
  <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Soft
    drinks and<BR>
   mineral water&nbsp;</FONT></TD>
  <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Wine&nbsp;</FONT></TD>
  <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Other&nbsp;</FONT></TD>
  <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Eliminations&nbsp;</FONT></TD>
  <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Consolidated&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><HR SIZE=1></TD>
  <TD ALIGN=LEFT><HR SIZE=1></TD>
  <TD ALIGN=LEFT><HR SIZE=1></TD>
  <TD ALIGN=LEFT><HR SIZE=1></TD>
  <TD ALIGN=LEFT><HR SIZE=1></TD>
  <TD ALIGN=LEFT><HR SIZE=1></TD>
  <TD ALIGN=LEFT><HR SIZE=1></TD>
  <TD ALIGN=LEFT><HR SIZE=1></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$&nbsp;</FONT></TD>
  <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$&nbsp;</FONT></TD>
  <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$&nbsp;</FONT></TD>
  <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$&nbsp;</FONT></TD>
  <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$&nbsp;</FONT></TD>
  <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$&nbsp;</FONT></TD>
  <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Net
    sales</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>149,671,908&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>31,575,611&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>115,281,535&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>82,567,679&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,967,498&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>384,064,231&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Intersegment
    sales</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>14,622,296&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(14,622,296)</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-&nbsp;</FONT></TD>
 </TR>
<TR VALIGN=Bottom>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=LEFT><HR SIZE=1></TD>
  <TD ALIGN=LEFT><HR SIZE=1></TD>
  <TD ALIGN=LEFT><HR SIZE=1></TD>
  <TD ALIGN=LEFT><HR SIZE=1></TD>
  <TD ALIGN=LEFT><HR SIZE=1></TD>
  <TD ALIGN=LEFT><HR SIZE=1></TD>
  <TD ALIGN=LEFT><HR SIZE=1></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    revenue</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>149,671,908&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>31,575,611&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>115,281,535&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>82,567,679&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>19,589,794&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(14,598,882)</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>349,349,505&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Operating
    income (loss)</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>36,752,627&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3,664,905)</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8,655,851&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3,800,529&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>318,683&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>45,862,785&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Equity in
    net income of unconsolidated affiliates</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>19,739,625&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Other income</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,041,611&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Interest expense
    (net)</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3,132,154)</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Other expenses</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(6,268,858)</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Price-level
    restatement</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,261,636</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
    before income tax and minority interest</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>59,504,645&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Balance Sheet
    Data at December 31, 2003:</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identifiable
    assets</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>163,985,460&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>64,266,654&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>94,368,454&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>99,434,216&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>15,527,223&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>437,582,007&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Cash and cash
    equivalents</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>66,355,822&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Investments
    in unconsolidated affiliates and other companies</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>5,562,532&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Goodwill</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>29,048,233&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Negative goodwill</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(576,291)</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Corporate
    assets</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>38,625,944&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    consolidated assets</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>576,598,247&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Sales of each
    segment include:</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Beer</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>147,052,841</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>30,170,064</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;By-products</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>499,555</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>46,504</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Carbonated
    drinks</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>85,017,549</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Nectars</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>13,090,203</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Mineral
    waters</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>16,668,522</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Wine</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>82,104,948</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Other
    products</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,119,512</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,359,043</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>505,261</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>462,731</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>149,671,908</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>31,575,611</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>115,281,535</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>82,567,679</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 </TR>
</TABLE>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-38</font></p>
<p style="page-break-before:always">
<br>
<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD COLSPAN=7 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1> Year
    Ended December 31, 2002 </FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD COLSPAN=7 ALIGN=RIGHT><HR SIZE=1></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Statement
    of income data</FONT></TD>
  <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Beer-Chile&nbsp;</FONT></TD>
  <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Beer-Argentina&nbsp;</FONT></TD>
  <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Soft
    drinks and<BR>
   mineral water&nbsp;</FONT></TD>
  <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Wine&nbsp;</FONT></TD>
  <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Other&nbsp;</FONT></TD>
  <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Eliminations&nbsp;</FONT></TD>
  <TD WIDTH=10% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Consolidated&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$&nbsp;</FONT></TD>
  <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$&nbsp;</FONT></TD>
  <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$&nbsp;</FONT></TD>
  <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$&nbsp;</FONT></TD>
  <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$&nbsp;</FONT></TD>
  <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$&nbsp;</FONT></TD>
  <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Sales
    to unaffiliated costumers</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>135,819,742&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>25,129,935&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>111,874,588&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>75,908,676&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>616,564&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>349,349,505&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Intersegment
    sales</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>14,598,882&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(14,598,882)</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    revenue</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>135,819,742&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>25,129,935&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>111,874,588&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>75,908,676&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>15,215,446&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(14,598,882)</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>349,349,505&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Operating
    profil</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>27,272,142&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(11,175,087)</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>9,649,279&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>9,163,145&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3,232,113&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>38,141,592&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Equity in
    net income of affiliates companies</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>870,212&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Other income</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3,501,661&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Interest expense
    (net)</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2,219,706)</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Other expenses</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(5,522,214)</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Price-level
    restatement</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(3,710,738)</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Income
    from continuing operations before income tax and minority interest</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>31,060,807&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Identifiable
    assets at December 31</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>170,654,000&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>87,473,404&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>95,232,654&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>78,974,736&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>15,204,089&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>447,538,883&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Cash and cash
    equivalents</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>93,099,117&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Investments
    in affiliated and other companies</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>41,534,056&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Goodwill</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>34,214,076&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Negative goodwill</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(754,607)</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Corporate
    assets</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>43,015,225&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    assets</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>658,646,750&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Sales of each
    segment include:</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Beer</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>133,352,081</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>23,901,157</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;By-products</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>440,880</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>31,967</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Carbonated
    drinks</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>84,040,211</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Nectars</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>10,723,470</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Mineral
    waters</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>16,657,479</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Wine</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>75,464,003</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Other
    products</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,026,781</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,196,811</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>453,428</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>444,673</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
  <TD ALIGN=RIGHT><HR SIZE=1></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>135,819,742</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>25,129,935</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>111,874,588</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>75,908,676</FONT></TD>
 </TR>
 <TR VALIGN=Bottom>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
  <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 </TR>
</TABLE>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-39</font></p>
<p style="page-break-before:always">
<br>
<br>
<TABLE WIDTH=100% BORDER=0 CELLPADDING=0 CELLSPACING=2>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD colspan="7" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Year
     December 31, 2001</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD colspan="7" ALIGN=center><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="30%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Statement of income data</FONT></TD><TD width="10%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Beer-Chile</FONT></TD>
        <TD width="10%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Beer-Argentina</FONT></TD>
        <TD width="10%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Soft
          drinks and<br>
         mineral
 water</FONT></TD>
        <TD width="10%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Wine</FONT></TD>
        <TD width="10%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Other</FONT></TD>
        <TD width="10%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Eliminations</FONT></TD>
        <TD width="10%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Consolidated</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT><HR SIZE=1></TD>
 <TD ALIGN=center><HR SIZE=1></TD>
 <TD ALIGN=center><HR SIZE=1></TD>
 <TD ALIGN=center><HR SIZE=1></TD>
 <TD ALIGN=center><HR SIZE=1></TD>
 <TD ALIGN=center><HR SIZE=1></TD>
 <TD ALIGN=center><HR SIZE=1></TD>
 <TD ALIGN=center><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>ThCh$</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Sales to unaffiliated costumers</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>135,234,395</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>55,270,938</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>112,861,781</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>70,288,271</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>432,760</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>374,088,147</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Intersegment sales</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>16,932,635</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(16,932,635)</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><HR SIZE=1></TD>
 <TD ALIGN=RIGHT><HR SIZE=1></TD>
 <TD ALIGN=RIGHT><HR SIZE=1></TD>
 <TD ALIGN=RIGHT><HR SIZE=1></TD>
 <TD ALIGN=RIGHT><HR SIZE=1></TD>
 <TD ALIGN=RIGHT><HR SIZE=1></TD>
 <TD ALIGN=RIGHT><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>135,234,395</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>55,270,938</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>112,861,781</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>70,288,271</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>17,365,395</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(16,932,635)</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>374,088,147</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Operating profit</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>30,054,001</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(7,058,567)</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8,878,329</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>9,675,902</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3,861,670</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>45,411,335</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Equity in net income of affiliates companies</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>717,670</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Other income</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>19,659,962</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Interest expense (net)</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2,891,325)</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Other expenses</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(11,132,713)</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Price-level restatement</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2,495,517)</FONT></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD ALIGN=RIGHT><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Income from continuing operations before income tax and minority interest</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>49,269,412</FONT></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Identifiable assets at December 31</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>186,797,663</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>93,267,308</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>99,610,589</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>73,191,346</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>15,432,102</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>468,299,008</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD><hr size="2" color=black></TD>
 <TD><hr size="2" color=black></TD>
 <TD><hr size="2" color=black></TD>
 <TD><hr size="2" color=black></TD>
 <TD><hr size="2" color=black></TD>
 <TD>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Cash and cash equivalents</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>59,264,394</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Investments in affiliated and other companies</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>25,273,683</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Goodwill</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>35,684,347</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Negative goodwill</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(755,344)</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Corporate assets</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>67,002,098</FONT></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD ALIGN=RIGHT><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>654,768,187</FONT></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Sales of each segment include:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Beer</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>133,213,796</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>52,648,237</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;By-products</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>441,618</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>76,467</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Carbonated drinks</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>86,539,922</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Nectars</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8,684,189</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Mineral waters</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>17,285,654</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Wine</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>-</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>69,977,962</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Other products</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,578,981</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,546,234</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>352,016</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>310,309</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><HR SIZE=1></TD>
 <TD ALIGN=RIGHT><HR SIZE=1></TD>
 <TD ALIGN=RIGHT><HR SIZE=1></TD>
 <TD ALIGN=RIGHT><HR SIZE=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>135,234,395</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>55,270,938</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>112,861,781</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>70,288,271</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
</TABLE>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-40</font></p>
<p style="page-break-before:always">
<br>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Depreciation was allocated to each of the segments as follows: </font></p>
<TABLE WIDTH=100% BORDER=0 CELLPADDING=0 CELLSPACING=2>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Segment</FONT></TD>
     <TD WIDTH=15% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH=15% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD WIDTH=15% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT><hr size="1"></TD>
 <TD ALIGN=center><hr size="1"></TD>
 <TD ALIGN=center><hr size="1"></TD>
 <TD ALIGN=center><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Beer-Chile</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,055,550</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,499,687</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,628,394</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Beer-Argentina</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,771,408</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,228,108</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,246,975</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Soft drinks and mineral water</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,761,122</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,697,585</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,527,026</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Wine</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,374,680</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,942,641</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,118,959</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,198,315</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,079,950</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,296,294</FONT></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40,161,075</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43,447,971</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,817,648</FONT></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
</TABLE>
<p><font size="2" face="Times New Roman, Times, serif">Capital expenditures for each of the segments were as follows: </font></p>
<TABLE WIDTH=100% BORDER=0 CELLPADDING=0 CELLSPACING=2>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Segment</FONT></TD>
     <TD WIDTH=15% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD WIDTH=15% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD WIDTH=15% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT><hr size="1"></TD>
 <TD ALIGN=center><hr size="1"></TD>
 <TD ALIGN=center><hr size="1"></TD>
 <TD ALIGN=center><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Beer-Chile</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,724,913</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,926,702</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,910,438</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Beer-Argentina</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,762,156</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>780,931</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,149,591</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Soft drinks and mineral water</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,342,688</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,507,225</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,606,723</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Wine</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,357,735</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,421,594</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,078,142</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,715,700</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,460,869</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,864,089</FONT></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,903,192</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,097,321</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31,608,983</FONT></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
</TABLE>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"> Information about the Company's operations in different geographic areas
is as follows: </font></p>
<TABLE WIDTH=100% BORDER=0 CELLPADDING=0 CELLSPACING=2>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan="4" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD colspan="4" ALIGN=center><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="40%" ALIGN=LEFT>&nbsp;</TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chile</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Eliminations</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=center><hr size="1"></TD>
 <TD ALIGN=center><hr size="1"></TD>
 <TD ALIGN=center><hr size="1"></TD>
 <TD ALIGN=center><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sales to third parties</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>345,103,201</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39,022,347</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(61,317)</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>384,064,231</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating income (loss)</FONT></TD>
     <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,679,597</FONT></TD>
     <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,816,812)</FONT></TD>
        <TD ALIGN=right>&nbsp;</TD>
     <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,862,785</FONT></TD></TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=LEFT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT>&nbsp;</TD>
 <TD ALIGN=RIGHT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Equity in net income of unconsolidated affiliates</FONT></TD><TD ALIGN=LEFT>      <FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT>      <FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,739,625</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other income</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,041,611</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest expense (net)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,132,154)</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other expenses</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,268,858)</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Price-level restatement</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,261,636</FONT></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT>&nbsp;</TD>
 <TD ALIGN=RIGHT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income before income tax and minority interest</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59,504,645</FONT></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT>&nbsp;</TD>
 <TD ALIGN=RIGHT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif"> Total assets at December 31, 2003 </font></TD>
 <TD ALIGN=right><font size="2" face="Times New Roman, Times, serif"> 468,331,711 </font></TD>
 <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif"> 109,613,679 </font></TD>
 <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif"> (1,347,143) </font></TD>
 <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif"> 576,598,247 </font></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=right><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
</TABLE>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-41</font></p>
<p style="page-break-before:always">
<br>


<br>
<TABLE WIDTH=100% BORDER=0 CELLPADDING=0 CELLSPACING=2>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan="4" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD colspan="4" ALIGN=center><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="40%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD width="15%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chile</FONT></TD>
     <TD width="15%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina</FONT></TD>
     <TD width="15%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Eliminations</FONT></TD>
     <TD width="15%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated</FONT></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sales to third parties</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>323,931,730</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,500,860</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(83,085)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>349,349,505</FONT></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating income (loss)</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,431,404</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(11,289,812)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38,141,592</FONT></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD><hr size="2" color=black></TD>
 <TD><hr size="2" color=black></TD>
 <TD>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Equity in net income of unconsolidated affiliates</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>870,212</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other income</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,501,661</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest expense (net)</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,219,706)</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other expenses</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5,522,214)</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Price-level restatement</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,710,738)</FONT></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income before income tax and minority interest</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31,060,807</FONT></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total assets at December 31, 2002</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>551,468,904</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>107,700,346</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(522,500)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>658,646,750</FONT></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
</TABLE><br>
<br>
<TABLE WIDTH=100% BORDER=0 CELLPADDING=0 CELLSPACING=2>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan="4" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD colspan="4" ALIGN=center><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="40%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chile</FONT></TD>
        <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina</FONT></TD>
        <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Eliminations</FONT></TD>
        <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
 <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
        <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
        <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
        <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sales to third parties</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>318,787,028</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,431,091</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(129,972)</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>374,088,147</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating income</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51,621,444</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,210,109)</FONT></TD>
        <TD ALIGN=RIGHT>&nbsp;</TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,411,335</FONT></TD>
  </TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Equity in net income of unconsolidated affiliates</FONT></TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>717,670</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other income</FONT></TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,659,962</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest expense (net)</FONT></TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,891,325)</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other expenses</FONT></TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(11,132,713)</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Price-level restatement</FONT></TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,495,517)</FONT></TD>
</TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT>&nbsp;</TD>
        <TD ALIGN=RIGHT>&nbsp;</TD>
        <TD ALIGN=RIGHT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income before income tax and minority interest</FONT></TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,269,412</FONT></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total assets at December 31,2001</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>534,279,460</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>121,132,636</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(643,909)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>654,768,187</FONT></TD>
</TR>
<TR VALIGN=Bottom>
 <TD ALIGN=LEFT>&nbsp;</TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
 <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
</TABLE>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><u>NOTE 23 - SUBSEQUENT EVENTS</u></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">On January 12, 2004, the
  subsidiary Embotelladoras Chilenas Unidas S.A. entered into a 50% joint venture
  with Empresas Lucchetti S.A., a food company controlled by the Company's majority
  shareholder, to enter the sweet snack business. Each company acquired 50% of
  the shares of Calaf&nbsp; S.A.
In January 2004, Calaf S.A. acquired the assets of a related company. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">No other
significant events have occurred between December 31, 2003 and the issuance
of these financial statements (January 29, 2004) that could significantly affect
their balances or interpretation.</font></p>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-42</font></p>
<p style="page-break-before:always">
<br>

<p><font face="Times New Roman, Times, serif" size="2"><u>NOTE&nbsp;24&nbsp;-&nbsp;DIFFERENCES BETWEEN CHILEAN AND UNITED STATES GENERALLY
 ACCEPTED ACCOUNTING PRINCIPLES</u></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Accounting principles
  generally accepted in Chile vary in certain important respects from the accounting
  principles generally accepted in the United States . Such differences involve
  certain methods for measuring the amounts shown in the financial statements,
  as well as additional disclosures required by accounting principles generally
accepted in the United States (&#147;US GAAP&#148;). </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">1. Differences in measurement methods </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The principal methods applied in the preparation of the accompanying financial
 statements which have resulted in amounts which differ from those that would
have otherwise been determined under US GAAP are as follows: </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>a) Inflation accounting </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The cumulative inflation rate in Chile as measured by the Consumer Price Index
for the three-year period ended December 31, 2003 was approximately 7.1%. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Chilean accounting principles require that financial statements be restated
 to reflect the full effects of loss in the purchasing power of the Chilean peso
 on the financial position and results of operations of reporting entities. The
 method, described in Note 1, is based on a model which enables calculation of
 net inflation gains or losses caused by monetary assets and liabilities exposed
 to changes in the purchasing power of the local currency, by restating all non-monetary
 accounts in the financial statements. The model prescribes that the historical
 cost of such accounts be restated for general price-level changes between the
 date of origin of each item and the year-end, but allows direct utilization
 of replacement values for the restatement of inventories as an alternative to
 the price-level restatement of those assets, but only if the resulting variation
is not material. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The inclusion of price-level adjustments in the accompanying financial statements
 is considered appropriate under the prolonged inflationary conditions which
 have affected the Chilean economy in the past. Accordingly, and as allowed by
 Item 18 to Form 20-F, the effect of price-level changes is not eliminated in
the reconciliation to US GAAP. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>b) Revaluations of property, plant and equipment </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">As mentioned in Note 1 k), certain property, plant and equipment are reported
 in the financial statements at amounts determined in accordance with a technical
 appraisal carried out in 1979. The revaluation of property, plant and equipment
 is an accounting principle that is not generally accepted in the United States
 . The effects of the reversal of this revaluation, as well as of the related
 accumulated depreciation and depreciation charge for the year, is shown in paragraph
1 q) below. </font></p>
<p align="justify"><font face="Times New Roman, Times, serif"><i><font size="2">c) Inventory valuation </font></i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">As at December 31, 2001
  finished and in-process products are reported in the financial statements at
  the replacement cost of the raw materials included therein and therefore exclude
  labor and overhead. The practice of excluding labor and overhead is contrary
  to the accounting principles generally accepted in the United States . The
  adjustment required to conform with US GAAP at December&nbsp;31,
 2002 and 2001 are shown in paragraph 1 q) below. After the required adjustment
 using the FIFO cost method, the resulting value of inventories is presented
at the lower of cost or market value. </font></p>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-43</font></p>
<p style="page-break-before:always">
<br>

<p align="justify"><font size="2" face="Times New Roman, Times, serif">As discussed in Note 2 above, effective January 1, 2002 the Company changed
 it's methodology used to value its finished products from direct cost including
 only raw materials to a method that includes the cost of inventory associated
 with raw materials, labor and overhead costs. This change in accounting principle
 conforms Chilean GAAP to US GAAP with respect to inventory valuation and therefore
no adjustment is necessary for the year ended December 31, 2003 . </font></p>
<p align="justify"> <font face="Times New Roman, Times, serif"><i><font size="2">d) Fixed assets held for sale </font></i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">i. Reversal of impairment </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Net income reported in the Chilean GAAP financial statements in prior years
 included the effects of the reversal of a valuation allowance recorded in prior
 years to write-down the carrying value of property, plant and equipment held
 for sale to estimated market value (Note 1 l)). This reversal of a provision
 which established a new cost basis for Chilean GAAP purposes was not in conformity
 with accounting principles generally accepted in the United States and was therefore
 reflected in the reconciliation of net income to US GAAP for that year. The
 effect on the reconciliation of Shareholders' equity is set forth under paragraph
 1 q) below. The US GAAP adjustment will be reversed when these assets are actually
sold. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">ii. Accounting for assets held for sale </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company has classified
  certain fixed assets as &#147;Land and building held
 for sale&#148;. Under Chilean GAAP long-lived assets are classified as held for sale
 when a Company has the intent to dispose of the asset. Intent is defined
 as management having a plan and commitment to dispose of an asset. The assets
 are written down to fair value when indicators of impairment are present
 and losses are recognized as other non-operating expenses. No depreciation
is recorded for assets classified as held for sale. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Under US GAAP, long-lived
  assets to be disposed of by sale are accounted for under SFAS 144, &#147;Accounting for Impairment or Disposal of Long-Lived Assets&#148;.
 SFAS 144 requires long-lived assets to be classified as held for sale only
 when certain criteria are met. These criteria include: management has the
  authority to approve action; the asset is available for immediate sale;
  an active program to locate a buyer has been initiated; the sale of the
  asset is probable; the asset is being actively marketed and; it is unlikely
  that a significant change to the disposal plan will be made. If at any
  time the criteria in this paragraph are no longer met, a long-lived asset classified
  as held for sale shall be reclassified as held and used. Long-lived assets
  classified as held for sale are measured at the lower of its carrying
  value amount or fair value less cost to sell and the asset is not depreciated.
Losses are recognized for any subsequent impairment write-down to fair value. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">These assets recorded as held for sale under Chilean GAAP do not meet the
 requirements to be classified as held for sale under US GAAP. As these assets
 were recorded at fair value as of December 31, 2003 and 2002 for Chilean GAAP
 purposes, there is no Statement of Income impact for US GAAP purposes as US
 GAAP requires the reclassification of assets held for sale to be made at 1)
 the lower of fair value or 2) the carrying amount of the assets before they
 were classified as held for sale plus the depreciation that would have been
 reclassified as if the assets were classified as held for sale for a all periods
presented. </font></p>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-44</font></p>
<p style="page-break-before:always">
<br>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>e) Deferred income tax </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">As discussed in Note 14,
  effective January 1, 2000, the Company began applying Technical Bulletin No.&nbsp;60 of the Chilean Institute of Accountants concerning
 deferred income taxes. Technical Bulletin No.&nbsp;60 requires the recognition
 of deferred income taxes for all temporary differences arising after January
 1, 2000, whether recurring or not, using an asset and liability approach. For
 US GAAP purposes, the Company has always applied Statement of Financial Accounting
 Standard (&#147;SFAS&#148;) No. 109, &#147;Accounting for Income Taxes&#148;, whereby income taxes
 are also recognized using substantially the same asset and liability approach.
 Deferred income tax assets and liabilities established for temporary differences
 between the financial reporting basis and tax basis of the Company's assets
 and liabilities are based on enacted rates at the dates that the temporary
 differences are expected to reverse. The effect of changes in tax rates is
included in income for the period that includes the enactment date. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">After the year ended December 31, 1999, Chilean GAAP and US GAAP differ due
 to the recognition for US GAAP purposes of the reversal of deferred income taxes
included in the US GAAP reconciliations in years prior to 2000. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Prior to the implementation of Technical Bulletin No. 60, no deferred income
 taxes were recorded under Chilean GAAP if the related timing differences were
 expected to be offset in the year that they were projected to reverse by new
timing differences of a similar nature. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Furthermore, deferred income tax assets under both Chilean and US GAAP should
 be reduced by a valuation allowance if, based on the weight of available evidence,
 it is more likely than not that some portion or all of the deferred income tax
 assets will not be realized. The valuation allowance should be sufficient to
 reduce the deferred income tax asset to an amount that is more likely than not
to be realized. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The effect of providing for deferred income taxes for the differences between
 the amounts shown for assets and liabilities in the balance sheet and the tax
 bases of those assets and liabilities is included in paragraph 1 q) below and
 certain disclosures required under FAS 109 are set forth under paragraph 3 c)
below. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>f) Investment securities </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Under Chilean GAAP, investment securities held by the Company, which are publicly
traded, are carried at the lower of cost or market value. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Under SFAS No. 115, &#147;Accounting for Certain Investments in Debt and Equity
 Securities&#148;, investment securities, which include debt and certain equity securities,
are accounted for as follows: </font></p>
<table width="100%"  cellspacing="2" cellpadding="0">
 <tr>
  <td width="5%" valign="top">-&nbsp;</td>
  <td width="95%"><div align="justify">
        <p><font size="2" face="Times New Roman, Times, serif">Debt securities
        that the Company has the positive intent and ability to hold to maturity
        are classified as held-to-maturity securities and are reported at amortized
        cost.<br>
        <br>
        </font><font size="2" face="Times New Roman, Times, serif"><br>
                </font></p>
        </div></td>
 </tr>
 <tr>
  <td valign="top">-&nbsp;</td>
  <td><div align="justify"><font size="2" face="Times New Roman, Times, serif">Debt and equity securities
     that are bought and held principally for the purpose of selling them in the
     near term are classified as trading securities and are reported at fair value,
   with unrealized gains and losses included in earnings. <br>
   <br>
   <br>
  </font></div></td>
 </tr>
 <tr>
  <td valign="top">-&nbsp;</td>
  <td><font size="2" face="Times New Roman, Times, serif">Debt and equity securities
    not classified as either held-to-maturity or trading securities are classified
    as available-for-sale securities and reported at fair value, with unrealized
    gains and losses excluded from earnings and reported in a separate component
  of shareholders' equity.<br>
  <br>
  </font></td>
 </tr>
</table>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The effect of the difference
                between Chilean GAAP and US GAAP in accounting for investment securities is
                indicated in paragraph 1 q) below. For the year ended December 31, 2003, the
                Company&acute;s investments in marketable securities subject to SFAS No. 115
                were not significant and therefore no adjustment to net income as reported
pursuant to Chilean GAAP was necessary.</font></p>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-45</font></p>
<p style="page-break-before:always">
<br>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>g) Goodwill </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Under Chilean GAAP, the excess of cost over the net book value of a purchased
 company is recorded as goodwill (the book value purchase method), which is then
 amortized to income over a maximum period of twenty years. Amortization of goodwill
 may be accelerated if the acquired company generates sufficient income to absorb
 the additional amortization in any given year. The excess of net book value
 over the cost of an investment is considered to be negative goodwill under Chilean
 GAAP and is also amortized to income over a maximum period of twenty years.
 The amortization of negative goodwill may be accelerated if the acquired company
sustains losses. </font></p>
<p><font size="2" face="Times New Roman, Times, serif">Under US GAAP, goodwill
  and other intangibles are accounted for under SFAS No. 141, &#147;Business Combinations&#148; and SFAS No. 142, &#147;Goodwill and Other Intangible
 Assets&#148;. SFAS No. 141 requires the purchase method of accounting be used for
 all business combinations initiated after June 30, 2001 and prohibits the use
 of the pooling-of-interests method of accounting after this date. With respect
 to the purchase method of accounting, the cost of an investment is assigned
 to the tangible and identified intangible assets acquired and liabilities assumed
 on the basis of their fair values at the date of acquisition. Any excess of
 cost over the fair value of net assets acquired is recorded as goodwill. If
 an excess of acquired net assets over cost arises, the excess is allocated to
 reduce proportionally the values assigned to non-current assets (except long-term
 investments in marketable securities) in determining their fair values. If the
 allocation reduces the non-current assets to zero value, the remainder of the
 excess over cost (negative goodwill) is written off immediately as an extraordinary
 gain. SFAS No.&nbsp;141 establishes specific criteria for the recognition of
 intangible assets separately from goodwill and requires unallocated negative
 goodwill to be written off immediately as an extraordinary gain (instead
of being deferred and amortized). </font></p>
<p><font size="2" face="Times New Roman, Times, serif">SFAS No. 142, &#147;Goodwill and Other Intangible Assets&#148; establishes
the following: </font></p>
<div align="justify">
 <ul>
  <li>
   <p><font size="2" face="Times New Roman, Times, serif">The accounting for a recognized intangible asset is based on its useful
       life to the reporting entity. An intangible asset with a finite useful
      life is amortized over the life of the asset, but goodwill and other intangible
      assets with indefinite useful lives are not amortized. </font></p>
  </li>
   <li>
    <p><font size="2" face="Times New Roman, Times, serif">The remaining useful lives of intangible assets being amortized are evaluated
       each reporting period to determine whether events and circumstances
      warrant a revision to the remaining period of amortization. If the estimate
      of an intangible asset's remaining useful life is changed, the remaining carrying
       value of the intangible asset is amortized prospectively over the
      revised remaining useful life. </font></p>
   </li>
   <li>
    <p><font size="2" face="Times New Roman, Times, serif">Goodwill and other intangible assets with indefinite useful lives that are
       not subject to amortization are tested for impairment at least annually. </font></p>
   </li>
   <li>
    <p><font size="2" face="Times New Roman, Times, serif">All goodwill must be assigned to a reporting unit, which is defined as an
       operating segment or one level below an operating segment. </font></p>
   </li>
 </ul>
</div>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">SFAS No. 142 became effective for years beginning after December 15, 2001.
 Accordingly, goodwill amortization was ceased for US GAAP purposes beginning
in 2002. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The effects of the differences
  between Chilean and US GAAP in accounting for goodwill and negative goodwill
  on the equity investments in Vi&#241;a San
 Pedro S.A. and Southern Breweries Establishment, the purchases of majority ownership
 interests in Compa&#241;&iacute;a Industrial Cervecera S.A. and Cervecer&iacute;a
 Santa Fe S.A., and the 1999 purchase of an additional 45% interest in ECUSA
are shown in paragraph q) below. </font></p>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-46</font></p>
<p style="page-break-before:always">
<br>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Under Chilean GAAP, the cost of an equity method investment is separated into
 an investment component (based on the purchase of the proportionate share of
 equity according to book values) and a goodwill component (based on the difference
 between the amount paid and the proportional book value of the investment).
 Under US GAAP, these components are combined in one balance sheet caption as
 an investment, and goodwill is determined in a manner similar to a consolidated
 subsidiary based on proportionate ownership. No disclosure has been presented
 of the effect of the reclassification between goodwill as determined under Chilean
 GAAP for equity method investments and goodwill determined under US GAAP as
the effect of this reclassification is not significant. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>h) Minimum dividend </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">As required by the Chilean
  Companies Act, unless otherwise decided by the unanimous vote of the issued
  and subscribed shares, an open stock corporation in Chile must distribute a
  cash dividend in an amount equal to at least 30% of the Company's net income
  for each year adjusted for the deficit under developing period as determined
  in accordance with Chilean GAAP. Under Chilean GAAP, even through the minimum
  dividend is a legal requirement, the dividend is not recorded until it is declared
  by the Company. Since the payment of the 30% dividend out of each year's income
  is a legal requirement in Chile, a provision has been made in the accompanying
  US GAAP reconciliation in paragraph 1&nbsp;q)&nbsp;below
 to recognize the corresponding decrease in net equity at December 31, 2003
 and December 31, 2001. At December 31, 2002, no adjustment was necessary
  as the full amount of the required divided was declared as an interim
  dividend and recorded by the Company. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>i) Trademarks </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Under Chilean GAAP, beginning
  in 1998 trademarks are amortized over a period not exceeding 20 years; prior
  to 1998, trademarks were not required to be amortized. Under US GAAP, trademarks
  with definite useful lives are amortized over the remaining legal life
  or a period not exceeding 40 years. With respect to the purchase in 1999 of
  the additional 45% interest in ECUSA, the purchase price exceeded the fair
  value of the assets acquired and liabilities assumed on the date of purchase.
  As a result, trademarks with an assigned fair value of ThCh$ 7,548,303 were
  determined. Under U.S. GAAP these trademarks are being amortized over a period
  of five years which is the legal life of the trademark. Additionally, trademarks
  held by Vi&#241;a San Pedro S.A. and Compa&#241;&iacute;a Cervecer&iacute;as
 Unidas Argentina S.A. are being amortized over 20 years for Chilean GAAP
 but 40 years for U.S GAAP as there is no limited legal life. The adjustments
 for trademarks are reflected in the reconciliation from Chilean GAAP to US
  GAAP in paragraph 1 q) below. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>j) Staff severance indemnities </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">For Chilean GAAP purposes and until January 1, 1999 for US GAAP purposes,
 the Company provides for severance indemnities when rights to such benefits
 have been formally guaranteed to employee groups. Those obligations are based
 on the present value of the liabilities determined at the end of each year based
 on the current salary and number of years of service of each employee. The Company
 uses a real discount rate and projected employee service life based on probable
 tenure for vested employees. The real annual discount rate does not include
 a projection of inflation and accordingly, future salary increases are also
 excluded from the calculation of the obligation, because all such future increases
 are expected to approximate the increase in inflation over a long-term period.
 As discussed in Note 2, during the year ended December 31, 2002, the Company
changed one of the variables used to calculate the long-term severance indemnities. </font></p>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-47</font></p>
<p style="page-break-before:always">
<br>

<p align="justify"><font size="2" face="Times New Roman, Times, serif">In accordance with Emerging Issues Task Force Issue No. 88-1, for US GAAP
 purposes the severance indemnities described above are determined based on the
 vested benefits to which the employees are entitled if they separate immediately
 (settlement basis). The difference in accounting for staff severance benefits
 between Chilean and US GAAP is included in the reconciliation to US GAAP under
paragraph 1 q) below. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>k) Capitalization of interest </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Under Chilean GAAP, the
  capitalization of interest cost associated with projects under construction
  is optional when incurred on debt that is not directly related to such projects.
  Under US GAAP, the capitalization of interest of qualifying assets under construction
  is required, regardless of whether interest is associated with debt directly
  related to a project or not. The effect of the required capitalization pursuant
  to US GAAP and the related depreciation expense of this difference are included
  in paragraph 1&nbsp;q) below. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>l) Comprehensive income </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Comprehensive income (loss) is the change in equity of a business enterprise
 during a period from transactions and other events and circumstances from non-owner
 sources. For US GAAP purposes, companies are required to report comprehensive
 income and its components in a full set of general purpose financial statements.
 US GAAP requires that all items that are required to be recognized under accounting
 standards as components of comprehensive income be reported in a financial statement
 that is displayed with the same prominence as other financial statements. Under
 Chilean GAAP, certain investments in foreign subsidiaries which operate in countries
 exposed to significant risk are accounted for under TB 64 (Note 1 m)). As such,
 the differences between the investments` equity value arising from the financial
 statements remeasured at the beginning of the year restated by Chilean inflation,
 plus the proportional share of the investments income (or loss) for the year,
 is recorded in Shareholders` equity. For US GAAP, this difference would be reported
 in Comprehensive income. The information required by this standard is shown
in paragraph 1 q). </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>m) Development stage results of operations </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">For Chilean GAAP purposes, investments in majority-owned subsidiaries in the
 development stage are recorded by the equity method and the investor's proportional
 share of the subsidiary's results of operations are recorded as a component
 of Shareholders' equity. For US GAAP purposes, majority-owned subsidiaries in
 the development stage are consolidated and the results of their operations charged
 directly to income. The difference between charging development stage results
 to equity under Chilean GAAP and to income under US GAAP has been included in
 the reconciliation of income under paragraph 1 q) below. No disclosure of the
 effects of consolidation of such subsidiaries has been made because the effects
are not material. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>n) Investment in Backus &amp; Johnston
   ( Peru ) </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">The Company held a 4.63%
  ownership interest in UCP Backus &amp; Johnston S.A.
 (&#147;Backus &amp; Johnston&#148;) at December 31, 2000. During the year 2000, one of
 the Directors of the Company became a member of the Board of Directors of Backus &amp; Johnston.
 As a result, for Chilean GAAP purposes the Company began accounting for its
 investment by the equity method during 2000. For US GAAP purposes, in the absence
 of a company exercising significant influence on an investment, the investment
 would generally be accounted for at cost less any impairment in value that is
 other than temporary. The Company sold its investment in Backus &amp; Johnston
 in March 2001. The effects of accounting for the investment in Backus &amp; Johnston
at cost under US GAAP are included in paragraph 1&nbsp;q) below. </font></p>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-48</font></p>
<p style="page-break-before:always">
<br>

<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>o) Accounting for joint
   venture in Vi&#241;a Dassault San Pedro S.A. </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">By Public Deed dated October
  4, 2001, Vi&#241;a San Pedro S.A. and Dassault
 Investment Fund Inc. formed Vi&#241;a Totihue S.A., a closed Chilean company
 with a capital of US$ 7 million (equivalent to ThCh$&nbsp;4,930,559) and with
 70,000 shares of no par value. Dassault Investment Fund Inc. received 35,000
 shares (50% ownership interest) for its contribution in cash of US$ 3.5 million
 (equivalent to ThCh$ 2,465,279). Vi&#241;a San Pedro S.A. also subscribed
 to 35,000 shares with a payment of US$&nbsp;800,000 (equivalent to ThCh$ 563,410)
 and the contribution of land with a value of US$ 2.7 million (equivalent to
 ThCh$ 1,901,787). The land consists of two parcels of land in Chile referred
 to as &#147;Totihue&#148; which will be used for the production of wine grapes. On May
 7, 2003 Vi&#241;a Totihue S.A. changed its name to Vi&#241;a Dassault San
Pedro S.A. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">This transaction resulted
  in a gain under Chilean GAAP of ThCh$ 869,740 because the book value of the
  land was ThCh$ 1,032,047. Since Vi&#241;a Totihue S.A.
 is an equity method investee of Vi&#241;a San Pedro S.A., the Company deferred
 50% of the gain generated in the transaction and recognized the other 50%
 in Other income in the statement of income for 2001. The deferred gain is
 being amortized to income annually under Chilean GAAP. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"> Under US GAAP, the exchange
  of the land for an interest in the joint venture did not result in gain recognition
  because the investee received no cash. Accordingly, the gain on the exchange,
  and the subsequent amortization of the deferred gain, have been reversed in
  the reconciliation in paragraph 1 q) below. </font></p>
<p> <font face="Times New Roman, Times, serif"><i><font size="2">p) Derivative financial instruments </font></i></font></p>
<p><font size="2" face="Times New Roman, Times, serif">The Company enters into foreign currency forward exchange contracts to cover
 the risk of exposure to exchange rate differences on existing items on the balance
 sheet denominated in US dollars. Under these forward contracts, for any rate
 above or below the fixed rate, the Company receives or pays the difference between
 the spot rate and the fixed rate for the given amount at the settlement date.
 The terms of the contracts are generally less than one year. It also enters
 into cross-currency interest rate swaps to in order to hedge its exposure to
 exchange rate and interest rate differences. Under these contracts the Company
 either, i) receives a fixed US dollar amount at a variable interest rate and
 pays a fixed Chilean peso amount at a fixed interest rate, or ii) receives a
 fixed US dollar amount at a fixed interest rate and pays a fixed Chilean peso
 amount at a variable interest rate. Counter-parties to these financial instruments
 expose the Company to credit-related losses in the event of nonperformance;
 however, counter-parties to these contracts are major financial institutions
and the risk of loss due to nonperformance is believed to be minimal. </font></p>
<p><font size="2" face="Times New Roman, Times, serif">Under Chilean GAAP, derivatives
  are accounted for in accordance with Technical Bulletin 57, &#147;Accounting for Derivative Contracts&#148; (&#147;TB 57&#148;).
  Under TB 57, all derivative financial instruments should be recognized
  on the balance sheet at their fair value. In addition, TB 57 requires that
  derivative financial instruments be classified as Non-hedging (investment)
  instruments and Hedging instruments, the latter further divided into those
covering existing transactions and those covering anticipated transactions. </font></p>
<p><font size="2" face="Times New Roman, Times, serif">Contracts to cover existing transactions hedge against the risk of a change
 in the fair value of a hedged item. The differences resulting from the changes
 in the fair value of both the hedged item and the derivative instrument should
be accounted for as follows: </font></p>
<table width="100%"  cellspacing="2" cellpadding="0">
 <tr>
  <td width="5%" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">a.</font></div></td>
  <td width="95%" valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">If the net effect is a loss, it should be recognized in earnings
  in the period of change.</font></div></td>
 </tr>
 <tr>
  <td valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">b.</font></div></td>
  <td valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">If the net effect is a gain, it should be recognized when the contract
  is closed and accordingly deferred on the balance sheet.</font></div></td>
 </tr>
 <tr>
  <td valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">c.</font></div></td>
  <td valign="top"><p align="justify"><font size="2" face="Times New Roman, Times, serif">If the net effect is a gain and net losses were recorded on the transaction
    in prior years, a gain should be recognized in earnings in the current period
  up to the amount of net losses recorded previously. </font></p></td>
 </tr>
 <tr>
  <td valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">d.</font></div></td>
  <td valign="top"><div align="justify"><font size="2" face="Times New Roman, Times, serif">If the effect is a net loss and net gains were recorded (as a deferred
    revenue) on the transaction in prior years, the gain should be utilized to
    offset the net loss before recording the remaining loss in the results of
  operations for the year. </font></div></td>
 </tr>
</table>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-49</font></p>
<p style="page-break-before:always">
<br>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Contracts to cover anticipated transactions are those that have the objective
   of protecting cash flow risks of a transaction expected to occur in the future
   (cash flow hedge). The hedging instrument should be recorded at its fair value
   and the changes in fair value should be stated on the balance sheet as unrealized
   gains or losses. When the contract is closed, the unrealized gains or losses
   on the derivative instrument should be recognized in earnings without affecting
   the cost or sales price of the asset acquired or sold in the transaction. However,
  probable losses arising from purchase commitments should not be deferred. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Non-hedging (investment) instruments should also be presented at their fair
 value, with changes in fair value reflected in the earnings of the period in
which the change in fair value occurs. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">At December 31, 2003, the Company had six cross-currency interest-rate swap
 agreements (US dollar to Chilean peso) to buy and sell US dollars for a notional
 amount of US$ 96,110,000. These contracts were obtained to protect the Company
 from foreign exchange and interest-rate risk with respect to long-term bank
debt denominated in US dollars. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">At December 31, 2003,
  the Company has three derivative contracts consisting of forward contracts
  to sell US dollars for a notional amount of US$ 25,900,000 maturing in January
  2004. At December 31, 2002, the Company had two derivative contracts consisting
  of forward contracts to sell US dollars for a total notional amount of US$
  12,500,000 (three contracts with a total notional amount of US$&nbsp;42,000,000
 at December 31, 2001). In addition, at December 31, 2002, the Company had three
 derivative contracts consisting of forward contracts to buy US dollars for a
 notional amount of US$&nbsp;9,500,000. No contracts to purchase US dollars existed
 at December 31, 2001. These forward contracts were obtained to protect the
 Company from foreign exchange risk with respect to money market funds and
trade accounts receivable denominated in US dollars. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Under US GAAP, the Company
  adopted SFAS No. 133, &#147;Accounting for Derivative
 Instruments and Hedging Activities&#148;, as amended by SFAS 137 and SFAS 138 on
 the same matter (collectively referred to herein as &#147;SFAS 133&#148;), effective January
 1, 2001. SFAS 133 establishes accounting and reporting standards for derivative
 instruments, including certain derivative instruments embedded in other contracts,
 and for hedging activities. SFAS 133 requires that all derivative instruments
 be recognized on the balance sheet at fair value and that changes in the
 fair value be recognized in income when they occur, the only exception being
 derivatives that qualify as hedges. To qualify the derivative instrument
 as a hedge, the Company must meet strict hedge effectiveness and contemporaneous
 documentation requirements at the initiation of the hedge and assess the
hedge effectiveness on an ongoing basis over the life of the hedge. </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">At December 31, 2003,
  2002 and 2001, the forward contracts, and at December 31, 2003, the cross-currency
  interest-rate swap contracts designated as hedges for Chilean GAAP purposes,
  did not meet the documentation requirements to be designated as hedges under
  US GAAP. However, no difference exists in the reconciliations of net income
  and shareholders' equity under Chilean GAAP and US&nbsp;GAAP because
 in both cases the derivative instruments are recorded on the balance sheet
 at fair value and changes in fair value are taken to the results of operations
 for the year.</font></p>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-50</font></p>
<p style="page-break-before:always">
<br>

<!-- MARKER FORMAT-SHEET="times just italic" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>q)   Effects of
conforming to US GAAP</I></FONT></P>

<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The  adjustments  to
 reported  net income  pursuant to Chilean  GAAP  required  to conform  with  accounting
principles  generally  accepted in the United  States are as follows (all amounts are
 expressed in thousands of Chilean pesos of December 31, 2003 purchasing power): </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2003&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2002&nbsp;</B> </FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2001&nbsp;</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ThCh$&nbsp;</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ThCh$&nbsp;</B> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ThCh$&nbsp;</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income as shown in the Chilean GAAP</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>financial statements</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54,088,124&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,285,535&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39,923,901&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Reversal of revaluation adjustment</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;of property, plant and equipment (par. 1b)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(9,420)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(9,420)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(9,420)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Inclusion of labor and overhead in inventories (par. 1c)..</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,235,674)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,331,802&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Reversal of additional depreciation on revaluation of</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;fixed assets held for sale (par. 1d)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,340&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for deferred income taxes (par. 1e)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>571,901&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,302,128&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5,065,690)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for amortization of goodwill</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;and negative goodwill (par. 1 g)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,176,386&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,538,605&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,902,849&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Adjustment to amortization of trademarks for different</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;useful lives (par. 1i)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,384,167)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,276,465)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,279,469)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Adjustment of employee severance indemnities (par. 1j)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(46,154)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(785,682)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(142,842)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for capitalization of interest cost (par. 1k)..</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43,221&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>219,769&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>588,342&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Reversal of deficit during development period</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;of subsidiary (par. 1m)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(205,907)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,505,390)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,035,543)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Reversal of gain on investment in Vi&#241;a Dassault</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;San Pedro S.A. (par. 1o)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(24,753)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(439,219)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for cost method accounting for</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Backus &amp; Johnston (par. 1n)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(875,966)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net income according to US GAAP</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,209,231&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,533,406&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,901,085&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD></TD>
     <TD><hr size="2" color=black></TD>
     <TD><hr size="2" color=black></TD>
     <TD><hr size="2" color=black></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income adjustments:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments (par. 1l)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(17,876,016)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,120,860&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,820,314&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (losses) on securities (par. 1f)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>110,243&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,179,506&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(19,466,890)</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive (loss) income adjustments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(17,765,773)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,300,366&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(16,646,576)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Comprehensive income in accordance with US GAAP(par. 1l)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37,443,458&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39,833,772&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,254,509&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD></TD>
     <TD><hr size="2" color=black></TD>
     <TD><hr size="2" color=black></TD>
     <TD><hr size="2" color=black></TD></TR>
</TABLE>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-51</font></p>
<p style="page-break-before:always">
<br>

<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The adjustments
 required to conform net equity amounts to the accounting  principles  generally accepted
in the United States are as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net equity as shown in the Chilean GAAP</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>financial statements</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>278,771,599&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>437,819,530&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>428,161,252&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Reversal of revaluation of property, plant and</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;equipment (par. 1 b)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,670,685)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,523,720)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,523,720)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Reversal of accumulated depreciation on revaluation</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;of property, plant and equipment (par. 1b)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(226,068)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(216,648)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(207,228)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Inclusion of labor and overhead in inventories (par. 1c)..</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,235,674&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Reversal of revaluation of fixed assets held</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;for sale (par. 1d)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,331,000)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,556,117)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,556,117)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Reversal of accumulated depreciation on revaluation</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;of fixed assets held for sale (par. 1d)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,059,089&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,059,089&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,059,089&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Assets (liabilities) from deferred income taxes</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;under FAS 109 (par. 1e)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,157,779)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,729,680)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,031,808)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for unrealized (loss) on</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;investment securities (par. 1f)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>132,028&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Adjustment of goodwill and negative goodwill on</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;equity investments (par. 1g)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,676,538&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,500,152&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,961,547&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Minimum dividend permitted by law (par. 1h)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5,715,842)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,042,999)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Amortization of trademarks for different useful lives (par. 1i)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5,192,749)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,808,582)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,532,117)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Adjustment of employee severance indemnities (par. 1j)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,322,892)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,276,738)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,491,056)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for capitalization of interest cost (par. 1k).</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,828,843&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,785,622&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,565,853&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Reversal of gain on investment in Vi&#241;a Dassault San Pedro S.A.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(par. 1o)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(463,972)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(439,219)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(439,219)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net equity according to US GAAP</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>275,255,082&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>438,613,689&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>429,291,179&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD></TD>
     <TD><hr size="2" color=black></TD>
     <TD><hr size="2" color=black></TD>
     <TD><hr size="2" color=black></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accumulated other comprehensive income (loss)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,699,092&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,601,274)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,045,302&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other comprehensive income (loss) adjustments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(17,765,773)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,300,366&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(16,646,576)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accumulated Other Comprehensive Income</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Loss) in accordance with US GAAP</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(66,681)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,699,092&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,601,274)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD>
     <TD><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders&#180; equity in accordance with US GAAP</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;including accumulated other comprehensive income (loss)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>275,188,401&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>456,312,781&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>426,689,905&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD></TD>
     <TD><hr size="2" color=black></TD>
     <TD><hr size="2" color=black></TD>
     <TD><hr size="2" color=black></TD></TR>
</TABLE>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-52</font></p>
<p style="page-break-before:always">
<br>
<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following
 summarizes the changes in Shareholders'  equity under US GAAP during the years ended
December 31, 2003, 2002 and 2001:</FONT></P>

<TABLE WIDTH=100% BORDER=0 CELLPADDING=0 CELLSPACING=2>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></div></TD>
     <TD ALIGN=RIGHT><center>
       <FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT>
     </center></TD>
</TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT><div align="justify"></div></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="85%" ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance at December 31, 2000</FONT></div></TD>
     <TD width="15%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>447,955,627&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT><div align="justify"></div></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Dividend
                declared</FONT></div></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(44,523,949)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Reversal
                of accrued minimum dividend from prior year</FONT></div></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,042,999)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net
                income for the year</FONT></div></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,901,085&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Reversal
                of gross unrealized gains on investments</FONT></div></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;that
                are available-for-sale from prior year, net of tax</FONT></div></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(13,400,655)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Gross
                unrealized gains on investment that are available-for-sale at year</FONT></div></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;-
                end, net of tax</FONT></div></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>110,904&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Cumulative
                translation adjustment for the year</FONT></div></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,291,166&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT><div align="justify"></div></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance at December 31, 2001</FONT></div></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>429,291,179&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT><div align="justify"></div></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Dividend
                declared</FONT></div></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(18,056,906)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Minimum
                dividend at year-end required by law</FONT></div></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,042,999&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net
                income for the year</FONT></div></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,533,406&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Reversal
                        of gross unrealized gains on investments that are available-for-sale
                from prior year, net of tax</FONT></div></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(110,904)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Cumulative
                translation adjustment for the year</FONT></div></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,913,915&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT><div align="justify"></div></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance at December 31, 2002</FONT></div></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>438,613,689&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Dividend
                declared</FONT></div></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(194,796,874)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Minimum
                dividend at year-end required by law</FONT></div></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5,715,842)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net
                income for the year</FONT></div></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,209,231&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Cumulative
                translation adjustment for the year</FONT></div></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(18,055,122)</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT><div align="justify"></div></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><div align="justify"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance at December 31, 2003</FONT></div></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>275,255,082&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT><div align="justify"></div></TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
</TABLE>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-53</font></p>
<p style="page-break-before:always">
<br>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"> 2. US GAAP Condensed Financial Statements </font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">CONSOLIDATED BALANCE SHEET<br>
        Adjusted for general price-level
        changes and expressed in thousands<br>
        of constant Chilean pesos of December 31,
                2003
</font></p>
<TABLE WIDTH=100% BORDER=0 CELLPADDING=0 CELLSPACING=2>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan="3" ALIGN=center><font size="2" face="Times New Roman, Times, serif"> As of December 31, 2003 </font></TD>
  </TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD colspan="3" ALIGN=center><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="55%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated<br>
        Balance Sheet under<br>
        Chilean GAAP</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US GAAP<br>
        Consolidated</FONT></TD>
         <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated<br>
                Balance Sheet<br>
                under GAAP</FONT></TD>
</TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=center><hr size=1></TD>
        <TD ALIGN=center><hr size=1></TD>
        <TD ALIGN=center><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ASSETS</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CURRENT ASSETS</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents (1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66,355,822&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66,355,822&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>846,459&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(846,459)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Investments in available-for-sale securities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>846,459&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>846,459&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable-trade and other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70,790,575&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70,790,575&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable from related companies</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>676,390&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>676,390&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Inventories</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,043,589&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,043,589&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,263,586&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,263,586&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prepaid taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,165,654&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,165,654&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>243,455&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(243,455)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other current assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>155,586&nbsp;</FONT></TD>
         <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>155,586&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>199,541,116&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(243,455)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>199,297,661&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPERTY, PLANT AND EQUIPMENT, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>313,804,536&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,690,437)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>311,114,099&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER ASSETS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63,252,595&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,370,433&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>71,623,028&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>576,598,247&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,436,541&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>582,034,788&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CURRENT LIABILITIES</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,812,212&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,812,212&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,035,779&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,035,779&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,280,528&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,715,842&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,996,370&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38,228,633&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38,228,633&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notes payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>159,387&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>159,387&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other payables</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,573,303&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,573,303&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable to related companies</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,132,501&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,132,501&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,632,561&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,632,561&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,958,054&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,958,054&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Income tax</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,507,271&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,507,271&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>282,732&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>282,732&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120,602,961&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,715,842&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>126,318,803&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LONG-TERM LIABILITIES</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>101,622,104&nbsp;</FONT></TD>
         <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>101,622,104&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,400,532&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,322,892&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,723,424&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD>

     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,687,189&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>914,324&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,601,513&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Deposits on bottles and containers</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,238,024&nbsp;</FONT></TD>
         <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,238,024&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>138,947,849&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,237,216&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>142,185,065&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>259,550,810&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,953,058&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>268,503,868&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MINORITY INTEREST</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38,275,838&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38,275,838&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SHAREHOLDERS' EQUITY</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Common stock</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>169,975,841&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>169,975,841&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Share premium</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,293,340&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,293,340&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other reserves</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,228,205&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,228,205&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>92,274,213&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,516,517)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>88,757,696&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>278,771,599&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,516,517)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>275,255,082&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>576,598,247&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,436,541&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>582,034,788&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
</TABLE>
<table width="100%"  cellspacing="2" cellpadding="0">
        <tr>
                <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">(1)</font></td>
                <td width="95%"><font size="2" face="Times New Roman, Times, serif"> This caption includes time deposits, marketable
                                securities and securities under resale agreements amounting to ThCh$&nbsp;20,430,319
                ThCh$ 20,928,511 and ThCh$ 14,131,300, respectively, which are cash equivalents. </font></td>
        </tr>
</table>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-54</font></p>
<p style="page-break-before:always">
<br>
<p align="center"><font size="2" face="Times New Roman, Times, serif">CONSOLIDATED BALANCE SHEET </font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">Adjusted for general price-level
                changes and expressed in thousands <br>
        of constant Chilean pesos of December
31, 2003</font></p>
<TABLE WIDTH=100% BORDER=0 CELLPADDING=0 CELLSPACING=2>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD colspan="3" ALIGN=center><font size="2" face="Times New Roman, Times, serif"> As of December 31, 2002 </font></TD>
  </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated<br>
        Balance
                Sheet under<br>
                Chilean GAAP</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>US GAAP<br>
        adjustments</FONT></TD>
        <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated<br>
                Balance Sheet<br>
                under                   US GAAP
        </FONT></td>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD width="15%" ALIGN=RIGHT><center>
       <FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT>
     </center></TD>
     <TD width="15%" ALIGN=RIGHT><center>
       <FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT>
     </center></TD>
     <TD width="15%" ALIGN=RIGHT><center>
       <FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT>
     </center></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=center><hr size=1></TD>
        <TD ALIGN=center><hr size=1></TD>
        <TD ALIGN=center><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ASSETS</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CURRENT ASSETS</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents (1)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>93,099,117&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>93,099,117&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Time deposits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,793&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(12,793)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>198,627&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(198,627)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Investments in available-for-sale securities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>211,420&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>211,420&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable-trade and other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>69,643,817&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>69,643,817&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable from related companies</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,592,140&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,592,140&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Inventories</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46,851,775&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46,851,775&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,710,900&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,710,900&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prepaid taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,470,054&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,470,054&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>946,540&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(946,540)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other current assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,821,080&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,821,080&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>220,346,843&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(946,540)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>219,400,303&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPERTY, PLANT AND EQUIPMENT, net</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>334,053,444&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,323,438)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>331,730,006&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER ASSETS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>104,246,463&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,124,015&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>111,370,478&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>658,646,750&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,854,037&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>662,500,787&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CURRENT LIABILITIES</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,412,934&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,412,934&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,908,992&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,908,992&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,417,288&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,417,288&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,605,334&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,605,334&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notes payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>763,172&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>763,172&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other payables</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,337,253&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,337,253&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable to related companies</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>926,733&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>926,733&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,822,766&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,822,766&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes payable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,170,200&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,170,200&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125,218&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125,218&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>123,489,890&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>123,489,890&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LONG-TERM LIABILITIES</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,179,246&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,179,246&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,175,755&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,276,738&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,452,493&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,209,549&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>783,140&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,992,689&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Deposits on bottles and containers</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,871,436&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,871,436&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,435,986&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,059,878&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58,495,864&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>178,925,876&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,059,878&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>181,985,754&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MINORITY INTEREST</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,901,344&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,901,344&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SHAREHOLDERS' EQUITY</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Common stock</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>169,975,841&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>169,975,841&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Share premium</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,293,340&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,293,340&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other reserves</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,982,809&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,982,809&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>234,567,540&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>794,159&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>235,361,699&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>437,819,530&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>794,159&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>438,613,689&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>658,646,750&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,854,037&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>662,500,787&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
</TABLE>
<table width="100%"  cellspacing="2" cellpadding="0">
        <tr>
                <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">(1)</font></td>
                <td width="95%"><font size="2" face="Times New Roman, Times, serif"> This caption includes time deposits, marketable securities and securities under
 resale agreements amounting to ThCh$&nbsp;27,337,334, ThCh$ 13,640,724 and ThCh$
 41,592,659, respectively, which are cash equivalents. </font></td>
        </tr>
</table>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-55</font></p>
<p style="page-break-before:always">
<br>

<p align="center"><font size="2" face="Times New Roman, Times, serif">CONSOLIDATED STATEMENT OF INCOME </font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">Adjusted for general price-level changes and expressed in thousands
    <br>
of constant Chilean pesos of December 31, 2003 </font></p>
<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=62% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan="3" ALIGN=center><font size="2" face="Times New Roman, Times, serif"> For the year ended December 31, 2003 </font></TD>
  </TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD colspan="3" ALIGN=center><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
        <TD width="55%" ALIGN=LEFT>&nbsp;</TD>
        <TD width="15%" ALIGN=center><font size="2" face="Times New Roman, Times, serif"> Consolidated<br>
Statement of <br>
Income under <br>
Chilean GAAP  </font></TD>
        <TD width="15%" ALIGN=center><font size="2" face="Times New Roman, Times, serif"> US GAAP<br>
adjustments  </font></TD>
        <TD width="15%" ALIGN=center><font size="2" face="Times New Roman, Times, serif"> Consolidated <br>
Statement of <br>
Income under <br>
US GAAP </font></TD>
</TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=center><hr size=1></TD>
        <TD ALIGN=center><hr size=1></TD>
        <TD ALIGN=center><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD width="16%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD width="16%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD width="6%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OPERATING RESULTS</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net sales</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>384,064,231&nbsp;</FONT></TD>
         <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>441,698&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>384,505,929&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(189,203,934)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(18,256,846)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(207,460,780)</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross margin</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>194,860,297&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(17,815,148)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>177,045,149&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Selling and administrative expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(148,997,512)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,275,675&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(135,721,837)</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,862,785&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,539,473)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,323,312&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NON-OPERATING RESULTS</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Non-operating income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,489,961&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>284,674&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,774,635&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Non-operating expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(12,109,737)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,804,005&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,305,732)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Price-level restatements and exchange differences</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,261,636&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,261,636&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and minority interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59,504,645&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>549,206&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60,053,851&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Income taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,977,027)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>571,901&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,405,126)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Minority interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(439,494)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(439,494)</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NET INCOME</FONT></TD>
     <TD ALIGN=right><font size="2" face="Times New Roman, Times, serif"> 54,088,124 </font></TD>
     <TD ALIGN=right><font size="2" face="Times New Roman, Times, serif"> 1,121,107 </font></TD>
     <TD ALIGN=right><font size="2" face="Times New Roman, Times, serif"> 55,209,231 </font></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=right><hr size="2" color=black></TD>
        <TD ALIGN=right><hr size="2" color=black></TD>
        <TD ALIGN=right><hr size="2" color=black></TD>
</TR>
</TABLE>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-56</font></p>
<p style="page-break-before:always">
<br>

<p align="center"><font size="2" face="Times New Roman, Times, serif">CONSOLIDATED STATEMENT OF INCOME </font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">Adjusted for general price-level changes and expressed in thousands
    <br>
        of constant Chilean pesos of December 31, 2003
</font></p>
<TABLE WIDTH=100% BORDER=0 CELLPADDING=0 CELLSPACING=2>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD colspan="3" ALIGN=center><font size="2" face="Times New Roman, Times, serif"> For the year ended December 31, 2002 </font></TD>
  </TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD colspan="3" ALIGN=center><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=center><font size="2" face="Times New Roman, Times, serif"> Consolidated <br>
Statement of <br>
Income under <br>
Chilean GAAP </font></TD>
        <TD ALIGN=center><font size="2" face="Times New Roman, Times, serif"> US GAAP<br>
adjustments </font></TD>
        <TD ALIGN=center><font size="2" face="Times New Roman, Times, serif"> Consolidated<br>
                Statement of <br>
Income under <br>
US GAAP </font></TD>
</TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=center><hr size=1></TD>
        <TD ALIGN=center><hr size=1></TD>
        <TD ALIGN=center><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OPERATING RESULTS</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD width="55%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net sales</FONT></TD>
     <TD width="15%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>349,349,505&nbsp;</FONT></TD>
     <TD width="15%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>527,466&nbsp;</FONT></TD>
     <TD width="15%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>349,876,971&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(172,156,846)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(20,603,000)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(192,759,846)</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross margin</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>177,192,659&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(20,075,534)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>157,117,125&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Selling and administrative expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(139,051,067)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,377,764&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(126,673,303)</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38,141,592&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,697,770)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30,443,822&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NON-OPERATING RESULTS</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Non-operating income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,350,615&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>684,462&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,035,077&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Non-operating expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(9,720,662)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,959,051&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,761,611)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Price-level restatements and exchange differences</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,710,738)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,710,738)</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and minority interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31,060,807&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,054,257)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,006,550&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Income taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,510,799)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,302,128&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,208,671)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Minority interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,264,473)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,264,473)</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NET INCOME</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,285,535&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,752,129)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,533,406&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
</TABLE>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-57</font></p>
<p style="page-break-before:always">
<br>

<p align="center"><font size="2" face="Times New Roman, Times, serif">CONSOLIDATED STATEMENT OF INCOME </font></p>
<p align="center"><font size="2" face="Times New Roman, Times, serif">Adjusted for general price-level changes and expressed in thousands
    <br>
        of constant Chilean pesos of December 31, 2003
</font></p>
<TABLE WIDTH=100% BORDER=0 CELLPADDING=0 CELLSPACING=2>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD colspan="3" ALIGN=center><font size="2" face="Times New Roman, Times, serif"> For the year ended December 31, 2001 </font></TD>
  </TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD colspan="3" ALIGN=center><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=center><font size="2" face="Times New Roman, Times, serif"> Consolidated<br>
Statement of<br>
Income under<br>
Chilean GAAP  </font></TD>
        <TD ALIGN=center><font size="2" face="Times New Roman, Times, serif"> US GAAP<br>
adjustments </font></TD>
        <TD ALIGN=center><font size="2" face="Times New Roman, Times, serif"> Consolidated<br>
Statements of<br>
Income under<br>
US GAAP </font></TD>
</TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=center><hr size=1></TD>
        <TD ALIGN=center><hr size=1></TD>
        <TD ALIGN=center><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="55%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OPERATING RESULTS</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net sales</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>374,088,147&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>857,204&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>374,945,351&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(176,934,187)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(14,358,624)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(191,292,811)</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross margin</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>197,153,960&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(13,501,420)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>183,652,540&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Selling and administrative expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(151,742,625)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,684,345&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(145,058,280)</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,411,335&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,817,075)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38,594,260&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NON-OPERATING RESULTS</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Non-operating income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,224,055&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,596,135)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,627,920&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Non-operating expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(17,870,461)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,456,084&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(8,414,377)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Price-level restatements and exchange differences</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,495,517)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,495,517)</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and minority interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,269,412&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,042,874&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,312,286&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Income taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,433,842)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5,065,690)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(12,499,532)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Minority interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,911,669)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,911,669)</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NET INCOME</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39,923,901&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,022,816)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,901,085&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
</TABLE>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-58</font></p>
<p style="page-break-before:always">
<br>

<p align="justify"><font size="2" face="Times New Roman, Times, serif">3. Additional disclosure requirements </font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>a) Reclassifications for US GAAP purposes </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>Income and expenses </i></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif">Under Chilean GAAP the following income and expenses arising during the years
        2003, 2002 and 2001 are classified as Non-operating income and expenses whereas
        under US GAAP they would be classified as Operating income and expenses:
</font></p>
<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=center><hr size=1></TD>
        <TD ALIGN=center><hr size=1></TD>
        <TD ALIGN=center><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-operating income:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of glass, plastic boxes and by-products</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>315,447&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>438,612&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>577,958&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Amortization of negative goodwill</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,094&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,212&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47,126&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Rental income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>115,348&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46,689&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61,921&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,903&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42,165&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>217,325&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>482,792&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>577,678&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>904,330&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
</TABLE><br>

<TABLE WIDTH=100% BORDER=0 CELLPADDING=0 CELLSPACING=2>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Non-operating expenses:</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD width="55%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Amortization of goodwill</FONT></TD>
     <TD width="15%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,217,480&nbsp;</FONT></TD>
     <TD width="15%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,588,817&nbsp;</FONT></TD>
     <TD width="15%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,487,773&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Provision
                for impairment of property, plant and equipment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>506,468&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>193,816&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,403,937&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of property, plant and equipment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>71,032&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>108,055&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>408,295&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Write-offs of account receivable and other accounts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,037,442&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>598,821&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>449,190&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,301&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,301&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,405&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring legal expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>562,038&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Extraordinary severance indemnities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>660,343&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Director's participation based on extraordinary dividend</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>515,846&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,517,730&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs and indemnities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>973,631&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,650,259&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,009,912&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,464,441&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,491,627&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
</TABLE>
<p align="justify"><font face="Times New Roman, Times, serif"><i><font size="2">Selling and administrative expenses </font></i><font size="2"> -
                Under Chilean GAAP, shipping and handling costs are charged to Selling
                        and administrative expenses whereas under US GAAP they would be classified
                        in Cost of sales. Shipping and handling costs were ThCh$&nbsp;18,247,426, ThCh$&nbsp;17,357,906 and ThCh$&nbsp;16,681,006
in 2003, 2002 and 2001, respectively. </font></font></p>
<p align="justify"><font size="2" face="Times New Roman, Times, serif"><i>Cash
      and cash equivalents </i> - As shown in Note 1 t), Cash and cash equivalents
included in the Consolidated Statement of Cash Flows are recorded in separate
captions on the balance sheet under Chilean GAAP. They are required to be shown
combined as a single caption in balance sheets prepared under US GAAP. Accordingly,
the following cash equivalents should be reclassified and included in the caption
Cash and cash equivalents for US GAAP presentation purposes:</font></p>
<TABLE WIDTH=100% BORDER=0 CELLPADDING=0 CELLSPACING=2>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD width="15%" ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=center><hr size=1></TD>
        <TD ALIGN=center><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Time deposits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,430,319&nbsp;</FONT></TD>
         <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,337,334&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mutual fund shares</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,928,511&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,640,724&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Securities purchased under resale agreements</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,131,300&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,592,657&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
        <TD ALIGN=RIGHT><hr size=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,490,130&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>82,570,715&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD ALIGN=LEFT>&nbsp;</TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
        <TD ALIGN=RIGHT><hr size="2" color=black></TD>
</TR>
</TABLE>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-59</font></p>
<p style="page-break-before:always">
<br>

<!-- MARKER FORMAT-SHEET="Times Just Italic" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>b)   Earnings per
share</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Disclosure of the
following  earnings per share  information is not generally  required for presentation in
financial  statements under Chilean accounting principles, but is required under US GAAP: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2003 </FONT> </TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2002 </FONT> </TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2001 </FONT> </TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ThCh$ </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ThCh$ </FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">ThCh$ </FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Basic and diluted earnings per share under US GAAP </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">172.99&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">56.90&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">112.7&nbsp; </FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size="2" color=black></tD>
<TD><hr size="2" color=black></tD>
<TD><hr size="2" color=black></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Weighted-average number of shares of common stock </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;outstanding for basic and diluted earnings </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;per share (in thousands) </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">318,503&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">318,503&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">318,503&nbsp; </FONT></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Earnings  per share is
 determined  by dividing the net income for the year under US GAAP by the
 weighted-average  number of shares of common stock outstanding during each year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just Italic" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>c)   Income taxes</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The provision for
income taxes charged to results is summarized as follows: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current tax expense</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,513,016)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,728,243)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,292,729)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred tax under Chilean GAAP</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,535,989&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,782,556)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,141,113)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additional deferred tax to conform</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;with US GAAP</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>571,901&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,302,128&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5,065,690)</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total provision for US GAAP</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,405,126)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,208,671)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(12,499,532)</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size="2" color=black></tD>
<TD><hr size="2" color=black></tD>
<TD><hr size="2" color=black></tD></tr>
</TABLE>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-60</font></p>
<p style="page-break-before:always">
<br>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred tax assets
(liabilities) under US GAAP are summarized as follows at December 31 of each year: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Property, plant and equipment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(20,830,550)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(20,770,302)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(17,914,792)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Employee severance indemnities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(86,736)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investments in other companies</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inventories</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(675,776)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(292,990)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(738,307)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(180,653)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Adjustment on bottles and container deposits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,921,481)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,748,599)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,343,137)</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Gross deferred tax liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(24,166,114)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(22,605,637)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(19,731,572)</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR>
<TD>&nbsp;</tD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accounts receivable</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>950,640&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>791,563&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>750,357&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investments in other companies</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>356,693&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>128,538&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inventories</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>111,705&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,351,207&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>283,343&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tax loss carryforwards</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,734,457&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,627,576&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,274,929&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Less: Valuation allowance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(8,777,557)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,536,564)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,994,953)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Employee severance indemnities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>394,892&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,308&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,910,962&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>978,633&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,270,945&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Gross deferred tax assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,564,601&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,612,949&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,443,124&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net deferred tax assets (liabilities)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(15,601,513)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(18,992,688)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(17,288,448)</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size="2" color=black></tD>
<TD><hr size="2" color=black></tD>
<TD><hr size="2" color=black></tD></tr>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The provision for
income taxes differs from the amount of income taxes determined by applying the
applicable  Chilean  statutory income tax rate of 16.5% in 2003, 16,0% in 2002 and 15% in
2001 to pretax income as a result of the following differences: </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="55%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At statutory Chilean tax rate</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,836,369&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,118,732&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,391,394&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Increase (decrease) in rates resulting from:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Non-deductible expenses</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,824,294&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,602,228&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,881,467&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Non-taxable income</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,405,496)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,925,089)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,075,239)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Tax credits</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(842,139)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(615,714)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(295,859)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;International income tax differences</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,007,902)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,514&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>708,891&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Increase in Chilean tax rates (effect on deferred income taxes)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,888,878&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At effective tax rates</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,405,126&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,208,671&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,499,532&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size="2" color=black></tD>
<TD><hr size="2" color=black></tD>
<TD><hr size="2" color=black></tD></tr>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In  accordance  with
Chilean law, the Company and each of its  subsidiaries  compute and pay income tax on a
separate  return basis and not on a consolidated basis. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Argentine enacted
income tax rate was 35% during the years 2001 to 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain of the Chilean
 subsidiaries have tax loss carryforwards  aggregating ThCh$ 18,212,888 at December 31,
2003 (ThCh$ 9,207,011 in 2002) which have no expiration date.  Additionally,  CCU
Argentina and its  subsidiaries  and Finca La Celia S.A. and subsidiary,  have tax loss
 carryforwards  aggregating  ThCh$  24,578,571 at December 31, 2003 (ThCh$  17,417,938 in
2002) which may be applied to reduce taxable  income in Argentina  during a five-year
 carryforward  period.  These tax losses  resulted in a deferred tax asset for 2003 of
ThCh$ 11,734,457  (ThCh$ 7,627,576  in  2002).  Valuation  allowances  of ThCh$
 8,777,557  in 2003 and  ThCh$  6,536,564  in 2002 were provided against certain of the
deferred tax assets of the Argentine  subsidiaries  because it is currently  expected
that those assets will probably not be realized before they expire. </FONT></P>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-61</font></p>
<p style="page-break-before:always">
<br>


<!-- MARKER FORMAT-SHEET="Times Just Italic" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>d)   Investment
securities</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The book value of
investment  securities  totaled ThCh$ 846,459 at December 31, 2003 and  ThCh$ 211,419 at
December 31, 2002. There was no  significant  difference  between book value and market
value at December 31, 2003 or December 31, 2002 (see  paragraph 1 f) above). All
investment securities are classified as available-for-sale at December 31, 2003 and 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just Italic" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>e)   Fair value</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following  methods
and assumptions were used to estimate the fair value of each class of financial
 instrument at December 31, 2003 and 2002 for which it is practicable to estimate such
value: </FONT></P>

<!-- MARKER FORMAT-SHEET="LI Times Just" FSL="Workstation" -->
<UL><LI><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash<BR>     Cash
is stated at carrying amount, which is equivalent to fair value. </FONT></P></UL>

<!-- MARKER FORMAT-SHEET="LI Times Just" FSL="Workstation" -->
<UL><LI><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Time deposits
and marketable securities<BR>     Fair value of time  deposits  was  determined  using
 rates  currently  available  in the market and the fair value of  marketable
     securities is based on quoted market prices for the marketable securities. </FONT></P></UL>

<!-- MARKER FORMAT-SHEET="LI Times Just" FSL="Workstation" -->
<UL><LI><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investments in
other companies<BR>     Fair value of common stock in companies is based on quoted market
prices for the stock. </FONT></P></UL>

<!-- MARKER FORMAT-SHEET="LI Times Just" FSL="Workstation" -->
<UL><LI><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Securities
purchased under resale agreements<BR>     Fair value of securities  purchased under
resale  agreement  included in Other current assets was determined  using interest rates
     currently offered for similar financial instruments. </FONT></P></UL>

<!-- MARKER FORMAT-SHEET="LI Times Just" FSL="Workstation" -->
<UL><LI><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bank
borrowings and bonds payable<BR>     Fair value of bank  borrowings  and bonds  payable
was  estimated  using the interest  rate that the Company would pay for similar
     loans. </FONT></P></UL>

<!-- MARKER FORMAT-SHEET="LI Times Just" FSL="Workstation" -->
<UL><LI><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial
Instruments<BR>     The fair value of foreign  currency forward exchange  contracts and
swap contracts is based on estimated market  valuations.  Such      values attempt to
approximate  the economic value at the balance sheet date of a position using prices and
rates at the average of      the  estimated  bid and offer for the  respective
 underlying  assets or reference  rates and/or  mathematical  models,  as deemed
     appropriate by the Company. In the absence of sufficient or meaningful market
 information,  such valuations or components thereof      may be theoretical in whole or
in part. </FONT></P></UL>

<!-- MARKER FORMAT-SHEET="LI Times Just" FSL="Workstation" -->
<UL><LI><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deposits on
bottles and containers<BR>     The carrying  value of deposits on bottles and containers
 approximates  the fair value as the carrying value reflects the amounts      that would
be required to settle the obligation. </FONT></P></UL>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-62</font></p>
<p style="page-break-before:always">
<br>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The estimated fair
values of the Company's financial instruments is summarized as follows: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan=2 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>December 31, 2003&nbsp;</FONT></TD>
     <TD colspan=2 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>December 31, 2002&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD colspan=2><hr size=1></tD>
<TD colspan=2><hr size=1></tD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="40%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Assets</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Carrying<BR>amounts&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fair<BR>value&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Carrying<BR>amounts&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fair<BR>value&nbsp;</FONT></TD></TR>
<TR>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><center>
       <FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT>
     </center></TD>
     <TD ALIGN=RIGHT><center>
       <FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT>
     </center></TD>
     <TD ALIGN=RIGHT><center>
       <FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT>
     </center></TD>
     <TD ALIGN=RIGHT><center>
       <FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT>
     </center></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,865,692&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,865,692&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,528,402&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,528,402&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Time deposit and marketable securities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,601,380&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,601,380&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,229,663&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,229,663&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investments in other companies</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,325&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,325&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>768,584&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>768,584&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Securities purchased pursuant to</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;resale agreements</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,128,238&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,128,238&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,634,232&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,634,232&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other current assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59,976&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59,976&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>735,332&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>735,332&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total assets</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66,705,611&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66,705,611&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>94,896,213&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>94,896,213&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Liabilities</FONT></TD></TR>
<TR>
<TD><hr size=1></tD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bank borrowings (short-term)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,812,212&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,665,409&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,412,934&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,804,251&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bonds payable (short-term)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,664,168&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,463,490&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,692,197&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,546,632&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current portion of long-term</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;bank borrowings</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,339,747&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,824,894&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,216,795&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,285,785&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bank borrowings (long-term)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>82,717,705&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>82,774,874&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,632,699&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,464,212&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bonds payable (long-term)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,470,999&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,800,673&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,828,805&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,474,004&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Forward contract</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,008&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,008&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,556&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,556&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Swap contracts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,387,579&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,387,579&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>149,424,418&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>151,948,927&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>71,803,986&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>72,595,440&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size="2" color=black></tD>
<TD><hr size="2" color=black></tD>
<TD><hr size="2" color=black></tD>
<TD><hr size="2" color=black></tD></tr>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Just Italic" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>f)   Concentrations
of credit and other risk</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company has
accounts with a variety of banks and does not hold  significant  deposits with any single
bank.  The Company has a wide customer  base and  trades  with a large  number  of small
 customers.  Consequently,  the  Company  does not  believe  that it has any significant
 concentrations  of credit risk at December  31,  2003.  The  beverage  business  is
highly  competitive  in both Chile and Argentina,  where the Company competes with other
enterprises.  Additionally,  in view of the favorable  long-term economic  conditions in
Chile, other enterprises may be expected to enter the country&#146;s beer, wine and soft drink
markets. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company&#146;s  results
may be materially  adversely  affected from time to time by significant  increases in
advertising  and promotion costs, loss of sales volume,  price discounting,  or a
combination of these and other factors related to the competitive beer, wine and soft
drinks markets in Chile and Argentina. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Just Italic" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>h)   Restructuring
Costs</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During 2000, the
Company  implemented a plan to reorganize and restructure  certain of its business
activities at the Company level and at  certain  subsidiaries.  The  restructuring
 consisted  of a series of  planned  actions,  including  a  reduction  in the number of
employees,  and the closing of plant  facilities.  In  connection  with these  actions,
 the  Company  recorded  restructuring  charges totaling  ThCh$ 3,650,259 in 2001 and
ThCh$ 973,631 in 2002 which were classified as non-operating  expenses. At December 31,
2002, all the restructuring activities related to the 2000 and 2001 programs were
completed and all costs had been paid. </FONT></P>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-63</font></p>
<p style="page-break-before:always">
<br>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The restructuring
charges are summarized as follows: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="70%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003&nbsp;</FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ThCh$&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Employee severance indemnities paid by CCU Argentina</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>423,360&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Employee severance indemnities for corporate restructuring</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>550,271&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size=1></tD>
<TD><hr size=1></tD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>973,631&nbsp;</FONT></TD></TR>
<TR>
<TD></tD>
<TD><hr size="2" color=black></tD>
<TD><hr size="2" color=black></tD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Just Italic" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>i)  <I> Derivative
instruments and hedging activities</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The  Company&#146;s
 activities  expose it to a variety  of market  risks,  including  risks  related  to the
 effects of changes in foreign currency  exchange rates and interest  rates.  These
 financial  exposures are monitored and managed by the Company as an integral part of its
overall risk management  program.  The Company&#146;s risk management  program focuses on the
 unpredictability  of financial markets and seeks to reduce the potentially adverse
effects that the volatility of these markets may have on its operating results. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At December 31, 2003,
the Company had six  cross-currency  interest-rate swap agreements (US dollar to Chilean
peso) to buy and sell US dollars for a notional  amount of US$  96,110,000.  These
 contracts  were  obtained to protect the Company from  foreign  exchange and
interest-rate risk with respect to long-term bank debt denominated in US dollars. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At December 31, 2003,
 the Company has three  derivative  contracts  consisting of forward  contracts to sell
US dollars for a notional amount of US$  25,900,000  maturing in January  2004.  At
December 31, 2002,  the Company had two  derivative  contracts  consisting of forward
 contracts to sell US dollars for a total notional  amount of US$ 12,500,000  (three
 contracts with a total notional amount of US$ 42,000,000  at December 31, 2001).  In
addition,  at December 31, 2002, the Company had three  derivative  contracts  consisting
of forward  contracts to buy US dollars for a notional  amount of  US$ 9,500,000.  No
contracts to purchase US dollars existed at December 31, 2001.  These forward  contracts
were obtained to protect the Company from foreign  exchange risk with respect to mutual
fund shares and trade accounts receivable denominated in US dollars. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As  described  further
in Note 1 p) at  December  31,  2003,  2002 and 2001,  the forward  contracts,  and at
December  31,  2003,  the cross-currency  interest-rate  swap  contracts  designated  as
 hedges  for  Chilean  GAAP  purposes,  did not meet  the  documentation requirements to
be designated as hedges under US GAAP. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.   Recent accounting
pronouncements </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Effective January 1,
2003, the Company adopted SFAS No. 146,  &#147;Accounting for Costs Associated with Exit or
Disposal  Activities&#148; (SFAS 146), which addresses  financial  accounting and reporting
for costs associated with exit or disposal activities and nullifies Emerging Issues Task
Force (EITF) Issue No. 94-3,  &#147;Liability  Recognition for Certain Employees Termination
Benefits and Other costs to Exit an Activity  (including  Certain Costs Incurred in a
 Restructuring)&#148;.  The adoption of SFAS No. 146 did not have a material effect on the
Company&#146;s consolidated financial position, results of operation or cash flows. </FONT></P>

<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-64</font></p>
<p style="page-break-before:always">
<br>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Effective January 1,
2003, the Company adopted FASB  Interpretation  No. 45,  &#147;Guarantor&#146;s  Accounting and
Disclosure  Requirements for Guarantees,  Including  Indirect  Guarantees of
 Indebtedness of Others&#148; (&#147;FIN 45&#148;). FIN 45 requires that upon issuance of a guarantee,
the Company must  disclose  and may be required to recognize a liability  for the fair
value of the  obligation  it assumes  under that guarantee.  The initial  recognition
 and  measurement  requirement  of FIN 45 is effective  for  guarantees  issued or
modified  after December 31, 2002. The adoption of FIN 45 did not have a material  effect
on the Company&#146;s  consolidated  financial  position,  results of operation or cash flows. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Effective  February 1,
2003, the Company  adopted FASB  Interpretation  No. 46,  &#147;Consolidation  of Variable
 Interest  Entities&#148; (&#147;FIN 46&#148;). FIN 46 (an  interpretation  of ARB 51) has recently
 introduced a new  consolidation  model focused on  identifying  entities for which a
controlling  financial  interest is achieved  through means other that voting  rights.
 Under this  interpretation,  a variable interest entity must be consolidated  if certain
 consolidation  requirements  are met. An enterprise  should  consolidate an entity if
that enterprise has a variable interest in the entity that will absorb a majority of the
entity&#146;s  expected losses,  receive a majority of the  entity&#146;s  expected  residual
 returns,  or both.  FIN 46,  as revised by FIN 46R,  was  effective  on  February 1,
2003 for new transactions  and is effective for  reporting  periods  after March 15, 2004
for  transactions  entered into prior to February 1, 2003. The Company has not entered
into any new  transactions  subject to FIN 46 since  February 1, 2003. The impact of the
adoption of FIN 46 on transactions prior to February 1, 2003 in not expected to have a
material effect on the Company&#146;s  consolidated  financial position, results of operations
or cash flows. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In April 2003,  the
FASB issued SFAS No. 149,  &#147;Amendment of Statement  133 on Derivative  Instruments  and
Hedging  Activities&#148;.  This Statement  amends  and  clarifies  financial  accounting  and
 reporting  for  derivative  instruments,  including  certain  derivative instruments
 embedded in other contracts  (collectively  referred to as  derivatives)  and for
hedging  activities  under SFAS No. 133, &#147;Accounting  for Derivative  Instruments and
Hedging  Activities&#148;.  The Company adopted the provisions of SFAS No. 149 on July 1,
2003, which did not have a material effect on the Company&#146;s consolidated financial
position, results of operation or cash flows. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In May 2003, the FASB
issued SFAS No. 150,  &#147;Accounting for Certain Financial  Instruments with Characteristics
of both Liabilities and Equity&#148;.  This  Statement  establishes  standards  of  how an
 issuer  classifies  and  measures  certain  financial  instruments  with characteristics
 of both  liabilities and equity.  It requires that an issuer classify a financial
 instrument that is within its scope as a liability (or an asset in some  circumstances).
 This  Statement is effective for financial  instruments  entered into or modified after
May 31, 2003,  and  otherwise is effective  July 1, 2003.  The Company  adopted the
 provisions  of SFAS No. 150 on July 1, 2003, which did not have a material effect on the
Company&#146;s consolidated financial position, results of operation or cash flows. </FONT></P>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">F-65</font></p>
<p style="page-break-before:always">
<br>




<!-- MARKER FORMAT-SHEET="times center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Report of Independent
Registered Public Accounting Firm
on
Financial Statement Schedules</B> </FONT> </P>



<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To the Board of
Directors <BR>  of Compa&#241;ia Cervecerias Unidas S.A: </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
  Our audits of the consolidated financial statements referred to in our report dated January 29, 2004
  appearing in the 2003 Form 20-F also include an audit of the financial statement schedules listed in
  Schedule II of this Form 20-F.  In our opinion, this financial statement schedule presents fairly, in all
  material respects, the information set forth therein when read in conjunction with the related
  consolidated financial statements.</FONT></P>



<!-- MARKER FORMAT-SHEET="times just" FSL="Workstation" -->
<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
PricewaterhouseCoopers LLP<BR>
Santiago, Chile <BR>
 June 24, 2004 </FONT></P>



<p style="page-break-before:always">
<!-- MARKER FORMAT-SHEET="Times justify bold" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Schedule II
Valuation and Qualifying Accounts and Reserves</B></FONT>
  <!-- MARKER FORMAT-SHEET="Times justify" FSL="Workstation" -->
</P>



<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Figures in million of
Chilean pesos as of December 31, 2003 </FONT></P>







<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD  ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD  ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD  ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additions</FONT></TD>
     <TD  ALIGN="CENTER" COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deductions</FONT></TD>
     <TD  ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<tr>
     <td>&nbsp;</td>
     <td>&nbsp;</td>
     <td><hr size=1></td>
     <td colspan=3><hr size=1></td>
     <td>&nbsp;</td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT width=16% valign=top><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description</FONT></TD>
     <TD ALIGN="CENTER" width=14%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance at <BR>begging of period</FONT></TD>
     <TD ALIGN="CENTER" width=14%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Charges to costs and expenses</FONT></TD>
     <TD ALIGN="CENTER" width=14%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inventories <BR>write-offs</FONT></TD>
     <TD ALIGN="CENTER" width=14%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bad debts <BR>write-offs</FONT></TD>
     <TD ALIGN="CENTER" width=14%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Price level <BR>restatement</FONT></TD>
     <TD ALIGN="CENTER" width=14%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance at end <BR>of period</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2001</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Doubtful accounts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,758&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,378&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,174)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(233)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,728&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inventory accruals</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>721&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>152&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(142)</FONT></TD>
     <td>&nbsp;</td>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>783&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2002</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Doubtful accounts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,728&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,085&nbsp;</FONT></TD>
     <td>&nbsp;</td>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,778)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(485)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,551&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inventory accruals</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>783&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>111&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(68)</FONT></TD>
     <td>&nbsp;</td>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>857&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2003</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Doubtful accounts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,551&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,598&nbsp;</FONT></TD>
     <td>&nbsp;</td>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,736)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(105)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,309&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inventory accruals</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>857&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(210)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>656&nbsp;</FONT></TD></TR>
</TABLE>






</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>nox.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 nox.gif
M1TE&.#EA$0`2`)$``````/_______P```"'Y!`$```(`+``````1`!(```(C
EC(^IR^`/X0$,47-KR+ERC4W@)H*?66JGFGIM\RY<1#OCK14`.S\_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>partecpg46.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 partecpg46.gif
M1TE&.#EAP0$:`9$``````/___P@("/___R'Y!`$```,`+`````#!`1H!``+_
MC(^IR^T/HYRTVHNSWKS[#X;B2);FB:;JRK;N"\?R3-?VC>?ZSO?^#PP*A\2B
M\8A,*I?,IO,)C4JGU*KUBLUJM]RN]PL.B\?DLOF,3JO7[+;[#?<*Y@)1'7%W
MT`_Y2!_5]_?WL(?74!B`B)@X&.>X$AC2J,=G,,EP:9<PQY>Y66DYF5<WF@A*
M^IC:$GG7RA@XVLJI&#HH.(MJ&OJJ*[NK4+C(6(L7VYFK^VGJN5Q9ZJH:#6B(
M6FUYW8N-#0U=7)H-GLN]C9EL".[<?([<J7RHC<RI+4VOF6[-'=P>3E[.C_Y/
MECQOOT[-:Q9/'KMS!]T].T:'6;V)%%@A_`<J74"'__W&J?,H:EXD@!=!FOO6
M,&.R>`PINMP0,:-'7KT4=AQ(<%<L8\-H[MRT1UA/<P%I`16D,J+`8^Y>.A4B
ML4K4ED^K7IDJ!:O5K5R[>OT*-JS8L63+FCV+-JW:M6S;NGT+-Z[<N73KVKV+
M-Z_>O7S[^OT+.+#@P80+&SZ,.+'BQ8P;.WX,.;+DR90K6[Z,.;/FS9P[>_X,
M.K3HT:1+FSZ-.C4-I:Q;NWX-.S9L$+)KV[Z-._=KU3FTUO#M3PQPWB.&K^9@
M/$IRXAV6STCN_$ETYABFRS!NO4EVZA.VO\".QCMW".)792B/!/WXX$G`GU&_
M'A@3]V;@QZ=ZA'X9^_=3%O_13P9__0EH`H!C$!@?@B08*%Q_*0"W4`P,AJ'@
M>+>$%"%R(;U377@.3B.3>42ILX!^**E4X@7Z:,1>4]U]>,)('UVCR%(%X>0B
M-1RJR)!O/K*((D?X^0%C@3WRXTJ2-"XYXCY'IMAAB`.1,B5(-E*ECR_*!(,+
MCCL6:0\\2-(8%)/]?/F*E_X1"9%-,RHY3C<'P4G2-W)&52%W(YFDI$%];HB4
M?R:VR2257=8BCHMTQO1D/GB"N>!1-B;*2SY.EOA0,?)%"0]2?1:Z#D>+!A?G
MFCE"VMQ\YQV9Y3:SN$II3G32U.92C'J2)W6YTK;J>ZB&V5ZO]?TJB:J<[D<L
MKTO_3`C&KL0YZP&S7T"K&K7("8MLLM$:RZ.OVJ:Z++8!?@NN$M+*0>ZUX1X[
M;KHPF:N!M3?(FQJ]%2QG[W/N1ILO(='U"P/`J.E&<,&M*6ND#P+O:RH.!C\,
M<<2L,:QPNQ37L[`*&5\,Q,8Q<CR1QR6(#'(/)`-;<C0G(YRR-"M_\'++O741
ML\P.<U&SS?-ND;/.-O1\K\\A:P&TT/IB4;311TNE]-!,-XWQTU#3DS2:4Z=2
M-917.\$HK4PYR4S6ITKZ=4XW;OWQDV)F\R@4$@5ZDD$DHEW<IG%WU*36VK&I
M]DKDB&VA47>OE&&+Z_H[95(R%4ZW/2>>2"9YTEG0C8RV_PS5>-U^AZACWD&F
MU^WC*,::>;F5]STC)=SR?3KG&@'.W")&"<,3(8=WA]/L.-9>>K#P]NXTZ,`'
M;P3LP[N0L_''BUC\\A3%K+SS++P<O?20$%&]]1H/D;WV#W+O/?$5AR_^#MV3
M#Z+)Z#\__OI1J^_^^^;'7_[/]+,_\_WU7Z<__COW+[_?`'!_WQD@`9EG0*H=
M)X$'3-OY&%@<I7Q'31",@P211\$*PD$H&N.@!C>8*P]^<(,!&V%^)(;"%*I0
M-M59H0M?"$/;M#"&!U,1#6O(OP;J32P_0J`$%`2M!Z:/;V7!2@83]L,)EM`I
M;4-+$PM(1.1)\2E/-$L5?6BUZ?]-D8E)5,O;EJ:Z)6J1BEU,RQ=S:#L);?$E
M5RQB%->8Q>MA48<-:01\1&@XSXE+<F_<(1SS*,<Q<C&*$;ICPTYU.7:5,8V,
M%&,8H2A(-BX2(0K)G96TQ,$_$:,GM*M4)1%5I8D-A4NOZJ/='!G'[<TQ@(_D
M":4TN2?/Q>13;!-)+6\IIY+@#4B/3*4J&_G'(;KDB:)\99EJ@BBBN,F8MHS;
MGXY9N5>]$E9Z'-(I(=G+52)1DD1T)48`PHY+:/)UX,1EJ,8TS3=-$I"!S&8D
M?WE(/A8(C_':$#N%Y*=.V2J4LN1GC<[T)EO=Y%"C)%,IY>G.EMR*G@D=F]>J
M&30?B@S_<M=DT^7$N4XW(E0^*&%)MX#).<9]M)W+<!.M@E+*2M8NDXIS%3%0
MJE(_\M*:%=4H2#OG-SL=T:'6?,8%1TE07T:J<TDR"3EA:;L+E6IN3`5&(O/6
M1K*<46NGNQ7E3&DG<Y)$J)HC9TE7Q$ES+O0=@1)(HGZ"N1W^E*<TY:$ITU35
M3E4$J_G\:C0W^CVB1@Y+ZFPJ5)4)I''*Z)RN8^OG\#DZB-X34W?28RX=ZIRI
MVBVNS7QK3^NZ$+@MMJN@HF9-+!6.H/I1IV<UE*$.D:E+Q1.B%-7L55]DIL,"
M=+*&Q:M,`6M5@\[5MIOTR2:OQ%64S0\J&1622<M4(^"F2;6C_[.)E@@+)5(N
M][4W?>=FMPG/X1+7LJ#4JC7ZZM3.*FI)I-MJHRJ[V^J2]+HC"R8KN9JI:9[5
MI4")[347U4G'RDVYQ:TM=MD[5.O2D;5'_9M6YS1.49'WK_K%VV.YN]KV\C:[
M>1WDA$,:S>_NTQ:@5>8R/[([4Q6S2X-M:%LK;&)AHGB8_2V68GD&X;2I=\4T
M'C"!=HJN"]>XINM5L8W7(EEL!E?"`GXO@+D29/?Z-\`]-O)MW1IC(L_8QU1V
M68O!$E4*'UFX.U89;,]B1%2F^+^0$.+(C&CFGVFE0CC6E#;+?,,XRWDW-IRS
MG>^LFQG:6<]S?D.:.1NRB;+ESR[VG__""*U=+QL:?F]!=+E<YK$V6]'*"NR8
M723M+55@6D*.QA[6%/V#3C?/$:(>*0\V[992?QF$H5:U\/Q,:DL/QM53'M:A
M#4/K(5-H8[G>6QMZS>-Y`=O7:QAV04[M&&._F&:MAHRQA\WKR:`::>')V+0)
MT^M<1QLSVMZ/M95--%LWJ'V;<76IOPT:57?ZVAT<S;F;16[1B!K1"V.W7&2'
MB2H%B5ZR\U*_97OB5:CIGQ&V-Y5AX6\N`=PJ.J7J+8,MR-:MC99C#B3<YGOE
MZXBBQ`JU+Y8_8<<MR?)FFYNXQ[><W?@JUN`RYJALR[IL-N+;J?K&E;PD7O*#
MZAB5#4^RL.7_V36(M`/<`:9HR?>*\C")KHYI?;(::>XIC"*[CU)W!M$19G31
M/7CA+5\Z;AN6+USIM;[FFTK(V5/>KG34X5[5=:'7!G?Q)EW*?2MOO2-Z]*.G
M7>VYVU+?C^UV?B7W%"$&O-,%KCO+P>+4/>PM6N6:;&HKA]'$ZA[L!,9RWF1/
M;)EG,KFJES7,7QW)5*@:P#J_'N45#?5O!QGK[>>[WHQ>JFY+S^F5QOG\E!UJ
MH1]U_J9F>NSUZ_7)2MK);I^YU0>!^,V9_;U_%V_8#Z]GVW:8\R_]:ATP7UW6
MJQGFM7]]O6R?S`O\N?M6%O:PZ^_X)#?_^@\==$[_'H!;?T[\X4FM_\4S\/Z_
M8:@=3,II];=^_J=$&$2`,<)_]+=6[0=GXW<O">@\>":!$TB!*@1\X4<T&`AE
MI:&!7]&!..,S'\AL-B."($B"FG>"U9*"];*"`]."IU&"9'0S(J5E\"8SD=5Y
MWX4XGL=(3Q5S`_=F^X(O7%=H^;=P9C<G,<=]*3.$;@97IY5,*Q)_MR!TCN=*
MTB1=/9)XTY5?+M=D%-.$NX1)(&=?FC435`(JGV(15+54:X@IB-5R)1.&&Q%6
M+V4F7<B%5G=,44AXS[4X!O99AI<4$,AE%Q.&'X9,8Y(Z%W=QF$-+*I=8OX!4
M@P-01L>#'(.#S^4H.X%Q]Y>%>_))=FA04&YX%$5A6@]U(YY290P#1($1@Q96
M@WGQBMS$@C>(@K:H@KA8BRTSBUG0BXMF&K\X8)TAC$[F;B\8C,C(@<IXC"18
MC%/PC,/(;483C5S3-!6(C=FHC;=A0MWHC=\(CN$HCN-(CN5HCN>(CNFHCL11
#```[
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>price.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 price.gif
M1TE&.#EA6`$P`/<``/[^_OW]_?S\_`$!`?KZ^OO[^P("`H2$A$5%100$!`8&
M!@@("`,#`^SL[/;V]K:VM@4%!>WM[?GY^1`0$`<'!X*"@OCX^$%!03X^/O+R
M\NKJZO'Q\0T-#0H*"@D)"3HZ.A$1$1<7%_?W]\G)R0P,##T]/=_?WT9&1O#P
M\.GIZ?7U]5Q<7`X.#C@X./3T]!\?'PL+"S\_/SP\/$A(2%M;6QP<'"DI*104
M%`\/#^/CXQT='8&!@7M[>WIZ>GEY>;^_O_/S\VMK:UY>7D]/3T-#0Z6EI=W=
MW>[N[A(2$KV]O8"`@+.SLT1$1'=W=V5E95965M[>WA@8&!L;&]G9V=K:VNOK
MZZRLK!D9&8:&AB8F)IN;FUE964!`0%A86"`@(.CHZ"TM+;R\O.;FYM#0T,+"
MPG5U=<'!P20D)'AX>,S,S*ZNKN'AX:BHJ&UM;6)B8E-34U%1434U-2$A(145
M%>#@X.3DY!H:&K6UM3,S,\[.SK&QL>?GY^7EY8>'A[JZNI:6EM75U2(B(C8V
M-DE)2=?7UU145&!@8._O[\O+RTQ,3#0T-"4E)4I*2I^?GVQL;-/3T]34U-+2
MTL_/SX6%A8B(B+"PL%]?7ZNKJ[BXN&IJ:J"@H-O;VT='1XJ*BCL[.W-S<W%Q
M<4)"0K>WMTU-33(R,LC(R)F9F3`P,+Z^OB@H*'U]?:2DI(.#@V=G9\7%Q9B8
MF'9V=BXN+I&1D4Y.3EI:6B\O+VEI:</#PU5559"0D&9F9L#`P&AH:"LK*RPL
M+)V=G;2TM*VMK=C8V,?'QRHJ*CDY.8R,C)24E).3D]'1T61D9*:FIFYN;E)2
M4B,C(QX>'E!04)*2DA,3$W)R<IZ>GHF)B2<G)];6UF]O;YR<G$M+2Q86%F%A
M8:*BHC$Q,>+BXE=75W!P<+*RLI>7EZ>GIW1T=,;&QKFYN3<W-Z^OKYJ:FHV-
MC6-C8Z&AH:JJJLW-S:FIJ<3$Q'Q\?-S<W+N[NX^/CWY^?HN+BY65E:.CHXZ.
MCG]_?UU=7<K*R@```/___R'Y!```````+`````!8`3````C_`/\)'$BPH,&#
M"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($.*'$FRI,F3*%.J7,FRI<N7
M,&/*G$FSILV;.'/JW,FSI\^?.X_DJG"@J-$#K'IHV200`-"G/PEE@P/#GU5_
M5SY=6M,4*L-O?]!,.DKVJ(\'72>:Z'"U;5L<&,)XG8M3&`T2;MU>Z=2`;L)N
MV_(*=MMD3T5S>*V">0/GC0P%;:/<\DL99CHO5T%8LJ+'!S2WIBH7I,9AL.FK
M)PI0O'1U#J&!!=+TH'#UQB/1N$\"T=46&Q6"%AJ!L5JK2NY_PDH/.'V:#44M
M5[D(,-AHP=4GTU$Z'0A@.T7O_ZHH_Z-!@Q:-%2O*DZ?AQ,1Q@B;"_#!QI(']
M"%!N-YUV=<(K[M[1X8T_2KQ7AE7+,3>8(!0=<)43"!UHU0TYI`1``-MU9]`&
M.=1!@$("6``>)@I*8]Q[`J'ASP`AV''%%5)X@02$`HUS519F*$3&#6B!YY<%
M+2C(7`<4J6A5$0@MD8!5"P""D(\;`>!#**%@<5`&&+`P@2@'J=`,$=K,4Y`?
M3SS1!#[:6(7$/?H(\006V=WD(WA0$@0`'%8ED(H-Q-1@530"^<&"51WD:!!X
M\6QPZ*(1U6EG0HX^>E`!1%R5H)!N311`(E9)X^1!)MQ@%0=4=-==`!\>&L"J
M!6A($`&H%O]T(92@6(7+0=!9Q<-![EC52G:K^DB)5:3(>M"L%XH0Z402!"!`
MJG8B.R<``CR[K``S6+6%"R)8D,(P8P#Q3QU97&6E0B@8(4%"!`@`@`4(86AJ
M`>M&&P!"!)P*`*P"J,9N`/XF)``"E@XP@`$((WP5`W;8(04.F4HD0*7^O,`'
M0M_,D6<+H5Q0@@PE>/($-?!N5PD&7&!PSC_>_1`.R"T,D8T#`N52`A',\.!#
M#_(H<8)57-!<D#)7&6)0`#_C,(5`E<00@Q4%?:(MG081X`@&%\10@B*)8+-$
MO17E8\@'&'R<B[C>=8)!#.P(35`?&&CSFT(6Q&'5#@CQ1ZP+"#7_\(<0-B"Q
M"!/JH$#0)IU\'$,+NN11D`F#<)$R!IX4LX4^%_\C0!,8G%`.#SWPK`HN2$Z"
M]0<?8\#,,H83=`T/'\CPP1;FW'O0P&V]\(`KB"#23QJB&#($/5.80`<5?_1R
MU40;!&+5(&`71,@$"NH"K0]7&?I/!N`8D-<%%7)Z6@W?%/3%&5<Y8M`NM$%S
M;P,#^G,`<,58E0M#0-@P&",1/.3N0)#H@F!6`*^!N,$JQ1!!05#@"W\XXQ`+
M20$25K2*@VQ"&E<!U$'&$#]_>,\J>'C-/R[A)[?881<$&8%I+O"%[2EO,&@9
MQ6!B<(V!=$-C;6$`-Q1H$-Q=Y0/_(,,T_\HQ#31HX!_7"`(7.#$#6*C+`U:9
MR`B@Z(]J)*0=;5D.`]H!B'3@(D$[L!T[K#*#5%7A"5:9@S*6L0R[.2,"#CB%
M5880C&!8H0?3D*$_Y)"Y@52C+<PH2`#PQ`)$".075^D$02*@`W\H0"X+8>"*
M,E&)?&#@*JH0"#Z&``T>0.L?8E@!'.@X$&$TT!^]`,4EE-!(?]#BB/\0P0>L
MHKZ"S$-4A6`(%$#@#QC,S4ZVN$HL8%F0,2S"*C*PPB/<P02K8.`?Z:A*%-BQ
M#$U<8#DA6,)`7$$;&"`C'6QHQ:#\P047\.$9M%2#&KH1A'#X(`)WL@H_]*")
M+=#&'W"@V2IH4_\+9*#B%R7PQQOB1!`?6H4&_W#$56*0`BN$P"V+D`0#HB@1
M+'JP$D_BA##9(@>A`8`+5OF`T`[HCS8(Q`*SL`HQS#&0+UQ@!?^`0FD,`#6"
M^,$J63C124GA#PAXCQL%@<($C19+/*2/(%7P4Q3JH+F$%(`054G`9/YQ!*/Z
M8Q8"T6,Q/IF&J]34!*EX'C'[80=?3:<!UK"?01!!&UAP9P1L6((>2C&0.WA/
M$07L2BFHZ(__&.0:F!D`&A0ED`@$%`<\X&4-QC`0"=#`*F?HRS^0894K]$\@
M\F#2%^K02`,DX4IRA``*!4)2&$"!#E+PAR*(605!-`(A!O4')?Z!1G__A,(%
MP$`"-\:QI-8L3R*([.D[$+*,WH(`',MI05Z%8!5&W,L!BK`**`2BBE&-H"!&
MN,T4\**`J0*0>B08!D$B08(.T&!)H?BD@Q)PW7_TH2WH<)L9(,,%`EC@"4-@
MAR&$P%]#<`,<89@"6VK`5($PPBJTV)X<_8&&@G1C.2PP@D#>8!5/&(9E`G&0
M/UBP-$*(R@#:+*9U[B`0*HSB4@-X@B3^(0NKG"`#*E#!'B#AE.HR280$"0#!
M_-&%M/QC6&UY+4$PT=OY_<,0+IZ.4\BP)"2HP!76F4`D#@((O'B`K@+)%04V
MH0ZKU*,@D;AP#W=L%39((!;^N'($2'""?^QB_Z*"F<@.K)(*<1DD`OJS"B\R
M815P!.P"0(/7&J)@%7W\(P_W[$%"R``9`A>D`?HS`%H&XJ`9B`(R)>#A/[[0
M2"+<RP@3&$`SK).%UDW6*D9#05D'DP<FVS8[#A"$5>#PCT=0SP!J*$@CK.(,
M114!`E:!AT&2L*0!8.(?[EC2-NA@$%;X8PYB&H,S_,&`(32!8@6RA%48((4:
MU``$0@"`!&1M%01\4B#J\-X$DF&0,%BGS[8;2`,>BD^G;,$J1G9*+I;3@0AH
M(J1V+B84GP&%@03!*HM002>LH@7_D1D&B!`#!@LTQC?\HPBFF<AG_"&$@QR!
M%E<I@1B8ZP]6#.0!;/_Q1QGN-05>)@`5_^"-/SJ`Y8/HPRJ>+D@!?D;3@1P!
MG>U`M#\X$:=Z^",!>A`(#_SQ@4A`S`M]-(95@O"/%+S`*D)XP!V`T0=*1&,#
M4O?'$+93A'M.XM"EH4#-!8*]>@L@?C+(@$%,,,YC_*,)5NG%$0Q"81MD(`?'
M[`49FH(/!>0HI?[81B"\X`4I[.H:$+.*W0N2@M1>]2!&H#<.V`T>I(5463_S
MAR8&(H`85-@"T;`*C8:]I%KP[1]TP(P_`ND$>3K\*C5H0"D,((=#$`(R;OC'
M`>&\H@]*)`+E\D<K#$*%;%E%![\)J#_$\0\4C*.5UN#*/VYA'21HH,K:BK?_
M06!QMU?]PP*`]L<];.@/'6C`%<!&0'8(P%,FJ&8-J57#!JZ^[H'P8D5(D@:#
MP@`_<!#\8!4FIP)ZX#RJU4+T`&S.4"'<<7#^H&AIP$O^H$@&<03'Y`\[```@
MYP_-$#`"00"`9@G_L`Y6\0L%@09U$`#9`@%6X``TN`$I,$)700+L5A"K<!7K
M<!!\('N#`"4!H$=@``1[D%H)$&+_@`7+X0%^<'=6X5:D9SMA-P0L\P-VXP\@
MP%A`1@&M(`8^=CMD!@8$8`H,]@]_X`\V,`\F``(8\`?`-@#U\&X2D0:0X0_(
MX'-A4`:KY@]G\%E?0&]O``K$<!6D,%K_$':"$`"Y_^(/LH!A!]$&S[,#EN@$
MH1$`!^8/&D0`IF<+_Q`&$\4)MG,.2X)1_]`*_B`(!.``=M,!@_</AW"($#!X
M(U`:+[!W.C<(5C$+K!`D5A$**_8/D_`\X%$``64`Y-"$5A$"3&$0.3!!_H`%
M`&!Z_O`)!I$"Y3);VL8`49B-T\8!4U80F95W`3<0>-=^-V@0FT!O%7`0FV(5
MIR`"UP!%%+`$CZ`.S6`5%(`DV&(53&").U`&)S!E`E`(>:<$H5`56/%9_W`.
M;5$+X^`VL$5FS?`/_/$``,`)-I`"50!HJP`%4/0"7451$(%QO1@.V+`"-G`I
M#&`)PB`0>?!N;<$!3U`^`_]1>_X`(9289N)5)P(@/FZA:,)G%7Y%!A2P`"P%
M";PD`PI4`+SH"X;S#M9!#2RS`E:!#P(!"%#$`2NV"LL!!H1%$!*@46Z!!(:@
MB_\03/[@`PN45B1P&[@`69=5$'PP3DH@`0NVAP7Q"!!CE;PX`#55$"-`&U+P
M2P)!*5?18SH7>KET$%#P4!#@D`LD!U;A"RZ0!U`T`!Q`D]OP!P*Q`<,A&#'I
M`K6P(FW1`2W`)24H-6VA#1)8D5>A:$IP`7VA!Y)`#_IS!AL0`1###%CP6Q#1
M=H,!`T-P;`.Q:_X0!<Y'`:@(&Z%G13T9"))U$'O@/!2@!&S`!D4`"LA9`5:A
M"RS_,T9,,!T9@#Y14#YA`&Q:"0#,E06OUW9-(!"(8!V.1H$=9Q![@!D<0&C^
M$`+:(Q"JZ`]X``Z%<*"X<`*080,1D`$,.`31,Q"W`!D@-@\0`P&L:5,0D``%
M:)8S(&$%L0Q6$0<J4!`60&[^D`G9*"K^0'4'@0F0X07K6!!BD!BYI`;+80`L
M``.+@#,X%@G4HP"3P`;DP`:RT`3]HP+1!0'*0#W^X`@D^`]6XQ8Q,)9C=A7'
M``!\(`9KL`0[@``*`!F9$`Q5E0#N$%TF^1`2`@.A<`((P`08P`^4,(R2B(;^
MP`1KH#$#\(X$,6]'MS+E$%(461"W0!O/8&H$P09687%T_R`J0K8!Z`,"2\-G
MU@!!\0`9[W@A2F`5)O4/P;`<7M!"(?AEYI<';%$+QV`=#)!TC06,IE&>>^"?
M1F80[^4/-\`'I0!L5^`>!;%T(%`A>N,/4C!Y`R$AB2!^_R":5S&K`V$"B1&)
M!U&KBZ!3!($*>7AV]F`5B0`%FU`%/B(.WB,'<F<0YV2K1H"5_I`*_>,C17!*
M*R@P.V9X:^`+9V!Y.ZD%."`+1(`"VN`)Q]`6$:&)%>8O`!"E!*%A#4:!+/`I
M`E&8MEIPKIF?")$-(#2H`O%O_C`#T%0QEV5US[8&&G!U_R$`)'<&BH`'IY"'
M,K`N/6`5G"`!`+!Q'\`+3N`$RO]0"(:DG#%0`,X7`VH9`8'!`NGP`T2+"KN@
M!,LQ`P"P?U;1!PB!D$P7`/FP'''P>@2!E38`+\+PAP,P"@7(,D-@%>5P$"AJ
M1051!4X*F@8A`I<$B,1$$$LW<]<E0-.8$.1@%2U@M021!)`A!Q%`"/3&"P@1
M`>U0&OZP`H[B0S@@!BK4"YCP"WC1!\FP!66``W2@"_O@?&G:$`TP;2W**#FV
M<3^X!B442"<W45%P@]C@LN=&$`OG#^B@MP,A"A-%"BA0*=A86%<7`BG0LK$@
M+I<P45@C`S*``2TP47:P=U`["@&0`:.9%Y#P#_^G?/]`#5>AMO_P`\!6`R5*
M$.#I#\'_UP"6F8$',0*1ETG?:VX%<0B-)+@"D03)9Q4P4$$:D'Q]4`5?D+]B
M\`-Z$%;4EJ$#D0-.&AJ/\@"]E05U*6\=2`I+.QP#D`T)$7:,:1!V6D;$:!40
M,&D',;TET+H"X4,ZX`"*JK$;T$AP<`UJ<`8*D`:7P`HTZ0\1,5_EQQ`9<(@)
M@)PJZ`\<,%P"L0K>4V?_T).I,*X'T7;<4"?)P!;>``^<:4@"(0)!`@*HX#R@
M:0$$\P'GJ`'4$P+VX9_8@!RE,0%%<`MF0`;`,`D-$`#6F$D:<(@9NQVO@'/B
M%Y1_(J7U4U('$;=S4'#HR@L^$@_`AB0#L0G25UDY(`D)D@!(_S`!C.RDJ`D!
MWC400(`^_I!)CT*!MKHTNG85X_`/4T`]#$!B"(%D)8<0%$@+3I$"@>$/+4#$
M!9'#HV"P'[QC3!``2T<,#A`J_N`)```=`P`,_\"+`/L0(A!<!B#("\&4_K``
MXO4/.=!*3/!Z$O($]Z*H_C`![466T[&)EKQ6D($$]8-5`U&$:08-!J`#AD&Q
M_I`/!:$!$-,!8]``06`)EH!"#S!1UM"]!"$&Z.0/@DP.RT$!-<5G/"9^&7":
M$)`C`4"WQ.#*_Q`).'0_`$"WY5D0?!8"S":)&:`%/&45:C`"']`"Q:`(IU#2
MWA`++`!L&!R+!`&5(YHJVU$*AFL50O\V$(=PFKO\(4O@/2"P@U6SA7Y5$`(@
M?;G[#W_$J?`XE_ZP#_!J%=AX0!XP#"I@-^H*4OYP#(20&,+9$%-0*URHR0NA
M!]X3`KSZ#W%L%>L'`/?F#U08C5-8$*+0!2YP!&DU`-1'$$`P'5!`:`:P',XQ
MS@>6(,KP#Q)@5'E;$`XP2Z)G$!IV`08[#%"D`%]["`S8`@X0`.DWG_M\=0LP
MC'XPAZ,W$"J0?H9@.[F01G3Z#WHP*.MW$%^`IDI0`+(]V[,M`2;P#LF7T`<1
M#'DRF-4G`Q5F%8@[$!9`-/Y@!_T@$-^;!6]+$$90%0P0#P4A=WO02`.`O47I
M09V`J).%S^/_2(96D0T`0#%,;732P`M41`2`=BDP_!!WT$S+J7T+T6+^``8Z
MY0#`&`4-(`)HY@^[(A#.9JM:X`(98`9=T`%`A`A4U`R?``J@L`*,T`H*=`C/
M&PAO*[!6X0'7E:T#4$$ZEWYN61#:]J0'`0^$HA\L=A65T#PK$MJSJVZ:[)Y6
M40-+(``-``P[Y@1\XQ2ND'*)@`I4X`K<8!U,T-P$H5`[R1!"J0X'00!ILD=)
M(``I$`QM&P2;H#\#$`Z/X`!IL-8WX`I-$8)QD%<%P1H>1`,-'@Y/P`GE``!D
M`&>Y-A`9\%@55@DY4``FD`O4LP!RX2I"33`&@`F'<'6HE`,B$+9Y__$!O;6Y
M"W$/XVN[#`$`%.8/1$!0P552YL#)!%&,BI%G+/`?O3(8'^`4+F!5_L"GI+>)
M_C#8*N0/WJ!IX[S68T<0&X#33FL0/>E^\F9YOG`)>&$`P5`00!8';M,`Z*H`
MZ#"^_K`%GP0`FWH5-,D$E^7!Z&J5"\$,5Z&B!W$(^]A++4#H_O#%_X`(X]L!
ML0!GBM#,_Y`_5N$&CG+4`U2]&9[:L=0&6GT%@D!O(%#3LBD-=4`'&.@/%[`&
M`L`#5\`"'!`(]5P-[`T1-)"'VKX0`:`.:``+W2!^#D`):.`#?5`).],##"L0
M6.`,.?H"3O`I1@`,#[#R*W\'G5`&KY`=2O^-`P7W*E:]`(SU`V70!*QJ$/$`
M"TV0#23(!U>P(G$>HD"O!>)7!$W`,SRP)!R0!@7!#;92$!LP"3+P03>`!Z:@
M&N#A`,BPA95E"V(H$#L@R@-!#Q.4N@SA!_>$!Q$Z$!H0!'_(`<5P]/\`"+90
M`TL"`S(`"C@I$"H0!G>P!"!Z$)!P!RS/\L90#L)&!<!P!W[0[`*Q"V[@!0R9
MKIG`6`N!.UY@!%:@TE;Q`NM@!'1@!%0P!6&`!=*XU0LA`1WM#^%P$GL0!A]=
M]@\!`(AG<8)46T.`K!%!!P]UPZ2G`G4@RP:QNC,7DZ*=?-H`)1;@"N1P#D8`
M00F!`N(`#.*P!(C_*0'HL`C1*Q!I<$K&T!`18'D>`.8)00>H4`D/``GZ3!!K
M,`R7$`EQCQ(YD`=J(`ZB`!`:_@TD6+!@@1/^&&P#X<_A0W]S$L%Y4X(!Q(<&
M-18T0>*AK(TA18XD6;(@`%-<0OG9N"S&B7<F1XZ`X,\`@BY/P%V(I:N`22VV
M;!DC4%!"'Z&:9"XMF.RB''M_++%P&"2`20()'79AVM7K5[`%"5S`6-9LV:7T
M'B[($_8K`+A@`8R\ZG9@M+/^:)B<ZW9NW)%___4="(32,XQ2L`A8BBJ!0P4_
M0O9%)6B$2+B$[8:-J[FDA!AY'0X8X(_TV:58U@+:W-IUZS1WDLR>[4>+W"S)
MKW5OW(2F6:$MW:`,]+RQ;YN'8,:$/(*%Q!6!NZ6##2?:>ND+2[L\?/%E^G?P
MX<5/[ZO"S4,;YGX2_*9)D,,5X^6'A#3!NO4'2Z4]?%-\_G\``QPO`%T>H@`=
M>QXXAH8:'D+G%@$!7&6!^\Z:A2F(<(EP0PX[].L?$72A\*P0]FG`0_G(6:1"
MC,JH@ZD*8K1G"11KM/%&C?)@!*-81C'%!!S%TP`>'Y2(\4@D8V1%E1W."?))
H**.4<DHJJ[3R2BRSU')++KOT\DLPPQ1S3#++-/-,---4<\T;`P(`.S\_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>x.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 x.gif
M1TE&.#EA$0`2`)$``````/_______P```"'Y!`$```(`+``````1`!(```(R
MC(^IR^`/X0$,47.OQ3,\ZWB=%Y+9:'[<BJFLEFYOA&:EJE&N*:ZPCZKD(L12
'Y8@\%```.S\_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>6
<FILENAME>exhibit21.htm
<DESCRIPTION>EXHIBIT 2.1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><a href="ccu_form20f.htm#content">Table of Contents</a></FONT></P>
<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>EXECUTION COPY</B> </FONT></P>
<BR>
<BR>
<BR>
<BR>

<HR SIZE=1>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$135,000,000</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CREDIT AGREEMENT</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>among</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE CAYMAN ISLANDS BRANCH OF<BR>
COMPA&Ntilde;&Iacute;A CERVECER&Iacute;AS UNIDAS S.A.,</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>as Borrower,</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERVECERA CCU CHILE
LIMITADA,<BR>as Guarantor,</FONT></P>
<BR>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VARIOUS LENDING
INSTITUTIONS,</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DEUTSCHE BANK AG,<BR>
NEW YORK BRANCH,<BR>as Administrative Agent,</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DEUTSCHE BANK
SECURITIES INC.<BR>and<BR>BBVA SECURITIES INC.,<BR>as Joint Lead Arrangers and Joint Book Running Managers</FONT></P>
<BR>

<HR SIZE=1 WIDTH=400 ALIGN=CENTER>

<!-- MARKER FORMAT-SHEET="Times Center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated as of May 9, 2003</FONT></P>

<HR SIZE=1 WIDTH=400 ALIGN=CENTER>
<BR>

<HR SIZE=1>
<BR>
<BR>
<BR>



<P STYLE="page-break-after:always">&nbsp;</P>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;CREDIT AGREEMENT,
 dated as of May 9, 2003, among the Borrower (as defined in Section 11), the  Guarantor
 (as defined in Section  11), the lenders  party  hereto from time to time (each,  a &#147;Lender&#148;and,
 collectively,  the &#147;Lenders&#148;),  DEUTSCHE BANK AG, NEW YORK BRANCH,  acting as
administrative  agent in the manner and to the extent described in Section 12 (in such
capacity,  the  &#147;Administrative  Agent&#148;),  and DEUTSCHE BANK  SECURITIES  INC. and BBVA
 SECURITIES  INC.,  as joint lead  arrangers and joint book running managers (in such
capacity,  each, a &#147;Lead Arranger&#148; and, collectively,  the &#147;Lead Arrangers&#148;).
 Capitalized terms used herein shall have the respective meanings ascribed to such terms
in Section 11.</FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>W I T N E S S E T H:</U> </FONT> </P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,  subject to
and upon the terms and conditions  set forth herein,  the Lenders are willing to make
available to the Borrower the credit facility provided for herein;</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, IT IS
AGREED:</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.
<U>Amount and Terms of Credit.</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;1.1 <U>The
Commitments.</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>The
Commitments.</U>Subject to and upon the terms and conditions set forth herein, each
Lender severally (and not jointly) agrees to make a term loan or term loans (each, a
&#147;Loan&#148; and, collectively, the &#147;Loans&#148;) to the Borrower, which Loans (i) may only be
incurred by the Borrower pursuant to up to two Borrowings, with the first such
Borrowing to occur on the Initial Borrowing Date in an aggregate principal amount equal
to at least $97,000,000 and with the second such Borrowing to occur on any Business Day
after the Initial Borrowing Date and on or prior to the Commitment Termination Date,
(ii) shall be denominated in Dollars, (iii) except as otherwise provided in Section
1.5, shall be incurred and maintained as LIBOR Loans, and (iv) shall not exceed for
any Lender at the time of incurrence thereof on any Borrowing Date that aggregate
principal amount which equals the Commitment of such Lender on such Borrowing Date
(before giving effect to any reduction thereof on such date pursuant to Section 2.3(b)). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Notice of
Borrowing.</U> Whenever the Borrower desires to incur Loans pursuant to Section 1.1(a), the
Borrower shall give the Administrative Agent at the Notice Office at least three
Business Days&#146; prior written notice thereof, <U>provided</U> that any such notice shall be
deemed to have been given on a certain day only if given before 11:00 A.M. (New York
time) on such day. Each such written notice (each, a &#147;Notice of Borrowing&#148;) shall,
except as provided in Section 1.5, be irrevocable and shall be given by the Borrower
substantially in the form of Exhibit A, appropriately completed to specify the
aggregate principal amount of the Loans to be incurred pursuant to such Borrowing,
the date of such Borrowing (which shall be a Business Day) and the initial Interest
Period to be applicable thereto. The Administrative Agent shall promptly give each
Lender written notice of the proposed Borrowing, of such Lender&#146;s proportionate share
thereof and of the other matters required to be specified in the Notice of Borrowing. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Disbursement
of Funds</U>.  No later than 12:00 Noon (New York time) on the date specified in each
Notice of Borrowing, each Lender will make available its pro rata share (determined
in accordance with Section 1.2) of each Borrowing requested to be made on such
date. All such amounts shall be made available to the Administrative Agent in
Dollars and in immediately available funds at the Payment Office and the Administrative
Agent will make available to the Borrower, at the bank account in New York to be
designated by the Borrower to the Administrative Agent in the respective Notice
of Borrowing, the aggregate of the amounts so made available by the Lenders in
the type of funds received. Unless the Administrative Agent shall have been notified
by any Lender prior to the respective Borrowing Date that such Lender does not intend
to make available to the Administrative Agent its portion of the Borrowing to be made
on such Borrowing Date, the Administrative Agent may assume that such Lender has made
such amount available to the Administrative Agent on such Borrowing Date and the
Administrative Agent, in reliance upon such assumption, may (but shall not be
obligated to) make available to the Borrower a corresponding amount. If such
corresponding amount is not in fact made available to the Administrative Agent by
such Lender and the Administrative Agent has made the same available to the Borrower,
the Administrative Agent shall be entitled to recover such corresponding amount on
demand from such Lender. If such Lender does not pay such corresponding amount
forthwith upon the Administrative Agent&#146;s demand therefor, the Administrative
Agent shall promptly notify the Borrower, and the Borrower shall immediately pay
such corresponding amount to the Administrative Agent. The Administrative Agent
shall also be entitled to recover on demand from such Lender or the Borrower, as the
case may be, interest on such corresponding amount in respect of each day from
the date such corresponding amount was made available by the Administrative
Agent to the Borrower until the date such corresponding amount is recovered by
the Administrative Agent, at a rate <I>per annum </I>equal to (i) if recovered from such
Lender, the Federal Funds Rate for the first three days and at the interest rate
otherwise applicable to such Loans for each day thereafter and (ii) if recovered
from the Borrower, the rate of interest applicable to the Borrowing as determined
pursuant to Section 1.3. Nothing in this Section 1.1(c) shall be deemed to relieve
any Lender from its obligation to fulfill its commitments hereunder or to prejudice any
rights which the Borrower may have against any Lender as a result of any failure by such
Lender to make its Loans hereunder. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Notes</U>. (i)
The Borrower&#146;s obligation to pay the principal of, and interest on, the Loans made by
each Lender shall be evidenced by one or more promissory notes duly executed and
delivered by the Borrower substantially in the form of Exhibit B, with blanks
appropriately completed in conformity herewith (each a &#147;Note&#148; and, collectively, the
&#147;Notes&#148;). Each Note issued to each Lender shall (A) be executed by the Borrower,
(B) be payable to such Lender or its registered assigns and be dated the Initial
Borrowing Date (or, if issued after the Initial Borrowing Date, be dated the date of
the issuance thereof), (C) be in a stated principal amount equal to the aggregate
amount of Loans made by such Lender on the Initial Borrowing Date (or, if issued
after the Initial Borrowing Date in connection with a subsequent Borrowing of Loans,
be in a stated principal amount equal to the aggregate amount of the Loans made by
such Lender on the relevant date of Borrowing or, if issued on any other date, be in a
stated principal amount equal to the outstanding principal amount of the Loans of
such Lender at such time) and be payable in the outstanding principal amount of the
Loans evidenced thereby (it being understood, <U>however</U>, that a Lender may request
multiple Notes (in amounts designated by such Lender) to evidence its Loans so long
as the aggregate stated principal amounts of all Notes of a Lender equals the amount
otherwise provided above in this sub-clause (C) if such Lender were to receive a single
Note to evidence its Loans), (D) mature on the Final Maturity Date, (E) bear interest
as provided in the appropriate clause of Section 1.3 in respect of LIBOR Loans or, to
the extent applicable, Base Rate Loans, evidenced thereby, (F) be subject to voluntary
prepayment as provided in Section 3.1, and mandatory repayment as provided in
Section 3.2, and (G) be entitled to the benefits of this Agreement and the other Credit
Documents. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Lender
will maintain in accordance with its usual practice an account or accounts evidencing
the indebtedness of the Borrower to such Lender as a result of the Loans of such
Lender, including the amounts of principal, interest and other amounts payable and
paid to such Lender from time to time under this Agreement and the Notes evidencing
such Loans. The entries made by each Lender in such accounts shall constitute
<I>prima facie </I>evidence of the existence and amounts of the Loans and other
Obligations therein recorded; <U>provided</U>, <U>however</U>, that the failure of any Lender to
maintain such account or accounts, or any error therein, shall not in any manner affect
the obligations of the Borrower to repay or pay the Loans made by such Lender,
accrued interest thereon and the other Obligations of the Borrower to such Lender
hereunder in accordance with the terms of this Agreement. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;1.2 <U>Pro Rata
Borrowings</U>. All Borrowings of Loans shall be incurred from the Lenders <I>pro rata </I>on
the basis of their Commitments. It is understood that no Lender shall be responsible
for any failure by any other Lender to make its Loans hereunder and that each
Lender shall be obligated to make the Loans provided to be made by it hereunder,
regardless of the failure of any other Lender to make its Loans. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;1.3 <U>Interest</U>.
(a) The Borrower hereby agrees to pay interest in respect of the unpaid principal
amount of each LIBOR Loan from the date of Borrowing thereof until the earlier of
(x) the maturity (whether by acceleration or otherwise) of such LIBOR Loan and (y) the
conversion of such LIBOR Loan to a Base Rate Loan pursuant to Sections 1.5, at a rate
per annum which shall, during each Interest Period applicable thereto, be equal to
the sum of LIBOR for such Interest Period <U>plus</U> the relevant Applicable Margin as in
effect from time to time during such Interest Period. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower
hereby agrees to pay interest in respect of the unpaid principal amount of each Base
Rate Loan from the date of Borrowing thereof pursuant to Section 1.5 until the earlier
of (x) the maturity (whether by acceleration or otherwise) of such Base Rate Loan and
(y) the reconversion of such Base Rate Loan to a LIBOR Loan pursuant to said
Section 1.5, at a rate per annum which shall, at all times applicable thereto,
be equal to the sum of the Base Rate as in effect from time to time <U>plus</U> the relevant
Applicable Margin as in effect from time to time. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(c)      Following
 the  occurrence  and during the  continuance  of any Default  described  in Sections 9.1
and/or  9.5 and/or the  occurrence  of any Event of  Default,  each Loan shall bear
 interest  at a rate per annum  which is 2% in excess of the rate then  borne by such
 Loan.  To the  extent  permitted  by law,  any other overdue amount payable  hereunder,
 shall in each case,  bear interest at a rate per annum which is 2% in excess of the rate
that would  otherwise  be  applicable  to Base Rate Loans from time to time.  Interest
which accrues under this Section 1.3(c) shall be payable on demand.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(d)      Accrued (and
 theretofore  unpaid)  interest shall be payable (i) in respect of each LIBOR Loan, on
the last day of each Interest  Period  applicable  thereto and, in the case of an
Interest  Period in excess of three  months,  on each date  occurring  at three month
 intervals  after the first day of such  Interest Period,  (ii) in respect of each Base
Rate Loan,  (x) in the event that all  Lenders  have  converted  their LIBOR Loans to
Base Rate Loans  pursuant to Section 1.5,  quarterly  in arrears on the last  Business
Day of each  March,  June,  September  and  December,  and (y) in the event that some,
 but not all,  Lenders  have converted  their  LIBOR  Loans to Base Rate Loans  pursuant
 to Section  1.5,  at the time that  interest is payable in respect of the LIBOR Loans of
which such Base Rate Loans are  considered a part (as  contemplated by the proviso to the
 definition  of  &#147;Borrowing&#148;),  and (iii) in respect of each Loan, on any repayment or
prepayment  of such  Loan  (on the  amount  repaid  or  prepaid),  at  maturity  of such
 Loan  (whether  by acceleration or otherwise) and, after such maturity, on demand.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(e)      Upon each
Interest  Determination  Date, the  Administrative  Agent shall  determine  LIBOR for the
respective  Interest  Period or Interest  Periods and shall  promptly  notify the
 Borrower  and the Lenders thereof.  Each such determination  shall,  absent manifest
error, be final and conclusive and binding on all parties hereto.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;1.4 <U>Interest
Periods</U>. At the time that the Borrower gives any Notice of Borrowing in respect of
the initial incurrence of any LIBOR Loan (in the case of the initial Interest Period
applicable thereto) or prior to 11:00 A.M. (New York time) on the third Business
Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in
the use of any subsequent Interest Period), the Borrower shall have the right to
elect, by giving the Administrative Agent written notice thereof, the interest
period (each, an &#147;Interest Period&#148;) applicable to such LIBOR Loan, which Interest
Period shall, at the option of the Borrower, be a one, two, three or six-month period,
<U>provided</U>, that (in each case): </FONT> </P>

<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;
     all LIBOR Loans comprising a Borrowing shall at all times have the same Interest
Period; </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;
    the initial  Interest  Period for any LIBOR Loan shall  commence on the date of
 Borrowing  of such          LIBOR Loan  (including the date of any conversion  thereto
from a Base Rate Loan) and each Interest          Period  occurring  thereafter in
respect of such LIBOR Loan shall  commence on the day on which the          next
preceding Interest Period applicable thereto expires; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;
   if any  Interest  Period  for a LIBOR  Loan  begins  on a day for  which  there  is no
 numerically          corresponding  day in the calendar month at the end of such
Interest  Period,  such Interest Period          shall end on the last Business Day of
such calendar month; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;
if any Interest Period for a LIBOR Loan would otherwise expire on a day which is
not a Business Day, such Interest Period shall expire on the next succeeding
Business Day; <U>provided</U>, <U>however</U>, that if any Interest Period for a LIBOR
Loan would otherwise expire on a day which is not a Business Day but is a
day of the month after which no further Business Day occurs in such month,
such Interest Period shall expire on the next preceding Business Day; and </FONT> </P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;
no Interest Period other than a one month Interest Period may be selected at
any time when a Default or an Event of Default is then in existence. </FONT> </P></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;If by 11:00 A.M. (New
York time) on the third  Business Day prior to the expiration of any Interest  Period
 applicable to a Borrowing of LIBOR Loans,  the Borrower has failed to elect a new
Interest Period to be  applicable  to such LIBOR Loans as provided  above,  such LIBOR
 Loans shall be  continued  as LIBOR Loans with an Interest  Period of equal length as
the then current  Interest  Period and  effective as of the expiration date of such
current Interest Period.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp; 1.5 <U>Increased
Costs, Illegality, etc. </U>(a) In the event that (x) in the case of clause (i) below, the
Administrative Agent or (y) in the case of clauses (ii) and (iii) below, any Lender,
shall have reasonably determined (which determination shall, absent manifest error, be
final and conclusive and binding upon all parties hereto): </FONT></P>

<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;
     on any Interest  Determination  Date,  that,  by reason of any changes  arising
after the Effective          Date  affecting  the  relevant  interbank  market,  adequate
 and  fair  means  do  not  exist  for          ascertaining  the applicable  interest
rate on the basis provided for in the definition of &#147;LIBOR&#148;;          or </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;
    at any time, that such Lender shall incur increased costs or reductions in the
amounts  received or          receivable  hereunder  with respect to any LIBOR Loan
because of (x) any change since the Effective          Date in any applicable law or
governmental rule, regulation,  order, guideline, or request (whether          or not
having the force of law), or in the  interpretation or administration  thereof and
including          the introduction of any new law or governmental rule, regulation,
 order, guideline or request such          as,  but not  limited  to:  (A) a change in
the basis of  taxation  of payment to any Lender of the          principal  of or
interest on the LIBOR Loans or the Notes or any other  amounts  payable  hereunder
         (except for changes in the rate of tax on, or  determined  by reference  to, the
net income (or any          franchise  tax based on net income) of such  Lender  pursuant
 to the laws of the  jurisdiction  in          which it is organized or in which its
principal  office or applicable  lending office is located or          any subdivision
thereof or therein) or (B) a change in official reserve  requirements,  but, in all
         events,  excluding any reserves  required under  Regulation D to the extent such
reserves have been          included in the computation of LIBOR and/or (y) other
 circumstances  occurring after the Effective          Date affecting such Lender,  the
relevant  interbank LIBOR market or the position of such Lender in          such market;
or </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;
   at any time since the Effective  Date,  that the making or  continuance  of any LIBOR
Loan has been          made (x) unlawful by any law, governmental rule, regulation,
 guideline or order (or would conflict          with any such  governmental  rule,
 regulation,  guideline or order not having the force of law but          with which such
Lender  customarily  complies even though the failure to comply therewith would not
         be unlawful),  or (y) impracticable as a result of a contingency occurring after
the Effective Date          which materially and adversely affects the relevant interbank
LIBOR market; </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>then,  and in any such
 event,  such  Lender (or the  Administrative  Agent in the case of clause (i) above)
shall  promptly  give  notice  to the  Borrower  and,  except  in the  case  of  clause
 (i)  above,  to the Administrative  Agent of such determination  (which notice the
Administrative  Agent shall promptly transmit to each of the other  Lenders).  After  the
 occurrence  of any such  event,  (x) in the case of clause  (i) above,  LIBOR Loans
shall no longer be available and (A) any Notice of Borrowing  given by the Borrower with
respect to LIBOR Loans which have not yet been incurred shall,  at the Borrower&#146;s  option
upon notice to the Administrative  Agent,  either be deemed  rescinded by the Borrower or
converted  into a Notice of Borrowing for Base Rate Loans,  and (B) each  outstanding
 LIBOR Loan shall be deemed  converted  into a Borrowing  of Base Rate Loans,  in each
case until such time as the  Administrative  Agent  notifies  the Borrower and the
Lenders that the circumstances  giving rise to such notice by the  Administrative  Agent
no longer exist (at which  time,  on the third  Business  Day  following  such  notice,
 such Base  Rate  Loans  shall be deemed reconverted  into LIBOR Loans with an Interest
 Period of one month),  (y) in the case of clause (ii) above, the Borrower  shall pay to
such Lender,  within five Business Days after its written demand  therefor,  such
additional  amounts (in the form of an increased rate of, or a different method of
calculating,  interest or otherwise as such Lender in its sole  discretion  shall
 determine) as shall be required to compensate  such Lender for such  increased  costs or
 reductions  in amounts  received or  receivable  hereunder  (a written notice as to the
 additional  amounts  owed to such Lender  prepared in good  faith,  showing in
 reasonable detail the basis for the  calculation  thereof,  submitted  to the  Borrower
 by such Lender  shall,  absent manifest  error,  be final and conclusive and binding
upon all parties hereto) and (z) in the case of clause (iii)  above,  the  Borrower
 shall take one of the  actions  specified  in Section  1.5(b) as  promptly  as possible
and, in any event, within the time period required by law.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(b)      At any time
that any LIBOR Loan is affected by the circumstances  described in Section  1.5(a)(ii),
the Borrower may, and in the case of a LIBOR Loan  affected  pursuant to Section
 1.5(a)(iii),  the Borrower shall,  either (x) if the  affected  LIBOR Loan is then being
made  initially  pursuant  to Section  1.1(a), cancel said Borrowing by giving the
Administrative  Agent telephonic notice (confirmed  promptly in writing) thereof on the
same date that the  Borrower was notified by a Lender or the  Administrative  Agent
 pursuant to Section  1.5(a)(ii) or (iii),  as applicable,  or require the affected
Lender to make its portion of such Borrowing  as a Base  Rate  Loan  upon  notification
 thereof  to the  Administrative  Agent,  or (y) if the affected LIBOR Loan is then
 outstanding,  upon at least three  Business Days&#146; notice to the  Administrative Agent,
 require the  affected  Lender to convert such  affected  LIBOR Loan into a Base Rate
Loan until such time as such Lender notifies the Borrower and the Administrative  Agent
that the circumstances  specified in Section  1.5(a)(ii)  or (iii) giving rise to such
 conversion  no longer exist (at which time,  on the third Business Day following such
notice,  such Base Rate Loan shall be deemed  reconverted  into a LIBOR Loan and having
an Interest  Period  expiring on the last day of the Interest  Period  originally
 applicable  to the Borrowing of the  respective  affected  LIBOR Loan (or, as
 appropriate,  on the last day of the  succeeding Interest  Period or Interest  Periods
 originally  applicable  to the Borrowing of the  respective  affected LIBOR Loan)).</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Lender
determines that after the Effective Date the introduction of or any change in any
applicable law or governmental rule, regulation, guideline, order, directive or
request (whether or not having the force of law) concerning capital adequacy, or any
change in interpretation or administration thereof by the NAIC or any Governmental
Authority, central bank or comparable body will have the effect of increasing the
amount of capital required or expected to be maintained by such Lender or any
corporation controlling such Lender based on the existence of such Lender&#146;s
Commitment hereunder or its obligations hereunder, then the Borrower agrees to pay
to such Lender, within five Business Days after its written demand therefor, such
additional amounts as shall be required to compensate such Lender or such other
corporation for the increased cost to such Lender or such other corporation or the
reduction in the rate of return to such Lender or such other corporation as a
result of such increase of capital. In determining such additional amounts,
each Lender will act reasonably and in good faith and will use averaging and
attribution methods which are reasonable, <U>provided</U> that such Lender&#146;s
determination of compensation owing under this Section 1.5(c) shall, absent
manifest error, be final and conclusive and binding on all the parties hereto. Each
Lender, upon determining that any additional amounts will be payable pursuant to
this Section 1.5(c), will give prompt written notice thereof to the Borrower, which
notice shall show in reasonable detail the basis for calculation of such additional
amounts, although the failure to give any such notice shall not release or diminish the
Borrower&#146;s obligation to pay additional amounts pursuant to this Section 1.5(c). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(d)
Notwithstanding anything to the contrary contained above in this Section 1.5,
unless a Lender gives notice to the Borrower that the Borrower is obligated to pay
any amount under this Section 1.5 within 120 days after the later of (x) the date
such Lender incurs the respective increased costs, reduction in the amounts
received or receivable hereunder or reduction in return of capital or (y) the date
such Lender has actual knowledge of its incurrence of the respective increased costs,
reduction in the amounts received or receivable hereunder or reduction in return of
capital, such Lender only shall be entitled to be compensated for any such amount by
the Borrower pursuant to this Section 1.5 to the extent that any such amounts are
incurred or suffered on or after the date which occurs 120 days prior to such Lender
giving notice to the Borrower that it is obligated to pay the respective amounts
pursuant to this Section 1.5; <U>provided</U>, <U>however</U>, that if the circumstances giving
rise to such claims have a retroactive effect, such 120-day period shall be extended
to include the period of such retroactive effect. This Section 1.5(d) shall have no
applicability to any Section of this Agreement other than to this Section 1.5. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;1.6 <U>Compensation</U>.
The Borrower agrees to compensate each Lender, upon its written request (which
request shall set forth in reasonable detail the basis for requesting and the
calculation of such compensation), for all losses, expenses and liabilities
(including, without limitation, any loss, expense or liability incurred by reason of
the liquidation or reemployment of deposits or other funds required by such Lender to
fund its LIBOR Loans, but excluding any loss of anticipated profits) which such Lender
may sustain: (i) as a result, for any reason (other than a default by such Lender
or the Administrative Agent), of a Borrowing of LIBOR Loans not occurring on a date
specified therefor in a Notice of Borrowing or a notice delivered pursuant to
Section 1.4 (whether or not withdrawn by the Borrower or deemed withdrawn
pursuant to Section 1.5); (ii) as a result of any repayment or prepayment
(including any repayment or prepayment made pursuant to Section 3 or as a result of an
acceleration of the Loans pursuant to Section 9) or as result of the replacement of a
Lender pursuant to Section 1.8 occurring on a date which is not the last day of an
Interest Period with respect thereto; (iii) as a result of any prepayment of its LIBOR
Loans not being made on any date specified in a notice of prepayment given by the
Borrower; or (iv) as a consequence of (x) any other default by the Borrower to repay
its LIBOR Loans when required by the terms of this Agreement or any Note held by such
Lender or (y) any election or conversion made pursuant to Section 1.5(a) or (b). A
Lender&#146;s basis for requesting compensation pursuant to this Section 1.6 and a Lender&#146;s
calculation of the amount thereof, shall, absent manifest error, be final and
conclusive and binding on all parties thereto. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;1.7 <U>Change of
Lending Office</U>. Each Lender agrees that, upon the occurrence of any event giving rise
to the operation of Section 1.5(a)(ii) or (iii), 1.5(c) or 3.4 with respect to such
Lender, it will, if requested by the Borrower, use reasonable efforts (subject to
overall policy considerations of such Lender) to designate another lending office for
any Loan affected by such event; <U>provided</U>, <U>however</U>, that such designation is made on
such terms that, in the sole judgment of such Lender, such Lender and its lending
office suffer no economic, legal or regulatory disadvantage, with the object of
mitigating or avoiding the consequences of the event giving rise to the operation
of such Section. Nothing in this Section 1.7 shall affect or postpone any of the
obligations of the Borrower or the right of any Lender provided in Section 1.5 or
Section 3.4. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;1.8 <U>Replacement
of Lenders</U>. (i) If any Lender becomes a Defaulting Lender, (ii) upon the occurrence
of an event giving rise to the operation of Section 1.5(a)(ii) or (iii), Section
1.5(c) or Section 3.4 with respect to any Lender which results in such Lender charging
to the Borrower increased costs in excess of those being generally charged by the
other Lenders or (iii) in the case of a refusal by a Lender to consent to a proposed
change, waiver, discharge or termination with respect to this Agreement which has
been approved by the Required Lenders as provided in Section 13.12(b), the Borrower
shall have the right, if no Default or Event of Default then exists (or, in the case
of preceding clause (iii), will exist immediately after giving to such replacement),
to replace such Lender (the &#147;Replaced Lender&#148;) with one or more other Eligible
Transferees, none of whom shall constitute a Defaulting Lender at the time of such
replacement (collectively, the &#147;Replacement Lender&#148;) and each of whom shall be
required to be reasonably acceptable to the Administrative Agent, <U>provided </U>that (i) at
the time of any replacement pursuant to this Section 1.8, the Replacement Lender
shall enter into one or more Assignment and Assumption Agreements pursuant to
Section 13.4(b) (with all fees payable under said Section 13.4(b) to be paid
by the Replacement Lender) pursuant to which the Replacement Lender shall acquire all
of the Commitment and the outstanding Loans of the Replaced Lender and, in connection
therewith, shall pay to the Replaced Lender in respect thereof an amount equal to the
sum of (I) the principal of, and all accrued and unpaid interest on, the outstanding
Loans of the Replaced Lender, <U>plus</U> (II) all accrued, but theretofore unpaid, Fees
owing to the Replaced Lender and (ii) all obligations of the Borrower due and owing to
the Replaced Lender at such time (other than those specifically described in
clause (i) above in respect of which the assignment purchase price has been, or is
concurrently being, paid) shall be paid in full to such Replaced Lender concurrently
with such replacement. Upon the execution of the respective Assignment and Assumption
Agreement, the payment of amounts referred to in clauses (i) and (ii) above, the
recordation of the assignment on the Register by the Administrative Agent pursuant
to Section 13.18 and, if so requested by the Replacement Lender, delivery to the
Replacement Lender of the appropriate Note or Notes executed by the Borrower, the
Replacement Lender shall become a Lender hereunder and the Replaced Lender shall cease
to constitute a Lender hereunder, except with respect to indemnification provisions
under this Agreement (including, without limitation, Sections 1.5, 1.6, 3.4, 12.8
and 13.1), which shall survive as to such Replaced Lender. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.
<U>Fees; Termination or Reduction of Commitments.</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;2.1 <U>Fees</U>. (a)
The Borrower agrees to pay to the Administrative Agent, for distribution to each
Non-Defaulting Lender, a commitment fee (the &#147;Commitment Fee&#148;) for the period from
and including the Effective Date to but excluding the Commitment Termination Date
(or such earlier date as the Total Commitment has been terminated), computed at a
rate for each day equal to 0.45% <I>per annum</I>, on the daily amount of the Commitment of
such Lender. Accrued Commitment Fees shall be due and payable quarterly in arrears on
(i) the last Business Day of each March, June, September and December and (ii) the
Commitment Termination Date (or such earlier date upon which the Total Commitment is
terminated). </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(b)      The Borrower
 agrees to pay to each Agent,  for its own account,  such fees as have been agreed to,
and that may be agreed to from time to time, between such Agent and the Borrower, when
and as due.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;2.2 <U>Voluntary
Termination or Reduction of Commitments</U>. Upon at least three Business Days&#146; prior
written notice to the Administrative Agent at the Notice Office (which notice the
Administrative Agent shall promptly transmit to each of the Lenders), the Borrower
shall have the right, without premium or penalty, to terminate or partially reduce
the Total Commitment; <U>provided</U> that (x) any such termination or partial reduction
shall apply proportionately and permanently to terminate or reduce the Commitment of
each of the Lenders and (y) any partial reduction pursuant to this Section 2.2 shall
be in the amount of at least $1,000,000. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;2.3 <U>Mandatory
Reduction of Commitments</U>. (a) The Total Commitment shall terminate in its entirety on
May 15, 2003 unless the Initial Borrowing Date shall have occurred on or before such date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(b)      In addition
to any other mandatory  commitment  reductions  pursuant to this Section 2.3, the Total
Commitment  shall (i) be reduced on each Borrowing Date (in each case,  after giving
effect to the making of Loans on each such date) in an amount  equal to the  aggregate
 principal  amount of Loans  incurred on each such date, (ii) terminate in its entirety
(to the extent not  theretofore  terminated) on the earlier of (x) 5:00 P.M.  (New York
time) on the  Commitment  Termination  Date,  whether or not any Loans are  incurred on
such date,  and (y) unless  the  Required  Lenders  otherwise  agree,  the date on which
a Change of Control occurs, and (iii) be reduced from time to time to the extent required
by Section 3.2(e).</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(c)      Any
termination or reduction to the Total Commitment  pursuant to this Section 2.3 shall be
applied proportionately to permanently terminate or reduce, as the case may be, the
Commitment of each Lender.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.
<U>Repayment, Prepayments and Taxes.</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;3.1 <U>Voluntary
Prepayments</U>. The Borrower shall have the right to prepay the Loans, without premium or
penalty, in whole or in part at any time and from time to time on the following terms
and conditions: (i) the Borrower shall give the Administrative Agent prior to 12:00
Noon (New York time) at the Notice Office at least five Business Days&#146; prior written
notice of its intent to prepay Loans (or such shorter notice period as may be
acceptable to the Administrative Agent), the amount of such prepayment and the
specific Borrowing or Borrowings pursuant to which such Loans were made, which
notice the Administrative Agent shall promptly transmit to each of the Lenders;
(ii) each partial prepayment of Loans shall be in an aggregate principal amount of
at least $1,000,000 and in integral multiples of $1,000,000 in excess thereof (or,
in either case, such lesser amount as may be acceptable to the Administrative Agent);
(iii) at the time of any prepayment of any LIBOR Loans pursuant to this Section 3.1
on any day other than the last day of an Interest Period applicable thereto, the
Borrower shall pay the amounts required pursuant to Section 1.6; (iv) each prepayment
of Loans pursuant to this Section 3.1 shall be applied to reduce the then remaining
Scheduled Repayments on a <I>pro rata </I>basis (based on the then remaining unpaid
principal amounts of such Scheduled Repayments after giving effect to all prior
reductions thereto); and (v) each prepayment in respect of Loans made pursuant to a
Borrowing shall be applied <I>pro rata </I>among the Loans of the Lenders comprising such
Borrowing. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;3.2 <U>Mandatory
Prepayments</U>. (a) On each date set forth below, the Borrower shall repay that principal
amount of Loans, to the extent then outstanding, as is set forth opposite such date
(each such repayment, as the same may be reduced as provided in Sections 3.1 and 3.2(e),
a &#147;Scheduled Repayment&#148;): </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=25% ALIGN=RIGHT>&nbsp;</TD>
     <TD WIDTH=20% ALIGN=LEFT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">Scheduled<BR><U>Repayment Date</U> </FONT></TD>
     <TD WIDTH=55% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Amount</U>&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>May 9, 2006</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$27,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 9, 2006</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$27,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>May 9, 2007</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$27,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>November 9, 2007</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$27,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Final Maturity Date</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$27,000,000&nbsp;</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to any
other mandatory repayments or commitment reductions pursuant to this Section 3.2,
within five Business Days after each date on and after the Effective Date upon which
the Borrower or any of its Subsidiaries (other than Vi&#241;a San Pedro S.A. and Compa&#241;&#237;a
Cervecer&#237;as Unidas Argentina S.A.) shall receive any cash proceeds from any Material
Disposition, the Borrower shall prepay outstanding principal of the Loans and/or
apply the same as a mandatory reduction to the Total Commitment in accordance with
Sections 3.2(e) and (f) in an amount equal to the product of (x) 100% of the Net
Disposition Proceeds of such Material Disposition multiplied by (y) a fraction, the
numerator of which is the sum of the aggregate outstanding principal amount of all
Loans and the Total Commitment (in each case as of the date of such Material Disposition
(but determined before giving effect to any repayment of Loans or reductions to the
Total Commitment on such date)) and the denominator of which is the aggregate
outstanding principal amount of the Borrower&#146;s Indebtedness for borrowed money (as
determined on such date (on an unconsolidated basis)); <U>provided</U>, <U>however</U>, that so
long as no Default or Event of Default shall then exist, such proceeds shall not be
required to be so applied within each such five Business Day period to the extent that
the Borrower shall have delivered a certificate to the Administrative Agent within each
such five Business Day period stating that such Net Disposition Proceeds shall
be used or shall be committed to be used (pursuant to a definitive binding agreement
(subject to customary and reasonable closing conditions)) to purchase replacement
assets or other assets (other than working capital) to be used in a Permitted
Business within 270 days following the date of such Material Disposition (which
certificate shall set forth the estimates of the proceeds to be so expended); and
<U>provided further</U>, that if all or any portion of such Net Disposition Proceeds not
required to be applied to the prepayment of outstanding Loans and/or as a reduction
to the Total Commitment is either (A) not so used or committed to be so used (pursuant
to a definitive binding agreement (subject to customary and reasonable closing
conditions)) within 270 days following the date of such Material Disposition or (B) if
committed to be so used (pursuant to a definitive binding agreement (subject to
customary and reasonable closing conditions)) within 270 days following the date of such
Material Disposition and not so used within 15 months following the date of such
Material Disposition, then, in either such case, such unused portion shall be applied
on the date which is 270 days following the date of such Material Disposition in the
case of clause (A) above or the date occurring 15 months following the date of such
Material Disposition in the case of clause (B) above (or such earlier date on which such
binding agreement is terminated) as a mandatory prepayment of principal of
outstanding Loans and/or as a reduction to the Total Commitment as provided in
Sections 3.2(e) and (f). </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition
to any other mandatory repayments or commitment reductions pursuant to this Section
3.2, within 10 days following each date on and after the Effective Date upon which the
Borrower or any of its Subsidiaries (other than Vi&#241;a San Pedro S.A. and Compa&#241;&#237;a
Cervecer&#237;as Unidas Argentina S.A.) shall receive any cash proceeds from any
Material Recovery Event, the Borrower shall prepay outstanding principal of the
Loans and/or apply the same as a mandatory reduction to the Total Commitment
in accordance with Sections 3.2(e) and (f) in an amount equal to the product of (x)
100% of the Net Insurance Proceeds of such Material Recovery Event multiplied by (y) a
fraction, the numerator of which is the sum of the aggregate outstanding principal
amount of all Loans and the Total Commitment (in each case as of the date of such
Material Recovery Event (but determined before giving effect to any repayment of Loans
or reductions to the Total Commitment on such date)) and the denominator of
which is the aggregate outstanding principal amount of the Borrower&#146;s Indebtedness
for borrowed money (as determined on such date (on an unconsolidated basis));
<U>provided</U>, <U>however</U>, that so long as no Default or Event of Default shall then exist,
such proceeds shall not be required to be so applied within each such 10-day period
to the extent that the Borrower shall have delivered a certificate to the
Administrative Agent within each such 10-day period stating that such proceeds
shall be used or shall be committed to be used (pursuant to a definitive binding
agreement (subject to customary and reasonable closing conditions)) to replace or
restore any properties or assets in respect of which such Net Insurance Proceeds were
paid within 270 days following the date of the receipt of such proceeds (which
certificate shall set forth the estimates of the proceeds to be so expended); and
<U>provided further</U>, that if all or any portion of such proceeds is either (A) not so used
or committed to be so used (pursuant to a definitive binding agreement (subject
to customary and reasonable closing conditions)) within 270 days following the date of
such receipt or (B) if committed to be so used (pursuant to a definitive binding
agreement (subject to customary and reasonable closing conditions)) within 270 days
following the date of such receipt and not so used within 15 months following the date
of such receipt, then, in either case, such unused portion shall be applied on the date
which is 270 days following the date of such receipt in the case of clause (A) above or
the date occurring 15 months following the date of such receipt in the case of
clause (B) above (or such earlier date on which such binding agreement is
terminated) as a mandatory prepayment of principal of outstanding Loans and/or as a
reduction to the Total Commitment as provided in Sections 3.2(e) and (f). </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(d) In addition
to any other mandatory repayments or commitment reductions pursuant to this Section
3.2, on each date on and after the Effective Date upon which the Borrower and/or the
Guarantor shall make an optional or voluntary prepayment on account of any
Indebtedness of such Person that is <I>pari passu</I> with the Loans, the Borrower shall
prepay outstanding principal of the Loans and/or apply the same as a mandatory
reduction to the Total Commitment in accordance with Sections 3.2(e) and (f) in an
amount equal to 100% of such optional or voluntary prepayment; <U>provided</U>, <U>however</U>,
that so long as no Default or Event of Default shall then exist, the Borrower shall
not be so required to prepay or apply such amounts on such date to the extent that the
relevant optional or voluntary prepayment made on such date was made in connection
with, or pursuant to, (i) revolving credit facilities of the Borrower and/or the
Guarantor incurred solely for the working capital purposes of the Borrower or the
Guarantor, as applicable, (ii) that certain Senior Unsecured Multiple Draw Term
Loan Credit Agreement, dated as of October 25, 1996, among the Borrower, the banks,
financial institutions and other institutional lenders party thereto and Citibank,
N.A., as agent, solely to the extent that such optional or voluntary prepayment is made
with the proceeds of Loans incurred hereunder, (iii) UF-denominated bonds outstanding
as of the Effective Date and issued on September 30, 1994, by the Borrower in
Chile so long as (A) the funds used to make such voluntary or optional prepayment
were obtained from the incurrence of Indebtedness permitted to be incurred
hereunder, (B) the weighted average life to maturity of such Indebtedness is no
less than the weighted average life to maturity of such UF-denominated bonds and (C)
the final maturity date of such Indebtedness so incurred is at least one month
following the Final Maturity Date and (iv) credit facilities of the Borrower
and/or the Guarantor incurred solely for the purpose of financing acquisitions (to the
extent otherwise permitted hereunder) to the extent that the Indebtedness incurred
pursuant to such credit facilities has a maturity within 15 months from the date
of such incurrence (and such Indebtedness is repaid within such 15-month period). </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(e)      Each amount
 required to be applied to outstanding  Loans and/or the Total  Commitment  pursuant to
Sections  3.2(b),  (c) and (d) shall be  applied  (1)  first,  as a  mandatory  repayment
 of  principal  of outstanding  Loans, and (2) second,  to the extent that all
outstanding Loans have been repaid in full or if no Loans are then  outstanding,  to
permanently  reduce the Total  Commitment.  The amount of each principal repayment  of
Loans made as  required by  Sections  3.2(b),  (c) and (d) shall be applied to reduce the
then Scheduled Repayments in inverse order of maturity.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(f) With respect
to each repayment of Loans required by this Section 3.2, the Borrower may designate
the specific Borrowing or Borrowings pursuant to which the relevant Loans to be
repaid were originally made; <U>provided</U> that (i) repayments of LIBOR Loans pursuant
to this Section 3.2 that are made on a day other than the last day of an Interest
Period applicable thereto shall be accompanied by any breakage costs and other
amounts owing to each Lender pursuant to Section 1.6 and (ii) each repayment of Loans
made pursuant to a Borrowing shall be applied <I>pro rata </I>among the Loans of the
Lenders comprising such Borrowing. In the absence of a designation by the Borrower
as described in the preceding sentence, the Administrative Agent shall, subject to the
above, make such designation in its sole discretion. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(g)      In addition
to any other  mandatory  repayments  pursuant to this Section  3.2, the Borrower  shall
repay in full all then  outstanding  Loans on the earlier of (x) the Final  Maturity Date
and (y) unless the Required Lenders agree, on the date on which a Change of Control
occurs.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;3.3 <U>Method and
Place of Payment</U>. Except as otherwise specifically provided herein, all payments under
this Agreement or under any Note shall be made to the Administrative Agent for the
account of the Lender or Lenders entitled thereto not later than 12:00 Noon (New York
time) on the date when due and shall be made in Dollars in immediately available
funds at the Payment Office. Any payments under this Agreement or under any Note that
are made later than 12:00 Noon (New York time) on any day shall be deemed to have
been made on the next succeeding Business Day. Whenever any payment to be made
hereunder or under any Note shall be stated to be due on a day which is not a
Business Day, the due date thereof shall be extended to the next succeeding
Business Day and, with respect to payments of principal, interest shall be payable
during such extension at the applicable rate in effect immediately prior to such
extension. In the event that any actions or operations must be undertaken to obtain
Dollars with respect to the payment of any amount due by the Borrower hereunder or
under any Note, interest shall continue to accrue on such amount until payment is
made to the Administrative Agent&#146;s account in connection with such amount and
otherwise in the manner required hereunder. Nothing in this Agreement shall impair
any of the rights of the Administrative Agent or of the Lenders under this Agreement,
and nothing in this Agreement shall be construed to entitle the Borrower to refuse to
make payments hereunder or under any Note in Dollars for any reason whatsoever
(other than full and final payment indefeasibly in cash in Dollars of all amounts due
hereunder and under the Notes in accordance with the terms hereof and thereof),
including, without limitation, either of the following: (x) the purchase of Dollars
in the Cayman Islands and/or Chile by any means becomes more onerous or burdensome
for the Borrower than as of the Effective Date; or (y) the exchange rate in force
in the Cayman Islands and/or Chile increases significantly from that in effect as of
the Effective Date. All costs, expenses and taxes payable in connection with this
Section 3.3 shall be for the account of the Borrower. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;3.4 <U>Net Payments</U>.
(a) All payments made by any Credit Party hereunder (including any payments made by
the Guarantor pursuant to Section 10) or under any Note will be made without setoff,
counterclaim or other defense. All such payments will be made free and clear of,
and without deduction or withholding for, any present or future taxes, levies,
imposts, duties, fees, assessments or other charges of whatever nature now or
hereafter imposed by any jurisdiction or by any political subdivision or taxing
authority thereof or therein with respect to such payments (but excluding,
except as provided in the second succeeding sentence, any tax imposed on or measured
by the net income (or any franchise tax based on the net income) of a Lender,
pursuant to the laws of the jurisdiction in which it is organized or the
jurisdiction in which the principal office or applicable lending office of such
Lender is located or any subdivision thereof or therein) and all interest, penalties or
similar liabilities with respect thereto (collectively, &#147;Taxes&#148;). If any Taxes are
so levied or imposed, each Credit Party jointly and severally agrees to pay the full
amount of such Taxes, and such additional amounts as may be necessary so that every
payment of all amounts due under this Agreement or under any Note, after withholding
or deduction for or on account of any Taxes, will not be less than the amount
provided for herein or in such Note. If any amounts are payable in respect of Taxes
pursuant to the preceding sentence, each Credit Party shall jointly and severally
be obligated to reimburse each Lender, upon the written request of such Lender, for
taxes imposed on or measured by the net income (or any franchise tax based on the
net income) of such Lender pursuant to the laws of the jurisdiction in which such
Lender is organized or in which the principal office or applicable lending office
of such Lender is located or under the laws of any political subdivision or taxing
authority of any such jurisdiction in which such Lender is organized or in which the
principal office or applicable lending office of such Lender is located and for any
withholding of taxes as such Lender shall determine are payable by, or are
withheld from, such Lender in respect of such amounts so paid to or on behalf of such
Lender pursuant to the preceding sentence and in respect of any amounts paid to or
on behalf of such Lender pursuant to this sentence. Each Credit Party will furnish to
the Administrative Agent within 45 days after the date the payment of any Taxes
is due pursuant to applicable law certified copies of tax receipts evidencing such
payment by such Credit Party. Each Credit Party jointly and severally agrees to
indemnify and hold harmless each Lender, and reimburse such Lender upon its written
request, for the amount of any Taxes so levied or imposed and paid by such Lender. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Credit
Party pays any additional amount under this Section 3.4 to a Lender and such Lender
determines in its sole discretion that it has actually received or realized in
connection therewith any refund or any reduction of, or credit against, its Tax
liabilities in or with respect to the taxable year in which the additional amount is
paid (a &#147;Tax Benefit&#148;), such Lender shall pay to such Credit Party an amount that such
Lender shall, in its sole discretion, determine is equal to the net benefit, after
tax, which was obtained by the Lender in such year as a consequence of such Tax
Benefit; <U>provided, however</U>, that (i) any Lender may determine, in its sole
discretion consistent with the policies of such Lender, whether to seek a Tax
Benefit; (ii) any Taxes that are imposed on a Lender as a result of a disallowance or
reduction (including through the expiration of any tax credit carryover or
carryback of such Lender that otherwise would not have expired) of any Tax Benefit
with respect to which such Lender has made a payment to any Credit Party pursuant
to this Section 3.4(b) shall be treated as a Tax for which such Credit Party is
obligated to indemnify such Lender pursuant to this Section 3.4 without any exclusions
or defenses; (iii) nothing in this Section 3.4(b) shall require any Lender to
disclose any confidential information to any Credit Party (including, without
limitation, its tax returns); and (iv) no Lender shall be required to pay any Credit
Party any amount pursuant to this Section 3.4(b) at any time that a Default or an
Event of Default exists. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(c)      Each Lender
 agrees  that it will use  reasonable  efforts  (consistent  with legal and  regulatory
restrictions  and  subject to overall  policy  considerations  of such  Lender) to file
any  certificate  or document or to furnish any  information  reasonably  requested  by
the Borrower  pursuant to any  applicable treaty,  law or regulation if the making of
such filing or the  furnishing of such  information  would avoid the need for or reduce
the amount of any  additional  amounts  payable by any Credit Party  pursuant to this
Section 3.4 and would not, in the sole judgment of such Lender, be disadvantageous to
such Lender.</FONT></P>


<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.
<U>Conditions Precedent to the Incurrence of Loans on the Initial Borrowing
Date</U>. The obligation of each Lender to make Loans on the Initial Borrowing Date
pursuant to Section 1.1(a) is subject, at the time of the making of such Loans, to
the satisfaction of the following conditions: </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;4.1 <U>Execution of
Agreement; Notes; Amendments to Notes; Irrevocable Power of Attorney</U>.  The Effective
Date shall have occurred and there shall have been delivered to the Administrative
Agent for the account of each Lender the appropriate Note or Notes executed by the
Borrower, in each case, in the amount, maturity and as otherwise provided herein
and unconditionally guaranteed (<I>por aval</I>) by the Guarantor. Together with each Note
executed and delivered by the Borrower, the Borrower shall have executed and
delivered to the Administrative Agent (for the account of each Lender) (i) four
amendments to each Note, executed in blank in the form of Exhibit L, and (ii) the
irrevocable power of attorney relating to each Note in the form of Exhibit M. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;4.2 <U>No Default;
Representations and Warranties</U>.  On the Initial Borrowing Date and also after giving
effect to the incurrence of Loans on such date (i) there shall exist no Default or
Event of Default and (ii) all representations and warranties contained herein and in
the other Credit Documents shall be true and correct in all material respects with the
same effect as though such representations and warranties had been made on and as
of the Initial Borrowing Date (it being understood and agreed that any
representation or warranty which by its terms is made as of a specified date shall be
required to be true and correct in all material respects only as of such specified date). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;4.3 <U>Notice of
Borrowing</U>.  The Administrative Agent shall have received a Notice of Borrowing duly
executed by the Borrower and meeting the requirements of Section 1.1(b). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;4.4 <U>Corporate
Documents; Proceedings</U>. (a) The Administrative Agent shall have received a certificate
from each Credit Party, dated the Initial Borrowing Date, signed by the President or
any Vice President (or, in the case of the Guarantor, an authorized representative)
of such Credit Party, and attested to by a Director or the general manager of such
Credit Party, as applicable, substantially in the form of Exhibit C with
appropriate insertions, together with copies of the certificate or articles
of incorporation, by-laws (<I>estatutos sociales</I>) or equivalent organizational
documents (including, without limitation, any amendments or modifications
thereto) of such Credit Party and the resolutions of such Credit Party referred to in
such certificate and all of the foregoing shall be reasonably satisfactory to the
Agents (acting jointly). </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(b)      All corporate
and legal  proceedings  and all  instruments  and  agreements in connection  with the
transactions   contemplated  by  this  Agreement  and  the  other  Credit   Documents
 shall  be  reasonably satisfactory in form and substance to the Agents (acting jointly),
 and the Administrative  Agent shall have received  all  information  and  copies  of
 all  documents  and  papers,  including  records  of  corporate proceedings,
 governmental  approvals and good standing  certificates,  if any, which the Agents
 reasonably may have requested in connection  therewith,  such documents and papers where
appropriate to be certified by proper corporate or Governmental Authorities.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;4.5 <U>Opinions of
Counsel</U>.  The Administrative Agent shall have received from (i) Vial y Palma Abogados,
special Chilean counsel to the Credit Parties, an opinion addressed to the Agents and
each of the Lenders and dated the Initial Borrowing Date, covering the matters set
forth in Exhibit D and such other matters incident to the transactions contemplated
herein as the Agents may reasonably request, (ii) Milbank, Tweed, Hadley &amp; McCloy
LLP, special New York counsel to the Credit Parties, an opinion addressed to the
Agents and each of the Lenders and dated the Initial Borrowing Date, covering the
matters set forth in Exhibit E and such other matters incident to the transactions
contemplated herein as the Agents may reasonably request, (iii) Maples and Calder,
special Cayman Islands counsel to the Credit Parties, an opinion addressed to the
Agents and each of the Lenders and dated the Initial Borrowing Date, covering the
matters set forth in Exhibit F and such other matters incident to the transactions
contemplated herein as the Agents may reasonably request and (iv) the General Counsel
of the Credit Parties, an opinion addressed to the Agents and each of the Lenders and
dated the Initial Borrowing Date, covering the matters set forth in Exhibit G and such
other matters incident to the transactions contemplated herein as the Agents may
reasonably request. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;4.6 <U>Adverse
Change</U>. (a) Since December 31, 2002, nothing shall have occurred (and no Agent
shall have become aware of any facts or conditions not previously known) which the
Agents (acting jointly) or the Required Lenders shall determine has had, or could
reasonably be expected to have, a Material Adverse Effect. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(b)      There shall
not have occurred and be continuing (i) any material  adverse change in the syndication
market  for  credit  facilities  similar  in nature to the  Loans,  (ii) any  material
 disruption  of, or a material  adverse change in,  financial,  banking or capital
markets  (including,  without  limitation,  the market for debt  instruments  of public
or private  Chilean  issuers in Chile and/or the United States) that could materially
impair the syndication of the Loans or (iii) any material  disruption of political,
 social or economic  conditions  (including the outbreak of hostilities) in Chile or in
the currency  exchange rates or exchange  controls in Chile,  in each case as  determined
 by the Agents  (acting  jointly) in their sole discretion.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;4.7 <U>Governmental
and Other Approvals</U>. All necessary corporate, governmental (domestic and foreign
(including, without limitation, Chilean and Cayman Islands)) and third party approvals
and/or consents in connection with the Loans and the Credit Documents or otherwise
referred to herein or therein shall have been obtained and remain in effect, and all
applicable waiting periods with respect thereto shall have expired without any action
being taken by any competent authority which, in the reasonable judgment of the Agents
(acting jointly) or the Required Lenders, restrains, prevents or imposes
materially adverse conditions upon the Loans or the other transactions
contemplated herein. There shall not exist any statute, rule, regulation,
judgment, order, injunction or other restraint promulgated, enacted, entered, issued
or filed, as the case may be, prohibiting, restricting or otherwise imposing
materially adverse conditions upon the Loans or any of the transactions contemplated
herein, as determined by the Agents (acting jointly) in their reasonable
discretion. The Borrower and the Guarantor shall have made all necessary filings
and registrations with Chilean and Cayman Islands authorities in connection with the
Loans, this Agreement and the matters contemplated herein (including, without
limitation, any filing and registration of this Agreement, the Loans, the Notes
and/or the Guaranty required to be made with the Central Bank of Chile pursuant to
Chapters VIII and X of its Compendium of Foreign Exchange Regulations). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;4.8 <U>Litigation</U>.
There shall be no actions, suits or proceedings (governmental or other) pending or
threatened (i) with respect to the Loans or any Credit Document or (ii) which the Agents
(acting jointly) or the Required Lenders shall determine has had, or could
reasonably be expected to have, a Material Adverse Effect. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;4.9 <U>Projections</U>.
There shall have been delivered to the Agents and the Lenders detailed projected
consolidated financial statements of the Borrower and its Subsidiaries prepared,
approved and certified by the Chief Financial Officer or the Chief Operating Officer
of the Borrower for the period commencing on the Initial Borrowing Date and ending
December 31, 2007 (the &#147;Projections&#148;), which Projections (x) shall reflect the
forecasted consolidated financial condition and income and expenses of the Borrower
and its Subsidiaries (taken as a whole) after giving effect to the Loans and the other
transactions contemplated hereby and (y) shall be satisfactory in form and substance to
the Agents and the Required Lenders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;4.10 <U>Payment of
Fees</U>.  The Borrower shall have paid to each Agent and each Lender all fees, costs and
expenses (including, without limitation, reasonable legal fees and expenses)
payable to such Agent and such Lender to the extent (and in such amounts) then due
(subject, however, to any limitations set forth in the Commitment Letter). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;4.11 <U>Consent
Letter</U>. The Administrative Agent shall have received a letter from CT Corporation
System, presently located at 111 Eighth Avenue, New York, New York 10011,
substantially in the form of Exhibit H, indicating its consent to its appointment by
each Credit Party as their agent to receive service of process as specified in
Section 13.8(a). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;4.12 <U>Solvency
Certificate; Insurance, etc</U>. The Administrative Agent shall have received: </FONT></P>

<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;
     a solvency  certificate in the form of Exhibit I from the Chief Financial  Officer
of the Borrower,          dated the Initial  Borrowing Date, and supporting the
conclusion  that,  after giving effect to the          incurrence of all financings
 contemplated  herein,  the Borrower (on a stand-alone  basis) and the          Borrower
and its  Subsidiaries (on a consolidated  basis),  in each case, (i) are not insolvent
and          will not be rendered insolvent by the indebtedness  incurred in connection
herewith,  (ii) will not          be  left  with  unreasonably  small  capital  with
 which  to  engage  in its or  their  respective          businesses,  (iii) will not
have  incurred  debts beyond its or their  ability to pay such debts as          they
mature and become due and (iv) will not be in  &#147;cesaci&#243;n  de pagos&#148; as such term is
 construed          under Chilean law; and </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;
     evidence of  insurance  complying  with the  requirements  of Section  7.3(ii) for
the business and          properties of the Borrower and its Subsidiaries. </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;4.13 <U>Trading in
Securities; Banking Moratorium</U>. (i) Trading in securities generally on the New York
Stock Exchange, the American Stock Exchange or the principal Chilean or Cayman
Islands stock exchanges shall not have been suspended and minimum or maximum prices
shall not have been established on any such exchange and (ii) a banking moratorium
shall not have been declared by New York, United States, Chilean or Cayman Islands
authorities. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;4.14 <U>Taxes</U>. All
Taxes due and payable, including, without limitation, all stamp and documentary taxes,
to the extent applicable, shall have been paid in full and evidence of such
payment shall have been provided to the Agents. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;4.15 <U><I>Fianza y
Codeuda Solidaria</I></U>. The Guarantor shall have duly authorized, executed and delivered,
in the form of a public deed (<I>escritura p&#250;blica</I>) in Chile, a <I>Fianza y Codeuda
Solidaria </I>in the form of Exhibit J (as modified, amended or supplemented from time
to time, the &#147;Chilean Guaranty&#148;), and the Chilean Guaranty shall be in full force
and effect (and all related filing fees and stamp and documentary taxes (to the extent
applicable) shall have been duly paid by the Guarantor). </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;The  occurrence of the
Initial  Borrowing  Date and the  acceptance of the proceeds of the Loans on such date
shall  constitute  a  representation  and warranty by each Credit Party to the Agents and
the Lenders that all the conditions  specified in this Section 4 and  applicable to such
Borrowing  exist as of such time.  All of the Notes,  certificates,  legal opinions and
other  documents and papers  referred to in this  Section 4, unless  otherwise
 specified,  shall be  delivered  to the  Administrative  Agent at the Notice Office for
the account of each of the Lenders and, except for the Notes,  in sufficient
 counterparts or copies for each of the Lenders and shall be in form and substance
 reasonably  satisfactory to the Agents (acting jointly).</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.
<U>Conditions Precedent to the Subsequent Borrowing Date</U>. The obligation of each
Lender to make Loans after the Initial Borrowing Date pursuant to Section 1.1(a) is
subject, at the time of such Borrowing, to the satisfaction of the following conditions: </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;5.1 <U>No Default;
Representations and Warranties</U>. At the time of such Borrowing and also after giving
effect thereto (i) there shall exist no Default or Event of Default and (ii) all
representations and warranties contained herein and in the other Credit Documents
shall be true and correct in all materials respects with the same effect as though such
representations and warranties had been made on the date of such Borrowing (it being
understood and agreed that any representation or warranty which by its terms is made
as of a specified date shall be required to be true and correct in all material
respects only as of such specified date). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;5.2 <U>Notice of
Borrowing</U>. The Administrative Agent shall have received a Notice of Borrowing duly
executed by the Borrower and meeting the requirements of Section 1.1(b). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;5.3 <U>Subsequent
Legal Opinions</U>. If, at the time of such Borrowing, the Administrative Agent or the
Required Lenders shall have reasonably requested the same, the Administrative Agent
shall have received from counsel (who shall be reasonably satisfactory to the
Agents) for the Credit Parties an opinion or opinions in form and substance
reasonably satisfactory to the Agents, addressed to each Agent and the Lenders and
dated the date of such Borrowing, covering such of the matters set forth in the
opinions of counsel required to be delivered pursuant to Section 4.5 as the
Agents or the Required Lenders, as applicable, shall specify and such other matters
incident to the transactions contemplated herein as the Agents or the Required
Lenders, as applicable, may reasonably request. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;5.4 <U>Notes</U>. The
Borrower shall have delivered to the Administrative Agent for the account of each
Lender a Note or Notes, as the case may be, complying with the provisions of Section
1.1(d)(i). Together with each Note executed and delivered by the Borrower, the
Borrower shall have executed and delivered to the Administrative Agent (for the
account of each Lender) (i) four amendments to each Note, executed in blank in the
form of Exhibit L, and (ii) the irrevocable power of attorney relating to each Note
in the form of Exhibit M. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;The acceptance of the
proceeds of the Loans pursuant to such Borrowing shall  constitute a representation  and
warranty by each Credit  Party to the Agents and the Lenders that all of the  conditions
specified in this  Section 5 and  applicable  to such  Borrowing  exist as of such time.
 All of the notices and legal  opinions  referred to in this Section 5, unless  otherwise
 specified,  shall be delivered to the Administrative  Agent  at the  Notice  Office  for
the  account  of each of the  Lenders  and in  sufficient counterparts  or copies for
each of the Lenders and shall be in form and substance  reasonably  satisfactory to the
Agents (acting jointly).</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.
<U>Representations, Warranties and Agreements</U>. In order to induce the Lenders to
enter into this Agreement and to make the Loans provided for herein, each Credit
Party makes the following representations, warranties and agreements (as to itself
and its Subsidiaries), in each case after giving effect to the transactions
contemplated hereby, all of which shall survive the execution and delivery of this
Agreement and the Notes and the making of the Loans (with the occurrence of each
Borrowing Date being deemed to constitute a representation and warranty that the
matters specified in this Section 6 are true and correct in all material respects
on and as of such Borrowing Date, unless stated to relate to a specific earlier
date, in which case such representation and warranty shall be true and correct in
all material respects as of such earlier date): </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.1 <U>Corporate
Status</U>. Each Credit Party and each of its Subsidiaries (i) is a duly organized and
validly existing <I>sociedad an&#243;nima </I>or <I>sociedad de responsabilidad limitada</I>, in good
standing (to the extent such concept is relevant in such jurisdiction) under the laws
of the jurisdiction of its incorporation or organization, (ii) has the corporate
power and authority to own its property and assets and to transact the business in
which it is engaged and presently proposes to engage and (iii) is duly qualified and
is authorized to do business and (to the extent such concept is relevant in such
jurisdiction) is in good standing in each jurisdiction where the ownership, leasing
or operation of its property or the conduct of its business requires such
qualifications, except for (x) failures by a Subsidiary of any Credit Party (other
than the Guarantor or any Material Subsidiary) to be so organized, existing or in
good standing under clause (i) above, (y) failures by a Subsidiary of any Credit Party
(other than the Guarantor or any Material Subsidiary) to have such power or authority
under clause (ii) above and (z) failures by any Credit Party or any of its
Subsidiaries to be so qualified under clause (iii) above, which, in each such case,
either individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect. The Borrower also is duly registered and in good standing as
a registered foreign company under the laws of the Cayman Islands and is in full
compliance with all of the requirements thereof, including, without limitation, the
maintenance of agents for service of process as required by the laws of the Cayman
Islands. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.2 <U>Corporate
Power and Authority</U>. Each Credit Party has the corporate power and authority to
execute, deliver and perform the terms and provisions of each of the Credit
Documents to which it is a party and has taken all necessary corporate action to
authorize the execution, delivery and performance by it of each of such Credit
Documents. Each Credit Party has duly executed and delivered each Credit
Document to which it is a party, and each such Credit Document constitutes its legal,
valid and binding obligation enforceable in accordance with its terms, except as
such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors&#146;rights generally
and to equitable principles (regardless of whether enforcement is sought in equity or
at law). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.3 <U>No Immunity</U>.  No
Credit Party, nor any of its respective properties, has any right of immunity on the
grounds of sovereignty or otherwise from the jurisdiction of any court or from
setoff or any legal process (whether through service or notice, attachment prior to
judgment, attachment in aid of execution, execution or otherwise) under the laws of
any jurisdiction. Each Credit Party is subject to commercial and civil law
(including, without limitation, Chilean and Cayman Islands law, as applicable) with
respect to its obligations hereunder and the execution and delivery of the Credit
Documents to which it is a party and the performance by each of its obligations
thereunder constitute private and commercial acts (<U>jure gestionis</U> acts) rather than
public or governmental acts (<U>jure imperii</U> acts). </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.4 <U>No Violation</U>.
Neither the execution, delivery or performance by any Credit Party of the Credit
Documents to which it is a party, nor compliance by it with the terms and provisions
thereof, nor the consummation of the transactions contemplated herein or therein,
(i) will contravene any provision of any applicable law, statute, rule or
regulation, or any order, writ, injunction or decree of any court or Governmental
Authority, (ii) will conflict or be inconsistent with, or result in any breach of, any
of the terms, covenants, conditions or provisions of, or constitute a default under, or
result in the creation or imposition of (or the obligation to create or impose) any
Lien upon any of the property or assets of such Credit Party or any of its Subsidiaries
pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement,
credit agreement or any other material agreement, contract or instrument to which
such Credit Party or any of its Subsidiaries is a party or by which it or any of its
property or assets is bound or to which it may be subject or (iii) will violate any
provision of the certificate or articles of incorporation or by-laws (<I>estatutos
sociales</I>) (or equivalent organizational or other charter documents) of such Credit
Party or any of its Subsidiaries. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.5 <U>Approvals</U>.
No order, consent, approval, license, authorization or validation of, or filing,
recording or registration with (except those that have otherwise been obtained or made
on or prior to the Initial Borrowing Date and which remain in full force and effect
on the Initial Borrowing Date), or exemption by, any Governmental Authority, or
any subdivision thereof, is required to authorize, or is required in connection
with, (w) the execution, delivery and performance of any Credit Document
(including, without limitation, the payment of any of the amounts described in
Section 3.4), (x) the legality, validity, binding effect or enforceability of any
such Credit Document, (y) the ability of the Borrower to obtain Dollars to comply with
its payment obligations under this Agreement punctually in Dollars in the Formal
Market with respect to those payments and to apply such Dollars to the satisfaction of
its obligations hereunder in accordance with the terms hereof and (z) the
admissibility of this Agreement in evidence in the courts of Chile or in the
Cayman Islands, except that in order for this Agreement to be admissible in evidence
in judicial proceedings in a Chilean court, this Agreement would first have to be
translated into the Spanish language by a licensed public translator who certifies as
to the accuracy thereof, unless executed in Spanish by all of the parties thereto
(which procedure could be carried out in relation to any document at any time prior to
such document being admitted as evidence in a proceeding held in Chilean courts). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.6 <U>Financial
Statements; Financial Condition; Undisclosed Liabilities; Projections; etc</U>. (a) The
audited Financial Statements of the Borrower and its Subsidiaries for the Applicable
Fiscal Years, copies of which have been furnished to the Lenders prior to the Initial
Borrowing Date, present fairly in all material respects the consolidated financial
position of the Borrower and its Subsidiaries at the dates of such Financial Statements
and for the periods covered thereby. All of the foregoing Financial Statements have
been prepared in accordance with Chilean GAAP consistently applied. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(b)      Since
 December 31,  2002,  there has been no change in the  condition  (financial  or
 otherwise), business,  operations,  assets,  properties,  liabilities  or  prospects  of
 the  Borrower  or  any  of its Subsidiaries  that,  either  individually  or in the
aggregate,  has had or could  reasonably be expected to have a Material Adverse Effect.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(c) On and as of
each Borrowing Date and after giving effect to the incurrence of the Loans on each
such Borrowing Date, (i) the sum of the tangible and intangible assets, at a fair
valuation, of each of the Borrower on a stand-alone basis and of the Borrower and its
Subsidiaries taken as a whole will exceed its debts; (ii) each of the Borrower on a
stand-alone basis and the Borrower and its Subsidiaries taken as a whole has not
incurred and does not intend to incur, and does not believe that it will incur,
debts beyond its ability to pay such debts as such debts mature; (iii) each of the
Borrower on a stand alone basis and the Borrower and its Subsidiaries taken as a
whole will have sufficient capital with which to conduct its business; and (iv) none
of the Borrower or any of its Subsidiaries will be in &#147;<I>cesaci&#243;n de pagos</I>&#148; as such
term is construed under Chilean law. For purposes of this Section 6.6(c), &#147;debt&#148; means
any liability on a claim, and &#147;claim&#148; means (i) right to payment, whether or not
such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent,
matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or
(ii) right to an equitable remedy for breach of performance if such breach gives rise
to a payment, whether or not such right to an equitable remedy is reduced to judgment,
fixed, contingent, matured, unmatured, disputed, undisputed, secured or
unsecured. The amount of contingent liabilities at any time shall be computed as
the amount that, in the light of all the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an actual or matured
liability. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(d)      Except as
fully  disclosed in the Financial  Statements  referred to in Section  6.6(a),  as of the
Initial  Borrowing  Date (and after  giving  effect to the  transactions  contemplated
 herein) or otherwise expressly  disclosed  in  writing  to each of the  Lenders  prior
 to the date  hereof,  (i)  there  were no liabilities  or  obligations  with  respect to
any  Credit  Party or any of its  Subsidiaries  of any nature whatsoever  (whether
 absolute,  accrued,  contingent  or  otherwise  and whether or not due) which,  either
individually  or in  aggregate,  could  reasonably  be expected  to be  material to any
Credit  Party or any Credit Party and its  Subsidiaries  taken as a whole and (ii) none
of the Credit  Parties knows of any basis for the  assertion  against it or any of its
 Subsidiaries  of any  liability  or  obligation  of any nature whatsoever which, either
 individually or in the aggregate,  could reasonably be expected to have a Material
Adverse Effect.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(e)      The
 Projections  delivered to the Agents and the Lenders prior to the Initial  Borrowing
Date have been  prepared  in good  faith and are based on  reasonable  assumptions,  and
 there are no  statements  or conclusions in the Projections  which are based upon or
include  information known to any Credit Party to be misleading in any material  respect
or which fail to take into account  material  information  known to such Credit Party
 regarding the matters  reported  therein.  Each Credit Party believes that the
Projections are reasonable  and  attainable,  it being  recognized by the Lenders,
 however,  that  projections as to future events are not to be viewed as facts and that
the  actual  results  during the period or periods  covered by the Projections may differ
from the projected results.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.7 <U>Ranking</U>.  The
obligations of the Credit Parties under (or in respect of) the Loans and the Credit
Documents constitute unsecured, unconditional and unsubordinated Indebtedness of the
Credit Parties and rank and will rank at least <I>pari passu </I>in priority of payment and
in all other respects with all other present and future senior unsecured unsubordinated
Indebtedness of the Credit Parties. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.8 <U>Litigation</U>.
There are no actions, suits or proceedings (including, without limitation, any
Environmental Claims) pending or, to the best knowledge of any Credit Party,
threatened (i) with respect to the Loans or any Credit Document or (ii) that,
either individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.9 <U>True and
Complete Disclosure</U>. All factual information (taken as a whole) furnished by or
on behalf of any Credit Party in writing to any Agent or any Lender (including,
without limitation, all information contained in the Credit Documents) for purposes
of or in connection with this Agreement, the other Credit Documents, or any
transaction contemplated herein or therein is, and all other such factual information
(taken as a whole) hereafter furnished by or on behalf of any such Persons in writing
to any Agent or any Lender will be true and accurate in all material respects on
the date as of which such information is dated or certified and not incomplete by
omitting to state any fact necessary to make such information (taken as a whole) not
misleading in any material respect at such time in light of the circumstances under
which such information was provided. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.10 <U>Use of
Proceeds; Margin Regulations. </U>(a) Proceeds of the Loans will be used by the
Borrower solely to refinance Existing Indebtedness incurred by the Borrower, for the
acquisition of the capital stock of Compa&#241;&#237;a Cervecer&#237;as Unidas Argentina S.A.
from Inversiones ECUSA S.A. and for the general corporate and working capital
purposes of the Borrower. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(b)      Neither  the
 making  of any  Loan,  nor  the  use of the  proceeds  thereof,  will  violate  or be
inconsistent  with (x) the  provisions  of  Regulation  T, U or X of the Board of
 Governors  of the Federal Reserve  System or (y) the  requirements  of the Central Bank
of Chile or any other  Governmental  Authority and no part of the  proceeds  of any Loan
will be used to  purchase  or carry any Margin  Stock or to extend credit for the purpose
of purchasing or carrying any Margin Stock.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.11 <U>Tax Returns
and Payments</U>. Each of the Borrower and each of its Subsidiaries has timely filed all
national and material local income tax returns and all other material tax returns,
statements, forms and reports for taxes, domestic and foreign (the &#147;Returns&#148;)
required to be filed by or with respect to the income properties or operations of the
Borrower and/or any of its Subsidiaries. The Returns accurately reflect in all
material respects all material liabilities for taxes of the Borrower and its
Subsidiaries for the taxes covered thereby, except for taxes contested in good faith
and adequately disclosed and fully provided for on the Financial Statements in
accordance with Chilean GAAP (or such other applicable generally accepted
accounting principles in the relevant jurisdiction). Each of the Borrower and its
Subsidiaries has paid all material taxes and assessments payable by it which have
become due, except for those that are being contested in good faith and adequately
disclosed and fully provided for on the Financial Statements in accordance with
Chilean GAAP (or such other applicable generally accepted accounting principles in
the relevant jurisdiction). There is no action, suit, proceeding, investigation,
audit, or claim now pending or, to the knowledge of any Credit Party, threatened,
by any Governmental Authority regarding any taxes relating to the Borrower or
any of its Subsidiaries that, either individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.12 <U>Properties</U>.
Each of the Borrower and each of its Subsidiaries has good and marketable title to,
or a valid subsisting leasehold interest in, all material properties (for the
Borrower and its Subsidiaries taken as a whole) owned or leased by it, including
all material property reflected in the balance sheets referred to in Section 6.6(a)
(except such properties sold or otherwise disposed of since the dates of such balance
sheets in the ordinary course of business or as otherwise permitted under this
Agreement), free and clear of all Liens, other than Permitted Liens. Each of the
Borrower and each of its Subsidiaries holds all material licenses, certificates and
clearances of municipal and other authorities necessary to own and operate its
properties in the manner and for the purposes currently operated by it. There are no
actual, threatened or alleged defaults with respect to any leases of real property
under which the Borrower or any of its Subsidiaries is lessor or lessee which,
either individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.13
<U>Capitalization</U>. (a) On the Initial Borrowing Date, the authorized capital stock
of the Borrower shall consist of 318,502,872 shares of common stock, no par value per
share, all of which shares shall be issued and outstanding and 196,137,960 of which
shares shall be owned by IRSA. All outstanding shares of capital stock of the Borrower
have been duly and validly issued, are fully paid and nonassessable and free and clear
of all Liens. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(b) On the
Initial Borrowing Date, the aggregate capital of the Guarantor is equal to 28,388
million Chilean pesos. On the Initial Borrowing Date, the Borrower owns 99.99% of the
equity interests (<I>quotas</I>) of the Guarantor. All of the equity interests (<I>quotas</I>) of
the Guarantor have been fully paid and are free and clear of any Liens. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.14 <U>Subsidiaries</U>.
On and as of the Initial Borrowing Date, the Borrower has no Subsidiaries other
than those Subsidiaries listed on Schedule III (including, without
limitation, all Material Subsidiaries). Schedule III sets forth, as of the
Initial Borrowing Date, the percentage ownership (direct and indirect) of the
Borrower in each class of capital stock and other equity interests of each of its
Subsidiaries and also identifies the direct owner thereof. Schedule III also
identifies whether any Subsidiary listed therein is a Material Subsidiary. All
outstanding shares of capital stock of each Subsidiary of the Borrower that is a
corporation have been duly and validly issued, are fully paid and non assessable and
are free and clear of all Liens. All equity interests of each Subsidiary that
is a <I>sociedad de responsabilidad limitada </I>are fully paid and free and clear of all
Liens. No Subsidiary of the Borrower has outstanding any securities convertible
into or exchangeable for its capital stock or outstanding any right to subscribe
for or to purchase, or any options or warrants for the purchase of, or any agreement
providing for the issuance (contingent or otherwise) of or any calls, commitments or
claims of any character relating to its capital stock or any stock appreciation or
similar rights. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.15 <U>Compliance
with Statutes, etc</U>. Each of the Borrower and each of its Subsidiaries is in compliance
with all applicable statutes, regulations and orders of, and all applicable
restrictions imposed by, all Governmental Authorities, domestic or foreign, in
respect of the conduct of its business and the ownership of its property (including,
without limitation, any Environmental Laws and social security and pension laws),
except such noncompliances as could not, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.16 <U>Investment
Company Act</U>. No Credit Party is an &#147;investment company&#148; or a company &#147;controlled&#148; by
an &#147;investment company&#148; within the meaning of the Investment Company Act of 1940, as
amended. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.17 <U>Public
Utility Holding Company Act.</U> No Credit Party is a &#147;holding company,&#148; or a &#147;subsidiary
company&#148; of a &#147;holding company,&#148; or an &#147;affiliate&#148; of a &#147;holding company&#148; or of a &#147;subsidiary
company&#148; of a &#147;holding company&#148; within the meaning of the Public Utility Holding Company
Act of 1935, as amended. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.18 <U>Labor
Relations.</U> Neither the Borrower nor any of its Subsidiaries is engaged in any unfair
labor practice that, either individually or in the aggregate, could reasonably be
expected to have a Material Adverse Effect. There is (i) no unfair labor practice
complaint pending against the Borrower or any of its Subsidiaries or, to the best
knowledge of any Credit Party, threatened against the Borrower or any of its
Subsidiaries, and no grievance or arbitration proceeding arising out of or under
any collective bargaining agreement is pending against the Borrower or any of its
Subsidiaries or, to the best knowledge of any Credit Party, threatened against the
Borrower or any of its Subsidiaries, (ii) no strike, labor dispute, slowdown or
stoppage pending against the Borrower or any of its Subsidiaries or, to the best
knowledge of any Credit Party, threatened against the Borrower or any of its
Subsidiaries and (iii) no union representation question existing with respect to
the employees of the Borrower or any of its Subsidiaries and, to the best knowledge
of any Credit Party, no union organizing activities are taking place, except (with
respect to any matter specified in clause (i), (ii) or (iii) above, either
individually or in the aggregate) such as could not reasonably be expected to have
a Material Adverse Effect. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.19 <U>Patents,
Licenses, Franchises and Formulas.</U> Each of the Borrower and each of its
Subsidiaries owns or has a valid existing license to use all the patents, trademarks,
permits, service marks, trade names, copyrights, licenses, franchises, proprietary
information (including, but not limited to, rights in computer programs and databases)
and formulas, or rights with respect to the foregoing, and has obtained assignments of
all leases and other rights of whatever nature, necessary for the present conduct of
its business, without any known conflict with the rights of others which, or the
failure to obtain which, as the case may be, either individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect. To the best
knowledge of the Borrower and each of its Subsidiaries, no claim is pending that the
Borrower or any of its Subsidiaries infringes upon the asserted rights of any other
Person under any intellectual property, except for claims which could not, either
individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. To the best knowledge of the Borrower and each of its Subsidiaries, no claim
is pending that such intellectual property owned or licensed by the Borrower or any
Subsidiary thereof or which the Borrower or any Subsidiary thereof otherwise has the
right to use is invalid and unenforceable, except for claims which could not, either
individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.20 <U>Fees and
Enforcement.</U> No fees or taxes, including, without limitation, stamp, transaction,
registration or similar taxes, are required to be paid to ensure the legality, validity
or enforceability of this Agreement or any of the other Credit Documents, except
for any stamp tax that may be payable in connection with the enforcement in Chile of
the Notes or any of the other Credit Documents. Under the laws of Chile and the
Cayman Islands, the choice of the laws of the State of New York as set forth in the
Credit Documents which are stated to be governed by the laws of the State of New York
is a valid choice of law, and the irrevocable submission by each Credit Party to
jurisdiction and consent to service of process and appointment by such Credit Party of
an agent for service of process, in each case as set forth in such Credit Documents, is
legal, valid, binding and effective. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.21 <U>Form of
Documentation</U>. Each of the Credit Documents is in proper legal form under the laws
of Chile and the Cayman Islands for the enforcement thereof under such laws. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.22 <U>Withholding
Taxes</U>. As of the Initial Borrowing Date, no Chilean or Cayman Islands withholding or
other taxes are required to be paid in respect of, or deducted from, any payment
required to be made by the Borrower under this Agreement, the Notes or any other Credit
Document. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.23 <U>Existing
Indebtedness. </U>Schedule IV sets forth all Existing Indebtedness of the Borrower and
its Subsidiaries as of the Initial Borrowing Date, in each case, showing the
aggregate principal amount thereof and the name of the respective borrower and
any other entity which directly or indirectly guarantees such debt. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.24 <U>Cayman
Islands Branch</U>. The Borrower is registered as a foreign company pursuant to the
Companies Law (2002 Revision) of the Cayman Islands and is also a corporation
(<I>sociedad an&#243;nima</I>) organized and existing under the laws of Chile. The Lenders have
direct recourse to all of the assets of the Borrower, whether located in or outside of
the Cayman Islands or Chile. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;6.25 <U>The Notes</U>.
Each Note constitutes executive title (<I>t&#237;tulo ejecutivo</I>) in Chile against the Borrower
and the Guarantor as aval and entitles the holder thereof to a summary proceeding
(<I>acci&#243;n ejecutiva</I>) in Chile for the enforcement of each such Note to the extent that
the signatures of the Borrower and the Guarantor have been authorized by a Chilean
Notary Public (which authorization may be obtained at any time after the executed
thereof) and that a stamp tax, which as of the Initial Borrowing Date is computed at a
rate of 1.608% of the principal amount thereof, is paid if and when the Notes are brought
into Chile. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.
<U>Affirmative Covenants</U>. Each Credit Party hereby covenants and agrees that
on the Effective Date and thereafter for so long as this Agreement is in effect and
until the Total Commitment has terminated and the Loans and the Notes, together
with interest, Fees and all other Obligations incurred hereunder and thereunder
(other than indemnities described in Section 13.13 which are not yet due and payable),
are paid in full: </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;7.1 <U>Information
Covenants.</U> The Credit Parties will furnish to each Lender: </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Quarterly
Financial Statements</U>. Unaudited Financial Statements for each of the first three fiscal
quarters of each fiscal year of (A) the Borrower, as soon as available and in any
event within five days after the same are filed with the United States Securities and
Exchange Commission on a consolidated basis, prepared in English and not including
notes to such Financial Statements, as provided in a report on Form 6-K of the
Borrower for such fiscal quarter, and (B) each of the Borrower and the Guarantor, as
soon as available and in any event (x) in connection with each such Person&#146;s
first and third fiscal quarters of each fiscal year, within 45 days and (y) in
connection with each such Person&#146;s second fiscal quarter of each fiscal year, within
60 days after the end of the respective fiscal quarters of each fiscal year of the
Borrower and the Guarantor, in each case prepared in Spanish and (1) each on a
consolidated basis, including notes to the Financial Statements, as provided in the
Borrower&#146;s quarterly filings under the <I>Ficha Estad&#237;stica Codificada Uniforme </I>(the &#147;FECU&#148;)
and, in the case of the Guarantor, as would have been provided therein had such
filing been required or otherwise made by the Guarantor (it being understood
that the Guarantor&#146;s Financial Statements shall not include any notes), and (2)
each on an unconsolidated basis, including notes to the Financial Statements, as
provided in the Borrower&#146;s quarterly filings under the FECU and, in the case of the
Guarantor, as would have been provided therein had such filing been required or
otherwise made by the Guarantor; and with all such Financial Statements to be duly
certified (subject to year-end audit adjustments) by the Chief Financial Officer of
the Borrower or the Guarantor, as applicable, as having been prepared in accordance with
Chilean GAAP. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Annual
Financial Statements.</U> Audited Financial Statements for each fiscal year of (A)
the Borrower, as soon as available and in any event within five days after the same
are filed with the United States Securities and Exchange Commission, prepared in
English and on a consolidated basis, including notes to the Financial Statements, as
provided in the Borrower&#146;s Annual Report on Form 20-F, and (B) each of the Borrower and
the Guarantor, as soon as available and in any event within 90 days after the end of
each fiscal year of the Borrower and the Guarantor, prepared in Spanish and (1) each
on a consolidated basis, including notes to the Financial Statements, as provided in
the Borrower&#146;s quarterly filings under the FECU and, in the case of the Guarantor, as
would have been provided therein had such filing been required or otherwise made by
the Guarantor, and (2) each on an unconsolidated basis, including notes to the
Financial Statements, as provided in the Borrower&#146;s quarterly filings under the FECU
and, in the case of the Guarantor, as would have been provided therein had such filing
been required or otherwise made by the Guarantor; and with all such Financial
Statements to be accompanied by an opinion acceptable to the Required Lenders of
PricewaterhouseCoopers LLP or other independent public accountants of recognized
international standing reasonably acceptable to the Agents, together with a certificate
of such accounting firm to the Lenders stating that in the course of the regular audit
of the business of the Borrower and its Subsidiaries and the Guarantor and its
Subsidiaries, as applicable, which audit was conducted by such accounting firm in
accordance with Chilean GAAP, such accounting firm has obtained no knowledge that a
Default or an Event of Default has occurred and is continuing, or if, in the opinion
of such accounting firm a Default or an Event of Default has occurred and is continuing,
a statement as to the nature thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Officer&#146;s
Certificates.</U> At the time of the delivery of the Financial Statements of the Borrower
and the Guarantor provided for in Sections 7.1(a) and (b), a certificate of the Chief
Financial Officer of the Borrower and the Guarantor, as applicable, to the effect
that, to the best of such officer&#146;s knowledge, no Default or Event of Default has
occurred and is continuing or, if any Default or Event of Default has occurred and
is continuing, specifying the nature and extent thereof, each of which
certificates shall set forth in reasonable detail the calculations required to
establish whether the Borrower and its Subsidiaries and/or the Guarantor and its
Subsidiaries, as applicable, were in compliance with the provisions of Sections 8.7,
8.8 and/or 8.9, as applicable, as at the end of such fiscal quarter or year, as
applicable. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Notice of
Default or Litigation.</U> Promptly upon, and in any event within five Business Days after,
an officer of any Credit Party or any of its Subsidiaries obtains knowledge thereof,
notice of (i) the occurrence and continuance of any event which constitutes a Default
or an Event of Default, which notice shall specify the nature and period of
existence thereof and what action such Credit Party or such Subsidiary proposes
to take with respect thereto, (ii) any litigation or governmental investigation or
proceeding (including, without limitation, any Environmental Claims) pending (x)
against any Credit Party or any of its Subsidiaries that, either individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect, (y) with
respect to any material Indebtedness of any Credit Party or any of its Subsidiaries
or (z) with respect to any Credit Document and (iii) any other event (including
without limitation, pension-related) that, either individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Other Reports
and Filings.</U> Promptly after the filing or delivery thereof, copies of all financial
information, proxy materials and reports, if any, which the Borrower or any of its
Subsidiaries shall publicly file with any Governmental Authority (including, without
limitation, the United States Securities and Exchange Commission and the SVS) or with
any international or national securities exchange (including, without limitation, the
New York Stock Exchange and the <I>Bolsa de Comercio de Santiago</I>) or deliver to
analysts and the holders of its Indebtedness pursuant to the terms of the
documentation governing such Indebtedness. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Notice of
Mandatory Commitment Reductions and Repayments</U>. On or prior to the date of any
mandatory reduction to the Total Commitment or any mandatory repayment of outstanding
Loans pursuant to any of Sections 3.2(b), (c) and/or (d), the Borrower shall provide
written notice of the amount of the respective reduction to the Total Commitment or
prepayment of outstanding Loans, as the case may be, and the calculation thereof (in
reasonable detail). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(g) <U>Resolutions</U>.
Within 30 days following the adoption thereof by the shareholders of the Borrower, a
copy of the relevant shareholders&#146; resolution governing the compensation of the Board
of Directors of the Borrower, <U>provided </U>that such resolution shall only be required to be
delivered pursuant to this clause (g) to the extent that the method or amount (as a
percentage or otherwise) of compensation payable to the Board of Directors differs
from the method and amount of compensation payable as of the Effective Date or as of
the most recent date on which a resolution described in this clause (g) shall have been
delivered to each Lender. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(h) <U>Other
Information.</U> With reasonable promptness, such other information or documents
(financial or otherwise) with respect to the Borrower or any of its Subsidiaries as any
Agent or any Lender (through the Administrative Agent) may reasonably request from time
to time. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;7.2 <U>Books,
Records and Inspections.</U> Each Credit Party will, and will cause each of its
Subsidiaries to, keep proper books of record and accounts in which full, true and
correct entries in conformity with Chilean GAAP and all requirements of law shall be
made of all dealings and transactions in relation to its business and activities.
Each Credit Party will, and will cause each of its Subsidiaries to, permit
officers and designated representatives of any Agent or any Lender to visit and inspect,
under guidance of officers of such Credit Party or such Subsidiary, any of the
properties of such Credit Party or such Subsidiary in whomsoever&#146;s possession,
and to examine the books of account of such Credit Party or such Subsidiary and
discuss the affairs, finances and accounts of such Credit Party or such Subsidiary
with, and be advised as to the same by, its and their officers and independent
accountants, all upon reasonable prior notice and at such reasonable times and
intervals and to such reasonable extent as such Agent or such Lender may reasonably
request. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;7.3 <U>Maintenance
of Property and Insurance.</U> Each Credit Party will, and will cause each of its
Subsidiaries to, (i) keep all property necessary to its business in good working
order and condition, ordinary wear and tear excepted, (ii) maintain, with financially
sound and reputable insurance companies, insurance on all such property and liability
insurance in at least such amounts and against at least such risks and liabilities and
with such deductibles as is consistent and in accordance with industry practice for
companies of substantially similar size and scope of operations in the same or
substantially similar business and in the same geographical areas in which such Credit
Party or any of its Subsidiaries operates and (iii) furnish to the Administrative
Agent, upon written request, full information as to the insurance carried. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;7.4 <U>Corporate
Existence and Franchises; etc.</U> Each Credit Party will, and will cause each of its
Subsidiaries to, do or cause to be done, all things necessary to preserve and keep
in full force and effect its existence and its material rights, easements, leases,
approvals, permits, franchises, licenses and patents; <U>provided, however</U>, that
nothing in this Section 7.4 shall prevent (i) sales of assets, mergers,
consolidations and other transactions by such Credit Party or any of its
Subsidiaries in accordance with Section 8.2 or (ii) the withdrawal by such Credit
Party or any of its Subsidiaries of its qualification as a foreign corporation in any
jurisdiction where such withdrawal could not reasonably be expected to have a Material
Adverse Effect. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;7.5 <U>Compliance
with Statutes.</U> Each Credit Party will, and will cause (in accordance with applicable
law) each of its Subsidiaries to, comply with all applicable statutes, regulations,
permits and orders of, and all applicable restrictions imposed by, all Governmental
Authorities, domestic or foreign, in respect of the conduct of its business and the
ownership of its property (including, but not limited to, all Environmental Laws
and laws with respect to social security and pension fund obligations), except such
noncompliances as could not, either individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;7.6 <U>End of Fiscal
Years and Fiscal Quarters</U>. Each Credit Party will, for financial reporting
purposes, cause its (i) fiscal years to end on December 31 of each year and (ii) fiscal
quarters to end on March 31, June 30, September 30 and December 31 of each year;
<U>provided, however</U>, upon prior written notice to the Administrative Agent and the
Lenders, the Credit Parties may change their fiscal year end to another date which
is a fiscal quarter end as provided in preceding clause (ii). </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;7.7 <U>Performance
of Obligations</U>. Each Credit Party will, and will cause each of its Subsidiaries to,
perform all of its obligations under the terms of each mortgage, indenture,
security agreement, loan agreement and each other agreement, contract or
instrument by which it is bound, except such non-performances as could not,
either individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;7.8 <U>Payment of
Taxes.</U> Each Credit Party will pay and discharge, and will cause each of its
Subsidiaries to pay and discharge, all taxes, assessments and governmental charges or
levies imposed upon it or upon its income or profits, or upon any properties
belonging to it, prior to the date on which penalties attach thereto, and all
lawful claims for sums that have become due and payable which, if unpaid, would
become a Lien not otherwise permitted under Section 8.1(i); <U>provided</U> that neither any
Credit Party nor any of its Subsidiaries shall be required to pay any such tax,
assessment, charge, levy or claim which is immaterial or which is being contested
in good faith and by proper proceedings if it has maintained adequate reserves with
respect thereto in accordance with Chilean GAAP. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;7.9 <U>Stamp Tax</U>.
Following the occurrence of any Default or Event of Default, and upon the request of
the Administrative Agent or the Required Lenders, the Borrower will immediately pay
all stamp taxes due and payable pursuant to Chilean law in connection with the
presentation and/or enforcement of any of the Notes in Chile. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;7.10 <U>Currency
Protection.</U> No later than 90 days following the Initial Borrowing Date, the
Borrower will enter into (and thereafter maintain) currency Hedging Agreements
reasonably acceptable to the Agents establishing foreign exchange protection for an
aggregate amount equal to at least 35% of the Total Commitment (as in effect on the
Effective Date and prior to giving effect to any reduction thereto on such date),
which currency Hedging Agreements the Borrower shall maintain in full force and effect
(and in the same form, scope, substance and amount as indicated in this Section 7.10) at
all times. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;7.11 <U>Filings and
Registrations.</U> Each Credit Party will make all filings and registrations required to
be made in connection with this Agreement, the Loans, the Chilean Guaranty, the Notes
and the other Credit Documents (including, without limitation, any filings required to be
made with the Central Bank of Chile). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;7.12 <U>Conversion
and Transfer of Dollars. </U>Each Credit Party will take all actions necessary in order to
obtain Dollars and transfer such Dollars abroad in connection with their respective
obligations pursuant to the Credit Documents. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;7.13 <U>Cayman
Islands Branch. </U>The Borrower shall at all times maintain a place of business in the
Cayman Islands and continue to be registered as a foreign company pursuant to the
Companies Law of the Cayman Islands and to fulfill its obligations pursuant thereto. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;7.14 <U>Maintenance
of Majority Ownership and Control of Material Subsidiaries.</U> The Borrower will at all
times maintain, directly or indirectly, majority ownership and control over all
Material Subsidiaries (other than Compa&#241;&#237;a Cervecer&#237;as Unidas Argentina S.A. and its
Subsidiaries as of the Effective Date). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;7.15 <U>Pari Passu
Treatment. </U>The Credit Parties will take all actions necessary in order to ensure that
the Loans and the other Obligations hereunder and under the other Credit Documents
shall rank <I>pari passu </I>with all other senior unsecured and unsubordinated
Indebtedness of the Borrower and the Guarantor, respectively. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;7.16 <U>Amendment to
Estatutos Sociales of the Guarantor. </U>Promptly, but in any event within 60 days
following the Initial Borrowing Date, the Borrower and the Guarantor will take
all such action as is required to amend the <I>Estatutos Sociales </I>of the Guarantor so as
to extend the corporate duration of the Guarantor to at least May 9, 2009 and the
Guarantor shall have (i) filed such amendment for registration with the appropriate
Chilean Governmental Authority, (ii) registered the same with such Governmental
Authority, (iii) published such amendment in accordance with applicable Chilean law,
(iv) taken all other actions necessary pursuant to applicable law in order to give
effect to such amendment and (v) delivered a certified copy of such amendment to the
Administrative Agent. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.
<U>Negative Covenants. </U>Each Credit Party hereby covenants and agrees that on and
after the Effective Date and until the Total Commitment has terminated and the Loans
and the Notes, together with interest, Fees and all other Obligations incurred
hereunder and thereunder (other than any indemnities described in Section 13.13 which
are not then due and payable), are paid in full: </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;8.1 <U>Liens. </U>The
Credit Parties will not, and will not permit any of their Subsidiaries to, create,
incur, assume or suffer to exist any Lien upon or with respect to any of their property
or assets (real or personal, tangible or intangible, movable or immovable), whether
now owned or hereafter acquired, or sell any such property or assets subject to an
understanding or agreement, contingent or otherwise, to repurchase such property
or assets (including sales of accounts receivable with recourse to the Credit Parties
or any of their Subsidiaries), or assign any right to receive income or permit the
filing of any notice of Lien under any similar recording or notice statute; <U>provided
</U>that the provisions of this Section 8.1 shall not prevent the creation, incurrence,
assumption or existence of the following (Liens described below are herein referred to
as &#147;Permitted Liens&#148;): </FONT> </P>

<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;
inchoate Liens for taxes, assessments or governmental charges or levies not yet
due or Liens for taxes, assessments or governmental charges or levies
being contested in good faith and by appropriate proceedings for which
adequate reserves have been established in accordance with Chilean GAAP; </FONT> </P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;
Liens in respect of property or assets of any Credit Party or any of its
Subsidiaries imposed by law, which were incurred in the ordinary course of
business and do not secure Indebtedness for borrowed money, such as carriers&#146;,
warehousemen&#146;s, materialmen&#146;s and mechanics&#146; liens and other similar Liens
arising in the ordinary course of business, and (x) which do not in the aggregate
materially detract from the value of such Credit Party&#146;s or such Subsidiary&#146;s
property or assets or materially impair the use thereof in the operation of
the business of such Credit Party or such Subsidiary or (y) which are being
contested in good faith by appropriate proceedings, which proceedings have
the effect of preventing the forfeiture or sale of the property or assets subject
to any such Lien; </FONT> </P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;
Liens in existence on the Initial Borrowing Date which are listed, and the
property subject thereto described, in Schedule V, but only to the
respective date, if any, set forth in such Schedule V for the removal,
replacement or termination of any such Liens, <U>plus </U>any renewals,
replacements or extensions of such Liens to the extent set forth in such
Schedule V, <U>provided </U>that (x) the aggregate principal amount of the
Indebtedness, if any, secured by such Liens does not increase from that
amount outstanding at the time of any such renewal, replacement or extension
and (y) any such renewal, replacement or extension does not encumber any
additional assets or properties of the Borrower or any of its Subsidiaries; </FONT> </P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;leases
or  subleases  granted to other  Persons in the ordinary  course of business not
 materially          interfering with the conduct of the business of any Credit Party or
any of its Subsidiaries; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;
Liens upon assets of the Borrower or any of its Subsidiaries subject to
Capitalized Lease Obligations to the extent such Capitalized Lease
Obligations are permitted by Sections 8.4(iv) and (viii), <U>provided </U>that (x)
such Liens only serve to secure the payment of Indebtedness arising under
such Capitalized Lease Obligations and (y) the Lien encumbering the asset giving
rise to such Capitalized Lease Obligations does not encumber any other asset of
the Borrower or any of its Subsidiaries; </FONT> </P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;
Liens placed upon equipment or real property used in the ordinary course of
business of the Borrower or any of its Subsidiaries at the time of the
acquisition or construction thereof by the Borrower or any such Subsidiary or
within 180 days thereafter to secure Indebtedness incurred to pay all or a
portion of the purchase price or construction cost thereof or to secure Indebtedness
incurred solely for the purpose of financing the acquisition or construction of
any such equipment or real property, <U>provided </U>that (x) the aggregate
outstanding principal amount of (A) all Indebtedness secured by Liens
permitted by this clause (vi) shall not at any time exceed $50,000,000
and (B) any Indebtedness secured by any such Liens shall not at any time exceed the
lesser of the total purchase price or construction cost (as applicable) and
the fair market value (as determined in good faith by the Borrower) of the
related equipment or real property at the time of acquisition or construction
thereof (as such Indebtedness is thereafter reduced by any payments of
principal thereon), and (y) in all events, the Lien encumbering the equipment or real
property so acquired or constructed does not encumber any other asset
(other than proceeds thereof) of the Borrower or any of its Subsidiaries; </FONT> </P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;
easements, rights-of-way, restrictions, encroachments and other similar charges or
encumbrances, and minor title deficiencies, in each case not securing
Indebtedness and not materially interfering with the conduct of the business
of any Credit Party or any of its Subsidiaries; </FONT> </P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;
Liens arising out of the existence of judgments or awards not constituting an
Event of Default under Section 9.7, <U>provided </U>that the aggregate amount of all
cash (including the stated amount of all letters of credit supporting such
judgments or awards) and the fair market value of all other property subject to
such Liens does not exceed $10,000,000 at any time outstanding; </FONT> </P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;
statutory and common law landlords&#146; liens under leases to which any Credit Party
or any of its Subsidiaries is a party; </FONT> </P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;
Liens incurred in the ordinary course of business in connection with worker&#146;s
compensation claims, unemployment insurance and social security benefits and
Liens securing the performance of bids, tenders, leases (other than Capital
Leases) and contracts in the ordinary course of business, statutory
obligations, surety bonds, performance bonds and other obligations of a like nature
incurred in the ordinary course of business (exclusive of obligations in
respect of the payment for borrowed money and appeal bonds), <U>provided
</U>that the aggregate outstanding amount of obligations secured by Liens
permitted by this clause (x) (and the value of all cash and property encumbered
by Liens permitted pursuant to this clause (x)) shall not at any time exceed $8,000,000; </FONT> </P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;
Liens arising solely by virtue of any statutory or common law provision
relating to banker&#146;s liens, rights of set-off or similar rights and
remedies as to deposit accounts or other funds maintained with a creditor
depository institution; <U>provided, however</U>, that (A) such deposit account
is not a dedicated cash collateral account and is not subject to restrictions
against access by any Credit Party or any of its Subsidiaries, and (B)
such deposit account is not intended by such Credit Party or any of its
Subsidiaries to provide collateral to the depository institution; </FONT> </P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;
Liens on property or assets acquired pursuant to a Permitted Acquisition, or on
property or assets of a Subsidiary of the Borrower in existence at the time such
Subsidiary is acquired pursuant to a Permitted Acquisition, <U>provided </U>that
(x) any Indebtedness that is secured by such Liens is permitted to exist
under Section 8.4(ix), and (y) such Liens are not incurred in connection with,
or in contemplation or anticipation of, such Permitted Acquisition and do not
attach to any other asset of the Borrower or any of its Subsidiaries; and </FONT> </P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;
Liens not otherwise permitted by the foregoing clauses of this Section 8.1 securing
Indebtedness and other obligations in an aggregate principal amount at any
time outstanding not to exceed (and with the fair market value (as determined
in good faith by the Borrower) of the property subject thereto not to
exceed) an amount equal to 9% of Consolidated assets of the Borrower and its
Subsidiaries based on the financial information set forth in the most recent
Financial Statements delivered pursuant to this Agreement. </FONT> </P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;8.2
<U>Consolidation, Merger, Purchase or Sale of Assets, etc. </U>The Credit Parties will
not, and will not permit any of their Subsidiaries to, wind up, liquidate or
dissolve their affairs or enter into any transaction of merger or consolidation, or
convey, sell, lease or otherwise dispose of all or any part of their property or assets,
or enter into any sale-leaseback transactions, or purchase or otherwise acquire (in
one or a series of related transactions) any part of the property or assets (other
than purchases or other acquisitions of inventory, equipment and other assets in
the ordinary course of business) of any Person (or agree to do any of the foregoing at
any future time), except that: </FONT></P>

<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;
     Capital Expenditures by the Borrower and its Subsidiaries shall be permitted; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;
    the Borrower and its Subsidiaries may sell or otherwise dispose of assets (including
 inventory and          worn-out or obsolete assets) in the ordinary course of business; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;
   Investments may be made to the extent permitted by Section 8.5; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;
    the Borrower and its Subsidiaries  may lease (as lessee) real or personal  property
in the ordinary          course of  business  (so long as any such  lease  does not
create a  Capitalized  Lease  Obligation          except to the extent permitted by
Section 8.4(iv)); </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;
     the Borrower and its Subsidiaries  may sell or discount,  in each case without
 recourse,  accounts          receivable  arising in the ordinary course of business,
 but only in connection with the compromise          or collection  thereof  consistent
 with customary  industry  practice (and not as part of any bulk          sale or
financing transaction); </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;
    any  Credit  Party and its  Subsidiaries  may grant  leases or  subleases  to other
 Persons in the          ordinary course of business and which do not materially
 interfere with the conduct of the business          of such Credit Party or any of its
Subsidiaries; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;
   any Subsidiary of the Borrower may sell, lease or otherwise  transfer any or all of
its property to          the Borrower or the Guarantor; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;
  any Subsidiary of the Borrower  (other than the Guarantor) may merge with and into, or
be dissolved          or  liquidated  into,  the Borrower or any other  Subsidiary  of
the Borrower so long as (i) in the          case of any such merger,  dissolution  or
liquidation  involving the Borrower,  the Borrower is the          surviving corporation
of any such merger, dissolution or liquidation,  (ii) in the case of any such
         merger,  dissolution  or  liquidation  involving  the  Guarantor,  the
 Guarantor is the  surviving          corporation  of any such  merger,  dissolution  or
 liquidation,  and (iii) in the case of any such          merger,  dissolution  or
 liquidation  involving a  Wholly-Owned  Subsidiary of the Borrower,  such
         Wholly-Owned  Subsidiary  is  the  surviving  corporation  of  any  such
 merger,   dissolution  or          liquidation; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;
    Dividends may be paid by the Borrower and its  Subsidiaries  to the extent  expressly
 permitted by          Section 8.3; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;
     Permitted  Acquisitions  shall be  permitted  so long as no Default or Event of
Default  shall have          occurred and be continuing at the time of  consummation  of
the proposed  Permitted  Acquisition or          immediately after giving effect thereto; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;
the Borrower may enter into sale-leaseback transactions with respect to real
property located in the city of Santiago, Chile so long as (w) no Default or
Event of Default shall have occurred and be continuing as of the date of such
sale-leaseback transaction and immediately after giving effect thereto,
(x) the Borrower shall have received at least fair market value for the property
sold pursuant thereto (as determined in good faith by the Borrower), (y)
such sale-leaseback transaction results in consideration 100% of which shall
be in the form of cash received at the time of the closing of such
sale-leaseback transaction and (z) 100% of the Net Disposition Proceeds
received by the Borrower pursuant to such sale-leaseback transaction are applied as
and to the extent required by Section 3.2(b); <U>provided </U>that the cumulative
value of all real property sold pursuant to such sale-leaseback transactions
permitted pursuant to this clause (xi) shall not exceed $20,000,000; </FONT> </P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;
   the Borrower and its Subsidiaries may sell or otherwise  dispose of those assets
listed on Schedule          VII so long as (x) no Default or Event of Default  shall have
 occurred and be continuing as of the          date of any such sale and  immediately
 after giving  effect  thereto,  and (y) the Borrower or the          relevant
 Subsidiary  thereof  shall have  received at least fair market  value for each such
asset          sold (as determined in good faith by the Borrower); and </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;
the Borrower and its Subsidiaries may sell assets (not otherwise described above)
from time to time so long as (x) no Default or Event of Default shall have
occurred and be continuing as of the date of any such sale and immediately
after giving effect thereto, (y) the Borrower or its relevant Subsidiary
shall have received at least fair market value for such assets pursuant to
such sale (as determined in good faith by the Borrower), and (z) such
sale results in consideration at least 75% of which shall be in the form of
cash, at least two-thirds of which cash consideration shall be received at
the time of the closing of such sale and the remainder of which shall be fully
secured by a first priority perfected Lien on the assets sold, and such
remainder shall be payable in cash within (A) three years after the closing
date of such sale so long as the public corporate rating of the purchaser of
any of such assets as announced by either S&amp;P or Moody&#146;s is equal to at least
&#147;BBB+&#148; or &#147;Baa1&#148;, as the case may be, at the time of such sale, and (B) one
year after the closing date of such sale in all other cases; <U>provided </U>that (A)
the cumulative value of all such sales made by the Borrower and its
Subsidiaries permitted to be made pursuant to this clause (xiii) shall not
exceed (1) during any Test Period, 15% and (2) since the Effective Date, 25%,
of the Consolidated assets of the Borrower and its Subsidiaries, and (B) the
cumulative value of all such sales made by the Borrower and/or the Guarantor permitted
to be made pursuant to this clause (xiii) shall not exceed (1) during any Test
Period, 15% and (2) since the Effective Date, 25%, of the non-Consolidated
assets of the Borrower or the Guarantor, as applicable, in each case,
based on the financial information set forth in the most recent
Financial Statements delivered pursuant to this Agreement. </FONT> </P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;8.3 <U>Dividends</U>.
The Credit Parties will not, and will not permit any of their Subsidiaries to,
authorize, declare or pay any Dividends if, at the time of such authorization,
declaration or payment (and after giving effect thereto), as applicable, there shall
have occurred and be continuing a Default or an Event of Default; <U>provided </U>that,
notwithstanding the foregoing, Dividends may always be paid to the Borrower or a
Subsidiary thereof. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;8.4 <U>Indebtedness</U>.
The Credit Parties will not, and will not permit any of their Subsidiaries to,
contract, create, incur, assume or suffer to exist any Indebtedness, except: </FONT></P>

<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;
     Indebtedness incurred pursuant to this Agreement and the other Credit Documents; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;
Indebtedness pursuant to Hedging Agreements entered into as <I>bona fide </I>hedges
against currency fluctuations and fluctuations in the price of raw
materials to be purchased and used in the ordinary course of business and
not for financing or speculative purposes; </FONT> </P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;
Indebtedness under <I>bona fide </I>and non-speculative Interest Rate Protection Agreements
entered into with respect to other Indebtedness permitted under this Agreement; </FONT> </P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;
Indebtedness evidenced by Capitalized Lease Obligations entered into by the
Borrower and its Subsidiaries to finance Capital Expenditures, <U>provided</U>,
that in no event shall the aggregate outstanding amount of Capitalized
Lease Obligations permitted by this clause (iv) exceed $20,000,000 at
any time; </FONT> </P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;
     Indebtedness subject to Liens permitted by Section 8.1(vi); </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;
    intercompany  Indebtedness  among the  Borrower  and its  Subsidiaries  to the extent
 permitted by          Section 8.5; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;
Existing Indebtedness listed on Schedule IV (as reduced by any permanent repayments
of principal thereof), <U>plus </U>any subsequent extension, renewal or
refinancing thereof, <U>provided </U>that the aggregate principal amount of the
Indebtedness to be extended, renewed or refinanced does not increase from
that amount outstanding at the time of any such extension, renewal or refinancing; </FONT> </P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;
Indebtedness evidenced by Capitalized Lease Obligations entered into by the Borrower
in connection with the sale-leaseback transaction described in Section 8.2(xi),
<U>provided</U>, that in no event shall the aggregate outstanding amount of
Capitalized Lease Obligations permitted pursuant to this clause (viii)
exceed $20,000,000 at any time; and </FONT> </P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;
unsecured Indebtedness and, to the extent permitted by Sections 8.1(xii) and
(xiii), secured Indebtedness, in each case so long as (i) no Default or
Event of Default then exists or would result therefrom and (ii) based on
calculations made by each Credit Party, each Credit Party would have been in
compliance with Sections 8.7, 8.8 and/or 8.9, as applicable, for the Test Period then
most recently ended calculated on a <U>pro forma </U>basis as if the respective
Indebtedness, and all other Indebtedness incurred by such Credit Party and
its Subsidiaries during such Test Period (or, if thereafter, on or prior to the
respective date of determination) had been incurred on the first day of, and
had remained outstanding throughout, such Test Period; <U>provided, however</U>, the
aggregate principal amount of Indebtedness incurred by all Subsidiaries of
the Borrower (other than the Guarantor) pursuant to this clause (ix) shall
not exceed $75,000,000 at any time outstanding. </FONT> </P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;8.5 <U>Advances,
Investments and Loans. </U>The Credit Parties will not, and will not permit any of their
Subsidiaries to, directly or indirectly, lend money or credit or make advances to any
Person, or purchase or acquire any stock, obligations or securities of, or any
other interest in, or make any capital contribution to, any other Person, or
purchase or own a futures contract or otherwise become liable for the purchase or sale
of currency or other commodities at a future date in the nature of a futures contract
(each of the foregoing, an &#147;Investment&#148; and, collectively, &#147;Investments&#148;), except that
the following shall be permitted: </FONT></P>

<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;
     the Borrower and any of its Subsidiaries  may acquire and hold accounts  receivable
owing to any of          them,  if created or acquired in the ordinary  course of
business and payable or  dischargeable  in          accordance with customary trade terms
of the Borrower or such Subsidiary; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;
    the Borrower and any of its Subsidiaries may acquire and hold cash and Cash
Equivalents; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;
   Investments  in  existence  on the  Initial  Borrowing  Date and  listed  on  Schedule
 VI shall be          permitted,  without  giving  effect to any  additions  thereto or
 replacements  thereof,  it being          understood that any additional  Investments
made with respect to such existing Investments shall be          permitted only if
independently justified under the other provisions of this Section 8.5; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;
    the  Borrower  and any of its  Subsidiaries  may  acquire  and  hold  investments
 (including  debt          obligations)  received in  connection  with the  bankruptcy
 or  reorganization  of  suppliers  and          customers and in good faith  settlement
 of delinquent  obligations  of, and other  disputes  with,          customers and
suppliers arising in the ordinary course of business; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;
     the Borrower  and any of its  Subsidiaries  may make loans and  advances in the
ordinary  course of          business to their respective  officers,  directors,
 managers and other  employees,  so long as the          aggregate  principal  amount
 thereof at any time  outstanding  (determined  without  regard to any
         write-downs or write-offs of such loans and advances) shall not exceed
$10,000,000; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;
    the Borrower  may acquire and hold  obligations  of one or more  officers,
 directors,  managers or          other  employees of the Borrower or any of its
 Subsidiaries  in  connection  with such  officers&#146;,          directors&#146;,  managers&#146; or
employees&#146;  acquisition  of shares of capital  stock of the Borrower,  so          long
as no cash is paid by the Borrower or any of its  Subsidiaries  to such  officers or
employees          in connection with the acquisition of any such obligations; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;
   the  Borrower may enter into Hedging  Agreements  to the extent  permitted by Sections
8.4 (ii) and          (iii); </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;
the Borrower and its Subsidiaries may make intercompany loans and advances between
or among one another, and the Borrower and its Subsidiaries may make cash
contributions to their respective Subsidiaries, <U>provided </U>that (i) no
Investment may be made pursuant to this clause (viii) by a Credit Party to
a Subsidiary of the Borrower that is not a Credit Party at a time that a Default
or an Event of Default exists and is continuing, (ii) any such Investment
in the form of an intercompany loan or advance made to a Credit Party shall be
evidenced by an intercompany note which shall include (or, if not evidenced
by an intercompany note, the books and records of the respective parties
shall note that such Investment shall be subject to) subordination provisions
satisfactory to the Agents (it being understood and agreed that in any
such event no such intercompany loans or advances made to a Credit Party may
be repaid or prepaid by any Credit Party at any time that a Default or Event of
Default exists), and (iii) the aggregate amount of all Investments made by
the Credit Parties to their non-Wholly Owned Subsidiaries (excluding any
capital contributions made by any of the Credit Parties to Vi&#241;a San Pedro
S.A. and Compa&#241;&#237;a Cervecer&#237;as Unidas Argentina S.A.) shall not exceed
$40,000,000 at any time outstanding (determined without regard to any
write-downs or write-offs of any such Investments); </FONT> </P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;
    the Borrower and any of its Subsidiaries may make Investments  consisting of non-cash
consideration          received  by the  Borrower  or such  Subsidiary  in  connection
 with any asset sale  permitted  by          Sections 8.2(xii) and (xiii); </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;
     Permitted  Acquisitions in accordance  with the  requirements of Section 8.2(x)
shall be permitted;          and </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;
    the Borrower and its Subsidiaries may acquire and hold equity  securities of any
Person (other than          the Borrower and its  Subsidiaries)  so long as the aggregate
 amount  expended by the Borrower and          its  Subsidiaries  for  all  such  equity
 securities  shall  not  exceed  $1,000,000  at any  time          outstanding
(determined without regard to any write-downs or write-offs thereof). </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;8.6 <U>Transactions
with Affiliates</U>. The Credit Parties will not, and will not permit any of their
Subsidiaries to, enter into any transaction or series of related transactions, with
any Affiliate of any Credit Party or any of its Subsidiaries, other than on terms and
conditions substantially as favorable to such Credit Party or such Subsidiary as
would reasonably be obtained by such Credit Party or such Subsidiary at that time
in a comparable arm&#146;s-length transaction with a Person other than an Affiliate,
except that the following in any event shall be permitted: </FONT></P>

<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;
     intercompany  transactions  among  the  Borrower  and  its  Subsidiaries  to the
 extent  expressly          permitted by Sections 8.2, 8.3, 8.4 and 8.5 shall be
permitted; </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;
    any  transaction  with an officer or member of the Board of  Directors  of any Credit
 Party or its          Subsidiaries  in the  ordinary  course of business  involving
 compensation,  indemnity or employee          benefit arrangements; and </FONT></P></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Teste Hang Justify" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;
   customary fees may be paid to non-officer directors of any Credit Party and its
Subsidiaries. </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;8.7 <U>Consolidated
Interest Coverage Ratio</U>.  Each Credit Party will not permit its respective
Consolidated Interest Coverage Ratio for any Test Period ending on the last day of any
fiscal quarter of such Credit Party to be less than 3.00:1.00. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;8.8 <U>Consolidated
Leverage Ratio</U>. Each Credit Party will not permit its respective Consolidated
Leverage Ratio at any time to be greater than 3.00:1.00. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;8.9 <U>Minimum
Consolidated Equity</U>.  The Borrower will not permit its Consolidated Equity at the end
of each of its fiscal quarters to be less than the Peso equivalent of 15,000,000
Unidades de Fomento at such time (it being understood and agreed that non-cash
adjustments effected on or prior to such date shall not be considered for purposes of
the calculation required pursuant to this Section 8.9). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;8.10 <U>Limitation
on Modifications of <I>Estatutos Sociales</I></U>. The Credit Parties will not, and will not
permit (in accordance with applicable law) any of their Subsidiaries to, amend,
modify or change in any material respect any certificate or articles of
incorporation or equivalent organizational document (including, without
limitation, by the filing or modification of any certificate of designation) or
by-laws (<I>estatutos sociales </I>or equivalent organizational documents), or any agreement
entered into by it, with respect to its capital stock or other equity interest, other
than any amendments, modifications or changes pursuant to this Section 8.10 which
could not reasonably be expected to be adverse to the interests of the Lenders or
to the extent required by any mandatory requirements of applicable law. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;8.11 <U>Limitation on
Certain Restrictions on Subsidiaries</U>.  The Credit Parties will not, and will not
permit any of their respective Subsidiaries to, directly or indirectly, create or
otherwise cause or suffer to exist or become effective any encumbrance or
restriction on the ability of any such Subsidiary to (a) pay dividends or make any
other distributions on its capital stock or any other interest or participation
in its profits owned by such Credit Party or any Subsidiary of such Credit Party, or
pay any Indebtedness owed to such Credit Party or a Subsidiary of such Credit Party,
(b) make loans or advances to such Credit Party or any of such Credit Party&#146;s
Subsidiaries or (c) transfer any of its properties or assets to such Credit Party or
any of such Credit Party&#146;s Subsidiaries, except for such encumbrances or
restrictions existing under or by reason of (i) applicable law, (ii) this Agreement
and the other Credit Documents, (iii) the Existing Indebtedness and (iv) customary
provisions restricting (A) subletting or assignment of any lease or other contract
of such Credit Party or a Subsidiary of such Credit Party entered into in the
ordinary course of business or (B) transfers of assets subject to a Permitted Lien. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;8.12 <U>Business.
</U>The Credit Parties will not, and will not permit any of their Subsidiaries to, engage
(directly or indirectly) in any business other than a Permitted Business. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;8.13 <U>Accounting
Changes. </U>The Credit Parties will not make or allow any change in their accounting
policies or reporting practices (including any change (in form, scope or substance)
to any account entry used in the calculation of any of the financial covenants
described in Sections 8.7, 8.8 and/or 8.9), except as required to comply with or
permitted by Chilean GAAP. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.
<U>Events of Default. </U>Upon the occurrence of any of the following specified
events (each, an &#147;Event of Default&#148;): </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;9.1 <U>Payments</U>.
The Borrower shall (i) default in the payment when due of any principal of any Loan or
any Note or (ii) default, and such default shall continue unremedied for five or more
Business Days, in the payment when due of any interest on any Loan or any Note or
any Fees or any other amounts owing hereunder or under any other Credit Document; or </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;9.2
<U>Representations, etc. </U>Any representation, warranty or statement made or deemed
made by any Credit Party herein or in any other Credit Document or in any certificate
delivered to the Agents or any Lender pursuant hereto or thereto shall prove to be
untrue in any material respect on the date as of which made or deemed made; or </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;9.3 <U>Covenants.
</U>Any Credit Party shall (a) default in the due performance or observance by it of any
term, covenant or agreement contained in Section 7.1(d)(i), 7.6, 7.11, 7.12, 7.13,
7.14, 7.15 or 8, or (b) default in the due performance or observance by it of any
term, covenant or agreement contained in this Agreement (other than those set forth in
Sections 9.1 and 9.2 or clause (a) of this Section 9.3) and such default shall
continue unremedied for a period of 30 consecutive days after the earlier of the
date on which any Credit Party becomes aware of such default or written notice
thereof is provided to the defaulting party by the Administrative Agent or the
Required Lenders; or </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;9.4 <U>Default
Under Other Agreements. </U>(i) Any Credit Party or any of its Subsidiaries shall
(x) default in any payment of any Indebtedness (other than the Obligations) beyond
the period of grace, if any, provided in the instrument or agreement under which such
Indebtedness was created or (y) default in the observance or performance of any
agreement or condition relating to any Indebtedness (other than the Obligations) or
contained in any instrument or agreement evidencing, securing or relating thereto, or
any other event shall occur or condition exist, the effect of which default or other
event or condition is to cause, or to permit the holder or holders of such
Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause
(determined without regard to whether any notice is required), any such
Indebtedness to become due prior to its stated maturity, or (ii) any
Indebtedness (other than the Obligations) of any Credit Party or any of its
Subsidiaries shall be declared to be (or shall become) due and payable, or required to
be prepaid other than by a regularly scheduled required prepayment, prior to the
stated maturity thereof, <U>provided </U>that (a) this clause shall not apply to
Indebtedness that is required to be prepaid prior to its stated maturity solely as a
result of the voluntary sale or transfer of the property or assets securing such
Indebtedness and (b) it shall not be a Default or an Event of Default under this
Section 9.4 unless the aggregate principal amount (or, with respect to Indebtedness
under Hedging Agreements, the termination amount) of all Indebtedness as described in
preceding clauses (i) and (ii) is at least $10,000,000; or </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;9.5 <U>Bankruptcy</U>,
etc. Any Credit Party or any of its Subsidiaries shall commence a voluntary case
concerning itself under any bankruptcy law of Chile, the Cayman Islands or any other
jurisdiction or Title 11 of the United States Code entitled &#147;Bankruptcy,&#148; as now or
hereafter in effect, or any successor thereto; or an involuntary case is commenced
against any Credit Party or any of its Subsidiaries under any such laws, and the
petition is not controverted within 10 days, or is not dismissed within 60 days, after
commencement of the case; or a custodian (as defined in Title 11 of the United States
Code) or <I>s&#237;ndico </I>is appointed for, or takes charge of, all or substantially all of the
property of any Credit Party or any of its Subsidiaries, or any Credit Party or any of
its Subsidiaries commences any other proceeding under any reorganization, arrangement,
adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar
law of any jurisdiction whether now or hereafter in effect relating to any Credit
Party or any of its Subsidiaries, or there is commenced against any Credit Party or
any of its Subsidiaries any such proceeding which remains undismissed for a period
of 60 days, or any Credit Party or any of its Subsidiaries is adjudicated
insolvent or bankrupt; or any order of relief or other order approving any such case
or proceeding is entered; or any Credit Party or any of its Subsidiaries suffers any
appointment of any custodian or the like for it or any substantial part of its
property to continue undischarged or unstayed for a period of 60 days; or any
Credit Party or any of its Subsidiaries makes a general assignment for the
benefit of creditors; or any Credit Party or any of its Subsidiaries shall generally
not pay its debts as they become due or there shall otherwise occur a <I>cesaci&#243;n de
pagos </I>(within the meaning of Chilean law); or any Credit Party or any of its
Subsidiaries shall admit in writing its inability to pay its debts generally as
such debts become due; or any corporate action is taken by any Credit Party or any of
its Subsidiaries for the purpose of effecting any of the foregoing; or </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;9.6 <U>Guaranty</U>.
(i) At any time after the execution thereof, any Guaranty or any provision thereof
shall cease to be in full force or effect as to the Guarantor, (ii) the Guarantor or
any Person acting by or on behalf of the Guarantor shall deny or disaffirm the
Guarantor&#146;s obligations under any Guaranty or (iii) the Guarantor shall default in
the due performance or observance of any term, covenant or agreement on its part to be
performed or observed pursuant to any Guaranty; or </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;9.7 <U>Judgments</U>.
One or more judgments or decrees shall be entered against any Credit Party or any of
its Subsidiaries involving in the aggregate a liability (to the extent not paid or
covered by a reputable and solvent third party insurance company) equal to or greater
than $10,000,000 for all such judgments and decrees and such judgments and decrees
either shall be final and non-appealable or shall not be vacated, discharged or stayed
or bonded pending appeal for any period of 30 consecutive days; or </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;9.8 <U>Change of
Control. </U>A Change of Control shall occur; or </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;9.9 <U>Denial of
Liability</U>.  (a) Any Credit Party shall deny its obligations under this Agreement, any
Note or any other Credit Document, (b) any law, rule or regulation shall purport to
render invalid, or preclude enforcement of, any provision of this Agreement or
any other Credit Document or impair performance of any Credit Party&#146;s obligations
hereunder or under any other Credit Document or (c) any dominant authority
asserting or exercising de <I>jure </I>or <I>de facto </I>governmental or police powers shall, by
moratorium laws or otherwise, cancel, suspend or defer the obligation of any
Credit Party to pay any amount required to be paid hereunder or under any other Credit
Document; or </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;9.10 <U>Currency
Restrictions</U>. Chile, the Cayman Islands or any Governmental Authority thereof
shall impose restrictions or limitations on the availability of freely transferable
Dollars to Persons outside Chile or the Cayman Islands which restrictions or
limitations, in the reasonable judgment of the Required Lenders, could reasonably be
expected to prevent any Credit Party from performing its respective obligations
pursuant to the Credit Documents or Dollars shall, in the reasonable judgment
of the Administrative Agent, be unavailable to any Credit Party at all or at a
commercially reasonable rate of exchange; or </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;9.11 <U>Governmental
Action</U>.  Any Governmental Authority shall have condemned, nationalized, seized, or
otherwise expropriated all or any substantial part of the property, shares of
capital stock or other assets of any Credit Party or any of its Subsidiaries, or
shall have assumed custody or control of such property or other assets or of the
business or operations of any Credit Party or any of its Subsidiaries, or shall have
taken any action for the dissolution or disestablishment of any Credit Party or any
of its Subsidiaries or any action that would prevent any Credit Party, any of its
Subsidiaries or any of their respective officers from carrying on the business of such
Credit Party or such Subsidiary or a substantial part thereof; or </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;9.12 <U>Amendments to
<I>Estatutos Sociales </I>of the Borrower. </U>The <I>estatutos sociales </I>of the Borrower shall
have been amended, modified or changed in any material respect, other than (to the
extent permitted to be made hereunder) any amendments, modifications or changes
which could not reasonably be expected to be adverse to the interests of the Lenders; </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">then, and in any such
event, and at any time thereafter, if any Event of Default shall then be continuing,
the Administrative Agent may and, upon the written request of the Required Lenders
shall, by written notice to the Borrower, take any or all of the following actions,
without prejudice to the rights of any Agent, any Lender or the holder of any Note to
enforce its claims against any Credit Party (although notwithstanding anything to
the contrary contained in any Note, no Lender may accelerate any of its Notes without
the consent of the Required Lenders unless the Loans, the Notes and/or the Obligations
otherwise have been declared (or have become) due and payable as provided below)
(<U>provided </U>that, if an Event of Default specified in Section 9.5 shall occur with
respect to any Credit Party, the result which would occur upon the giving of written
notice by the Administrative Agent as specified in clauses (i) and (ii) below shall
occur automatically without the giving of any such notice): (i) declare the Total
Commitment terminated, whereupon the Commitment of each Lender shall forthwith
terminate immediately; (ii) declare the principal of and any accrued interest in
respect of all Loans, the Notes and all Obligations owing hereunder and thereunder
to be, whereupon the same shall become, forthwith due and payable without
presentment, demand, protest or other notice of any kind, all of which are hereby
waived by each Credit Party; and (iii) exercise any of the rights available under the
Credit Documents or applicable law. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10. <U>The
Guaranty.</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;10.1 <U>The
Guaranteed Obligations. </U>(a) The Guarantor hereby irrevocably, absolutely and
unconditionally guarantees, as primary obligor and not merely as surety, to the
Guaranteed Creditors the full and prompt payment when due (whether upon maturity,
acceleration or otherwise) of any and all of the Guaranteed Obligations of the
Borrower. If any or all of the Guaranteed Obligations of the Borrower to the
Guaranteed Creditors becomes due and payable hereunder, the Guarantor hereby
irrevocably, absolutely and unconditionally promises to pay such indebtedness to the
Guaranteed Creditors, or order, on demand, in Dollars, together with any and all
expenses which may be incurred by the Guaranteed Creditors in collecting any of
the Guaranteed Obligations (including, without limitation, the payment of any stamp
taxes). The Guarantor understands, agrees and confirms that the Guaranteed
Creditors may enforce this Guaranty up to the full amount of the Guaranteed
Obligations against the Guarantor without proceeding against the Borrower, against
any security for the Guaranteed Obligations (to the extent applicable) or against any
other guarantor under any other guaranty covering the Guaranteed Obligations. This
Guaranty shall constitute a guaranty of payment and not of collection. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(b)      All payments
made by the Guarantor  hereunder shall be made without  setoff,  counterclaim or other
defense,  and shall be subject to the  provisions  of Section 3.4. All such  payments
 will be made free and clear of, and without  deduction or withholding  for, any present
or future Taxes in the manner provided for in Section 3.4. The Guarantor  will  indemnify
and hold harmless  each  Guaranteed  Creditor,  and reimburse such  Guaranteed  Creditor
 upon its  written  request,  for the amount of any Taxes (and other  amounts) so levied
or imposed  and paid by such  Guaranteed  Creditor  in the  manner,  and to the  extent,
 provided in Section 3.4.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;10.2 <U>Continuing
Obligation. </U>This Guaranty is a continuing one and all liabilities to which it applies
or may apply under the terms hereof shall be conclusively presumed to have been
created in reliance hereon. No failure or delay on the part of any Guaranteed
Creditor in exercising any right, power or privilege hereunder and no course of
dealing between the Guarantor and any Guaranteed Creditor or the holder of any Note
shall operate as a waiver thereof; nor shall any single or partial exercise of any
right, power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. The rights, powers and remedies
herein expressly provided are cumulative and not exclusive of any rights, powers or
remedies which any Guaranteed Creditor or the holder of any Note would otherwise
have. No notice to or demand on the Guarantor in any case shall entitle such Person or
Persons to any other further notice or demand in similar or other circumstances or
constitute a waiver of the rights of any Guaranteed Creditor or the holder of any Note
to any other or further action in any circumstances without notice or demand. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;10.3 <U>No
Discharge. </U>If a claim is ever made upon any Guaranteed Creditor for repayment or
recovery of any amount or amounts received in payment or on account of any of the
Guaranteed Obligations and any of the aforesaid payees repays all or part of said
amount by reason of (a) any judgment, decree or order of any court or administrative
body having jurisdiction over such payee or any of its property or (b) any
settlement or compromise of any such claim effected by such payee with any such
claimant (including the Borrower), then and in such event the Guarantor agrees that
any such judgment, decree, order, settlement or compromise shall be binding upon it
notwithstanding any revocation hereof or the cancellation of any Note or other
instrument evidencing any liability of the Guarantor or the Borrower, and the
Guarantor shall be and remain liable to the aforesaid payees hereunder for the amount
so repaid or recovered to the same extent as if such amount had never originally been
received by any such payee. It is the intention of the Guaranteed Creditors and the
Guarantor that the Guaranteed Obligations hereunder shall not be discharged
(whether pursuant to any bankruptcy law or comparable legislation or otherwise)
except by the Guarantor&#146;s indefeasible performance of such obligations in accordance
with the terms hereof and then only to the extent of such performance. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;10.4 <U>Tolling of
Statute of Limitations</U>. To the fullest extent permitted under applicable law, any
acknowledgment or new promise, whether by payment of principal or interest or otherwise
and whether by the Guarantor or others, with respect to any of the Guaranteed
Obligations shall, if the statute of limitations in favor of the Guarantor against
any Guaranteed Creditor or the holder of any Note shall have commenced to run, toll
the running of such statute of limitations, and if the period of such statute of
limitations shall have expired, prevent the operation of such statute of limitations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;10.5 <U>Bankruptcy</U>.
The Guarantor, unconditionally, absolutely and irrevocably, guarantees the payment of
any and all of the Guaranteed Obligations of the Borrower to the Guaranteed Creditors
whether or not due or payable by the Borrower upon the occurrence of any of the
events specified in Section 9.5, and unconditionally, absolutely and irrevocably
promises to pay such indebtedness to the Guaranteed Creditors, or order, on demand, in
lawful money of the United States. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;10.6 <U>Independent
Obligation</U>. No invalidity, irregularity or unenforceability of all or any part of the
Guaranteed Obligations or of any security therefor shall affect, impair or be a
defense to this Guaranty, and this Guaranty shall be primary, absolute and unconditional
notwithstanding the occurrence of any event or the existence of any other
circumstances which might constitute a legal or equitable discharge of a surety or
guarantor except payment in full of the Guaranteed Obligations. The obligations
of the Guarantor hereunder are independent of the obligations of the Borrower, and a
separate action or actions may be brought and prosecuted against the Guarantor
whether or not an action is brought against the Borrower or any other Person and
whether or not the Borrower or any other Person is joined in any such action or
actions. The Guarantor waives, to the full extent permitted by law, the benefit of
any statute of limitations affecting its liability hereunder or the enforcement thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;10.7
<U>Authorization. </U>The Guarantor authorizes the Guaranteed Creditors without notice or
demand (except as shall be required by applicable statute and cannot be waived), and
without affecting or impairing its liability hereunder, from time to time to: </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(a)      change the
manner,  place or terms of payment of,  and/or  change or extend the time of payment of,
renew,  increase,  accelerate  or alter,  any of the  Guaranteed  Obligations  (including
 any  increase  or decrease in the rate of interest  thereon),  any security  therefor,
 or any liability  incurred directly or indirectly in respect  thereof,  and this
Guaranty herein made shall apply to the Guaranteed  Obligations as so changed, extended,
renewed or altered;</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(b)      take and hold
security for the payment of the Guaranteed  Obligations and sell, exchange,  release,
surrender,  realize  upon or otherwise  deal with in any manner and in any order any
property by  whomsoever at any time  pledged or mortgaged  to secure,  or howsoever
 securing,  the  Guaranteed  Obligations  or any liabilities  (including  any of those
 hereunder)  incurred  directly or  indirectly  in respect  thereof or hereof, and/or any
offset thereagainst;</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(c)      exercise or
refrain from  exercising  any rights against the Borrower or others or otherwise act or
refrain from acting;</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(d)      release or
substitute any one or more endorsers, guarantors, the Borrower or other obligors;</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(e)      settle or
compromise  any of the  Guaranteed  Obligations,  any security  therefor or any liability
(including  any of those  hereunder)  incurred  directly or  indirectly  in respect
 thereof or hereof,  and subordinate  the payment of all or any part thereof to the
payment of any liability  (whether due or not) of the Borrower to its creditors other
than the Guaranteed Creditors;</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(f)      apply any
sums by  whomsoever  paid or howsoever  realized to any liability or  liabilities  of the
Borrower to the  Guaranteed  Creditors  regardless of what  liability or liabilities of
the Guarantor or the Borrower remain unpaid;</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(g)      consent to or
waive any breach of, or any act,  omission  or default  under,  this  Agreement,  any
other Credit Document,  any Hedging Agreement or any of the instruments or agreements
 referred to herein or therein,  or otherwise amend,  modify or supplement this
Agreement,  any other Credit Document,  any Hedging Agreement or any of such other
instruments or agreements; and/or</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(h)      take any
other action which would, under otherwise  applicable  principles of common law, give
rise to a legal or equitable discharge of the Guarantor from its liabilities under this
Guaranty.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;10.8 <U>Reliance</U>. It
is not necessary for any Guaranteed Creditor to inquire into the capacity or powers of
the Guarantor to enter into this Guaranty or the officers, directors, partners or
agents acting or purporting to act on its behalf, and any Guaranteed Obligations
made or created in reliance upon the professed exercise of such powers shall be
guaranteed hereunder. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;10.9
<U>Subordination. </U>Any indebtedness of the Borrower now or hereafter owing to the
Guarantor is hereby subordinated to the Guaranteed Obligations owing to the Guaranteed
Creditors; and if the Administrative Agent so requests at a time when an Event of
Default exists, all such indebtedness of the Borrower to the Guarantor shall be
collected, enforced and received by them for the benefit of the Guaranteed Creditors
and be paid over to the Administrative Agent on behalf of the Guaranteed Creditors
on account of the Guaranteed Obligations of the Guarantor to the Guaranteed
Creditors, but without affecting or impairing in any manner the liability of the
Guarantor under the other provisions of this Guaranty. Prior to the transfer by the
Guarantor of any note or negotiable instrument evidencing any such indebtedness of
the Borrower to the Guarantor, the Guarantor shall mark such note or negotiable
instrument with a legend that the same is subject to this subordination. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;10.10 <U>Waiver</U>. (a)
The Guarantor waives any right (except as shall be required by applicable law and
cannot be waived) to require any Guaranteed Creditor to (i) proceed against the
Borrower or any other Person, (ii) proceed against or exhaust any security held from
the Borrower or any other Person or (iii) pursue any other remedy in any Guaranteed
Creditor&#146;s power whatsoever. The Guarantor waives, to the fullest extent
permitted under applicable law, any defense based on or arising out of any defense of
the Guarantor or any other Person, other than payment in full of the Guaranteed
Obligations in cash in accordance with the terms thereof, based on or arising out of
the disability of the Borrower or any other Person, or the validity, legality or
unenforceability of the Guaranteed Obligations or any part thereof from any cause, or
the cessation from any cause of the liability of the Borrower or any other Person other
than payment in full of the Guaranteed Obligations in cash in accordance with the
terms thereof. The Guaranteed Creditors may (to the extent applicable), at their
election, foreclose on any security held by the Administrative Agent or any other
Guaranteed Creditor by one or more judicial or nonjudicial sales, whether or not
every aspect of any such sale is commercially reasonable (to the extent such sale
is permitted by applicable law), or exercise any other right or remedy the
Guaranteed Creditors may have against the Borrower or any other Person, or any
security, without affecting or impairing in any way the liability of the Guarantor
hereunder except to the extent the Guaranteed Obligations have been paid in full in
cash in accordance with the terms thereof. To the extent permitted by applicable
law, the Guarantor waives any defense arising out of any such election by the
Guaranteed Creditors, even though such election operates to impair or extinguish any
right of reimbursement or subrogation or other right or remedy of the Guarantor against
the Borrower or any other Person or any security. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(b)      The Guarantor
waives all  presentments,  demands for performance,  protests and notices (other than any
notice  expressly  provided for  herein),  including,  without  limitation,  notices of
 nonperformance, notices of  protest,  notices of  dishonor,  notices of  acceptance  of
this  Guaranty,  and  notices of the existence,  creation or incurring of new or
additional  Guaranteed  Obligations.  The Guarantor  assumes all responsibility for being
and keeping itself informed of the Borrower&#146;s  financial  condition and assets, and of
all other  circumstances  bearing  upon the risk of  nonpayment  of the  Guaranteed
 Obligations  and the nature,  scope and extent of the risks which the  Guarantor
 assumes and incurs  hereunder,  and agrees that the Guaranteed  Creditors shall have no
duty to advise the Guarantor of information  known to them regarding such circumstances
or risks.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(c)      Until such
time as the  Guaranteed  Obligations  have been paid in full in cash in accordance  with
the terms  thereof,  the  Guarantor  hereby  waives (and agrees not to exercise)  all
rights of  subrogation which it may at any time otherwise have as a result of this
Guaranty  (whether  contractual or otherwise) to the claims of the  Guaranteed  Creditors
 against the  Borrower  or any other  guarantor  of the  Guaranteed Obligations  and all
 contractual,  statutory  or  common  law  rights  of  reimbursement,  contribution  or
indemnity  from the Borrower or any other  guarantor  which it may at any time otherwise
have as a result of this Guaranty.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(d)      The
 Guarantor  warrants  and agrees that each of the  waivers  set forth  herein is made
with full knowledge  of its  significance  and  consequences  and that if any of such
 waivers  are  determined  to be contrary to any  applicable  law or public  policy,
 such  waivers  shall be  effective  only to the maximum extent permitted by law.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;10.11 <U>Nature of
Liability. </U>(a) The liability of the Guarantor hereunder is exclusive and independent of
any security for or other guaranty of the Guaranteed Obligations of the Borrower
whether executed by the Guarantor, any other guarantor or by any other Person, and the
liability of the Guarantor hereunder is not affected or impaired by (a) any direction
as to application of payment by the Borrower or by any other Person, or (b) any
other continuing or other guaranty, undertaking or maximum liability of a guarantor or
of any other Person as to the Guaranteed Obligations of the Borrower, or (c) any
payment on or in reduction of any such other guaranty or undertaking, or (d) any
dissolution, termination or increase, decrease or change in personnel by the
Borrower, or (e) any payment made to the Guaranteed Creditors on the Guaranteed
Obligations which any such Guaranteed Creditor repays to the Borrower pursuant to
court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor
relief proceeding, and the Guarantor waives any right to the deferral or modification
of its obligations hereunder by reason of any such proceeding. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;(b)      It is the
desire and intent of the Guarantor and the Guaranteed  Creditors that this Guaranty shall
be enforced  against the  Guarantor to the fullest  extent  permissible  under the laws
and public  policies applied in each  jurisdiction  in which  enforcement  is sought.
 If,  however,  and to the extent that, the obligations of the Guarantor  under this
Guaranty shall be  adjudicated to be invalid or  unenforceable  for any  reason,  then
the  amount of the  Guarantor&#146;s  obligations  under this  Guaranty  shall be deemed to be
reduced  and the  Guarantor  shall pay the  maximum  amount of the  Guaranteed
 Obligations  which  would be permissible under applicable law.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;10.12 <U>Guaranties</U>.
The Guarantor is executing, simultaneously with this Guaranty, the Chilean Guaranty
for the purpose of providing the Lenders with two independent guaranties of the same
obligations, one governed by New York law and the other governed by Chilean law which
qualifies as a &#147;<I>t&#237;tulo ejecutivo</I>&#148; in Chile. The actions arising under each Guaranty
are separate and independent of each other, and the enforcement of the Chilean
Guaranty against the Guarantor before Chilean courts shall not prevent the Lenders
or the Administrative Agent from enforcing the Guaranty provided pursuant to this
Section 10 against the Guarantor in the applicable jurisdiction provided for in Section
13.8; <U>provided, however</U>, that the Lenders shall not be entitled to receive pursuant to
the application and enforcement Guaranties at any time any amount in excess of the
amount of the Guaranteed Obligations due and unpaid at such time. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.
<U>Definitions</U>. As used in this Agreement, the following terms shall have the
following meanings (such meanings to be equally applicable to both the singular
and plural forms of the terms defined): </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Acquired  Entity or
Business&#148;  shall mean either (x) the assets  constituting a business,   division or
product line of any Person not already a Subsidiary  of the Borrower or (y) the  capital
stock   of any such Person, which Person shall, as a result of such stock acquisition,
 become a Subsidiary of the   Borrower  (or shall be merged with and into the  Borrower,
 the  Guarantor  or another  Subsidiary  of the   Borrower, with the Borrower, the
Guarantor or such other Subsidiary being the surviving Person).</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Administrative  Agent&#148;  shall
have the meaning  provided in the first  paragraph  of this Agreement and shall include
any successor to the Administrative Agent appointed pursuant to Section 12.11.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Affiliate&#148;  shall
mean,  with  respect to any Person,  any other Person  (including,  for purposes of
Section 8.6 only,  all directors,  officers and partners of such Person)  directly or
indirectly controlling,  controlled by, or under direct or indirect  common control with,
 such Person.  A Person shall be deemed to control  another  Person if such Person
 possesses,  directly or  indirectly,  the power (i) to vote 10% or more of the
 securities  having  ordinary  voting  power for the  election of  directors of such
Person or (ii) to direct or cause the  direction  of the  management  and  policies  of
such  other  Person, whether through the ownership of voting securities, by contract or
otherwise.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Agents&#148; shall mean,
collectively, the Administrative Agent and the Lead Arrangers.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Agreement&#148;  shall
 mean  this  Credit  Agreement,  as  modified,  supplemented,  amended, restated
(including any amendment and restatement hereof), extended or renewed from time to time.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Applicable  Fiscal
 Years&#148; shall mean the fiscal years of the Borrower  ended on December 31, 2000, December
31, 2001 and December 31, 2002.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Applicable  Margin&#148;  shall
mean,  as of any date, a percentage  per annum  determined  by reference to the Public
Corporate Rating announced by S&amp;P and in effect on such date as set forth below:</FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=1 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Public Corporate Rating<BR>&nbsp;&nbsp;&nbsp;&nbsp;(S&amp;P)</FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Applicable Margin</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;<U>Level 1</U><BR>&nbsp;&nbsp;A- or above </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.70%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;<U>Level 2</U><BR>&nbsp;&nbsp;BBB+ </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.75%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;<U>Level 3</U><BR>&nbsp;&nbsp;BBB or BBB- </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.80%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;<U>Level 4<BR></U>&nbsp;&nbsp;BB+ or lower </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.40%</FONT></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the event that S&amp;P shall
at any time cease to announce a Public  Corporate  Rating,  &#147;Applicable  Margin&#148;shall
mean, as of any date  thereafter,  the Public  Corporate  Rating announced by Moody&#146;s and
in effect on such date as set forth  below  (provided  that in the event  that S&amp;P shall
 subsequently  announce a Public Corporate Rating, the ratings grid above shall apply):</FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=1 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Public Corporate Rating<BR>&nbsp;&nbsp;&nbsp;&nbsp; (Moody&#146;s)</FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Applicable Margin</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;<U>Level 1</U><BR> &nbsp;&nbsp;A3 or above </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.70%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;<U>Level 2</U><BR> &nbsp;&nbsp;Baa1 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.75%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;<U>Level 3</U><BR> &nbsp;&nbsp;Baa2 or Baa3 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.80%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;<U>Level 4</U><BR> &nbsp;&nbsp;Ba1 or lower </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.40%</FONT></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notwithstanding
 anything to the contrary set forth in either ratings grid above,  in the event that S&amp;P and
Moody&#146;s shall have ceased to announce a Public Corporate Rating,  the &#147;Applicable  Margin&#148; shall
be the rate described in Level 4. For the avoidance of doubt,  the  &#147;Applicable  Margin&#148;,
 applicable from time to time, shall change in accordance with the above ratings grids,
 including during an Interest  Period,  when and as the Public  Corporate  Rating
 changes or S&amp;P and Moody&#146;s  shall have ceased to announce a Public  Corporate Rating.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Assignment and
Assumption  Agreement&#148; shall mean an Assignment and Assumption  Agreement, substantially
in the form of Exhibit K hereto (appropriately completed).</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Authorized  Officer&#148; shall
mean, with respect to (i) delivering  Notices of Borrowing and similar  notices,  any
person or persons that has or have been  authorized  by the board of directors of the
Borrower to deliver such  notices  pursuant to this  Agreement  and that has or have
 appropriate  signature cards  on  file  with  the  Administrative  Agent,  (ii)
 delivering  financial  information  and  officer&#146;s certificates  pursuant to this
 Agreement,  the chief financial  officer,  the treasurer or any other senior financial
 officer of the  Borrower  and (iii) any other  matter in  connection  with this
 Agreement or any other Credit  Document,  any officer (or a person or persons so
designated by any executive  officer) of the Borrower.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Base Rate&#148; shall
mean, at any time, the higher of (i) the Prime Lending Rate at such time and (ii) the
rate which is 0.5% <I>per annum </I>in excess of the Federal Funds Rate at such time. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Base Rate Loan&#148;  shall
mean each Loan  bearing  interest  at the Base Rate as provided in Section 1.3(b).</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;BBVASI&#148; shall mean
BBVA  Securities  Inc., in its  individual  capacity and any successor thereto by merger,
consolidation or otherwise.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Borrower&#148; shall mean
the Cayman Islands branch of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A., a corporation (<I>sociedad
an&#243;nima</I>) organized and existing under the laws of the Republic of Chile. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Borrowing&#148; shall
mean any incurrence or continuation of LIBOR Loans by the Borrower from all of the
Lenders on a given date having the same Interest Period, <U>provided </U>that Base Rate Loans
incurred by way of deemed conversion pursuant to Section 1.5 shall be considered part
of the related Borrowing of such LIBOR Loans. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Borrowing  Date&#148; shall
mean the Initial  Borrowing Date and the subsequent  date (if any) on which the Borrower
incurs Loans pursuant to Section 1.1(a).</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Business Day&#148; shall
mean (i) with respect to any Borrowing,  payment or rate selection of Loans,  a day
(other  than a Saturday  or Sunday) on which  banks  generally  are open in London,  New
York, Santiago  and the  Cayman  Islands  for  the  conduct  of  substantially  all of
 their  commercial  lending activities and on which dealings in Dollars are carried on in
the London  interbank  market and (ii) for all other  purposes,  a day (other  than a
Saturday or Sunday) on which  banks  generally  are open in New York, Santiago  and the
 Cayman  Islands  for  the  conduct  of  substantially  all of  their  commercial
 lending activities.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Capital  Expenditures&#148; shall
mean, with respect to any Person, the additions to property, plant and  equipment and
other capital  expenditures  of such Person,  as the same are or would be set forth in a
 statement  of cash  flows  of such  Person  in  accordance  with  Chilean  GAAP,
 including  all  such expenditures  with respect to fixed or capital  assets  (including,
 without  limitation,  expenditures  for maintenance  and repairs  which should be
 capitalized  in  accordance  with Chilean GAAP) and the amount of Capitalized Lease
Obligations incurred by such Person.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Capital Lease&#148; shall
mean, as applied to any Person,  any lease of any property  (whether real,  personal or
mixed) by that Person as lessee which,  in conformity with Chilean GAAP, is accounted for
as a capital lease on the balance sheet of that Person.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Capitalized  Lease
 Obligations&#148;  shall mean, with respect to any Person, all obligations of such Person
under Capital Leases of such Person,  in each case taken at the amount thereof  accounted
for as indebtedness in accordance with Chilean GAAP.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Cash  Equivalents&#148;  shall
mean, as to any Person,  (i) securities  issued or directly and fully guaranteed or
insured by the United States,  Chile or any agency or instrumentality  thereof (provided
that the full  faith and  credit of the  United  States or Chile,  as the case may be, is
pledged in support thereof)  having  maturities  of not more than six months from the
date of  acquisition  thereof,  (ii) time deposits  and  certificates  of  deposit  with
 maturities  of not  more  than six  months  from the date of acquisition by such Person
of any commercial bank having,  or which is the principal  banking  subsidiary of a bank
holding  company  organized under the laws of the United States,  any State thereof,  the
District of Columbia or any foreign  jurisdiction  having capital,  surplus and undivided
profits  aggregating in excess of $500,000,000 (or the foreign equivalent  thereof),
 (iii) repurchase  obligations with a term of not more than 90 days for  underlying
 securities  of the types  described in clause (i) above  entered into with any bank
meeting the  qualifications  specified in clause (ii) above, (iv) commercial paper issued
by any Person incorporated  in (x) the United  States rated at least A-1 or the
 equivalent  thereof by S&amp;P or at least P1 or the equivalent  thereof by Moody&#146;s
Investors  Service,  Inc. or (y) Chile rated at least investment grade by S&amp;P or Moody&#146;s
 Investors  Service,  Inc., and in each case of clause (x) and (y), maturing not more
than six  months  after  the  date of  acquisition  by  such  Person,  (v)  investments
 in  money  market  funds substantially  all of whose  assets are  comprised  of
 securities  of the types  described  in clauses  (i) through (iv) above and (vi) demand
deposit accounts maintained in the ordinary course of business.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Central Bank of Chile&#148; shall
mean the <I>Banco Central de Chile</I>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Change of Control&#148;  shall
mean the  occurrence of any one or more of the  following:  (i) the Borrower  shall at
any time cease to own directly on a fully diluted  basis in the  aggregate  more than 80%
of the voting and economic  interest in the  Guarantor&#146;s  capital  stock (other than
nominal  amounts of shares  required to be held other than by the  Borrower  under
 applicable  law);  or (ii) IRSA shall at any time cease to own (either  directly or
 indirectly)  on a fully diluted basis in the aggregate more than 50% of the economic and
voting interest in the Borrower&#146;s  capital stock;  or (iii) the Principal  Holders shall
at any time cease to own (either  directly or  indirectly)  on a fully diluted  basis in
the aggregate  more than 50% of the  economic  and voting  interest  in IRSA&#146;s  capital
 stock;  or (iv) IRSA shall not have the right to elect,  or shall for any  reason not
have  elected,  directly  or  indirectly,  a  majority  of the directors of the Borrower.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Chile&#148; shall mean the
Republic of Chile.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Chilean GAAP&#148; shall
mean generally accepted accounting principles in Chile,  consistently applied during a
relevant period.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Chilean Guaranty&#148; shall
have the meaning provided in Section 4.15.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Code&#148; shall mean the
Internal  Revenue  Code of 1986,  as amended from time to time,  and the  regulations
 promulgated  and rulings  issued  thereunder.  Section  references  to the Code are to
the Code, as in effect at the date of this  Agreement  and any  subsequent  provisions
 of the Code,  amendatory thereof, supplemental thereto or substituted therefor.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Commitment&#148;  shall
mean,  for each Lender,  the amount set forth  opposite  such Lender&#146;s name in Schedule I
directly  below the column  entitled  &#147;Commitment,&#148;  as the same may be (x) terminated or
reduced from time to time  pursuant to Sections  2.3 and/or 9 or (y) adjusted  from time
to time as a result of assignments to or from such Lender pursuant to Section 1.8 or 13.4.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Commitment Fee&#148; shall
have the meaning provided in Section 2.1(a).</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Commitment  Letter&#148;  shall
mean that  certain  commitment  letter,  dated March 17, 2003, among the  Borrower,  the
 Administrative  Agent,  BBVASI,  Deutsche Bank  Securities  Inc. and Banco Bilbao
Vizcaya Argentaria S.A.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Commitment
 Termination  Date&#148; shall mean the earlier of (x) the date on which the second incurrence
of Loans occurs  pursuant to Section  1.1(a) (after giving effect to the incurrence of
such Loans on such date) and (y) October 31, 2003.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated&#148;  refers
to the  consolidation  of accounts in accordance  with Chilean GAAP and the regulations
of the SVS.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated  EBITDA&#148;  shall
mean (x) with  respect to the  Borrower,  the sum of (i) the amount of operating  income
of the Borrower  which at the date of this Agreement is entered as account entry No.
 5.31.11.00  of the  Borrower&#146;s  Consolidated  FECU;  plus (ii)  depreciation  which at
the date of this Agreement is entered as account entry No.  5.50.30.05 of the Borrower&#146;s
 Consolidated  FECU;  plus (iii) the amortization of intangibles  which at the date of
this Agreement is entered as account entry No.  5.50.30.10 of the Borrower&#146;s
 Consolidated  FECU,  and (y) with respect to the Guarantor,  the sum of (i) the amount
of operating  income of the  Guarantor  which at the date of this  Agreement  is entered
 as account  entry No. 5.31.11.00 of the Guarantor&#146;s  Consolidated  Statements;  plus
(ii)  depreciation  which at the date of this Agreement is entered as account  entry No.
 5.50.30.05  of the  Guarantor&#146;s  Consolidated  Statements;  plus (iii) the  amortization
 of intangibles  which at the date of this Agreement is entered as account entry No.
5.50.30.10 of the Guarantor&#146;s Consolidated Statements.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated  Equity&#148;  shall
mean the  Borrower&#146;s  total equity which at the date of this Agreement is entered as
account entry No. 5.24.00.00 of the Borrower&#146;s Consolidated FECU.</FONT></P>

<!-- MARKER FORMAT-SHEET="Times Justify" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated
Financial Debt&#148; shall mean (x) with respect to the Borrower, the sum of: (i) the short
term obligations of the Borrower to banks and financial institutions which at the date of
this Agreement is entered as account entry No. 5.21.10.10 of the Borrower&#146;s Consolidated
FECU; <U>plus </U>(ii) the portion of the long term obligations of the Borrower to banks and
financial institutions with a tenor of less than one year which at the date of this
Agreement is entered as account entry No. 5.21.10.20 of the Borrower&#146;s FECU; <U>plus </U>(iii)
the obligations of the Borrower to the public in general (evidenced by promissory notes)
which at the date of this Agreement is entered as account entry No. 5.21.10.30 of the
Borrower&#146;s FECU; <U>plus </U>(iv) the short term portion of the obligations of the Borrower to
the public in general for the issuance of bonds which at the date of this Agreement is
entered as account entry No. 5.21.10.40 of the Borrower&#146;s FECU; <U>plus </U>(v) the long term
obligations of the Borrower&#146;s with a tenor of one year which at the date of this
Agreement is entered as account entry No. 5.21.10.50 of the Borrower&#146;s FECU; <U>plus </U>(vi)
the portion of the long term obligations of the Borrower to banks and financial
institutions with a tenor of more than one year which at the date of this Agreement is
entered as account entry No. 5.22.10.00 of the Borrower&#146;s FECU; <U>plus </U>(vii) the long term
portion of the obligations of the Borrower to the public in general for the issuance of
bonds, which at the date of this Agreement is entered as account entry No. 5.22.20.00 of
the Borrower&#146;s FECU; <U>plus </U>(viii) the portion of the short term obligations (including
accounts payable) of the Borrower to any of the Borrower&#146;s Affiliates which at the date
of this Agreement is entered as account entry No. 5.21.20.10 of the Borrower&#146;s FECU; <U>plus
</U>(ix) the portion of long term obligations (including accounts payable) of the Borrower to
any of the Borrower&#146;s Affiliates which at the date of this Agreement is entered as
account entry No. 5.22.50.00 of the Borrower&#146;s FECU; and (y) with respect to the
Guarantor, the sum of: (i) the short term obligations of the Guarantor to banks and
financial institutions which at the date of this Agreement is entered as account entry No. 5.21.10.10
of the Guarantor&#146;s Consolidated Statements; <U>plus </U>(ii) the portion of the long term
obligations of the Guarantor to banks and financial institutions with a tenor of less
than one year which at the date of this Agreement is entered as account entry No. 5.21.10.20
of the Guarantor&#146;s Statements; <U>plus </U>(iii) the obligations of the Guarantor to the public
in general (evidenced by promissory notes) which at the date of this Agreement is entered
as account entry No. 5.21.10.30 of the Guarantor&#146;s Statements; <U>plus </U>(iv) the short term
portion of the obligations of the Guarantor to the public in
general for the issuance of bonds, which at the date of this Agreement is entered as
account entry No. 5.21.10.40 of the Guarantor&#146;s Statements; <U>plus </U>(v) the long term
obligations of the Guarantor&#146;s with a tenor of one year which at the date of this
Agreement is entered as account entry No. 5.21.10.50 of the Guarantor&#146;s Statements;
<U>plus </U>(vi) the portion of the long term obligations of the Guarantor to banks and
financial institutions with a tenor of more than one year which at the date of this
Agreement is entered as account entry No. 5.22.10.00 of the Guarantor&#146;s Statements;
<U>plus </U>(vii) the long term portion of the obligations of the Guarantor to the public in
general for the issuance of bonds, which at the date of this Agreement is entered as
account entry No. 5.22.20.00 of the Guarantor&#146;s Statements; <U>plus </U>(viii) the portion of
the short term obligations (including accounts payable) of the Guarantor to any of the
Guarantor&#146;s Affiliates (other than (A) any such direct obligations owed to the
Borrower and (B) any short term account payables owed to Vi&#241;a San Pedro S.A.,
Transportes CCU Limitada and Embotelladora Chilenas Unidas S.A. that have been
incurred by the Guarantor in the ordinary course of business) which at the date of
this Agreement is entered as account entry No. 5.21.20.10 of the Guarantor&#146;s
Statements; <U>plus </U>(ix) the portion of long term obligations (including accounts
payable) of the Guarantor to any of the Guarantor&#146;s Affiliates (other than any such
direct obligations owed to the Borrower) which at the date of this Agreement is entered
as account entry No. 5.22.50.00 of the Guarantor&#146;s Statements. </FONT> </P>



<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated
 Interest  Coverage  Ratio&#148;  shall mean (x) as to the  Borrower for any Test Period,  the
ratio of (a)  Consolidated  EBITDA to (b)  interest  payments,  the amount which at the
date of this Agreement is entered as account entry  No. 5.31.12.60 of the Borrower&#146;s
 Consolidated  FECU, and (y) as to the Guarantor for any Test Period,  the ratio of (a)
Consolidated  EBITDA to (b) interest  payments,  the amount which at the date of this
 Agreement is entered as account entry  No. 5.31.12.60  of the  Guarantor&#146;s Consolidated
Statements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated
 Leverage  Ratio&#148;  shall  mean  (x) as to the  Borrower  as of any  date  of
determination,  the  ratio  of (a)  Consolidated  Financial  Debt  of  the  Borrower  on
 such  date  to (b) Consolidated  EBITDA for the Test Period then most  recently  ended,
 and (y) as to the  Guarantor as of any date of  determination,  the ratio of (a)
 Consolidated  Financial Debt of the Guarantor on such date to (b) Consolidated EBITDA
for the Test Period then most recently ended. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Contingent
Obligation&#148; shall mean, as to any Person, any obligation of such Person as a result of
such Person being a general partner of any other Person, unless the underlying
obligation is expressly made non-recourse as to such general partner, and any
obligations of such Person guaranteeing or intended to guarantee any Indebtedness,
leases, dividends or other obligations (&#147;primary obligations&#148;) of any other Person
(the &#147;primary obligor&#148;) in any manner, whether directly or indirectly, including,
without limitation, any obligation of such Person, whether or not contingent, (i)
to purchase any such primary obligation or any property constituting direct or indirect
security therefor, (ii) to advance or supply funds (x) for the purchase or payment of
any such primary obligation or (y) to maintain working capital or equity capital of
the primary obligor or otherwise to maintain the net worth or solvency of the primary
obligor, (iii) to purchase property, securities or services primarily for the
purpose of assuring the owner of any such primary obligation of the ability of the
primary obligor to make payment of such primary obligation or (iv) otherwise to assure
or hold harmless the holder of such primary obligation against loss in respect thereof;
<U>provided</U>, <U>however</U>, that the term Contingent Obligation shall not include endorsements
of instruments for deposit or collection in the ordinary course of business. The
amount of any Contingent Obligation shall, subject to any express limitation thereof
contained in the documentation governing the same, be deemed to be an amount equal to
the stated or determinable amount of the primary obligation in respect of which
such Contingent Obligation is made or, if not stated or determinable, the
maximum reasonably anticipated liability in respect thereof (assuming such
Person is required to perform thereunder) as determined by such Person in good faith. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Credit
Documents&#148; shall mean this Agreement, the Notes (including the <I>avals </I>thereof) and the
Chilean Guaranty. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Credit
Party&#148; shall mean each of the Borrower and the Guarantor. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;DBNY&#148; shall
mean  Deutsche  Bank AG, New York Branch in its  individual  capacity and any successor
thereto by merger, consolidation or otherwise. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;DBSI&#148; shall
mean  Deutsche  Bank  Securities  Inc.,  in its  individual  capacity and any successor
thereto by merger, consolidation or otherwise. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Default&#148;  shall
mean any event,  act or condition  which with notice or lapse of time, or both, would
constitute an Event of Default. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Defaulting
 Lender&#148;  shall mean any Lender  with  respect to whom a Lender  Default is in effect. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Disposition&#148;  shall
mean any sale,  transfer or other  disposition by the Borrower or any of its
 Subsidiaries  to any  Person  (including  by way of  redemption  by such  Person)  other
than to the Borrower  or a  Wholly-Owned  Subsidiary  of the  Borrower  of any asset
 (other  than asset  sales or other dispositions permitted by Sections 8.2(ii), (v),
(vi), (ix) and (xii)). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Dividend&#148;  shall
mean, with respect to any Person,  that such Person has declared or paid a dividend  or
 returned  any equity  capital  to its  stockholders,  partners  or other  equity
 holders or authorized  or made any other  distribution,  payment or delivery of
 property  (other than common  stock of such Person) or cash to its  stockholders,
 partners or other equity holders as such, or redeemed,  retired, purchased or otherwise
 acquired,  directly or indirectly,  for a  consideration  any shares of any class of its
capital  stock,  any  partnership  interests or any other equity  interests  outstanding
on or after the Effective  Date (or any options or warrants  issued by such Person with
 respect to its capital  stock),  or set aside any funds for any of the foregoing
 purposes,  or shall have permitted any of its  Subsidiaries to purchase  or  otherwise
 acquire  for a  consideration  any shares of any class of the  capital  stock,  any
partnership  interests or any other equity  interests of such Person  outstanding  on or
after the Effective Date (or any  options or  warrants  issued by such  Person  with
 respect  to its  capital  stock).  Without limiting the  foregoing,  &#147;Dividends&#148;  with
 respect to any Person  shall also include all payments  made or required to be made by
such Person to  shareholders  of such Person with  respect to any stock  appreciation
rights or equity  incentive or achievement  plans or any similar plans or setting aside
of any funds for the foregoing purposes. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Dollars&#148; and
the sign &#147;$&#148; shall each mean freely  transferable lawful money of the United States of
America. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>D&#243;lar
Observado</I>&#148; shall mean the exchange rate published by the Central Bank of Chile
pursuant to number 6 of Chapter I of its Compendium of Foreign Exchange Rules. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Effective
Date&#148; shall have the meaning provided in Section 13.10. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Eligible
 Transferee&#148;  shall  mean and  include a  commercial  bank,  insurance  company,
financial  institution,  finance  company,  any fund that  invests  in bank  loans or any
other  &#147;accredited investor&#148; (as defined in Regulation D of the Securities Act). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Environmental
 Claims&#148;  shall mean any and all  administrative,  regulatory  or  judicial actions,
suits, demands, demand letters,  directives,  claims, liens, notices of noncompliance or
violation, investigations  or  proceedings  relating to any  Environmental  Law or any
permit  issued,  or any approval given,  under any such  Environmental Law (for purposes
of this definition,  &#147;claims&#148;),  including,  without limitation,  (a) any and all claims
by governmental  or regulatory  authorities  for  enforcement,  cleanup, removal,
 response,  remedial or other actions or damages pursuant to any applicable
 Environmental Law, and (b) any and all claims by any third party seeking  damages,
 contribution,  indemnification,  cost recovery, compensation or injunctive  relief in
connection  with alleged injury or threat of injury to health,  safety or the environment
due to the presence of Hazardous Materials. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Environmental
 Law&#148; shall mean any  statute,  law,  rule,  regulation,  ordinance,  code, legally
 binding  guideline,  written  policy and rule of civil law now or  hereafter  in effect
and in each case as amended,  and any  judicial or  administrative  interpretation
 thereof,  including  any judicial or administrative  order, consent decree or judgment,
 relating to the environment,  employee health and safety or Hazardous Materials, in each
case, applicable to any Credit Party or any of its respective Subsidiaries. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Event
of Default&#148; shall have the meaning provided in Section 9. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Excess
Amount&#148; shall have the meaning provided in Section 13.6(b). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Existing
 Indebtedness&#148;  shall mean the Indebtedness of the Borrower and its Subsidiaries
outstanding on the Initial Borrowing Date as set forth on Schedule IV. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;FECU&#148; has
the meaning provided in Section 7.1(a). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Federal
 Funds Rate&#148; shall mean,  for any period,  a fluctuating  interest rate equal for each
day during such period to the weighted  average of the rates on overnight  Federal  Funds
 transactions with members of the Federal  Reserve  System  arranged by Federal Funds
 brokers,  as published for such day (or, if such day is not a Business Day, for the next
 preceding  Business  Day) by the Federal  Reserve Bank of New York,  or, if such rate is
not so published  for any day which is a Business  Day, the average of the quotations  at
 approximately  11:00 A.M. (New York time) on such day on such  transactions  received by
the Administrative   Agent  from  three  Federal  Funds   brokers  of  recognized
  standing   selected  by  the Administrative Agent. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Fees&#148; shall
mean all amounts payable pursuant to or referred to in Section 2.1. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Final
Maturity Date&#148; shall mean May 9, 2008. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Financial
 Statements&#148;  shall mean the balance  sheets and related  statements of income, cash
flows and  shareholder&#146;s  equity,  either  consolidated or  unconsolidated,  as the case
may be, of any Person. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Formal
Market&#148; shall mean, at any time, the foreign currency  exchange market provided at such
time by the Central  Bank of Chile where banks and other  institutions  authorized  by
the Central Bank of Chile must purchase and sell foreign currency. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Governmental
 Authority&#148;  shall mean any  ministry,  administrative  department,  agency, commission,
 bureau,  board,  regulatory  authority,  registry,  instrumentality,  other
 governmental body, entity,  judicial  or  administrative  body or court  (including,
 without  limitation,  banking  and taxing authorities),  of, or owned or controlled by,
as the case may be, Chile,  Cayman Islands,  the United States or any other jurisdiction
or (in each case) any political subdivision thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Guaranteed
 Creditors&#148;  shall  mean and  include  each of the  Lender  Creditors  and the Hedging
Creditors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Guaranteed
 Obligations&#148; shall mean (i) the principal and interest on each Note issued to each
 Lender,  and all Loans  made,  under  this  Agreement,  together  with all the other
 obligations  and liabilities  (including,  without  limitation,  indemnities,  Fees and
interest  thereon) of the Borrower to each Lender,  the  Administrative  Agent and the
Lead  Arrangers now existing or hereafter  incurred  under, arising out of or in
connection  with this  Agreement  and each other Credit  Document to which the Borrower
is a party and the due  performance  and  compliance  by the  Borrower  with all the
terms,  conditions  and agreements  contained in each such Credit  Document and (ii) all
obligations and liabilities of the Borrower owing under any Hedging  Agreement  entered
into by the Borrower with any Hedging  Creditor,  whether now in existence or hereafter
 arising,  and the due  performance  and  compliance  by the Borrower with all terms,
conditions and agreements contained therein. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Guarantor&#148; shall
mean Cervecera CCU Chile Limitada, a limited liability company (<I>sociedad de
responsabilidad limitada</I>) organized and existing under the laws of the Republic of Chile. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Guarantor&#146;s
  Consolidated  Statements&#148;  and  &#147;Guarantor&#146;s  Statements&#148;  shall  mean  the Financial
 Statements  of the  Guarantor  provided  hereunder  and  prepared  (either on a
 consolidated  or unconsolidated basis, as the case may be) in the same form required
under the FECU. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Guaranty&#148; shall
mean, collectively,  the guaranty of the Guarantor pursuant to Section 10 and the Chilean
Guaranty. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Hazardous
 Materials&#148;  shall mean (a) any  petroleum or petroleum  products,  radioactive
materials,  asbestos in any form that is friable,  urea formaldehyde foam insulation,
 transformers or other equipment that contain dielectric fluid containing levels of
polychlorinated  biphenyls,  and radon gas; (b) any chemicals,  materials or substances
defined as or included in the definition of &#147;hazardous  substances,&#148;&#147;hazardous waste,&#148; &#147;hazardous
materials,&#148;  &#147;extremely hazardous  substances,&#148;  &#147;restricted hazardous waste,&#148;&#147;toxic
substances,&#148; &#147;toxic pollutants,&#148;  &#147;contaminants,&#148; or &#147;pollutants,&#148; or words of similar
import,  under any applicable  Environmental Law; and (c) any other chemical,  material
or substance,  the Release of which is prohibited, limited or regulated by any
Environmental Law. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Hedging
 Agreement&#148;  shall mean (i) any Interest Rate  Protection  Agreement and (ii) any foreign
exchange contracts,  currency swap agreements,  commodity  agreements or other similar
agreements or arrangements designed to protect against fluctuations in currency or
commodity values. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Hedging
 Creditor&#148; shall mean and include each Person (other than any Credit Party) party to a
Hedging  Agreement to the extent that such Person  constitutes a Lender or any affiliate
 thereof (even if such  Lender  subsequently  ceases to be a Lender  under this
 Agreement  for any reason) so long as such Lender or affiliate participates in such
Hedging Agreement, and their subsequent assigns, if any. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Indebtedness&#148; shall
mean, as to any Person, without duplication, (i) all indebtedness (including
principal, interest, fees and charges) of such Person for borrowed money or for the
deferred purchase price of property or services, (ii) all unpaid drawings in respect
of all letters of credit (or similar instruments) issued for the account of such
Person and which remain unpaid for more than three Business Days, (iii) all
Indebtedness of the types described in clause (i), (ii), (iv), (v), (vi) or (vii) of
this definition secured by any Lien on any property owned by such Person,
whether or not such Indebtedness has been assumed by such Person (provided that if
the Person has not assumed or otherwise become liable in respect of such Indebtedness,
such Indebtedness shall be deemed to be in an amount equal to the lesser of the amount
of such Indebtedness and the fair market value of the property to which such Lien
relates as determined in good faith by such Person), (iv) all Capitalized Lease
Obligations of such Person, (v) all obligations of such Person to pay a specified
purchase price for goods or services, whether or not delivered or accepted, <U>i.e.</U>,
take-or-pay and similar obligations, (vi) all Contingent Obligations of such Person
and (vii) all obligations under any Hedging Agreement or under any similar type of
agreement. Notwithstanding the foregoing, Indebtedness shall not include trade
payables and accrued expenses incurred by any Person in accordance with customary
practices and in the ordinary course of business of such Person. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Initial
 Borrowing  Date&#148; shall mean the date upon which the initial  incurrence of Loans occurs
hereunder pursuant to Section 1.1(a). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Interest
  Determination   Date&#148;  shall  mean  the  second  Business  Day  prior  to  the
commencement of any Interest Period. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Interest
Period&#148; shall have the meaning provided in Section 1.4. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Interest
 Rate  Protection  Agreement&#148;  shall  mean any  interest  rate  swap  agreement, interest
rate cap  agreement,  interest  rate collar  agreement,  interest  rate hedging
 agreement or other similar agreement or arrangement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Investment&#148; shall
have the meaning provided in Section 8.5. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;IRSA&#148; shall
mean Inversiones y Rentas S.A., a corporation (<I>sociedad an&#243;nima</I>) organized and
existing under the laws of Chile. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Judgment
Currency&#148; shall have the meaning provided in Section 13.15(b). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Judgment
Currency Conversion Date&#148; shall have the meaning provided in Section 13.15(b). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Lead
Arrangers&#148; shall have the meaning provided in the first paragraph of this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Lender&#148; shall
have the meaning provided in the first paragraph of this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Lender
Creditors&#148; shall mean and include the Agents and the Lenders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Lender
 Default&#148; shall mean (i) the refusal (which has not been retracted) of a Lender to make
 available its portion of any  Borrowing  required to be made  available by it in
 accordance  with the terms of this Agreement or (ii) a Lender having notified the
 Administrative  Agent and/or the Borrower that it does not intend to comply with its
obligations under Section 1.1. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;LIBOR&#148; shall
mean, with respect to any Interest  Period,  (i) either (a) an interest rate per annum
 equal to the rate per annum set  forth on page  3750 of the Dow Jones  Telerate  Service
 (or any other  page that may  replace  such page from time to time) as of 11:00  A.M.
 (London  time) on the  second Business  Day prior to the first day of the  relevant
 Interest  Period for Dollar  deposits  having a tenor equal to the duration of such
 Interest  Period;  or (b) if a rate cannot be  determined  pursuant to clause (a) above,
 a rate per annum equal to the rate per annum set forth on page &#147;LIBP&#148; of the Reuters
 Screen (or any other page that may replace  such page from time to time) as of 11:00
A.M.  (London  time) on the second Business  Day prior to the first day of the  relevant
 Interest  Period for Dollar  deposits  having a tenor equal to the duration of such
 Interest  Period  divided (and rounded  upward to the next whole  multiple of 1/16  of
1%) by (ii) a  percentage  equal  to  100%  minus  the  then  stated  maximum  rate of
all  reserve requirements  (including,  without  limitation,  any  marginal,  emergency,
 supplemental,  special or other reserves)  applicable  to any  member  bank  of the
 Federal  Reserve  System  in  respect  of  Eurocurrency liabilities as defined in
Regulation D (or any successor  category of liabilities  under  Regulation D).  In the
event  that two or more such  rates  appear on page  3750 or page  &#147;LIBP&#148;,  as the case
may be,  &#147;LIBOR&#148;shall be the  arithmetic  mean  (rounded to the nearest  whole  multiple
of 1/16 of 1% per annum,  if such a percentage is not such a multiple) of such offered
rates.  In the event that the rates  indicated  above are not available at the relevant
date of  determination  for any reason,  then &#147;LIBOR&#148; shall mean, with respect to any
Interest  Period (i) the  arithmetic  average of the offered  quotation to  first-class
 banks in the interbank  Eurodollar  market by the  Administrative  Agent for Dollar
deposits of amounts in same day funds comparable to the outstanding  principal  amount of
the LIBOR Loans for which an interest rate is then being determined  with  maturities
 comparable  to the  Interest  Period to be  applicable  to such  LIBOR  Loans,
determined  as of  10:00  A.M.  (New  York  time)  on the  date  which  is two  Business
 Days  prior to the commencement  of such  Interest  Period  divided (and rounded  upward
to the next whole  multiple of 1/16 of 1%) by (ii) a  percentage  equal to 100% minus the
then  stated  maximum  rate of all  reserve  requirements (including,  without
 limitation,  any  marginal,  emergency,   supplemental,  special  or  other  reserves)
applicable  to any member bank of the  Federal  Reserve  System in respect of
 Eurocurrency  liabilities  as defined in Regulation D (or any successor category of
liabilities under Regulation D). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;LIBOR
Loans&#148; shall mean each Loan bearing interest at LIBOR. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Lien&#148; shall
mean any mortgage, pledge,  hypothecation,  assignment,  deposit arrangement,
encumbrance,  lien  (statutory or other),  preference,  priority or other security
 agreement of any kind or nature whatsoever (including,  without limitation,  any
conditional sale or other title retention agreement, any  financing or similar  statement
or notice filed under any  recording or notice  statute,  and any lease having
substantially the same effect as any of the foregoing). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Loans&#148; shall
have the meaning provided in Section 1.1(a). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Margin
Stock&#148; shall have the meaning provided in Regulation U. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Material
 Adverse  Effect&#148;  shall mean (i) a  material  adverse  effect on the  condition
(financial or otherwise),  business, operations, assets, properties,  liabilities or
prospects of any Credit Party or any Credit Party and its  Subsidiaries  taken as a whole
or (ii) a material  adverse  effect (x) on the rights or  remedies of the  Lenders or the
 Administrative  Agent  hereunder  or under any other  Credit Document  or (y) on the
 ability  of any Credit  Party to  perform  its  obligations  to the  Lenders or the
Administrative Agent hereunder or under any other Credit Document. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Material
 Disposition&#148;  shall mean any  Disposition  (or series of related  Dispositions) pursuant
to which the  Borrower or any of its  Subsidiaries  (other  than Vi&#241;a San Pedro S.A.  and
 Compa&#241;&#237;a Cervecer&#237;as Unidas Argentina S.A.) receives Net Disposition Proceeds equal to
or in excess of $10,000,000. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Material
 Recovery Event&#148; shall mean any Recovery Event pursuant to which the Borrower or any of
its  Subsidiaries  (other than Vi&#241;a San Pedro S.A. and Compa&#241;&#237;a  Cervecer&#237;as  Unidas
 Argentina S.A.) receives Net Insurance Proceeds equal to or in excess of $10,000,000. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Material
 Subsidiaries&#148;  shall mean those  Subsidiaries  of the Borrower on the Effective Date
 which  account  for  (a) at  least  10% of the  total  Consolidated  assets  of the
 Borrower  and its Subsidiaries,  taken as a whole,  or (b) at least 10% of the
 Consolidated  revenues of the Borrower and its Subsidiaries,  taken as a whole, in each
case  determined for each such Subsidiary (on a consolidated  basis with its
 Subsidiaries)  as of the last day of, or for the most recent fiscal quarter of, the
Borrower ended prior to the Effective Date, and designated as such on Schedule III hereto. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Moody&#146;s&#148; shall
mean Moody&#146;s Investors Service, Inc. (or its successor). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;NAIC&#148; shall
mean the National Association of Insurance Commissioners. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Net
Disposition Proceeds&#148; shall mean, for any Disposition, the cash proceeds (including any
cash received by way of deferred payment pursuant to a promissory note, receivable or
otherwise, but only as and when received) received from such Disposition (or series of
related Dispositions), net of (i) the reasonable costs of such Disposition
(including fees and commissions, payments of unassumed liabilities relating to
the assets sold and required payments of any Indebtedness which is secured by the
respective assets which were disposed of), (ii) the compensation required to be
paid (pursuant to a resolution of the shareholders of the Borrower) to the Board of
Directors of the Borrower in connection with such Disposition, (iii) the incremental
taxes paid or payable by the Borrower as a result of such Disposition and (iv) any
amount (subject to the immediately succeeding proviso) required to be reserved (and
subsequently used) for the payment of dividends of the Borrower or the relevant
Subsidiary (in the case of any such Subsidiary, to the extent that any such
Dividend is paid to a Person other than the Borrower or any Subsidiary thereof) in
accordance with the prevailing dividend policy of the Borrower or such Subsidiary (as
established by the shareholders of such Person prior to the date of such Disposition);
<U>provided </U>that for purposes of this clause (iv), in the event that the applicable
dividend policy of the Borrower or any such Subsidiary requires the payment of
dividends in excess of 50% of the profits of such Person, the amount permitted to be
deducted pursuant to this clause (iv) shall be limited to (and shall not exceed) 50% of
the net profits of such Person. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Net
Insurance  Proceeds&#148;  shall mean, with respect to any Material  Recovery  Event,  the
cash proceeds  received in respect of such Material  Recovery Event (net of (x)
 reasonable  costs and taxes incurred in connection with such Material  Recovery Event
and (y) any required  payments of any Indebtedness which is secured by the respective
assets or property subject to such Material Recovery Event). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Non-Defaulting
Lender&#148; shall mean and include each Lender other than a Defaulting Lender. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Noon
 Buying  Rate&#148; shall mean the noon buying rate in New York City for cable  transfers in
foreign currencies as certified for customs purposes by the Federal Reserve Bank of New
York. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Note&#148; shall
have the meaning provided in Section 1.1(d). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Notice
of Borrowing&#148; shall have the meaning provided in Section 1.1(b). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Notice
 Office&#148;  shall mean the office of the  Administrative  Agent located at 90 Hudson
Street,  5<sup>th</sup> Floor,  Jersey  City,  NJ 07302,  Attention:  Adwin Velez or such other
office or person as the Administrative Agent may hereafter designate in writing as such
to the other parties hereto. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Obligations&#148;  shall
mean all amounts,  direct or  indirect,  contingent  or absolute,  of every  type or
 description,  and at any time  existing,  owing to any Agent or any Lender  pursuant  to
the terms of this Agreement or any other Credit Document. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Payment
 Office&#148; shall mean the office of the  Administrative  Agent located at 90 Hudson Street,
 5<sup>th</sup> Floor,  Jersey City, NJ 07302,  Attention:  Adwin Velez,  or such other office or
person as the Administrative Agent may hereafter designate in writing as such to the
other parties hereto. </FONT></P>


<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Permitted
Acquisition&#148; shall mean the acquisition by the Borrower or a Subsidiary thereof
of an Acquired Entity or Business (including by way of merger of such Acquired Entity
or Business with and into the Borrower (so long as the Borrower is the surviving
corporation) or a Subsidiary thereof (so long as the Subsidiary is the surviving
corporation)), <U>provided </U>that (in each case) (A) the consideration paid or to be
paid by the Borrower or such Subsidiary consists solely of cash, the issuance or
incurrence of Indebtedness otherwise permitted by Section 8.4 or the issuance of
capital stock of the Borrower, (B) no Default or Event of Default shall have occurred
and be continuing as of the date of any such acquisition or result therefrom and (C)
the Acquired Entity or Business acquired pursuant to the respective Permitted
Acquisition is engaged in a Permitted Business. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Permitted
 Businesses&#148; shall mean any business of the type engaged in by the Borrower and its
 Subsidiaries as of the Effective Date and all reasonable  extensions  thereof and
businesses  ancillary or  complementary  thereto  (it being  understood  and agreed that
the  business  of food and  beverage is a complementary business). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Permitted
Liens&#148; shall have the meaning provided in Section 8.1. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Person&#148;  shall
 mean any  individual,  partnership,  joint  venture,  firm,  corporation, limited
 liability  company,  association,  trust  or  other  enterprise  or  any  government  or
 political subdivision or any agency, department or instrumentality thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Peso&#148; shall
mean the lawful currency of Chile. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Prime
 Lending Rate&#148; shall mean the rate which the  Administrative  Agent  announces from time
to time as its prime  lending  rate,  the Prime  Lending Rate to change when and as such
prime  lending rate changes.  The Prime Lending Rate is a reference rate and does not
 necessarily  represent the lowest or best rate actually  charged to any customer.  The
 Administrative  Agent may make commercial  loans or other loans at rates of interest at,
above or below the Prime Lending Rate. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Principal
Holders&#148; shall mean each of, or all of, as the context shall require, Qui&#241;enco S.A., a
corporation (<I>sociedad an&#243;nima</I>) organized and existing under the laws of Chile and
Heineken N.V., a corporation organized and existing under the laws of The
Netherlands (or any direct or indirect Wholly-Owned Subsidiary thereof). </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Projections&#148; shall
have the meaning provided in Section 4.9. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Public
 Corporate  Rating&#148; shall mean, as of any date,  the highest  rating that has been most
recently announced by S&amp;P or Moody&#146;s, as the case may be, as the corporate rating of the
Borrower. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Recovery
 Event&#148; shall mean the receipt by the Borrower or any of its Subsidiaries of any cash
insurance  proceeds or  condemnation  awards payable by reason of theft,  loss,  physical
 destruction, damage, taking,  condemnation,  seizing or any other similar event with
respect to any property or assets of any such Person (excluding proceeds from business
interruption insurance). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Register&#148; shall
have the meaning provided in Section 13.18. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Regulation
 D&#148; shall mean  Regulation D of the Board of Governors of the Federal  Reserve System as
from time to time in effect and any  successor to all or a portion  thereof  establishing
 reserve requirements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Regulation
 T&#148; shall mean  Regulation T of the Board of Governors of the Federal  Reserve System as
from time to time in effect and any successor to all or a portion thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Regulation
 U&#148; shall mean  Regulation U of the Board of Governors of the Federal  Reserve System as
from time to time in effect and any  successor  to all or a portion  thereof
 establishing  margin requirements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Regulation
 X&#148; shall mean  Regulation X of the Board of Governors of the Federal  Reserve System as
from time to time in effect and any successor to all or a portion thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Replaced
Lender&#148; shall have the meaning provided in Section 1.8. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Replacement
Lender&#148; shall have the meaning provided in Section 1.8. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Required
 Lenders&#148;  shall  mean,  at any time,  Non-Defaulting  Lenders  the sum of whose
outstanding Loans (and, if prior to the termination thereof,  Commitments)  represent an
amount greater than 51% of the sum of all outstanding Loans (and, if prior to the
termination  thereof,  the Commitments) of the Non-Defaulting Lenders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Returns&#148; shall
have the meaning provided in Section 6.11. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;S&amp;P&#148; shall
mean Standard &amp; Poor&#146;s Ratings Services (or its successor),  a division of The
McGraw-Hill Companies, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Scheduled
Repayments&#148; shall have the meaning provided in Section 3.2(a). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Subsidiary&#148; of
any Person shall mean (i) any corporation  more than 50% of whose stock of any  class or
 classes  having  by the  terms  thereof  ordinary  voting  power to elect a  majority
 of the directors of such  corporation  (irrespective of whether or not at the time stock
of any class or classes of such  corporation  shall have or might have voting power by
reason of the happening of any  contingency)  is at the time owned by such Person
 directly or  indirectly  through  Subsidiaries  and (ii) any  partnership, association,
 limited  liability  company,  joint  venture or other entity in which such Person
 directly or indirectly through Subsidiaries has more than a 50% equity interest at the
time. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;SVS&#148; shall
mean the <I>Superintendencia de Valores y Seguros</I>. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Tax
Benefit&#148; shall have the meaning provided in Section 3.4(b). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Taxes&#148; shall
have the meaning provided in Section 3.4. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Test
Period&#148; shall mean, as to any Person,  the four consecutive  fiscal quarters of such
Person then last ended (in each case taken as one accounting period). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Total
Commitment&#148; shall mean, at any time, the sum of the Commitments of the Lenders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Unidad
de Fomento</I>&#148; shall mean an inflation-indexed, Chilean Peso-denominated
adjustability unit, calculated by the Central Bank of Chile as provided in No. 9 of
article 35 of Law No. 18,840 and number 3(a) of Chapter II.B.3 of the Compendium of
Financial Regulations of the Central Bank of Chile. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;United
States&#148; and &#147;U.S.&#148; shall each mean the United States of America. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Wholly-Owned
 Subsidiary&#148; shall mean, as to any Person, (i) any corporation 100% of whose capital
 stock  (other than  nominal  amounts of shares  required to be held other than by such
Person under applicable  law) is at the time owned by such Person and/or one or more
 Wholly-Owned  Subsidiaries  of such Person and (ii) any partnership,  association,
 limited liability company,  joint venture or other entity in which such Person and/or
one or more  Wholly-Owned  Subsidiaries  of such Person has a 100% equity  interest
(other than nominal  amounts of shares  required to be held other than by any such Person
 under  applicable law) at such time. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12. <U>Agents</U>. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1
<U>Appointment</U>. Each Lender hereby irrevocably designates and appoints DBNY as
Administrative Agent and DBSI and BBVASI as Lead Arrangers, in each case to act as
specified herein and in the other Credit Documents, and each such Lender hereby
irrevocably authorizes the Administrative Agent and each Lead Arranger to take such
action on its behalf under the provisions of this Agreement and the other Credit
Documents and to exercise such powers and perform such duties as are expressly
delegated to the Administrative Agent and such Lead Arranger by the terms of this
Agreement and the other Credit Documents, together with such other powers as are
reasonably incidental thereto. Each Lender hereby irrevocably designates and
appoints the Administrative Agent to execute the Chilean Guaranty on its behalf and
on behalf of its successors and assigns. The provisions of this Section 12 are solely
for the benefit of the Administrative Agent, the Lead Arrangers and the Lenders,
and neither the Borrower nor any of its Subsidiaries shall, except as expressly
set forth in Section 12.11, have any rights as third party beneficiaries of any of
the provisions hereof. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2
<U>Nature of Duties</U>. Each of the Administrative Agent and each Lead Arranger agrees
to act as such upon the express conditions contained in this Section 12.
Notwithstanding any provision to the contrary elsewhere in this Agreement or in any
other Credit Document, the Administrative Agent and each Lead Arranger shall not
have any duties or responsibilities, except those expressly set forth herein or in the
other Credit Documents, and no implied covenants, functions, responsibilities,
duties, obligations or liabilities shall be read into this Agreement or otherwise
exist against the Administrative Agent or any Lead Arranger. The duties of the
Administrative Agent and each Lead Arranger shall be mechanical and administrative
in nature; the Administrative Agent and each Lead Arranger shall not have (or be
deemed to have) by reason of this Agreement or any other Credit Document a fiduciary
relationship in respect of any Lender or the holder of any Note; and nothing in this
Agreement or any other Credit Document, expressed or implied, is intended to or
shall be so construed as to impose upon any such Agent any obligations in respect of
this Agreement or any other Credit Document except as expressly set forth herein or
therein. None of the Administrative Agent or any Lead Arranger nor any of their
officers, directors, agents, employees or affiliates shall be liable for any action
taken or omitted by them hereunder or under any other Credit Document or in
connection herewith or therewith, unless caused by the gross negligence or willful
misconduct of such Person (as determined by a court of competent jurisdiction in
a final and non-appealable decision). </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3
<U>Delegation of Duties</U>. Each of the Administrative Agent and each Lead Arranger may
execute any of its duties under this Agreement or any other Credit Document by or through
agents or attorneys-in-fact and shall be entitled to advice of counsel concerning
all matters pertaining to such duties. None of the Administrative Agent or any
Lead Arranger shall be responsible for the negligence or misconduct of any agents or
attorneys-in-fact selected by it with reasonable care. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4
<U>Exculpatory Provisions</U>. None of the Administrative Agent, any Lead Arranger or any
of their respective officers, directors, employees, agents, attorneys-in-fact or
affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it
or such Person in its capacity as Administrative Agent or Lead Arranger, as the case may
be, under or in connection with this Agreement or the other Credit Documents (except for
its own gross negligence or willful misconduct (as determined by a court of competent
jurisdiction in a final and non-appealable decision) or (ii) responsible in any manner to
any of the Lenders for any recitals, statements, representations or warranties made by
the Borrower or any Subsidiary of the Borrower or any of their respective officers
contained in this Agreement or the other Credit Documents, or in any certificate, report,
statement or other document referred to or provided for in, or received by the
Administrative Agent or such Lead Arranger under or in connection with, this Agreement or
any other Credit Document or for any failure of any Credit Party or any of its
Subsidiaries or any of their respective officers to perform their obligations hereunder
or thereunder. None of the Administrative Agent or the Lead Arrangers shall be under any
obligation to any Lender to ascertain or to inquire as to the observance or performance
of any of the agreements contained in, or conditions of, this Agreement or the other
Credit Documents, or to inspect the properties, books or records of any Credit Party or
any of its Subsidiaries. None of the Administrative Agent or any Lead Arranger shall be
responsible to any Lender for the effectiveness, genuineness, validity, enforceability,
collectability or sufficiency of this Agreement or any other Credit Document or for any
representations, warranties, recitals or statements made herein or therein or made in any
written or oral statement or in any financial or other statements, instruments, reports,
certificates or any other documents in connection herewith or therewith furnished or made
by the Administrative Agent or such Lead Arranger, as the case may be, to the Lenders or
by or on behalf of any Credit Party or any of its Subsidiaries to the Administrative
Agent or such Lead Arranger, as the case may be, or any Lender or be required to
ascertain or inquire as to the performance or observance of any of the terms, conditions,
provisions, covenants or agreements contained herein or therein or as to the use of the
proceeds of the Loans or of the existence or possible existence of any Default or Event
of Default. </FONT> </P>


<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5
<U>Reliance by Agents</U>. The Administrative Agent and each Lead Arranger shall be
entitled to rely, and shall be fully protected in relying, upon any note, writing,
resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram,
facsimile, telex or teletype message, statement, order or other document or
conversation believed by it to be genuine and correct and to have been signed, sent or
made by the proper Person or Persons and upon advice and statements of legal
counsel (including, without limitation, counsel to the Borrower or any of its
Subsidiaries), independent accountants and other experts selected by the Administrative
Agent or such Lead Arranger, as the case may be. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6
<U>Notice of Default</U>. None of the Administrative Agent or any Lead Arranger shall be
deemed to have knowledge or notice of the occurrence of any Default or Event of Default
unless the Administrative Agent or such Lead Arranger, as the case may be, has
actually received notice from a Lender or any Credit Party referring to this
Agreement, describing such Default or Event of Default and stating that such notice is
a &#147;notice of default.&#148; In the event that the Administrative Agent receives
such a notice, the Administrative Agent shall give prompt notice thereof to the
Lenders. The Administrative Agent shall take such action with respect to such
Default or Event of Default as shall be reasonably directed by the Required
Lenders; <U>provided </U>that, unless and until the Administrative Agent shall have
received such directions, the Administrative Agent may (but shall not be obligated
to) take such action, or refrain from taking such action, with respect to such
Default or Event of Default as it shall deem advisable in the best interests of the
Lenders. The Administrative Agent shall be fully justified in failing or refusing to
take any action under this Agreement or any other Credit Document unless it shall
first receive such advice or concurrence of the Required Lenders as it deems
appropriate or it shall first be indemnified to its satisfaction by the Lenders
against any and all liability and expense which may be incurred by it by reason of
taking or continuing to take any such action. The Administrative Agent shall in all
cases be fully protected (and no Lender or holder of any Note shall have any right of
action whatsoever against the Administrative Agent as a result thereof) in acting,
or in refraining from acting, under this Agreement and the other Credit Documents in
accordance with a request of the Required Lenders, and such request and any action
taken or failure to act pursuant thereto shall be binding upon all the Lenders. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7
<U>Nonreliance on Agents and Other Lenders</U>. Each Lender expressly acknowledges
that none of the Administrative Agent, any Lead Arranger or any of their respective
officers, directors, employees, agents, attorneys-in-fact or affiliates has made any
representations or warranties to it and that no act by the Administrative Agent or any
Lead Arranger hereinafter taken, including any review of the affairs of any Credit
Party or any of its Subsidiaries, shall be deemed to constitute any representation or
warranty by the Administrative Agent or such Lead Arranger to any Lender.
Each Lender represents to the Administrative Agent and each Lead Arranger that
it has, independently and without reliance upon the Administrative Agent, any Lead
Arranger or any other Lender, and based on such documents and information as it has
deemed appropriate, made its own appraisal of and investigation into the business,
assets, operations, property, financial and other condition, prospects and
creditworthiness of each Credit Party and its Subsidiaries and made its own decision
to make its Loans hereunder and enter into this Agreement. Each Lender also represents
that it will, independently and without reliance upon the Administrative Agent,
any Lead Arranger or any other Lender, and based on such documents and information as
it shall deem appropriate at the time, continue to make its own credit analysis,
appraisals and decisions in taking or not taking action under this Agreement, and to
make such investigation as it deems necessary to inform itself as to the business,
assets, operations, property, financial and other condition, prospects and
creditworthiness of each Credit Party and its Subsidiaries. None of the Administrative
Agent or any Lead Arranger shall have any duty or responsibility to provide any Lender
with any credit or other information concerning the business, operations, assets,
property, financial and other condition, prospects or creditworthiness of any
Credit Party or any of its Subsidiaries which may come into the possession of the
Administrative Agent or such Lead Arranger or any of their respective officers,
directors, employees, agents, attorneys-in-fact or affiliates. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8
<U>Indemnification</U>. The Lenders agree to indemnify the Administrative Agent and the
Lead Arrangers in their respective capacities as such ratably according to their
respective &#147;percentages&#148; as used in determining the Required Lenders at such time
or, if the Commitments have terminated and all Loans have been repaid in full, as
determined immediately prior to such termination and repayment, from and against any
and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind whatsoever which may at any time
(including, without limitation, at any time following the payment of the
Obligations) be imposed on, incurred by or asserted against the Administrative Agent
or a Lead Arranger in their respective capacities as such in any way relating to or
arising out of this Agreement or any other Credit Document, or any documents
contemplated by or referred to herein or the transactions contemplated hereby or
any action taken or omitted to be taken by the Administrative Agent or any Lead
Arranger under or in connection with any of the foregoing, but only to the extent
that any of the foregoing is not paid by the Borrower or any of its Subsidiaries;
<U>provided </U>that no Lender shall be liable to the Administrative Agent or any Lead
Arranger for the payment of any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting primarily from the gross negligence or willful misconduct of the
Administrative Agent or such Lead Arranger (as determined by a court of
competent jurisdiction in a final and non-appealable decision). If any indemnity
furnished to the Administrative Agent or any Lead Arranger for any purpose shall, in
the opinion of the Administrative Agent or such Lead Arranger be insufficient or
become impaired, the Administrative Agent or such Lead Arranger, as the case
may be, may call for additional indemnity and cease, or not commence, to do the acts
indemnified against until such additional indemnity is furnished. The agreements in
this Section 12.8 shall survive the payment of all Obligations. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9
<U>Agents in Their Individual Capacities</U>. The Administrative Agent and each Lead
Arranger and their respective affiliates may make loans to, accept deposits from and
generally engage in any kind of business with any Credit Party or any of its
Subsidiaries or of any Affiliate of any such Person as though the Administrative
Agent or such Lead Arranger, as the case may be, were not the Administrative Agent
or a Lead Arranger, as the case may be, hereunder and may accept fees and other
consideration from the Borrower or any other Credit Party for services in connection
with this Agreement and otherwise without having to account for the same to the
Lenders. With respect to the Loans made by it and all Obligations owing to it, each
of the Administrative Agent and each Lead Arranger shall have the same rights and
powers under this Agreement as any Lender and may exercise the same as though it were
not the Administrative Agent or a Lead Arranger, as the case may be, and the terms &#147;Lender&#148; and
&#147;Lenders&#148; shall include the Administrative Agent and each Lead Arranger in their
individual capacities. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10
<U>Holders</U>. The Administrative Agent may deem and treat the payee of any Note as the
owner thereof for all purposes hereof unless and until a written notice of the
assignment, transfer or endorsement thereof, as the case may be, shall have been
recorded in the Register in accordance with Section 13.18. Any request, authority
or consent of any Person who, at the time of making such request or giving such
authority or consent, is the holder of any Note shall be conclusive and binding on any
subsequent holder, transferee, assignee or indorsee, as the case may be, of such
Note or of any Note or Notes issued in exchange therefor. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11
<U>Resignation of the Administrative Agent</U>.  (a) The Administrative Agent may
resign from the performance of all its functions and duties hereunder and/or under
the other Credit Documents at any time by giving 15 Business Days&#146; prior written notice
to the Borrower and the Lenders. Such resignation shall take effect upon the
appointment of a successor Administrative Agent pursuant to clauses (b) and (c)
below, or as otherwise provided below. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
     Upon any such notice of resignation,  the Required Lenders shall appoint a successor
Administrative Agent hereunder or thereunder who shall be a commercial bank or trust
company  reasonably  acceptable to the Borrower. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
     If a successor  Administrative  Agent shall not have been so appointed  within such
15 Business Day period,  the  Administrative  Agent,  with  the  consent  of  the
 Borrower  (which  consent  shall  not  be unreasonably  withheld or delayed),  shall
then appoint a successor  Administrative Agent who shall serve as Administrative  Agent
 hereunder or thereunder  until such time, if any, as the Required  Lenders  appoint a
successor Administrative Agent as provided above. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
     If no successor  Administrative Agent has been appointed pursuant to clause (b) or
(c) above by the 20th  Business Day after the date such notice of  resignation  was given
by the  Administrative  Agent,  the Administrative  Agent&#146;s  resignation  shall become
 effective  and the  Required  Lenders  shall  thereafter perform all the duties of the
 Administrative  Agent hereunder  and/or under any other Credit Document until such time,
if any, as the Required Lenders appoint a successor Administrative Agent as provided
above. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12
<U>The Lead Arrangers</U>. Notwithstanding anything to the contrary contained in this
Agreement, no Lead Arranger shall have any rights, obligations, responsibilities or
duties under this Agreement in its capacity as such other than the rights set forth in
this Section 12 and Section 13. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3. <U>Miscellaneous</U>. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1
<U>Payment of Expenses, etc</U>. The Credit Parties jointly and severally agree that they
will:  (i) whether or not the transactions herein contemplated are consummated, pay all
reasonable out-of-pocket costs and expenses of (x) the Agents (including, without
limitation, the reasonable fees and disbursements of White &amp; Case LLP, as special U.S.
counsel to the Agents, Claro y C&#237;a, as special Chilean counsel to the Agents and Walkers,
special Cayman Islands counsel to the Agents) in connection with the preparation,
execution, delivery and administration of this Agreement and the other Credit Documents
and the documents and instruments referred to herein and therein, <U>provided </U>that certain
of such costs and expenses described in this clause (x) to the extent incurred on or
prior to the Effective Date shall be subject to the limitations set forth in the
Commitment Letter, (y) the Administrative Agent (including, without limitation, the
reasonable fees and disbursements of counsel and consultants) in connection with any
amendment, waiver or consent relating to this Agreement or any other Credit Document and
any document or instrument referred to herein or therein and (z) each Agent and each of
the Lenders in connection with the enforcement of this Agreement and the other Credit
Documents and the documents and instruments referred to herein and therein or in
connection with any refinancing or restructuring of the credit arrangements provided
under this Agreement in the nature of a &#147;work-out&#148; or pursuant to any insolvency or
bankruptcy proceedings (including, without limitation, the reasonable fees and
disbursements of counsel and consultants for each Agent and counsel for each of the
Lenders); (ii) pay and hold each of the Lenders harmless from and against any and all
present and future stamp, excise and other similar taxes with respect to the foregoing
matters and save each of the Agents and Lenders harmless from and against any and all
liabilities with respect to or resulting from any delay or omission (other than to the
extent attributable to such Agent or Lender) to pay such taxes; and (iii) indemnify each
Agent and each Lender, and each of their respective affiliates, officers, directors,
employees, advisors and representatives from and hold each of them harmless against any
and all liabilities, obligations (including removal or remedial actions), losses,
damages, penalties, claims, actions, judgments, suits, costs, expenses and disbursements
(including reasonable attorneys&#146; and consultants&#146; fees and disbursements) incurred by,
imposed on or assessed against any of them as a result of, or arising out of, or in any
way related to, or by reason of, any investigation, litigation or other proceeding
(whether or not any Agent or any Lender is a party thereto) related to the entering into
and/or performance of this Agreement or any other Credit Document or the use of proceeds
of the Loans or the consummation of any transactions contemplated herein or in any other
Credit Document or the exercise of any of their rights or remedies provided herein or in
the other Credit Documents, including, in each case, without limitation, the reasonable
fees and disbursements of counsel and other consultants incurred in connection with any
such investigation, litigation or other proceeding (but excluding any losses,
liabilities, claims, damages or expenses to the extent incurred by reason of the gross
negligence or willful misconduct of the Person to be indemnified (as determined by a
court of competent jurisdiction in a final and non-appealable decision). To the extent
that the undertaking to indemnify, pay or hold harmless any Agent or any Lender set forth
in the preceding sentence may be unenforceable because it is violative of any law or
public policy, the Credit Parties shall make the maximum contribution to the payment and
satisfaction of each of the indemnified liabilities which is permissible under applicable
law. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2
<U>Right of Setoff</U>. In addition to any rights now or hereafter granted under
applicable law or otherwise, and not by way of limitation of any such rights, upon
the occurrence and during the continuance of an Event of Default, the Administrative
Agent and each Lender is hereby authorized at any time or from time to time, without
presentment, demand, protest or other notice of any kind to any Credit Party or any of
its Subsidiaries or to any other Person, any such notice being hereby expressly waived,
to set off and to appropriate and apply any and all deposits (general or special) and
any other Indebtedness at any time held or owing by the Administrative Agent or such
Lender (including, without limitation, by branches and agencies of such Lender
wherever located) to or for the credit or the account of any Credit Party against and
on account of any Obligations and liabilities of such Credit Party to the Administrative
Agent or such Lender under this Agreement or under any of the other Credit Documents,
including, without limitation, all interests in Obligations purchased by such Lender
pursuant to Section 13.6(b), and all other claims of any nature or description
arising out of or connected with this Agreement or any other Credit Document,
irrespective of whether or not the Administrative Agent or such Lender shall have
made any demand hereunder and although said Obligations, liabilities or claims,
or any of them, shall be contingent or unmatured. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3
<U>Notices</U>. Except as otherwise expressly provided herein, all notices and other
communications provided for hereunder shall be in writing (including
telegraphic, telex, telecopier or cable communication) and mailed, telecopied
or delivered: if to any Credit Party or any Lead Arranger, at the address specified
opposite its signature below; if to any Lender, at its address specified on Schedule II;
and if to the Administrative Agent, at the Notice Office; or, as to any Credit Party,
any Lead Arranger or any other Agent, at such other address as shall be designated
by such party in a written notice to the other parties hereto, and, as to each
Lender, at such other address as shall be designated by such Lender in a written
notice to the Credit Parties and the Administrative Agent. All such notices
and communications shall, when mailed, telecopied or sent by overnight courier, be
effective 10 days after deposit in the mail postage prepaid and addressed as
aforesaid, one Business Day after delivery to the overnight courier addressed as
aforesaid or upon receipt of any telecopy confirmation by the sender thereof, as
the case may be, except that notices and communications to any Agent or any Lender
shall not be effective until received. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4
<U>Benefit of Agreement; Assignments; Participations</U>. (a) This Agreement and the
other Credit Documents shall be binding upon and inure to the benefit of and
be enforceable by the respective successors and assigns of the parties hereto;
<U>provided, however</U>, that no Credit Party may assign or transfer any of its rights,
obligations or interest hereunder or under any other Credit Document without the
prior written consent of all of the Lenders; and, <U>provided further</U>, that although
any Lender may transfer, assign or grant participations in its rights hereunder, such
Lender shall remain a &#147;Lender&#148; for all purposes hereunder and the participant shall not
constitute a &#147;Lender&#148; hereunder (and may not transfer or assign all or any portion of
its Commitment and outstanding Obligations hereunder except as provided in Sections 1.8
and 13.4(b)); and, <U>provided further</U>, that no Lender shall grant any participation under
which the participant shall have rights to approve any amendment to or waiver of this
Agreement or any other Credit Document except to the extent such amendment or
waiver would (i) extend the final scheduled maturity of any Loan or Note in which
such participant is participating, or reduce the rate or extend the time of payment of
interest or Fees thereon (except in connection with a waiver of applicability of any
post-default increase in interest rates) or reduce the principal amount thereof (it
being understood that any amendment or modification to the pricing grid set forth in
the definition of &#147;Applicable Margin&#148;appearing in Section 11 for the sole purpose
of incorporating equivalent ratings published by a rating agency other than S&amp;P or
Moody&#146;s (as a component of the definition of &#147;Public Corporate Rating&#148;) shall not
constitute a reduction in the rate of interest for the purpose of this proviso), or
increase the amount of the participant&#146;s participation over the amount thereof then in
effect (it being understood that a waiver of any Default or Event of Default or of a
mandatory repayment of Loans or of a mandatory reduction of Commitments shall not
constitute a change in the terms of such participation, and that an increase in any
Commitment or Loan shall be permitted without the consent of any participant if
the participant&#146;s participation is not increased as a result thereof), (ii) consent
to the assignment or transfer by any Credit Party of any of its respective rights and
obligations under this Agreement or (iii) release the Guarantor from its
obligations under any Guaranty (except in accordance with the express terms of this
Agreement or such Guaranty). In the case of any such participation, the participant
shall not have any rights under this Agreement or any of the other Credit Documents
(the participant&#146;s rights against such Lender in respect of such participation to be
those set forth in the agreement executed by such Lender in favor of the participant
relating thereto) and all amounts payable by the Borrower hereunder shall be
determined as if such Lender had not sold such participation. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Notwithstanding the foregoing, any Lender (or any Lender together with one or more
other Lenders) may (x) assign all or a portion of its Commitment and related outstanding
Loans (or, if the Commitment has terminated, outstanding Loans) hereunder to (i) its
parent company and/or any affiliate of such Lender which is at least 50% owned by such
Lender or its parent company or to one or more other Lenders or their respective
parent company or to any affiliate of such other Lender which is at least 50% owned
by such Lender or its parent company or (ii) in the case of any Lender that is a fund
that invests in loans, any other fund that invests in loans and is managed or advised
by the same investment advisor of such Lender or by an Affiliate of such investment
advisor or (y) assign all, or if less than all, a portion equal to at least $2,000,000
in the aggregate for the assigning Lender or assigning Lenders, of such Commitment and
related outstanding Loans (or, if the Commitment has terminated, outstanding Loans)
hereunder to one or more Eligible Transferees (treating any fund that invests in
loans and any other fund that invests in loans and is managed or advised by the same
investment advisor of such fund or by an Affiliate of such investment advisor as a
single Eligible Transferee), each of which assignees shall become a party to this
Agreement as a Lender by execution of an Assignment and Assumption Agreement,
<U>provided </U>that, (i) at such time, Schedule I shall be deemed modified to reflect the
Commitments and/or outstanding Loans, as the case may be, of such new Lender and of the
existing Lenders, (ii) upon the surrender of the relevant Notes by the assigning
Lender (or, upon such assigning Lender&#146;s indemnifying the Borrower of any lost Note
pursuant to a customary indemnification agreement) new Notes will be issued, at the
Borrower&#146;s expense, to such new Lender and to the assigning Lender upon the request of
such new Lender or assigning Lender, such new Notes to be in conformity with the
requirements of Section 1.1(d) (with appropriate modifications) to the extent needed to
reflect the revised Commitments and/or outstanding Loans, as the case may be, (iii)
the consent of the Administrative Agent and, so long as no Default or Event of Default
then exists, the consent of the Borrower (each of which consents shall not be
unreasonably withheld or delayed) shall be required in connection with any
assignment to an Eligible Transferee pursuant to clause (y) above, <U>provided </U>that the
consent of the Borrower shall not be required for assignments by the Agents (or their
Affiliates) until the earlier of (A) the date on which the Agents (acting
jointly) have determined that the primary syndication of the Commitments and
Loans has been completed and (B) the 90th day following the Effective Date, (iv) the
Administrative Agent shall receive at the time of each such assignment, from the
assigning or assignee Lender, the payment of a non-refundable assignment fee of
$3,500 and (v) no such transfer or assignment will be effective until recorded by
the Administrative agent on the Register pursuant to Section 13.18. To the extent of
any assignment pursuant to this Section 13.04(b), the assigning Lender shall be
relieved of its obligations hereunder with respect to its assigned Commitments and/or
outstanding Loans. To the extent that an assignment of all or any portion of a Lender&#146;s
Commitment and/or outstanding Loans pursuant to Section 1.8 or this Section 13.4(b)
would, at the time of such assignment, result in increased costs under Section 1.5 or
3.4 from those being charged by the respective assigning Lender prior to such
assignment, then the Borrower shall not be obligated to pay such increased costs
(although the Borrower, in accordance with and pursuant to the other provisions of this
Agreement, shall be obligated to pay any other increased costs of the type described
above resulting from changes after the date of the respective assignment). </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
     Nothing in this  Agreement  shall  prevent or prohibit any Lender from pledging its
Loans and Notes hereunder  to a Federal  Reserve  Bank or the Central  Bank of Chile in
support of  borrowings  made by such Lender from such Federal  Reserve Bank or the
Central Bank of Chile,  as the case may be, upon notice to the Administrative  Agent,
 any Lender  which is a fund may pledge all or any  portion of its Loans and Notes to its
 trustee in support of its  obligations  to its  trustee.  No pledge  pursuant  to this
clause (c) shall release the transferor Lender from any of its obligations hereunder. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5
<U>No Waiver; Remedies Cumulative</U>. No failure or delay on the part of any Agent or
any Lender or any holder of any Note in exercising any right, power or privilege
hereunder or under any other Credit Document and no course of dealing between any
Credit Party and any Agent or any Lender or any holder of any Note shall operate as a
waiver thereof; nor shall any single or partial exercise of any right, power or
privilege hereunder or under any other Credit Document preclude any other or further
exercise thereof or the exercise of any other right, power or privilege hereunder or
thereunder. The rights, powers and remedies herein or in any other Credit Document
expressly provided are cumulative and not exclusive of any rights, powers or remedies
which any Agent or any Lender would otherwise have. No notice to or demand on any
Credit Party in any case shall entitle any Credit Party to any other or further
notice or demand in similar or other circumstances or constitute a waiver of the
rights of any Agent or any Lender or any holder of any Note to any other or further
action in any circumstances without notice or demand. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6
<U>Payments Pro Rata</U>.  (a) Except as otherwise provided in this Agreement, the
Administrative Agent agrees that promptly after its receipt of each payment from or
on behalf of any Credit Party in respect of any Obligations of such Credit Party, it
shall distribute such payment to the Lenders (other than any Lender that has
consented in writing to waive its <I>pro rata </I>share of any such payment) <I>pro rata </I>based
upon their respective shares, if any, of the Obligations with respect to which such
payment was received. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Each of the Lenders agrees that, if it should receive any amount hereunder
(whether by voluntary payment, by the exercise of the right of setoff or banker&#146;s lien,
by counterclaim or cross action, by the enforcement of any right under the Credit
Documents, or otherwise), which is applicable to the payment of the principal of, or
interest on, the Loans or Fees, of a sum which with respect to the related sum or
sums received by other Lenders is in a greater proportion than the total of such
Obligation then owed and due to such Lender bears to the total of such Obligation
then owed and due to all of the Lenders immediately prior to such receipt (an &#147;Excess
Amount&#148;), then such Lender receiving such Excess Amount shall purchase for cash
without recourse or warranty from the other Lenders an interest in the Obligations of
the respective Credit Party to such Lenders in such amount as shall result in
a proportional participation by all of the Lenders in such amount; <U>provided </U>that if
all or any portion of such Excess Amount is thereafter recovered from such Lender,
such purchase shall be rescinded and the purchase price restored to the extent of such
recovery, but without interest. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7
<U>Calculations; Computations; Accounting Terms.</U>  (a) The Financial Statements to
be furnished to the Lenders pursuant hereto shall be made and prepared in accordance
with Chilean GAAP, consistently applied throughout the periods involved (except
as set forth in the notes thereto or as otherwise disclosed in writing by the
Borrower to the Lenders); <U>provided </U>that such Financial Statements also shall be
accompanied by convenience translations pursuant to which all Peso amounts will be
converted into Dollars both (i) using the <I>D&#243;lar Observado </I>published on the last day
of the respective fiscal quarter or year of the Borrower, as the case may be, and (ii)
on the basis provided in Section 13.7(b)(i). Except as otherwise expressly provided
herein, all Financial Statements and other reports and certificates delivered pursuant
to this Agreement shall be in English. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
     Notwithstanding  anything to the contrary  contained in clause (a) of this  Section
 13.7,  (i) all calculations  used in determining  compliance  with Sections 8.7 and 8.8
shall convert all Peso amounts into Dollars  using the average rate of exchange  during
the relevant  fiscal period based on the rates in effect in Chile on each Business Day
during such fiscal period,  (ii) for purposes of determining  compliance  with any
incurrence tests set forth in Sections 8.1 through 8.6,  inclusive,  any amounts so
incurred or expended (to the extent  incurred or expended in a currency  other than
Dollars)  shall be converted  into Dollars on the basis of the Noon  Buying  Rate as in
effect on the date of such  incurrence  or  expenditure  under any provision of any such
Section that has an aggregate  Dollar  limitation  provided for therein for any fiscal
period,  and  any  incurrences  or  expenditures  theretofore  made  during  such  fiscal
 period  shall  be recalculated  based on the Noon Buying Rate on the date on which any
 additional  incurrence or  expenditure is to be made,  and (iii) for  purposes  of
 determining  compliance  with any other  restriction  stated in Dollars in this
Agreement,  the dollar  equivalent amount of any amounts in any other foreign currency
shall be converted on the basis of the Noon Buying Rate as in effect on the date of
determination. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
     All  computations  of interest and Fees hereunder  shall be made on the basis of a
year of 360 days for the actual number of days  (including  the first day but excluding
the last day) occurring in the period for which such interest or Fees are payable. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8
<U>GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL</U>.  (a)  THIS
AGREEMENT AND THE OTHER CREDIT DOCUMENTS (OTHER THAN THE CHILEAN GUARANTY) AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE CONSTRUED IN
ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK (WITHOUT REFERENCE
TO THE CONFLICT OF LAW RULES THEREOF). BY EXECUTION AND DELIVERY OF THIS AGREEMENT
OR ANY OTHER CREDIT DOCUMENT, EACH OF THE CREDIT PARTIES HEREBY IRREVOCABLY ACCEPTS
FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE BOROUGH OF MANHATTAN
IN NEW YORK CITY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK AND
ACCEPTS THAT ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER
CREDIT DOCUMENT MAY BE BROUGHT IN THE AFORESAID COURTS. EACH OF THE CREDIT PARTIES
HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL
JURISDICTION OVER SUCH CREDIT PARTY, AND AGREES NOT TO PLEAD OR CLAIM, IN ANY LEGAL
ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENTS
BROUGHT IN ANY OF THE AFOREMENTIONED COURTS, THAT SUCH COURTS LACK PERSONAL
JURISDICTION OVER SUCH CREDIT PARTY. EACH OF THE CREDIT PARTIES FURTHER IRREVOCABLY
AGREES THAT SERVICE OF ALL WRITS, PROCESS AND SUMMONSES IN ANY PROCEEDING OR ANY
SUIT, ACTION, PROCEEDING TO ENFORCE OR EXECUTE ANY JUDGMENT BROUGHT AGAINST IT IN
THE STATE OF NEW YORK MAY BE MADE UPON CT CORPORATION SYSTEM, PRESENTLY LOCATED AT 111
EIGHTH AVENUE, NEW YORK, NEW YORK, 10011, USA, WHICH IS HEREBY IRREVOCABLY
APPOINTED DESIGNEE, APPOINTEE AND AGENT OF EACH OF THE CREDIT PARTIES FOR SERVICE OF
PROCESS IN THE STATE OF NEW YORK WITH RESPECT TO ANY CREDIT DOCUMENT AND ALL MATTERS
RELATED THERETO AND/OR CONTEMPLATED THEREBY. IF FOR ANY REASON SUCH DESIGNEE,
APPOINTEE AND AGENT SHALL CEASE TO BE AVAILABLE TO ACT AS SUCH, EACH OF THE CREDIT
PARTIES AGREES TO DESIGNATE A NEW DESIGNEE, APPOINTEE AND AGENT IN NEW YORK CITY ON THE
TERMS AND FOR THE PURPOSES OF THIS PROVISION REASONABLY SATISFACTORY TO THE
ADMINISTRATIVE AGENT. EACH OF THE CREDIT PARTIES FURTHER IRREVOCABLY CONSENTS TO THE
SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR
PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE,
PREPAID, TO ANY CREDIT PARTY AT ITS ADDRESS SET FORTH OPPOSITE ITS SIGNATURE BELOW,
SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. EACH OF THE CREDIT
PARTIES HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND
FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR
PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER CREDIT DOCUMENT THAT SUCH
SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL
AFFECT THE RIGHT OF ANY AGENT, ANY LENDER OR THE HOLDER OF ANY NOTE TO SERVE PROCESS
IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE
PROCEED AGAINST ANY CREDIT PARTY IN ANY OTHER JURISDICTION. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
     EACH OF THE CREDIT PARTIES HEREBY  IRREVOCABLY  WAIVES,  TO THE FULLEST  EXTENT
 PERMISSIBLE  UNDER APPLICABLE  LAW,  ANY  OBJECTION  WHICH IT MAY NOW OR  HEREAFTER
 HAVE TO THE  LAYING OF VENUE OF ANY OF THE AFORESAID  ACTIONS OR  PROCEEDINGS  ARISING
OUT OF OR IN CONNECTION  WITH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT  BROUGHT IN THE
COURTS  REFERRED  TO IN CLAUSE (a) ABOVE AND  HEREBY  FURTHER  IRREVOCABLY,  TO THE
EXTENT  PERMITTED  BY  APPLICABLE  LAW,  WAIVES  AND AGREES NOT TO PLEAD OR CLAIM IN ANY
SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
     EACH OF THE PARTIES TO THIS  AGREEMENT  HEREBY  IRREVOCABLY  WAIVES ALL RIGHT TO A
TRIAL BY JURY IN ANY ACTION,  PROCEEDING  OR  COUNTERCLAIM  ARISING OUT OF OR RELATING TO
THIS  AGREEMENT,  THE OTHER  CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
    EACH OF THE CREDIT PARTIES  HEREBY  IRREVOCABLY  WAIVES,  TO THE FULLEST EXTENT IT
MAY  EFFECTIVELY  DO SO, THE RIGHT TO DEMAND THAT ANY OF THE AGENTS OR ANY OF THE LENDERS
POST A PERFORMANCE BOND OR  GUARANTY  IN ANY  ACTION OR  PROCEEDING  INITIATED  AGAINST
 ANY SUCH  PARTY IN CHILE AND TO RECUSE WITHOUT CAUSE ANY MEMBERS OF THE COURTS HAVING
 JURISDICTION OVER ANY AND ALL LEGAL PROCEEDINGS  ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER CREDIT DOCUMENT. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9
<U>Counterparts. </U>This Agreement may be executed in any number of counterparts and
by the different parties hereto on separate counterparts, each of which when so
executed and delivered shall be an original, but all of which shall together
constitute one and the same instrument. A complete set of counterparts executed by
all the parties hereto shall be lodged with the Borrower and the Administrative Agent. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10
<U>Effectiveness. </U>This Agreement shall become effective on the date (the &#147;Effective
Date&#148;) on which each Credit Party, the Administrative Agent, each Lead Arranger and
each of the Lenders shall have signed a counterpart hereof (whether the same or
different counterparts) and shall have delivered the same to the Administrative Agent
at the Notice Office or, in the case of the Lenders, shall have given to the
Administrative Agent telephonic (confirmed in writing), written, telex or facsimile
notice (actually received) at such office that the same has been signed and mailed
to it. The Administrative Agent will give the Borrower and each Lender prompt written
notice of the occurrence of the Effective Date. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11
<U>Headings Descriptive</U>. The headings of the several sections and subsections of
this Agreement are inserted for convenience only and shall not in any way affect the
meaning or construction of any provision of this Agreement. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12
<U>Amendment or Waiver</U>.  (a) Neither this Agreement nor any other Credit
Document nor any terms hereof or thereof may be changed, waived, discharged or
terminated unless such change, waiver, discharge or termination is in writing signed
by the respective Credit Parties party thereto and the Required Lenders; <U>provided
</U>that no such change, waiver, discharge or termination shall, without the consent of each
Lender (with Obligations being directly affected in the case of following clause
(i)), (i) extend the final scheduled maturity of any Loan or Note or reduce the rate
or extend the time of payment of interest (except in connection with the waiver of
applicability of any post-default increase in interest rates) or Fees thereon or
reduce the principal amount thereof (except to the extent repaid in cash) (it
being understood that any amendment or modification to the pricing grid set
forth in the definition of &#147;Applicable Margin&#148; appearing in Section 11 for the
sole purpose of incorporating equivalent ratings published by a rating agency
other than S&amp;P or Moody&#146;s (as a component of the definition of &#147;Public Corporate
Rating&#148;) shall not constitute a reduction in the rate of interest for the purpose of
this clause (i)), (ii) release the Guarantor from its obligations under any Guaranty,
(iii) amend, modify or waive any provision of this Section 13.12 (except for technical
amendments with respect to additional extensions of credit pursuant to this Agreement
which afford the protections to such additional extensions of credit of the type
provided to the Loans on the Effective Date) (iv) reduce the percentage
specified in the definition of Required Lenders (it being understood that, with
the consent of the Required Lenders, additional extensions of credit pursuant to
this Agreement may be included in the determination of the Required Lenders on
substantially the same basis as the extension of Loans and Commitments are included on
the Effective Date) or (v) consent to the assignment or transfer by any Credit Party
of any of its rights and obligations under this Agreement; <U>provided further</U>, that
no such change, waiver, discharge or termination shall (x) increase the Commitment
of any Lender over the amount thereof then in effect without the consent of such Lender
(it being understood that waivers or modifications of conditions precedent,
covenants, Defaults or Events of Default or of a mandatory reduction to the
Commitments shall not constitute an increase of the Commitment of any Lender) or (y)
without the consent of the respective Agent amend, modify or waive any provision of
Section 12 as same applies to such Agent or any other provision as same relates to the
rights or obligations of such Agent. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
     If, in  connection  with any  proposed  change,  waiver,  discharge  or  termination
 to any of the provisions of this Agreement as  contemplated  by clauses (i) through (v),
 inclusive,  of the first proviso to Section  13.12(a),  the consent of the  Required
 Lenders is  obtained  but the consent of one or more of such other  Lenders whose
 consent is required is not  obtained,  then the Borrower  shall have the right to
replace each such non-consenting  Lender or Lenders (so long as all non-consenting
 Lenders are so replaced) with one or more  Replacement  Lenders  pursuant to Section 1.8
so long as at the time of such  replacement, each such Replacement  Lender consents to
the proposed change,  waiver,  discharge or termination,  provided that the  Borrower
 shall not have the right to replace a Lender  solely as a result of the exercise of such
Lender&#146;s  rights  (and the  withholding  of any  required  consent by such  Lender)
 pursuant  to the second proviso to Section 13.12(a). </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13
<U>Survival</U>.  All indemnities set forth herein, including, without limitation, in
Sections 1.5, 1.6, 3.4, 12.8, 13.1, 13.6, 13.15 and 13.18, shall survive the
execution, delivery and termination of this Agreement and Notes and the making and
repayment of the Loans. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14
<U>Domicile of Loans</U>.  Each Lender may transfer and carry its Loans and Commitments
at, to or for the account of any office, Subsidiary or Affiliate of such Lender. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15
<U>Judgment Currency</U>. (a) Each of the Credit Parties&#146; obligations hereunder and
under the other Credit Documents to make payments in Dollars shall not be
discharged or satisfied by any tender or recovery pursuant to any judgment
expressed in or converted into any currency other than Dollars, except to the extent
that such tender or recovery results in the effective receipt by the Administrative
Agent or the respective Lender of the full amount of Dollars expressed to be payable to
the Administrative Agent or such Lender under this Agreement or the other Credit
Documents. The obligation of each of the Credit Parties to make payments in Dollars
as aforesaid shall be enforceable as an alternative or additional cause of action
for the purpose of recovery in Dollars of the amount, if any, by which such actual
receipt shall fall short of the full amount of Dollars expressed to be payable in
respect of the principal of and interest on the Notes and any other amounts due under
any other Credit Document, and shall not be affected by judgment being obtained for
any other sums due under this Agreement or under any other Credit Document. Each
of the Credit Parties waives the right to invoke any defense of payment impossibility. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
     If for the purpose of obtaining or enforcing  judgment  against any Credit Party in
any court or in any  jurisdiction,  it becomes necessary to convert into or from any
currency other than Dollars (such other currency  being  hereinafter  referred  to as
 the  &#147;Judgment  Currency&#148;)  an  amount  due in  Dollars,  the conversion shall be made
at the dollar equivalent thereof (as quoted by the  Administrative  Agent or if the
Administrative  Agent  does  not  quote a rate of  exchange  on such  currency,  by a
known  dealer  in such currency  designated  by the  Administrative  Agent)  determined,
 in each case,  as of the day on which the judgment is given (such  Business Day being
 hereinafter  referred to as the &#147;Judgment  Currency  Conversion Date&#148;). If there is a
change in the rate of exchange  prevailing  between the Judgment  Currency  Conversion
Date and the date of actual  payment of the amount due,  the Credit  Parties  covenant
 and agree to pay, or cause to be  paid,  such  additional  amounts,  if any (but in any
 event  not a lesser  amount),  as may be necessary to ensure that the amount paid in the
Judgment  Currency,  when  converted at the rate of exchange prevailing on the date of
payment,  will produce the amount of Dollars which could have been  purchased with the
amount of  Judgment  Currency  stipulated  in the  judgment  or  judicial  award at the
rate or exchange prevailing on the Judgment Currency Conversion Date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
     For purposes of  determining  the Dollar  equivalent or any other rate of exchange
for this Section 13.15,  such  amounts  shall  include any  premium  and costs  payable
in  connection  with the  purchase of Dollars. </FONT></P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.16
<U>Waiver of Sovereign Immunity</U>.  Each of the Credit Parties, in respect of itself, its
Subsidiaries, its process agents, and its properties and revenues, hereby irrevocably
agrees that, to the extent that such Credit Party, its Subsidiaries or any of its
properties has or may hereafter acquire any right of immunity, whether characterized
as sovereign immunity or otherwise, from any legal proceedings, whether in the United
States, Chile, Cayman Islands or elsewhere, to enforce or collect upon the Loans or
any Credit Document or any other liability or obligation of such Credit Party or any of
its Subsidiaries related to or arising from the transactions contemplated by any
of the Credit Documents, including, without limitation, immunity from service of
process, immunity from jurisdiction or judgment of any court or tribunal, immunity
from execution of a judgment, and immunity of any of its property from attachment prior
to any entry of judgment, or from attachment in aid of execution upon a judgment, such
Credit Party, for itself and on behalf of its Subsidiaries, hereby expressly waives, to
the fullest extent permissible under applicable law, any such immunity, (including,
without limitation, the Foreign Sovereign Immunities Act of 1976 of the United States)
and agrees not to assert any such right or claim in any such proceeding, whether
in the United States, Chile, Cayman Islands or elsewhere. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.17
<U>English Language</U>.  This Agreement and all other Credit Documents (other than the
Chilean Guaranty) shall be in the English language, except as required by Chilean law
(in which event certified English translations thereof shall be provided by the
Borrower to each Lender). Except in connection with the enforcement thereof in
Chile as may be required by Chilean law, any non-English translation of this
Agreement shall have no legal validity. All documents, certificates, reports or
notices to be delivered or communications to be given or made by any party hereto
pursuant to the terms of this Agreement or any other Credit Document shall be in the
English language or, if originally written in another language, shall be accompanied
by an accurate English translation upon which the other parties hereto shall have the
right to rely for all purposes of this Agreement and the other Credit Documents. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.18
<U>Register</U>. The Borrower hereby designates the Administrative Agent, and the
Administrative Agent agrees, to serve as the Borrower&#146;s agent, solely for purposes
of this Section 13.18, to maintain a register (the &#147;Register&#148;) on which it will
record the Commitments from time to time of each of the Lenders, the Loans made by
each of the Lenders and each repayment in respect of the principal amount of the
Loans of each Lender. Failure to make any such recordation, or any error in such
recordation shall not affect the Borrower&#146;s obligations in respect of such Loans.
With respect to any Lender, the transfer of the Commitments of such Lender and the
rights to the principal of, and interest on, any Loan made pursuant to such
Commitment shall not be effective until such transfer is recorded on the
Register maintained by the Administrative Agent with respect to ownership of such
Commitments and Loans and prior to such recordation all amounts owing to the
transferor with respect to such Commitments and Loans shall remain owing to the
transferor. The registration of an assignment or transfer of all or part of any
Commitments and Loans shall be recorded by the Administrative Agent on the
Register only upon the acceptance by the Administrative Agent of a properly
executed and delivered Assignment and Assumption Agreement pursuant to Section
13.4(b). Coincident with the delivery of such an Assignment and Assumption Agreement
to the Administrative Agent for acceptance and registration of assignment or transfer
of all or part of a Loan, or as soon thereafter as practicable, the assigning or
transferor Lender shall surrender the Note evidencing such Loan, and thereupon one or
more new Notes in the same aggregate principal amount shall be issued to the assigning
or transferor Lender and/or the new Lender. The Borrower agrees to indemnify the
Administrative Agent from and against any and all losses, claims, damages and
liabilities of whatsoever nature which may be imposed on, asserted against or
incurred by the Administrative Agent in performing its duties under this Section
13.18 other than those resulting from its gross negligence or willful misconduct. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.19
<U>Confidentiality</U>. (a) Subject to the provisions of clause (b) of this Section
13.19, each of the Lenders and each Agent agrees (on behalf of itself and each of
its Affiliates, directors, officers, employees and representatives) to keep
confidential, in accordance with its customary procedures of handling confidential
information of the same nature and in accordance with safe and sound banking
practices, any non-public information supplied to it by any Credit Party or any
of its Subsidiaries pursuant to this Agreement; <U>provided</u>, <u>however</U>, that nothing
herein shall limit the disclosure of any such information (i) to the extent required by
statute, rule, regulation or judicial process, (ii) to counsel or other consultants
for any of the Lenders so long as such counsel or other consultants agrees that it
shall keep the non-public information confidential in accordance with these
provisions, (iii) to bank examiners, auditors or accountants or to any other
regulatory agency or body with proper authority (including non-governmental
regulatory agencies or bodies), (iv) to any Lender or any Agent, (v) in
connection with any litigation to which any one or more of the Lenders or any
Agent is a party where disclosure of such information is, in the opinion of counsel
for any Lender or such Agent, necessary or advisable in connection with any action,
claim, suit or proceeding, directly or indirectly, involving or potentially
involving such Lenders or such Agents and arising out of, based upon, relating to or
involving this Agreement or any other Credit Document, or any transactions contemplated
hereby or arising hereunder, (vi) to a Subsidiary or Affiliate of any Lender or any
Agent in connection with a transfer permitted by Section 13.14, (vii) to any assignee
or participant (or prospective assignee or participant) in connection with any
contemplated transfer of or participation in any of the Notes or the Commitments or
any interest therein by such Lender; <U>provided </U>that such prospective assignee or
participant agrees to be bound by the provisions of this Section 13.19, or (viii) to
any credit rating agency that rates the financial condition of any Lender or the
claims paying ability of any Lender or the financial condition of the Borrower;
<U>provided further</U>, that in no event shall any Lender or any Agent be obligated or
required to return any materials furnished by any Credit Party unless previously
agreed in a separate writing among such Lender or Agent and such Credit Party;
provided that no Credit Document (or anything contained therein) shall constitute
such a writing or give rise to such an agreement. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Each Credit Party hereby acknowledges and agrees that each Lender may share
with any of its affiliates any information related to any Credit Party or any of its
Subsidiaries (including, without limitation, any nonpublic customer information
regarding the creditworthiness of any Credit Party and its Subsidiaries), <U>provided </U>such
Persons shall be subject to the provisions of this Section 13.19 to the same extent as
such Lender. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
     None of the Lenders nor the Agents provide  accounting,  tax or legal advice.
 Notwithstanding  any express or implied claims of exclusivity or proprietary  rights,
 each Credit Party,  each Lender,  and each Agent hereby agree and  acknowledge  that
each Credit  Party,  each Lender and each Agent (and each of their employees,
 representatives  or other agents) are  authorized to disclose to any and all Persons,
 beginning immediately upon  commencement of their  discussions  with respect to the
transactions  contemplated by this Agreement  and without  limitation of any kind,  the
tax  treatment  and tax  structure of the  transactions contemplated  by this Agreement,
 and all materials of any kind  (including  opinions or other tax analyses) that are
provided to each Credit Party,  each Lender,  and each Agent relating to such tax
treatment and tax structure.  In this regard,  each Credit Party,  each Lender,  and each
Agent acknowledge and agree that the disclosure  of the tax treatment and tax structure
of the  transactions  contemplated  by this  Agreement is not limited in any way by an
express or implied  understanding  or  agreement,  oral or written  (whether or not such
 understanding or agreement is legally binding).  For purposes of this  authorization,  &#147;tax&#148; means
United  States  Federal  income tax,  &#147;tax  treatment&#148;  means the  purported or claimed
 Federal  income tax treatment of the transaction,  and &#147;tax structure&#148; means any fact
that may be relevant to understanding  the purported or claimed  Federal  income tax
treatment of the  transaction.  This Section  13.19(c) is intended to reflect  the
 understanding  of each  Credit  Party,  each  Lender,  and each  Agent that no
 transaction contemplated  by this  Agreement  is a  &#147;confidential  transaction&#148;  as
 that  phrase  is  used in  Treasury Regulation &#167; 1.6011-4(b)(3)(i),  and shall be
interpreted in a manner consistent  therewith.  Nothing herein is intended to imply that
any of the Credit Parties,  Lenders, or Agents made or provided a statement,  oral or
written,  to, or for the  benefit of, any of each other as to the  potential  tax
 consequences  that are related to, or may result from the  transactions  contemplated
 by this Agreement.  Each Credit Party,  each Lender,  and each Agent  confirms that none
of the other  parties to this  Agreement has made or provided to it, or for its  benefit,
 any oral or  written  statement  as to any  potential  tax  consequences  that are
related to, or may result from, the transaction. </FONT></P>


<P STYLE="page-break-after:always">
</P>
<BR><BR><BR><BR><BR>


<!-- MARKER FORMAT-SHEET="Times center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>[SIGNATURES FOLLOW ON NEXT PAGE]</B> </FONT></P>


<BR><BR><BR><BR><BR>




<P STYLE="page-break-after:always">
</P>

<!-- MARKER FORMAT-SHEET="Times justify ident 8" FSL="Workstation" -->
<P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS  WHEREOF,  the parties  hereto have caused  their duly  authorized  officers to
execute and deliver this Agreement as of the date first above written. </FONT></P>
<BR><BR>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Address:</U> </FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>P.O. Box 309<BR></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE CAYMAN ISLANDS BRANCH OF COMPA&Ntilde;&Iacute;A<BR> CERVECER&Iacute;AS UNIDAS S.A.,<BR></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ugland House<BR></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>as Borrower</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>South Church Street<BR></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;<BR></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>George Town, Grand Cayman<BR></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cayman Islands BWI<BR></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention: Henry Harford<BR></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: <U>/s/ Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fax No.: 345-949-8080<BR></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:<BR></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:<BR></FONT></TD></TR>
</TABLE>


<BR><BR><BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bandera 84, 6<sup>th</sup> Floor</FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERVECERA CCU CHILE LIMITADA,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Santiago, Chile</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>as Guarantor</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention: Patricio Jottar</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fax No.: 562-427-3222</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: <U>/s/ Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:</FONT></TD></TR>
</TABLE>




<P STYLE="page-break-after:always">
</P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31 West 52<sup>nd</sup> Street</FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DEUTSCHE BANK AG, NEW YORK <BR>BRANCH,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7<sup>th</sup> Floor</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>as Administrative Agent</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New York, New York 10019</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and individually, as a Lender</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention: Anand Dutta</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fax No.: (646) 324-7456</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: <U>/s/ Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: <U>/s/ Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:</FONT></TD></TR>
</TABLE>


<BR><BR><BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31 West 52<sup>nd</sup> Street</FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DEUTSCHE BANK SECURITIES INC.,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7<sup>th</sup> Floor</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>as Lead Arranger</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New York, New York 10019</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention: Anand Dutta</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fax No.: (646) 324-7456</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: <U>/s/ Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: <U>/s/ Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:</FONT></TD></TR>
</TABLE>




<P STYLE="page-break-after:always">
</P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1345 Avenue of the Americas,45th Floor</FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BANCO BILBAO VIZCAYA ARGENTARIA S.A.,<BR>as a Lender</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New York, NY 10105</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention: Michael Lopez</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Telephone No.: 212-728-2359</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fax No.: 212-258-2216</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: <U>/s/ Authorized Signatory</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: <U>/s/ Authorized Signatory</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:</FONT></TD></TR>
</TABLE>

<BR><BR><BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1345 Avenue of the Americas, 45th Floor</FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BBVA SECURITIES INC.,<BR>as Lead Arranger</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New York, NY 10105</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention: Michael Lopez</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Telephone No.: 212-728-2359</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fax No.: 212-258-2216</FONT></TD> </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: <U>/s/ Authorized Signatory</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: <U>/s/ Authorized Signatory</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:</FONT></TD></TR>
</TABLE>



<P STYLE="page-break-after:always">
</P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE BANK OF TOKYO-MITSUBISHI, LTD.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:<U> /s/ Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:</FONT></TD></TR>
</TABLE>



<P STYLE="page-break-after:always">
</P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BAYERISCHE LANDESBANK, IBF</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: <U>/s/ Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:</FONT></TD></TR>
</TABLE>


<P STYLE="page-break-after:always">
</P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BNP PARIBAS</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: <U>/s/ Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:</FONT></TD></TR>
</TABLE>



<P STYLE="page-break-after:always">
</P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXPORT DEVELOPMENT CANADA</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: <U>/s/ Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:</FONT></TD></TR>
</TABLE>



<P STYLE="page-break-after:always">
</P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>HSBC BANK CHILE</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: <U>/s/ Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:</FONT></TD></TR>
</TABLE>



<P STYLE="page-break-after:always">
</P>





<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>HSBC BANK PLC</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: <U>/s/ Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:</FONT></TD></TR>
</TABLE>




<P STYLE="page-break-after:always">
</P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RABOBANK CURACAO N.V.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: <U>/s/ Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:</FONT></TD></TR>
</TABLE>



<P STYLE="page-break-after:always">
</P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE BANK OF NOVA SCOTIA</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: <U>/s/ Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:</FONT></TD></TR>
</TABLE>




<P STYLE="page-break-after:always">
</P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CAJA DE AHORROS Y MONTE DE PIEDAD DE</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MADRID, CAJA MADRID MIAMI AGENCY</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: <U>/s/ Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:</FONT></TD></TR>
</TABLE>



<P STYLE="page-break-after:always">
</P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=55% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SANPAOLO IMI S.P.A.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: <U>/s/ Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Name:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Title:</FONT></TD></TR>
</TABLE>



<P STYLE="page-break-after:always">
</P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>SCHEDULE I</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>COMMITMENTS</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT width=60%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Lender</U> </FONT></TD>
     <TD ALIGN=RIGHT width=40%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Commitment</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deutsche Bank AG, New York Branch</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco Bilbao Vizcaya Argentaria S.A.</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Bank of Tokyo-Mitsubishi, Ltd.</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bayerische Landesbank, IBF</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BNP Paribas</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Export Development Canada</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>HSBC Bank Chile</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$3,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>HSBC Bank Plc</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$10,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rabobank Curacao N.V.</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Bank of Nova Scotia</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Caja de Ahorros y Monte de Piedad de Madrid, Caja</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$9,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Madrid Miami Agency</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SanPaolo Imi S.p.A.</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$9,000,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;TOTAL:</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$135,000,000&nbsp;</FONT></TD></TR>
</TABLE>




<P STYLE="page-break-after:always">
</P>





<!-- MARKER FORMAT-SHEET="Times center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>LENDER ADDRESSES</U> </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=49% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Lender</U> </FONT></TD>
     <TD WIDTH=44% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Address</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deutsche Bank AG, New York Branch</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31 West 52<sup>nd</sup> Street</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New York, NY 10019</FONT></TD> </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention: Adwin Velez</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Telephone: 201-593-2178</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Facsimile: 201-593-2308</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Banco Bilbao Vizcaya Argentaria S.A.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1345 Avenue of the Americas, 45<sup>th</sup> Floor</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New York, NY 10105</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention: Francisco Miguens</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Telephone: 212-728-1682</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Facsimile: 212-333-2926</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Bank of Tokyo-Mitsubishi, Ltd.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1251 Avenue of the Americas,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New York, NY 10020-1104</FONT></TD> </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention: Amy Won / Alba Hartnett</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Telephone: 212-782-4182</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Facsimile: 212-782-6400</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bayerische Landesbank, IBF</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>560 Lexington Avenue, 18<sup>th</sup> Floor</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New York, NY 10022</FONT></TD> </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention: Patricia Sanchez</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Telephone: 212-310-9610</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Facsimile: 212-310-9930</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BNP Paribas</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Via Espa&#241;a No. 200, Edificio Omanco</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>P.O. Box 201, Panama 1</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Panama</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention: Efrain Rosas</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Telephone: 507-263-1867</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Facsimile: 507-263-6559</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Export Development Canada</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>151 O&#146;Connor Street</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ottawa, Canada</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Canada K1A 1K3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention: Annette Vieira</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Telephone: 613-597-8035</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Facsimile: 613-598-2514</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>HSBC Bank Chile</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Av. Andr&#233;s Bello 2711, 9<sup>th</sup> Floor</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Las Condes, Santiago</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chile</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention: Ricardo Mar&#237;n Hern&#225;ndez</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Telephone: 562-299-7200</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Facsimile: 562-299-7393</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>HSBC Bank Plc</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>HSBC Bank Plc. International</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CS4.8 Canada Square</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>London E14 5H0</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>United Kingdom</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention: Roger Stebbing</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Telephone: 44-207-992-1188</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Facsimile: 44-207-991-4619</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rabobank Curacao N.V.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Av. Andr&#233;s Bello 2777, 18<sup>th</sup> Floor</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Las Condes, Santiago</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chile</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention: Macarena Rodriguez M.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Telephone: 562-203-3500</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Facsimile: 562-203-3494</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Bank of Nova Scotia</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>720 King Street West, 4<sup>th</sup> Floor</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Toronto, Canada M5V 2T3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention: Nancy Buccat</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Telephone: 416-866-6471/5901</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Facsimile: 416-866-5991</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Caja de Ahorros y Monte de Piedad de Madrid,</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>701 Brickell Ave., Suite 2000</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Caja Madrid Miami Agency</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Miami, FL 33131</FONT></TD> </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention: Magdalena Viteri</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Telephone: 305-370-3833 ext. 3021</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Facsimile: 305-371-4243</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SanPaolo Imi S.p.A.</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>245 Park Avenue, 35<sup>th</sup> Floor</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New York, NY 10167</FONT></TD> </TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention: Michael Arisozaber</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Telephone: 212-692-3048</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Facsimile: 212-699-6307</FONT></TD></TR>
</TABLE>



<P STYLE="page-break-after:always">
</P>



<!-- MARKER FORMAT-SHEET="Times center" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TABLE OF CONTENTS</FONT></P>
<!-- MARKER FORMAT-SHEET="Times" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times NEW ROMAN, TIMES, SERIF" SIZE=2>No.</FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 1.</font></td>
     <TD ALIGN="LEFT" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount and Terms of Credit</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="10" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.1</FONT></TD>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Commitments</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pro Rata Borrowings</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest Periods</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Increased Costs, Illegality, etc</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.6</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compensation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.7</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Change of Lending Office</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.8</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Replacement of Lenders</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 2.</FONT></TD>
     <TD ALIGN="LEFT" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fees; Termination or Reduction of Commitments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.1</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fees</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Voluntary Termination or Reduction of Commitments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mandatory Reduction of Commitments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 3.</font></td>
     <TD ALIGN="LEFT" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Repayment, Prepayments and Taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Voluntary Prepayments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mandatory Prepayments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Method and Place of Payment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Payments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 4.</font></td>
     <TD ALIGN="LEFT" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Conditions  Precedent to the Incurrence of Loans on the Initial Borrowing Date</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Execution of Agreement; Notes; Amendments to Notes; Irrevocable Power of Attorney</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No Default; Representations and Warranties</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notice of Borrowing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate Documents; Proceedings</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Opinions of Counsel</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.6</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Adverse Change</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.7</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Governmental and Other Approvals</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.8</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Litigation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.9</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Projections</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.10</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payment of Fees</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.11</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent Letter</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.12</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Solvency Certificate; Insurance, etc</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.13</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Trading in Securities; Banking Moratorium</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.14</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.15</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Fianza y Codeuda Solidaria</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 5.</font></td>
     <TD ALIGN="LEFT" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Conditions Precedent to the Subsequent Borrowing Date</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No Default; Representations and Warranties</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notice of Borrowing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subsequent Legal Opinions</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 6.</font></td>
     <TD ALIGN="LEFT" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Representations, Warranties and Agreements</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate Status</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate Power and Authority</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No Immunity</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No Violation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Approvals</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.6</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial Statements; Financial Condition; Undisclosed Liabilities; Projections; etc</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.7</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ranking</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.8</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Litigation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.9</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>True and Complete Disclosure</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.10</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Use of Proceeds; Margin Regulations</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.11</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tax Returns and Payments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.12</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Properties</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.13</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Capitalization</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.14</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subsidiaries</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.15</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compliance with Statutes, etc</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.16</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investment Company Act</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.17</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Public Utility Holding Company Act</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.18</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Labor Relations</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.19</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Patents, Licenses, Franchises and Formulas</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.20</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fees and Enforcement</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.21</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form of Documentation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.22</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Withholding Taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.23</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Existing Indebtedness</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.24</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cayman Islands Branch</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.25</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Notes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 7.</font></td>
     <TD ALIGN="LEFT" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affirmative Covenants</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.1</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Information Covenants</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Books, Records and Inspections</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Maintenance of Property and Insurance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate Existence and Franchises; etc</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compliance with Statutes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.6</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>End of Fiscal Years and Fiscal Quarters</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.7</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Performance of Obligations</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.8</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payment of Taxes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.9</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Stamp Tax</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.10</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Currency Protection</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.11</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Filings and Registrations</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.12</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Conversion and Transfer of Dollars</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.13</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cayman Islands Branch</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.14</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Maintenance of Majority Ownership and Control of Material Subsidiaries</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.15</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pari Passu Treatment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.16</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amendment to <I>Estatutos Sociales </I>of the Guarantor </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 8.</font></td>
     <TD ALIGN="LEFT" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Negative Covenants</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.1</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Liens</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidation, Merger, Purchase or Sale of Assets, etc</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dividends</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indebtedness</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Advances, Investments and Loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.6</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transactions with Affiliates</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.7</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated Interest Coverage Ratio</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.8</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated Leverage Ratio</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.9</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Minimum Consolidated <I>Equity</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.10</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Limitation on Modifications of <I>Estatutos Sociales</I> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.11</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Limitation on Certain Restrictions on Subsidiaries</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.12</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Business</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.13</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accounting Changes</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 9.</font></td>
     <TD ALIGN="LEFT" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Events of Default</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.1</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Representations, etc</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Covenants</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Default Under Other Agreements</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bankruptcy, etc</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.6</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Guaranty</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.7</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Judgments</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.8</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Change of Control</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.9</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Denial of Liability</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.10</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Currency Restrictions</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.11</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Governmental Action</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.12</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amendments to <I>Estatutos Sociales </I>of the Borrower </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 10.</font></td>
     <TD ALIGN="LEFT" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Guaranty</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.1</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Guaranteed Obligations</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Continuing Obligation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No Discharge</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tolling of Statute of Limitations</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bankruptcy</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.6</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Independent Obligation</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.7</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Authorization</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.8</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reliance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.9</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subordination</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.10</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Waiver</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.11</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nature of Liability</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.12</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Guaranties</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 11.</font></td>
     <TD ALIGN="LEFT" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Definitions</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 12.</font></td>
     <TD ALIGN="LEFT" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Agents</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.1</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Appointment</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nature of Duties</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Delegation of Duties</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exculpatory Provisions</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reliance by Agents</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.6</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notice of Default</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.7</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nonreliance on Agents and Other Lenders</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.8</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indemnification</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.9</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Agents in Their Individual Capacities</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.10</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Holders</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>67&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.11</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Resignation of the Administrative Agent</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>67&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.12</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Lead Arrangers</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>67&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 13.</font></td>
     <TD ALIGN="LEFT" COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Miscellaneous</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>67&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.1</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payment of Expenses, etc</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>67&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Right of Setoff</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notices</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>69&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.4</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Benefit of Agreement; Assignments; Participations</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>69&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No Waiver; Remedies Cumulative</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>71&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.6</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payments Pro Rata</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>71&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.7</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Calculations; Computations; Accounting Terms</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>72&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.8</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JURY TRIAL</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>72&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.9</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Counterparts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>74&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.10</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Effectiveness</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>74&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.11</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Headings Descriptive</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>74&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.12</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amendment or Waiver</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>74&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.13</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Survival</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>75&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.14</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Domicile of Loans</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>75&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.15</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Judgment Currency</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>75&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.16</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Waiver of Sovereign Immunity</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>76&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.17</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>English Language</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>76&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.18</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Register</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>77&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></td>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.19</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Confidentiality</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>77&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="page-break-after:always">
</P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule I</FONT></TD>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commitments</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule II</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lender Addresses</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule III</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subsidiaries</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule IV</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Existing Indebtedness</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule V</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Existing Liens</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule VI</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Existing Investments</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule VII</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Assets Permitted to be Sold or Disposed</FONT></TD></TR>
<Tr>
    <Td>&nbsp;</Td></Tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit A</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form of Notice of Borrowing</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit B</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form of Note</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit C</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form of Officers&#146; Certificate</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit D</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form of Opinion of Chilean Counsel to the Credit Parties</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit E</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form of Opinion of New York Counsel to the Credit Parties</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit F</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form of Opinion of Cayman Islands Counsel to the Credit Parties</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit G</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form of Opinion of General Counsel to the Credit Parties</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit H</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form of Consent Letter</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit I</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form of Solvency Certificate</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit J</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form of Chilean Guaranty</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit K</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form of Assignment and Assumption Agreement</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit L</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form of Amendments to the Note</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit M</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form of Power of Attorney</FONT></TD></TR>
</TABLE>


</BODY>
</HTML>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>7
<FILENAME>exhibit81.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><a href="ccu_form20f.htm#content">Table of Contents</a></FONT></P>


<!-- MARKER FORMAT-SHEET="Div left" FSL="Workstation" -->
<DIV ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 8.1&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV>



<!-- MARKER FORMAT-SHEET="Times CENTER" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></P>
<!-- MARKER FORMAT-SHEET="Times CENTER" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compa&#241;&#237;a Cervecer&#237;as
Unidas S.A.    <BR>                                                List of Significant
Subsidiaries </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following list
contains the name, jurisdiction of incorporation and the names under which our
significant subsidiaries do business, according to its definition under rule 1-02(w) of
Regulation S-X, as of December 31, 2003. </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jurisdiction of</FONT></TD>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name Under Which</FONT></TD>
     <TD  WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Number of Omitted</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Incorporation</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subsidiary Operates</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Line of Business</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subsidiaries(1)&nbsp;</FONT></TD></TR>
<tr>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td>
     <td><hr size=1></td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cervecera CCU Chile </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Beer production and</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ltda.</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chile</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CCU Chile</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>marketing</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compa&#241;&#237;a Cervecer&#237;as Unidas</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Beer production and</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina S.A.</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Argentina</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CCU Argentina</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>marketing</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Embotelladoras Chilenas</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Soft drinks,</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Unidas S.A.</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chile</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ECUSA</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>nectars, mineral</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>water production and</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>marketing</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Wine production and</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vi&#241;a San Pedro S.A.</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chile</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VSP</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>marketing</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4&nbsp;</FONT></TD></TR>
</TABLE>


<BR><BR>




<!-- MARKER FORMAT-SHEET="hang formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1> </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></P></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="hang formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1)  </FONT></TD>
<TD WIDTH=95%><P ALIGN=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=1>The
jurisdiction of incorporation of all of the omitted subsidiaries is outside of the United
States.</FONT></P></TD>
</TR>
</TABLE>



</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>8
<FILENAME>exhibit121.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<html>
<head>
<title>Untitled Document</title>
</head>
<body>
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><a href="ccu_form20f.htm#content">Table of Contents</a></FONT></P>
<p align="right"><b><br>
    <font size="2" face="Times New Roman, Times, serif">Exhibit 12.1 </font></b></p>
<p><font size="2" face="Times New Roman, Times, serif">I, Patricio Jottar, certify that: </font></p>
<p><font size="2" face="Times New Roman, Times, serif">1. I have reviewed this
  annual report on Form 20-F of Compa&ntilde;&iacute;a
Cervecer&iacute;as Unidas S.A. ; </font></p>
<p><font size="2" face="Times New Roman, Times, serif">2. Based on my knowledge, this report does not contain any untrue statement
 of a material fact or omit to state a material fact necessary to make the statements
 made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report; </font></p>
<p><font size="2" face="Times New Roman, Times, serif">3. Based on my knowledge, the financial statements, and other financial information
 included in this report, fairly present in all material respects the financial
 condition, results of operations and cash flows of the company as of, and for,
the periods presented in this report; </font></p>
<p><font size="2" face="Times New Roman, Times, serif">4. The company's other
  certifying officer and I are responsible for establishing and maintaining disclosure
  controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and
  15d-15(e)) for the company and have: </font></p>
<table width="100%"  cellspacing="2" cellpadding="0">
 <tr>
  <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">a)</font></td>
  <td width="95%"><font size="2" face="Times New Roman, Times, serif">Designed
    such disclosure controls and procedures, or caused such disclosure controls
    and procedures to be designed under our supervision, to ensure that material
    information relating to the company, including its consolidated subsidiaries,
    is made known to us by others within those entities, particularly during
  the period in which this report is being prepared;</font></td>
 </tr>
 <tr>
        <td valign="top">&nbsp;</td>
        <td>&nbsp;</td>
  </tr>
 <tr>
  <td valign="top"><font size="2" face="Times New Roman, Times, serif">b)</font></td>
  <td><font size="2" face="Times New Roman, Times, serif">Evaluated the effectiveness
    of the company's disclosure controls and procedures and presented in this
    report our conclusions about the effectiveness of the disclosure controls
    and procedures, as of the end of the period covered by this report based
  on such evaluation; and</font></td>
 </tr>
 <tr>
        <td valign="top">&nbsp;</td>
        <td>&nbsp;</td>
  </tr>
 <tr>
  <td valign="top"><font size="2" face="Times New Roman, Times, serif">c)</font></td>
  <td><font size="2" face="Times New Roman, Times, serif">Disclosed in this report
    any change in the company's internal control over financial reporting that
    occurred during the period covered by the annual report that has materially
    affected, or is reasonably likely to materially affect, the company's internal
  control over financial reporting;</font></td>
 </tr>
</table>
<p><font size="2" face="Times New Roman, Times, serif">5. The company's other certifying officer and I have disclosed, based on our
 most recent evaluation, to the company's auditors and the audit committee of
company's board of directors (or persons performing the equivalent function): </font></p>
<table width="100%"  cellspacing="2" cellpadding="0">
 <tr>
  <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">a)</font></td>
  <td width="95%"><font size="2" face="Times New Roman, Times, serif">All significant
    deficiencies and material weaknesses in the design or operation of internal
    control over financial reporting which are reasonably likely to adversely
    affect the company's ability to record, process, summarize and report financial
    information; and</font></td>
 </tr>
 <tr>
        <td valign="top">&nbsp;</td>
        <td>&nbsp;</td>
  </tr>
 <tr>

  <td valign="top"><font size="2" face="Times New Roman, Times, serif">b)</font></td>
  <td><font size="2" face="Times New Roman, Times, serif">any fraud, whether
    or not material, that involves management or other employees who have a significant
    role in the company's internal control over financial reporting.</font></td>
 </tr>
</table>
<br>
<br>
<table width="100%"  cellspacing="2" cellpadding="0" border=0>
 <tr>
  <td width="50%" valign="bottom" rowspan=3><font size="2" face="Times New Roman, Times, serif"> Date : June 24, 2004 </font></td>
  <td width="50%"><p><font size="2" face="Times New Roman, Times, serif">/s/ Patricio Jottar</font></p></td></tr>
  <tr><td> <hr size="1" width="50%" align="left"></td></tr>
  <tr><td><p><font size="2" face="Times New Roman, Times, serif">Chief Executive Officer </font></p>  </td></tr>

</table>
<p>&nbsp;</p>

</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>9
<FILENAME>exhibit122.htm
<DESCRIPTION>EXHIBIT 12.2
<TEXT>
<html>
<head>
<title>Untitled Document</title>
</head>

<body>
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><a href="ccu_form20f.htm#content">Table of Contents</a></FONT></P>
<p align="right"><b><font size="2" face="Times New Roman, Times, serif">Exhibit 12.2 </font></b></p>
<p><font size="2" face="Times New Roman, Times, serif">I, Ricardo Bartel, certify that: </font></p>
<p><font size="2" face="Times New Roman, Times, serif">1. I have reviewed this
  annual report on Form 20-F of Compa&ntilde;&iacute;a
Cervecer&iacute;as Unidas S.A. ; </font></p>
<p><font size="2" face="Times New Roman, Times, serif">2. Based on my knowledge, this report does not contain any untrue statement
 of a material fact or omit to state a material fact necessary to make the statements
 made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report; </font></p>
<p><font size="2" face="Times New Roman, Times, serif">3. Based on my knowledge, the financial statements, and other financial information
 included in this report, fairly present in all material respects the financial
 condition, results of operations and cash flows of the company as of, and for,
the periods presented in this report; </font></p>
<p><font size="2" face="Times New Roman, Times, serif">4. The company's other
  certifying officer and I are responsible for establishing and maintaining
  disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)
and 15d-15(e)) for the company and have: </font></p>
<table width="100%"  cellspacing="2" cellpadding="0">
 <tr>
  <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">a)</font></td>
  <td width="95%"><font size="2" face="Times New Roman, Times, serif">Designed
    such disclosure controls and procedures, or caused such disclosure controls
    and procedures to be designed under our supervision, to ensure that material
    information relating to the company, including its consolidated subsidiaries,
    is made known to us by others within those entities, particularly during
    the period in which this report is being prepared;</font></td>
 </tr>
 <tr>
        <td valign="top">&nbsp;</td>
        <td>&nbsp;</td>
  </tr>
 <tr>
  <td valign="top"><font size="2" face="Times New Roman, Times, serif">b)</font></td>
  <td><font size="2" face="Times New Roman, Times, serif">Evaluated the effectiveness
    of the company's disclosure controls and procedures and presented in this
    report our conclusions about the effectiveness of the disclosure controls
    and procedures, as of the end of the period covered by this report based
    on such evaluation; and</font></td>
 </tr>
 <tr>
        <td valign="top">&nbsp;</td>
        <td>&nbsp;</td>
  </tr>
 <tr>
  <td valign="top"><font size="2" face="Times New Roman, Times, serif">c)</font></td>
  <td><font size="2" face="Times New Roman, Times, serif">Disclosed in this report
    any change in the company's internal control over financial reporting that
    occurred during the period covered by the annual report that has materially
    affected, or is reasonably likely to materially affect, the company's internal
    control over financial reporting;</font></td>
 </tr>
</table>
<p><font size="2" face="Times New Roman, Times, serif">5. The company's other certifying officer and I have disclosed, based on our
 most recent evaluation, to the company's auditors and the audit committee of
company's board of directors (or persons performing the equivalent function): </font></p>
<table width="100%"  cellspacing="2" cellpadding="0">
 <tr>
  <td width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">a)</font></td>
  <td width="95%"><font size="2" face="Times New Roman, Times, serif">All significant
    deficiencies and material weaknesses in the design or operation of internal
    control over financial reporting which are reasonably likely to adversely
    affect the company's ability to record, process, summarize and report financial
    information; and</font></td>
 </tr>
 <tr>
        <td valign="top">&nbsp;</td>
        <td>&nbsp;</td>
  </tr>
 <tr>
  <td valign="top"><font size="2" face="Times New Roman, Times, serif">b)</font></td>
  <td><font size="2" face="Times New Roman, Times, serif">any fraud, whether
    or not material, that involves management or other employees who have a significant
    role in the company's internal control over financial reporting.</font></td>
 </tr>
</table>
<br>
<br>
<table width="100%"  cellspacing="2" cellpadding="0" border=0>
 <tr>
  <td width="50%" valign="bottom" rowspan=3><font size="2" face="Times New Roman, Times, serif"> Date : June 24, 2004 </font></td>
  <td width="50%"><p><font size="2" face="Times New Roman, Times, serif">/s/ Ricardo Bartel</font></p></td></tr>
  <tr><td> <hr size="1" width="50%" align="left"></td></tr>
  <tr><td><p><font size="2" face="Times New Roman, Times, serif">Chief Executive Officer </font></p>  </td></tr>

</table>

</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>10
<FILENAME>exhibit131.htm
<DESCRIPTION>EXHIBIT 13.1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><a href="ccu_form20f.htm#content">Table of Contents</a></FONT></P>

<!-- MARKER FORMAT-SHEET="Div left" FSL="Workstation" -->
<DIV ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Exhibit 13.1&nbsp;&nbsp;&nbsp;&nbsp;</b></FONT></DIV>



<!-- MARKER FORMAT-SHEET="Times CENTER" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></P>
<!-- MARKER FORMAT-SHEET="Times CENTER" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compa&#241;&#237;a Cervecer&#237;as
Unidas S.A.<BR>                Certification Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002<BR>                                        (18 U.S.C. Section
1350) </FONT></P>


<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the
requirements of Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Sections 1350(a)
and (b)), the undersigned hereby certifies as follows: </FONT></P>



<!-- MARKER FORMAT-SHEET="hang nao formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=95%><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I
am the Chief Executive Officer of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. (the &#147;Company&#148;).</FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="hang nao formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.  </FONT></TD>
<TD WIDTH=95%><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company&#146;s Annual Report on Form 20-F for the year ended December&#160;31, 2003 accompanying
         this Certification, in the form filed with the Securities and Exchange
Commission (the          &#147;Report&#148;) fully complies with the requirements of Section&#160;13(a)
or 15(d) of the Securities          Exchange Act of 1934 (the &#147;Exchange Act&#148;); and</FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="hang nao formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD WIDTH=95%><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
information in the Report fairly presents, in all material respects, the financial
         condition and results of operations of the Company.</FONT></P></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></P>
<font size="2" face="Times New Roman, Times, serif">Dated:   June 24, 2004
</font>
<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>/s/ </I>Patricio Jottar<BR>___________________<BR>
Chief Executive Officer </FONT></TD></TR>

</TABLE>































































</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>11
<FILENAME>exhibit132.htm
<DESCRIPTION>EXHIBIT 13.2
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><a href="ccu_form20f.htm#content">Table of Contents</a></FONT></P>
<!-- MARKER FORMAT-SHEET="Div left" FSL="Workstation" -->
<DIV ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Exhibit 13.2</B> </FONT></DIV>

<!-- MARKER FORMAT-SHEET="Times CENTER" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></P>
<!-- MARKER FORMAT-SHEET="Times CENTER" FSL="Workstation" -->
<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compa&#241;&#237;a Cervecer&#237;as
Unidas S.A.<BR>                Certification Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002<BR>                                        (18 U.S.C. Section
1350) </FONT></P>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></P>
<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the
requirements of Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Sections 1350(a)
and (b)), the undersigned hereby certifies as follows: </FONT></P>

<!-- MARKER FORMAT-SHEET="hang nao formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=95%><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I
am the Chief Financial Officer of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. (the &#147;Company&#148;).</FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="hang nao formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.  </FONT></TD>
<TD WIDTH=95%><P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company&#146;s Annual Report on Form 20-F for the year ended December 31, 2003 accompanying
         this Certification, in the form filed with the Securities and Exchange
Commission (the          &#147;Report&#148;) fully complies with the requirements of Section 13(a)
or 15(d) of the Securities          Exchange Act of 1934 (the &#147;Exchange Act&#148;); and</FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="hang nao formatado" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD WIDTH=95%><P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
information in the Report fairly presents, in all material respects, the financial
         condition and results of operations of the Company.</FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="TIMES LEFT" FSL="Workstation" -->
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated:   June 24, 2004 </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=2 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=67% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=33% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>/s/ </I>Ricardo Bartel<BR>___________________<BR>Chief Financial Officer </FONT></TD></TR>
</TABLE>



</BODY>
</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
